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Registered number: 08550019









STERLITE TECHNOLOGIES UK VENTURES LTD









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

 
STERLITE TECHNOLOGIES UK VENTURES LTD
 
 
COMPANY INFORMATION


Directors
Gopal Chandra Rastogi (appointed 31 August 2023)
Praveen Cherian (appointed 1 August 2022, resigned 31 January 2025)
Rahul Puri (appointed 24 August 2021)
Pankaj Malik (appointed 31 January 2025)




Registered number
08550019



Registered office
Unit 3 Park Lane Business Park
Kirkby In Ashfield

Nottingham

NG17 9GU





 
STERLITE TECHNOLOGIES UK VENTURES LTD
 

CONTENTS



Page
Strategic report
1 - 3
Directors' report
4 - 5
Independent auditors' report
6 - 9
Statement of comprehensive income
10
Balance sheet
11
Statement of changes in equity
12 - 13
Notes to the financial statements
14 - 28


 
STERLITE TECHNOLOGIES UK VENTURES LTD
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025

Introduction
 
The directors present their strategic report for the year ended 31 March 2025. 
Sterlite Technologies UK Venture Limited is a subsidiary of Sterlite Technologies Limited, an India-based multinational company that specializes in the design, development, and delivery of optical communication products, network, and system integration services Sterlite Technologies UK Venture Limited is based in London and was incorporated in 2015. 

Business review
 
The company's primary focus is on providing network services and solutions to telecommunication companies, governments, and large enterprises across UKs portfolio includes end-to-end turnkey FTTH design & build solutions Sterlite Technologies UK. Venture Limited is committed to providing high-quality, reliable, and cost-effective solutions to meet the growing demand for data communication services.
The FTTH (Fiber-to-the-Home) market in the UK has been evolving rapidly over the past few years. According to a recent report by Point Topic,the number of FTTH\B (Fibre-to-the Building) connections in the UK increased by 30% in 2020, and this growth is expected to continue in the coming years This trend is driven by increasing demand for high-speed internet connectivity, fuelled by the rise of remote working online education, and streaming services.
Sterlite Technologies UK Venture Limited is well-positioned to capitalize on this growth trend The company has been actively working with telecom operators and service providers in the UK to expand their FTTH networks and improve the quality of their services. Sterlite Technologies UK Venture Limited's focus on innovation and customer-centric approach has enabled the company to establish itself as a leading player in the FTTH market in the UK. As the demand for high-speed internet connectivity continues to grow, the company is well-positioned to capitalize on this trend and drive further growth and expansion in the coming years. During the year, we have added few new customers like connexin and also added few new services like loT. 

Page 1

 
STERLITE TECHNOLOGIES UK VENTURES LTD
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025

Principal risks and uncertainties
 
The performance of the business is subject to a number of principal risks and uncertainties, and the company monitors these continuously, taking appropriate action where necessary. The principal operating risks of the company include, but are not limited to, the following areas; 
Risk of FTTH market slowdown 
The company operates in the Fiber to the Home (FTTH) market, which is subject to the risk of a slowdown in demand due to changing market conditions or regulatory factors. The company mitigates the risk by diversifying its customer base and investing in marketing initiatives to expand its reach. 
Risk of reduction of investment to our customers 
The company's revenue is dependent on the investment decisions of its customers. A reduction in investment from existing or potential customers could have a negative impact on the company's financial performance The company mitigates this risk by pricing and continuously enhancing its product offerings maintaining strong relationships with its customers, offering competitive pricing and continuously enhancing its product offerings. 
Uncertainty with subcontractor 
The company relies on subcontractors for certain services and products. Any uncertainty or delay in the delivery of these services and products could have a negative impact on the company's financial performance. The company mitigates this risk by maintaining a robust procurement process, including strict vendor selection criteria and monitoring of subcontractor performance. Also, company has relocated 105 engineers from INDIA to UK through its Resource Augmented program to create its own supply chain in Sub-Cons and mitigate this risk. 
Inflation driving operational costs higher 
The company's operational costs may be impacted by inflationary pressures, such as increases in labor costs, raw material costs and other operational expenses The company mitigates this risk by continuously monitoring its operational costs and implementing cost control measures where necessary, such as optimizing supply chain efficiency and exploring alternative sourcing options. The company also considers pricing adjustments to offset any inflationary pressures. 

