Acorah Software Products - Accounts Production 16.4.675 false true true 31 December 2022 1 January 2022 false 4 August 2025 true true true true 1 January 2023 31 December 2023 31 December 2023 05396108 Mr Aiadurai Premananthan Mr Indraprakash Jegatheesan iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 05396108 2022-12-31 05396108 2023-12-31 05396108 2023-01-01 2023-12-31 05396108 frs-core:CurrentFinancialInstruments 2023-12-31 05396108 frs-core:ComputerEquipment 2023-12-31 05396108 frs-core:ComputerEquipment 2023-01-01 2023-12-31 05396108 frs-core:ComputerEquipment 2022-12-31 05396108 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-01-01 2023-12-31 05396108 frs-core:FurnitureFittings 2023-12-31 05396108 frs-core:FurnitureFittings 2023-01-01 2023-12-31 05396108 frs-core:FurnitureFittings 2022-12-31 05396108 frs-core:NetGoodwill 2023-12-31 05396108 frs-core:NetGoodwill 2023-01-01 2023-12-31 05396108 frs-core:NetGoodwill 2022-12-31 05396108 frs-core:PlantMachinery 2023-12-31 05396108 frs-core:PlantMachinery 2023-01-01 2023-12-31 05396108 frs-core:PlantMachinery 2022-12-31 05396108 frs-core:ShareCapital 2023-12-31 05396108 frs-core:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 05396108 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 05396108 frs-countries:UnitedKingdom 2023-01-01 2023-12-31 05396108 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 05396108 frs-bus:FullAccounts 2023-01-01 2023-12-31 05396108 frs-bus:MediumEntities 2023-01-01 2023-12-31 05396108 frs-bus:Audited 2023-01-01 2023-12-31 05396108 frs-bus:Medium-sizedCompaniesRegimeForAccounts 2023-01-01 2023-12-31 05396108 frs-bus:Medium-sizedCompaniesRegimeForDirectorsReport 2023-01-01 2023-12-31 05396108 frs-bus:OrdinaryShareClass1 2023-01-01 2023-12-31 05396108 frs-bus:OrdinaryShareClass1 2023-12-31 05396108 1 2023-01-01 2023-12-31 05396108 frs-bus:Director1 2023-01-01 2023-12-31 05396108 frs-bus:Director2 2023-01-01 2023-12-31 05396108 1 2023-01-01 2023-12-31 05396108 frs-countries:EnglandWales 2023-01-01 2023-12-31 05396108 2021-12-31 05396108 2022-12-31 05396108 2022-01-01 2022-12-31 05396108 frs-core:CurrentFinancialInstruments 2022-12-31 05396108 frs-core:ShareCapital 2021-12-31 05396108 frs-core:ShareCapital 2022-12-31 05396108 frs-core:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 05396108 frs-core:RetainedEarningsAccumulatedLosses frs-core:PreviouslyStatedAmount 2021-12-31 05396108 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31 05396108 frs-countries:UnitedKingdom 2022-01-01 2022-12-31 05396108 frs-bus:OrdinaryShareClass1 2022-01-01 2022-12-31 05396108 1 2022-01-01 2022-12-31
Registered number: 05396108
Lycatel Services Limited
Strategic Report, Directors' Report and
Financial Statements
For The Year Ended 31 December 2023
Sterling Young Limited
Contents
Page
Strategic Report 1—2
Directors' Report 3
Independent Auditor's Report 4—7
Statement of Comprehensive Income 8
Balance Sheet 9
Statement of Changes in Equity 10
Notes to the Financial Statements 11—26
Page 1
Strategic Report
The directors present their strategic report for the year ended 31 December 2023.
Review of the Business
The Company provides administrative support services to its related parties within the United Kingdom, Europe, Australia, USA and Canada. The Company also carries out its airtime trading activities primarily within the United Kingdom, providing low cost international calls which are marketed to residents originally from other countries through national advertising campaigns.
The Company has a strategy to continue to grow its customer base for the Lycatalk brand via its own sales and marketing channels to retain and add customers wherever possible.
The Company's key financial and other performance indicators during the year were as follows:
Unit
2023
2022
£
£
£
Turnover
£'000
42,335
42,996
Gross Margin
%
     61
59
Total Operating Loss before other operating income
£'000
(5,572)
(70,890)
Loss before Tax
£'000
(5,473)
(70,790)
At the end of the year there was a deficit of Shareholder's funds of £139,169,940 (2022: £133,526,977).
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Page 2
Principal Risks and Uncertainties
The principal risks and uncertainties facing the Company are broadly grouped within competitive, operational and financial risk. The director's risk management objectives consist of identifying and monitoring those risks which could have caused an adverse impact on the Company's assets, profitability or cash flows.
Competitive Risk
The Company's turnover comprises both airtime services through the Lycatalk brand to consumers and support services to its related parties. The United Kingdom telecommunication market remains competitive with new entrants able to join relatively easily, resulting in pricing risk. However, it has proven difficult for any new entrant to achieve any scale of operations, and the combination of any new entrant's inability to match Lycatalk tariff rates for any length of time as well as a lack of national distribution mitigates this risk. This competitive risk is mitigated further by regular reviews of competitive offerings and changes in market providers, with immediate responses to those competitive offerings in the market.
