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Registered number:
FOR THE YEAR ENDED 31 MARCH 2025
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STERLITE TECHNOLOGIES UK VENTURES LTD
COMPANY INFORMATION
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STERLITE TECHNOLOGIES UK VENTURES LTD
CONTENTS
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STERLITE TECHNOLOGIES UK VENTURES LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
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.
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.
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STERLITE TECHNOLOGIES UK VENTURES LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
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 comprise of:
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STERLITE TECHNOLOGIES UK VENTURES LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
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.
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.
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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.
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
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 2006. They 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.
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).
The directors who served during the year were:
Sterlite Technologies UK Ventures Ltd are continually seeking new customers and opportunities to expand their business and increase revenues and profitability.
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STERLITE TECHNOLOGIES UK VENTURES LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
There have been no significant events affecting the Company since the year end.
The auditors, Focus Somar Audit and Tax Accountants Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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STERLITE TECHNOLOGIES UK VENTURES LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STERLITE TECHNOLOGIES UK VENTURES LTD
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 policies. The 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).
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.
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.
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STERLITE TECHNOLOGIES UK VENTURES LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STERLITE TECHNOLOGIES UK VENTURES LTD (CONTINUED)
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 Report. Our 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.
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.
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.
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STERLITE TECHNOLOGIES UK VENTURES LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STERLITE TECHNOLOGIES UK VENTURES LTD (CONTINUED)
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.
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STERLITE TECHNOLOGIES UK VENTURES LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STERLITE TECHNOLOGIES UK VENTURES LTD (CONTINUED)
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 2006. Our 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.
for and on behalf of
Statutory Auditors
Chartered Certified Accountants
Apex House
Grand Arcade
North Finchley
N12 0EH
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STERLITE TECHNOLOGIES UK VENTURES LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
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STERLITE TECHNOLOGIES UK VENTURES LTD
REGISTERED NUMBER: 08550019
BALANCE SHEET
AS AT 31 MARCH 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 14 to 28 form part of these financial statements.
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STERLITE TECHNOLOGIES UK VENTURES LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
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STERLITE TECHNOLOGIES UK VENTURES LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
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STERLITE TECHNOLOGIES UK VENTURES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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
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:
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.
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.
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STERLITE TECHNOLOGIES UK VENTURES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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STERLITE TECHNOLOGIES UK VENTURES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
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STERLITE TECHNOLOGIES UK VENTURES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
Goodwill
Other intangible assets
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.
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STERLITE TECHNOLOGIES UK VENTURES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
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:
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.
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STERLITE TECHNOLOGIES UK VENTURES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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.
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STERLITE TECHNOLOGIES UK VENTURES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
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STERLITE TECHNOLOGIES UK VENTURES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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STERLITE TECHNOLOGIES UK VENTURES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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STERLITE TECHNOLOGIES UK VENTURES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
11.Taxation (continued)
There were no factors that may affect future tax charges.
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STERLITE TECHNOLOGIES UK VENTURES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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STERLITE TECHNOLOGIES UK VENTURES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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STERLITE TECHNOLOGIES UK VENTURES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
16.Debtors (continued)
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STERLITE TECHNOLOGIES UK VENTURES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
19.Deferred taxation (continued)
Profit and loss account
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).
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STERLITE TECHNOLOGIES UK VENTURES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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.
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