Key performance indicators
 
Key performance indicators comprise of:


.
Key Performance indicators


31 March 2025 £'000
31 March 2024 £'000
Variance

Revenue
11,218
14,240
(21%)

GP Margin
77%
51%
51%

Operating Profit Margin
(10%)
(14%)
(29%)

Profit before tax
(1,952)
(3,106)
(37%)


Page 2

 
STERLITE TECHNOLOGIES UK VENTURES LTD
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025

Statement of Compliance with Section 172 of the Companies Act 2006
 
The Board recognises the importance of the company's wider stakeholders when performing their duties under Section 172 (1) of the Companies Act 2006, and their duties to act in the way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its members, and in doing so have regard (amongst other matters) to:
(a) the likely consequences of any decision in the long term, 
(b) the interests of the company's employees, 
(c) the need to foster the company's business relationships with suppliers, customers, and others, 
(d) the impact of the company's operations on the community and the environment, 
(e) the desirability of the company maintaining a reputation for high standards of business conduct, and 
(f) the need to act fairly between members of the company. 

Future Developments
 
After delivering another successful period in a competitive market environment, the company aims to continue its growth in the UK telecom market. The Company is also in discussions to bring its technology platform to identified markets globally. 


This report was approved by the board on 11 June 2025 and signed on its behalf.





Gopal Chandra Rastogi
Director

Page 3

 
STERLITE TECHNOLOGIES UK VENTURES LTD
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025

The directors present their report and the financial statements for the year ended 31 March 2025.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The loss for the year, after taxation, amounted to £1,952,294 (2024 - loss £2,297,102).

The company has not distributed any divided for the year ended 31 March 2025 (2024: £NIL).

Directors

The directors who served during the year were:

Gopal Chandra Rastogi (appointed 31 August 2023)
Praveen Cherian (appointed 1 August 2022, resigned 31 January 2025)
Rahul Puri (appointed 24 August 2021)
Pankaj Malik (appointed 31 January 2025)

Future developments

Sterlite Technologies UK Ventures Ltd are continually seeking new customers and opportunities to expand their business and increase revenues and profitability. 

Page 4

 
STERLITE TECHNOLOGIES UK VENTURES LTD
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsFocus Somar Audit and Tax Accountants Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 11 June 2025 and signed on its behalf.
 





Gopal Chandra Rastogi
Director

Page 5

 
STERLITE TECHNOLOGIES UK VENTURES LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STERLITE TECHNOLOGIES UK VENTURES LTD
 

Opinion


We have audited the financial statements of STERLITE TECHNOLOGIES UK VENTURES LTD (the 'Company') for the year ended 31 March 2025, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 March 2025 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 6

 
STERLITE TECHNOLOGIES UK VENTURES LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STERLITE TECHNOLOGIES UK VENTURES LTD (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 7

 
STERLITE TECHNOLOGIES UK VENTURES LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STERLITE TECHNOLOGIES UK VENTURES LTD (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 




Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
The company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were most significant:
•        The Companies Act 2006;
• Financial Reporting Standard 102;
• General Data Protection Regulations: and 
• UK Tax Legislation.
We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. We understood how the company is complying with those legal ad regulatory frameworks by, making inquiries to management, those responsible for legal and compliance procedures and the company secretary. The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognize non-compliance with laws and regulations. The assessment did not identify any issues in this area. We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:
• Identifying and assessing the measures management has in place to prevent and detect fraud.
• Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process; and
• Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations
As a result of the above procedures, we considered the opportunities and incentives that may exist within the organization or fraud and identifies the greatest potential for fraud in the following areas:
• The use of management override of controls to manipulate results, or to cause the Company to enter into transactions not in its best interests; or
• Posting of unusual journals and complex transactions.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statement or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statement, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collision, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