Operational Risk
The main operational risk relating to the Company is the operation of the telecommunications services agreement with its fellow group members. The Company's ability to provide services to its customers depends on its group member who provides airtime and technical support. Currently the Company does not have any third party suppliers.
Financial Risk
The Company's sales are denominated in Pounds sterling and purchases from the Group are denominated in Euros. Certain balances due to or from related parties are in other currencies, primarily Euros. The Company is exposed therefore to currency movements. Currently the Company does not use any financial derivatives or currency hedging options in its financial activities.
The Company's Policy on liquidity risk is to ensure that sufficient cash is available to fund continuing operations which is supported by related party balances.
Future Developments
The Directors aim to maintain a strategy of continuing to increase the turnover, and the Directors consider that the Company will continue to demonstrate a growth in sales and aim for improved profitability in the forthcoming years.
On behalf of the board
Mr Aiadurai Premananthan
Director
04/08/2025
Page 2
Page 3
Directors' Report
The directors present their report and the financial statements for the year ended 31 December 2023.
Principal Activity
The Company provides administrative support services to its related parties within the United Kingdom, Europe, Australia, USA and Canada. The Company also carries out its airtime trading activities primarily within the United Kingdom, providing low cost international calls which are marketed to residents originally from other countries through national advertising campaigns.
Directors
The directors who held office during the year were as follows:
Mr Aiadurai Premananthan
Mr Indraprakash Jegatheesan
Matters covered in the Strategic Report
Disclosures required under s416(4) of the Companies Act 2006 are commented upon in the Strategic Report as the directors consider them to be of strategic importance to the business.
Statement of Directors' Responsibilities
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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and applicable law). 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 the financial statements the directors are required to:
  • select suitable accounting policies and then apply them consistently;
  • make judgments and accounting estimates that are reasonable and prudent;
  • state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
  • 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 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.
Statement of Disclosure of Information to Auditors
In the case of each director in office at the date the Directors' Report is approved: 
  • so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and
  • they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.
On behalf of the board
Mr Aiadurai Premananthan
Director
04/08/2025
Page 3
Page 4
Independent Auditor's Report
Qualified opinion
We have audited the financial statements of Lycatel Services Limited (the 'company') for the year ended 31 December 2023 which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion except for the effects of the matter described in the Basis for qualified opinion section of our report, the financial statements:
  • give a true and fair view of the state of the company's affairs as at 31 December 2023 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 Qualified Opinion
Regarding the current year's figures and comparative year's figures, we were unable to obtain sufficient and appropriate audit evidence for the below items:
  1. The financial statements include loans advanced to senior management personnel with an outstanding balance of £2,059,668 (2022: £2,037,761)(Note 14) included within other debtors falling due after more than one year. We requested evidence of the individual's financial capacity to support recoverability, such as personal wealth statements or equivalent documentation. Hence, we were unable to obtain sufficient and appropriate audit evidence to determine the existence, completeness and recoverability of these balances.
  2. The financial statements include related party receivables, including intercompany balances, with a total carrying value of £817,933 (2022: £1,660,528) (Note 14) included within other debtors falling due within one year. We reviewed available management accounts for significant counterparties, which indicated that most were in a net liability position. Also, we were unable to obtain supporting documentation to evidence the recoverability of this balance. Furthermore, noticeable discrepancies were noted between related party balance confirmations. Due to the absence of supporting evidence, we were unable to comment on the completeness, existence and valuation of these related party balances.