Page 8

 
STERLITE TECHNOLOGIES UK VENTURES LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STERLITE TECHNOLOGIES UK VENTURES LTD (CONTINUED)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Krishna Prasad Dahal (Senior statutory auditor)
  
for and on behalf of
Focus Somar Audit and Tax Accountants Limited
 
Statutory Auditors
Chartered Certified Accountants
  
Apex House
Grand Arcade
North Finchley
London
N12 0EH

11 June 2025
Page 9

 
STERLITE TECHNOLOGIES UK VENTURES LTD
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025

2025
2024
Note
£
£

 4 

Turnover
  
11,218,442
14,240,418

Cost of sales
  
(8,256,382)
(6,977,521)

Gross profit
  
2,962,060
7,262,897

Administrative expenses
  
(4,152,911)
(8,483,780)

Exceptional administrative expenses
  
-
(2,263,773)

Other operating income
 5 
134,921
1,442,736

Operating loss
 6 
(1,055,930)
(2,041,920)

Interest receivable and similar income
 9 
476,203
164,735

Interest payable and similar expenses
 10 
(1,372,567)
(1,228,580)

Loss before tax
  
(1,952,294)
(3,105,765)

Tax on loss
 11 
-
808,663

Loss for the financial year
  
(1,952,294)
(2,297,102)

Other comprehensive income for the year
  

Total comprehensive income for the year
  
(1,952,294)
(2,297,102)

The notes on pages 14 to 28 form part of these financial statements.

Page 10

 
STERLITE TECHNOLOGIES UK VENTURES LTD
REGISTERED NUMBER: 08550019

BALANCE SHEET
AS AT 31 MARCH 2025

2025
2024
Note
£
£

Fixed assets
  

Intangible assets
 13 
64,821
110,496

Tangible assets
 14 
14,147
54,168

  
78,968
164,664

Current assets
  

Stocks
 15 
218,153
433,708

Debtors: amounts falling due within one year
 16 
10,803,154
13,221,897

Cash at bank and in hand
 17 
896,347
654,916

  
11,917,654
14,310,521

Creditors: amounts falling due within one year
 18 
(25,641,625)
(26,167,894)

Net current liabilities
  
 
 
(13,723,971)
 
 
(11,857,373)

Total assets less current liabilities
  
(13,645,003)
(11,692,709)

  

Net liabilities
  
(13,645,003)
(11,692,709)


Capital and reserves
  

Called up share capital 
  
3,150
3,150

Profit and loss account
  
(13,648,153)
(11,695,859)

  
(13,645,003)
(11,692,709)


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 11 June 2025.




Gopal Chandra Rastogi
Director

The notes on pages 14 to 28 form part of these financial statements.

Page 11

 
STERLITE TECHNOLOGIES UK VENTURES LTD
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 April 2024
3,150
(11,695,859)
(11,692,709)


Comprehensive income for the year

Loss for the year

-
(1,952,294)
(1,952,294)


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
(1,952,294)
(1,952,294)


Total transactions with owners
-
-
-


At 31 March 2025
3,150
(13,648,153)
(13,645,003)


The notes on pages 14 to 28 form part of these financial statements.

Page 12

 
STERLITE TECHNOLOGIES UK VENTURES LTD
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 April 2023
3,150
(9,398,757)
(9,395,607)


Comprehensive income for the year

Loss for the year

-
(2,297,102)
(2,297,102)


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
(2,297,102)
(2,297,102)


Total transactions with owners
-
-
-


At 31 March 2024
3,150
(11,695,859)
(11,692,709)


The notes on pages 14 to 28 form part of these financial statements.

Page 13

 
STERLITE TECHNOLOGIES UK VENTURES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

1.


General information

Sterlite Technologies UK Ventures Ltd is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

  
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
• the requirements of Section 7 Statement of Cash Flows; 
• the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d); 
• the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 
11.48(a)ii), 11.48(a)(iv), 11.48(b) and 11.48(c); 
• the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 
12.29(a), 12.29(b) and 12.29A; 
• the requirements of Section 33 Related Party Disclosures paragraph 33.7. 
This information is included in the consolidated financial statements of Sterlite Technologies Ltd as at 31 March 2025 and these financial statements may be obtained from www.stl.tech. 

 
2.3

Going concern

The directors have considered the ability of the company to meet it's liabilites and have the support from their parent company.
On reviewing the company’s future cash flow requirements in conjunction with the support, the directors believe that it is reasonable to prepare the accounts on the going concern basis.

Page 14

 
STERLITE TECHNOLOGIES UK VENTURES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 15

 
STERLITE TECHNOLOGIES UK VENTURES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

 
2.6

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.9

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 16

 
STERLITE TECHNOLOGIES UK VENTURES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.11

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
2.12

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of comprehensive income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 17

 
STERLITE TECHNOLOGIES UK VENTURES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

 
2.13

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
1 to 2 years
Motor vehicles
-
2 years
Fixtures and fittings
-
2 years
Computer equipment
-
1 to 5 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.14

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

 
2.15

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

Page 18

 
STERLITE TECHNOLOGIES UK VENTURES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

 
2.16

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.17

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.18

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.19

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.20

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.21

Financial instruments

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Page 19

 
STERLITE TECHNOLOGIES UK VENTURES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)


2.21
Financial instruments (continued)



3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In preparing these financial statements, the directors have been required to make a number of judgements, assumptions, and estimates that have a significant impact on the application of accounting policies and on the amounts reported for assets, liabilities, income, and expenses. These judgements and estimates are based on historical experiance, current and expected future economic conditions, and other relevant factors. However because of the inherent uncertinity involved in making these assessments, actual results may differ from those anticipated.


4.


Turnover

An analysis of turnover by class of business is as follows:


2025
2024
£
£

Service charges
11,218,442
14,240,418

11,218,442
14,240,418


2025
2024
£
£

United Kingdom
11,218,442
14,240,418

11,218,442
14,240,418


All turnover arose within the United Kingdom.


5.


Other operating income

2025
2024
£
£

Recharge of sales and marketing costs
134,921
1,442,736

134,921
1,442,736


Page 20

 
STERLITE TECHNOLOGIES UK VENTURES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

6.


Operating loss

The operating loss is stated after charging:

2025
2024
£
£

Exchange differences
1
(51,471)

Other operating lease rentals
806,491
767,809


7.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2025
2024
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
24,000
23,019

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.


8.


Employees

Staff costs were as follows:


2025
2024
£
£

Wages and salaries
5,653,444
7,850,530

Social security costs
564,071
833,094

Cost of defined contribution scheme
182,609
234,975

6,400,124
8,918,599


The average monthly number of employees, including the directors, during the year was as follows:


        2025
        2024
            No.
            No.







Administration and operational staff
124
177

Page 21

 
STERLITE TECHNOLOGIES UK VENTURES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

9.


Interest receivable

2025
2024
£
£


Interest receivable from group companies
476,203
164,735

476,203
164,735


10.


Interest payable and similar expenses

2025
2024
£
£


Loans from group undertakings
1,357,995
1,160,012

Other interest payable
14,572
68,568

1,372,567
1,228,580


11.


Taxation


2025
2024
£
£



Total current tax
-
-

Deferred tax


Origination and reversal of timing differences
-
(612,446)

Changes to tax rates
-
(545,183)

Adjustments in respect of prior periods
-
348,966

Total deferred tax
-
(808,663)


Tax on loss
-
(808,663)
Page 22

 
STERLITE TECHNOLOGIES UK VENTURES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:

2025
2024
£
£


Loss on ordinary activities before tax
(1,952,294)
(3,105,765)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)
(488,074)
(776,441)

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
-
137,975

Adjustments to tax charge in respect of prior periods - deferred tax
-
348,966

Remeasurement of deferred tax for changes in tax rates
-
(545,183)

Increase or decrease in pension fund prepayment leading to an increase (decrease) in tax
-
27,530

Adjustment in respect of amortisation and impairment
-
540,612

Adjustment in respect of losses
488,074
(542,122)

Total tax charge for the year
-
(808,663)


Factors that may affect future tax charges

There were no factors that may affect future tax charges. 


12.