  3. The deferred income balance reported at year-end was £409,991 (2022: £428,028). Due to the lack of sufficient and appropriate audit evidence, we were unable to assess the accuracy and completeness of this amount.
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 Auditor's 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 UK, including the FRC'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 qualified opinion.
Material Uncertainty related to Going Concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the  financial statements is appropriate.
We draw attention to note 3.3 in the financial statements, which indicates that the company's ability to continue as a going concern is reliant on the net amounts paid/receivable from related parties as well as the financial support from them. As stated in note 3.3, these events or conditions, along with the other matters as set forth in note 3.3, indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter. 
  • Reliance on the financial support from the related parties where the financial support is not guaranteed.
These events or conditions indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter. 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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Other Information
The other information comprises the information included in the Directors’ Report and Financial Statements, other than the Strategic report and our auditor's report thereon. The director is 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. In connection with our audit of the financial statements, 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 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.
As described in the Basis for qualified opinion section of our report, our audit opinion is qualified regarding the validity of certain debtors and creditors and the recovery of certain debtors. We are thus unable to determine whether the figures and ratios quoted in both the director's report and strategic report are not materially misstated. 
Opinions 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
  • the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.
Matters on Which We Are Required to Report by Exception
We have not identified material misstatements in the directors’ report. Matters arising solely from the limitation of our work referred to above:
We have not obtained all the information and explanations that we considered necessary for the purpose of our audit.
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.
Responsibilities of Directors
As explained more fully in the Director's Responsibilities Statement set out on page 2-3, the director is 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 director 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 director is 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.
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Auditor's 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 auditor's 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 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:
  • We obtained an understanding of the company and the sector in which it operates to identify laws and regulations that could reasonably be expected to have a direct effect on financial statements. We obtained our understanding in this regard through discussions with management, industry research, application of cumulative audit knowledge and experience of the sector.
  • We determined the principal laws and regulations relevant to the company in this regard to be those arising from Companies Act 2006, relevant financial reporting standards, the Company's constitution and UK taxation legislation. Including those that will have an indirect impact such as Data Protection Act 1996, Consumer Contracts (Information, Cancellation and Additional Charges) Regulations 2013, Employment Act 2008, Consumer Rights Act 2015, Bribery Act 2010, Health and Safety Act 1974 and Telecommunication Act 1984 etc.
  • We designed our audit procedures to ensure the audit team considered whether there were any indications of non-compliance by the company with those laws and regulations. These procedures included, but were not limited to:
            - Making enquiries of management;
            - Reviewing of regulatory correspondence;
            - Review of current year and post year end journals  
  • We also identified the risks of material misstatement of the financial statements due to fraud. We considered, in addition to the non-rebuttable presumption of a risk of fraud arising from management override of controls, that the potential for management bias was identified in relation to the impairment of related party balances. We addressed this risk by challenging the assumptions and judgements made by management when auditing these significant accounting estimates.
  • As in all of our audits, we addressed the risk of fraud arising from management override of controls by performing audit procedures which included but were not limited to the testing of journals; reviewing accounting estimates for evidence of bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
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 statements 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 statements, 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, collusion, 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.
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 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 auditor's 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.
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Shoolin GirishKumar Yagnik (Senior Statutory Auditor)
for and on behalf of Sterling Young Limited , Statutory Auditor
04/08/2025
Sterling Young Limited
Suite 50
238 Merton High Street
London
SW19 1AU
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Page 8
Statement of Comprehensive Income
2023 2022
Notes £ £
TURNOVER 4 42,335,752 42,995,541
Cost of sales (16,575,354 ) (17,621,536 )
GROSS PROFIT 25,760,398 25,374,005
Administrative expenses (30,238,748 ) (24,899,520 )
Other operating expenses (1,094,159 ) (71,364,437 )
OPERATING LOSS 5 (5,572,509 ) (70,889,952 )
Other interest receivable and similar income 10 99,237 100,267
LOSS BEFORE TAXATION (5,473,272 ) (70,789,685 )
Tax on Loss 11 (169,691 ) (309,644 )
LOSS AFTER TAXATION BEING LOSS FOR THE FINANCIAL YEAR (5,642,963 ) (71,099,329 )
OTHER COMPREHENSIVE INCOME FOR THE YEAR - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR (5,642,963 ) (71,099,329 )
The notes on pages 11 to 26 form part of these financial statements.
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Balance Sheet
Registered number: 05396108
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 12 479,796 430,888
Tangible Assets 13 235,037 205,071
714,833 635,959
CURRENT ASSETS
Debtors 14 3,908,851 6,389,348
Cash at bank and in hand 89,720 26,371
3,998,571 6,415,719
Creditors: Amounts Falling Due Within One Year 15 (143,883,244 ) (140,578,555 )
NET CURRENT ASSETS (LIABILITIES) (139,884,673 ) (134,162,836 )
TOTAL ASSETS LESS CURRENT LIABILITIES (139,169,840 ) (133,526,877 )
NET LIABILITIES (139,169,840 ) (133,526,877 )
CAPITAL AND RESERVES
Called up share capital 16 100 100
Profit and Loss Account (139,169,940 ) (133,526,977 )
SHAREHOLDERS' FUNDS (139,169,840) (133,526,877)
On behalf of the board
Mr Aiadurai Premananthan
Director
04/08/2025
The notes on pages 11 to 26 form part of these financial statements.
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Statement of Changes in Equity
Share Capital Profit and Loss Account Total
£ £ £
As at 1 January 2022 100 (62,427,648 ) (62,427,548)
Loss for the year and total comprehensive income - (71,099,329 ) (71,099,329)
As at 31 December 2022 and 1 January 2023 100 (133,526,977 ) (133,526,877)
Loss for the year and total comprehensive income - (5,642,963 ) (5,642,963)
As at 31 December 2023 100 (139,169,940 ) (139,169,840)
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Notes to the Financial Statements
1. General Information
The Company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office and principal place of business is: 3rd Floor Walbrook Building, 195 Marsh Wall, London, E14 9SG
2. Statement of Compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland.'
3. Accounting Policies
3.1. 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).
3.2. 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 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, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
  • the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of WWW Holding Company Limited as at 31 December 2023 and these financial statements may be obtained from Companies House.
3.3. Going Concern Disclosure
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.
The financial statements have been prepared on a going concern basis. The directors believe that the Company will be able to continue to operate and meet its obligations as and when they fall due for the foreseeable future.
The Company is a wholly owned subsidiary of WWW Holding Company Limited and Mr A Subaskaran owns 98.37% of the issued share capital of WWW Holding Company Limited.
The Company has reported a net loss for the period ended 31 December 2023 of  £ 5,642,963 (2022: £71,099,329) and the Company had net current liabilities of £139,884,673 as at 31 December 2023 (2022:£134,162,836).
Debtors due within one year include £817,933 owed by companies in which Mr Subaskaran owns a substantial shareholding. Creditors due within one year include £127,686,160 due to group undertakings and £6,580,608 owed to companies in which Mr Subaskaran owns a substantial shareholding.