Exceptional items

2025
2024
£
£


Provision for impairment in investment
-
2,116,773

HMRC penalty provision
-
147,000

-
2,263,773

Page 23

 
STERLITE TECHNOLOGIES UK VENTURES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

13.


Intangible assets




Goodwill

£



Cost


At 1 April 2024
240,000



At 31 March 2025

240,000



Amortisation


At 1 April 2024
129,504


Charge for the year on owned assets
45,675



At 31 March 2025

175,179



Net book value



At 31 March 2025
64,821



At 31 March 2024
110,496



Page 24

 
STERLITE TECHNOLOGIES UK VENTURES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

14.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 April 2024
216,947
114,356
40,220
157,553
529,076



At 31 March 2025

216,947
114,356
40,220
157,553
529,076



Depreciation


At 1 April 2024
207,501
96,319
37,255
133,833
474,908


Charge for the year on owned assets
9,446
18,007
2,162
10,406
40,021



At 31 March 2025

216,947
114,326
39,417
144,239
514,929



Net book value



At 31 March 2025
-
30
803
13,314
14,147



At 31 March 2024
9,446
18,037
2,965
23,720
54,168


15.


Stocks

2025
2024
£
£

Raw materials and consumables
218,153
433,708

218,153
433,708



16.


Debtors

2025
2024
£
£


Trade debtors
407,377
1,854,982

Amounts owed by group undertakings
6,938,696
6,112,038

Other debtors
84,470
46,248

Prepayments and accrued income
488,571
2,324,589

Deferred taxation
2,884,040
2,884,040
Page 25

 
STERLITE TECHNOLOGIES UK VENTURES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

16.Debtors (continued)


10,803,154
13,221,897



17.


Cash and cash equivalents

2025
2024
£
£

Cash at bank and in hand
896,347
654,916

896,347
654,916



18.


Creditors: Amounts falling due within one year

2025
2024
£
£

Trade creditors
1,745,573
1,575,651

Amounts owed to group undertakings
23,517,847
22,159,852

Other taxation and social security
217,126
958,500

Other creditors
161,079
439,573

Accruals and deferred income
-
1,034,318

25,641,625
26,167,894



19.


Deferred taxation




2025


£






At beginning of year
2,884,040



At end of year
2,884,040

Page 26

 
STERLITE TECHNOLOGIES UK VENTURES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
 
19.Deferred taxation (continued)

The deferred tax asset is made up as follows:

2025
2024
£
£


Origination and reversal of timing differences
-
(31,666)

Losses and other deductions
2,884,040
2,915,706

2,884,040
2,884,040

Deferred tax asset has been recognised only to the extent of probable future taxable profits, and is
capped at the prior year's recognised balance of £2,884,040. No deferred tax asset has been accounted
for in respect of current year timing differences or losses, in line with management’s assessment of
recoverability


20.


Share capital

2025
2024
£
£
Allotted, called up and fully paid



5,000 (2024 - 5,000) Ordinary Shares shares of 1.00 each
3,150
3,150



21.


Reserves

Profit and loss account

This reserve records retained earnings and accumulated losses. 


22.


Pension commitments

The company operates a defined contribution scheme for certain employees. 
As at 31 March 2025 there were 
£20,923 of accrued pension contributions (2024: £20,619). 

Page 27

 
STERLITE TECHNOLOGIES UK VENTURES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

23.


Controlling party

The ultimate controlling party and ultimate and immediate parent company is Sterlite Technologies Ltd, a company registered in E-1 MIDC Industrial Area, Waluj, Aurangabad Maharashtra - 431136, India. 
The company is wholly-owned subsidiary of Sterlite Technologies Limited a company incorporated in India. 
The group accounts and copies of these can be obtained from the companies website www.stl.tech. 
Sterlite Technologies UK Venture Limited (STUKVL) has received approval from the National Company Law Tribunal (NCLT)
for the demerger of its Global Services Business into STL Networks Limited (STNL), with the Scheme
becoming effective on March 31, 2025.
Post demerger, relevant subsidiaries, including UK-based entities, will be transferred to STNL, and its
shares will be listed on Indian stock exchanges.

 
Page 28