To ensure continued operation, the directors have prepared a trading forecast for the Company for the period to 30th June 2026. The Company’s trading forecasts for the period through to 30 June 2026 reflect a reduction in net income, primarily due to a planned decrease in the scope of services provided , but will remain reliant on the net amounts paid / received from related parties. The Company has also obtained a letter of support from the Directors of the related party companies to confirm their intention to provide support to Lycatel Services Limited for a period of at least 12 months from the date of approval of these Financial Statements.
The Company is reliant on the financial support from the related party to be able to continue as a going concern. The ability of the related party to provide the required support gives rise to a material uncertainty relating to going concern.
These financial statements do not include any adjustments that would be necessary should the going concern assumption not apply.
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3.4. Significant judgements and estimations
In the application of the Company's accounting policies, which are described above, management is required to make judgements, estimates, and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on judgement and experience together with any other factors that are considered relevant. Actual results may differ from these estimates.
Estimates and any underlying assumptions used are reviewed on a continuing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both the current period and the subsequent periods.
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and amounts reported for revenues and expenses during the year. However the nature of estimation means that actual outcomes could differ from those estimates. Estimates and judgements are evaluated continually and are based on historical experience and other factors, including expectations of future
events that are believed to be reasonable under the circumstances. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.
(i) Implied interest rate attached to some loans
The Company applies a market rate of interest to loans provided to employees at rates less than market rate. The Company reviews available rates in the market place for comparable loans, giving consideration to the risk, term and security offered for the loan, and applies this rate to discount the loans based upon the expected repayment date.
(ii) Impairment of  receivables (including intercompany receivables):
The Company makes an estimate of the recoverable value of trade and other receivables. When assessing impairment of trade and other receivables, management considers factors including the current credit rating of the  receivables, the ageing profile of receivables and historical default experience. The carrying amount is £3,908,851 (2022:£6,389,348).
(iii) Going concern
Management have considered the Company's ability to continue as a going concem for a period of at least 12 months from the date of the audit report, and in doing so they have made a number of significant judgements. This includes assessing the ability of related parties and individuals to repay loans and provide financial support should they require it. Details of the Directors assessment has been included in note 3.3.
3.5. Turnover
The Company adopts specific revenue recognition criteria prior to revenue being recognised as follows:
Airtime service revenue from calling card
Calling card service revenue is recognised only when the services are actually consumed by the end user. Revenue invoiced or received in advance of usage is deferred and released when consumed as services by the end users or when usage expires.
Deferred Income
Deferred Income for expected usage of calling purchased and/or paid is recognised as a liability on the balance sheet. The deferred income is released to profit or loss upon usage by the end users, or on expiry of unused balances of end users and then recorded as turnover.
Revenue for support services
Revenue from the supply of marketing support and bandwidth services to related parties is recognised when the service is provided.
3.6. Intangible Fixed Assets and Amortisation - Other Intangible
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.
Amortisation on the computer software and chatbot are provided on a straightline basis over 10 years, commencing April 2022 and October 2023 respectively.
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3.7. Tangible Fixed Assets and Depreciation
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.
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
Depreciation is charged so as to allocate the cost of assets less the estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
Plant & Machinery over 4 years
Fixtures & Fittings over 4 years
Computer Equipment over 4 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.
3.8. 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. The Company does not have any cash equivalents.
3.9. Financial Instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors , trade and other creditors and loans to related parties.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other trade debtors and creditors, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Interest Income
Interest income is recognised in profit or loss using the effective interest method.
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.
Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest- bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to profit or loss over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date. 
Page 13
Page 14
3.10. Foreign Currencies
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
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.
3.11. Taxation
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.
3.12. Provisions and Contingencies
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. 
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.
3.13. Pensions
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expenses when they are due. If contribution payments exceed the contribution due for the service, the excess is recognised as a prepayment.
Page 14
Page 15
4. Turnover
Analysis of turnover by class of business is as follows:
2023 2022
£ £
Rendering of services 42,335,752 41,937,588
Sale of goods - 1,057,953
42,335,752 42,995,541
Analysis of turnover by geographical market is as follows:
2023 2022
£ £
United Kingdom 42,335,752 42,995,541
42,335,752 42,995,541
5. Operating Loss
The operating loss is stated after charging below in administrative expenses:
2023 2022
£ £
Exchange differences 174,643 (87,449 )
Depreciation of tangible fixed assets 61,187 6,640
Amortisation of intangible fixed assets 48,237 27,193
6. Auditor's Remuneration
Remuneration received by the company's auditors  during the year was as follows:
2023 2022
£ £
Audit Services
Audit of the company's financial statements 46,800 48,180
7. Staff Costs
Staff costs, including directors' remuneration, were as follows:
2023 2022
£ £
Wages and salaries 15,665,900 16,722,871
2023
2022
£
£
Wages and Salaries
11,710,615
14,699,334
Social Security Costs
  2,859,901 
 1,610,521
Other Staff Cost 
 3,113,007
 2,536,287
Cost of Defined Contribution Scheme
    202,268
image
   214,569
image
17,885,792image
19,060,711image
Page 15
Page 16
8. Average Number of Employees
Average number of employees, including directors, during the year was as follows:
2023 2022
Office and administration 160 171
Customer Services 7 7
167 178
9. Directors' remuneration
The director was paid  £ 926(2022 - £1,684) in relation to the qualifying services provided to Lycatel Services Limited. No amount was paid in terms of long term incentive schemes nor were any pension contributions made on behalf of the director.
10. Interest Receivable and Similar Income
2023 2022
£ £
Interest receivable and similar income 99,237 100,267
11. Tax on Profit
The tax charge on the loss for the year was as follows:
2023 2022
£ £
Current tax
UK Corporation Tax 169,691 309,644
Total tax charge for the period 169,691 309,644
The actual charge for the year can be reconciled to the expected credit for the year based on the loss and the standard rate of corporation tax as follows:
2023 2022
£ £
Profit before tax (5,473,272) (70,789,685)
Tax on profit at 25% (UK standard rate) (1,368,318 ) (13,450,039 )
Goodwill/depreciation not allowed for tax 25,737 -
Expenses not deductible for tax purposes 1,491,718 13,715,084
Capital allowances (45,568 ) (11,069 )
Difference in tax rates 81,009 70,150
Deferred tax relating to changes in tax rates or laws (14,887 ) (14,482 )
Total tax charge for the period 169,691 309,644
Page 16
Page 17
12. Intangible Assets
Softwares
£
Cost
As at 1 January 2023 458,081
Additions 97,144
As at 31 December 2023 555,225
Amortisation
As at 1 January 2023 27,193
Provided during the period 48,236
As at 31 December 2023 75,429
Net Book Value
As at 31 December 2023 479,796
As at 1 January 2023 430,888
13. Tangible Assets
Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 January 2023 2,554,114 532,705 492,060 3,578,879
Additions - 45,699 45,454 91,153
As at 31 December 2023 2,554,114 578,404 537,514 3,670,032
Depreciation
As at 1 January 2023 2,554,114 331,142 488,552 3,373,808
Provided during the period - 56,757 4,430 61,187
As at 31 December 2023 2,554,114 387,899 492,982 3,434,995
Net Book Value
As at 31 December 2023 - 190,505 44,532 235,037
As at 1 January 2023 - 201,563 3,508 205,071
14. Debtors
2023 2022
£ £
Due within one year
Amounts owed by group undertakings 817,933 1,660,528
Other debtors 673,359 2,668,416
1,491,292 4,328,944
Due after more than one year
Other debtors 2,417,559 2,060,404
3,908,851 6,389,348
Page 17
Page 18
Amounts owed by group companies and related parties are interest free and repayable on demand.
Loans to Director
Included in other debtors is £142,100 (2022 - £144,100) due from a Director of the Company. During the year an additional loan amount of £ 0  was taken and £2,000 (2022: £6,000) was repaid. The loan is interest free and unsecured.
The loan to the director represents a transaction provided at a rate that is less than market value and has been discounted back at a commercial rate over the expected term of the loan. An interest rate of 8% was used in this calculation.
15. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 1,909,115 2,024,724
Amounts owed to group undertakings 127,686,160 122,931,466
Amounts owed to participating interests 6,580,608 10,021,914
Other creditors 327,312 58,944
Corporation tax 266,148 355,343
Taxation and social security 4,609,029 3,198,903
Accruals and deferred income 2,504,872 1,987,261
143,883,244 140,578,555
The company has recognised a liability of £4,168,657 in respect of a Regulation 80 determination issued by HM Revenue & Customs (HMRC), which relates to income tax assessed as payable by the company in its capacity as an employer. This amount has been fully recognised in the financial statements based on management’s assessment of the facts and circumstances known at the reporting date, including professional advice received. The matter remains open to further correspondence with HMRC and may be subject to change depending on future developments.
This disclosure reflects management’s judgement and the accounting treatment applied is the responsibility of management. 
16. Share Capital
2023 2022
Allotted, called up and fully paid £ £
1 Ordinary Shares of £ 100.00 each 100 100
17. Pension Commitments
The Company makes contributions to defined contribution pension schemes. The pension cost charge for the year represents contributions payable by the Company and amounted to £202,268 (2022: £214,569).
18. Reserves
The profit and loss account comprises accumulated losses.
19. Post Balance Sheet Events
No Post balance sheet events.
20. Related Party Disclosures
Lycatel Services Ltd (the "Company") is part of a group ultimately controlled by Mr Subaskaran who owns 98.37% of the share capital of its immediate parent company, which in turn holds 100% of the share capital of the Company. Mr Subaskaran exercises control over numerous other entities with which the Company trades, obtains services, or exchanges funds (collectively referred to as "the Group").
The Company’s individual shareholders have interests in a range of related companies. As these companies are under common control, transactions between Lycatel Services Ltd and these companies are considered related party transactions under FRS 102. These transactions (prior to any impairments of balances) include intercompany trading, service arrangements, and funding transfers.
...CONTINUED
Page 18
Page 19
20. Related Party Disclosures - continued
The Group comprises a complex structure involving direct and indirect ownership through corporate, family, and trust relationships across various jurisdictions. Entities within the Group operate in sectors such as telecommunications, property, technology, healthcare, and media. Control is typically exercised through majority shareholding or beneficial interest in holding companies and trusts.
These related entities include operating subsidiaries, holding companies, and special purpose entities incorporated in various jurisdictions, including the United Kingdom, Europe, Africa, Asia, and the Americas. Group entities are directly or indirectly owned by the Ultimate Controlling Party or persons closely associated with them, including through trust and estate planning vehicles.
During the year, the Company paid property rent of £46,800 (2022: £46,800) to a party related to the Mr Subaskaran.
As part of its year-end procedures, the Company assessed the recoverability of the amounts due from its Group companies. Intercompany and related party receivables are reviewed at the balance sheet date for objective evidence of impairment. An impairment is recognised where such evidence indicates a loss event has occurred after initial recognition.
As a result of this assessment, impairment losses of £1,072,410 (2022: £69,392,460) were recognised against intercompany receivables during the year.
The following entities are considered related parties due to common control. The Company enters into trading transactions, shared services arrangements, and funding transactions with these related entities in the normal course of business and on arm's length terms. Details of related party balances are set out below:
Company Name

Opening Balance

Purchase

Impairments

Sales

Cash loaned /(borrowed) in the year

Bad-debts writeoff

Foreign Currency Revaluation

Closing Figure

WWW Holding Company Ltd.
0
-53,206.85
-40,999.68
82,485.30 

11,721.23 

0
0
0
Lycamobile UK Ltd.

0
0
1,410,250.07 

424,461.65 

-5,052,386.32
0
-83,525.90
-3,301,200.50
Lycatel Carrier Services Ltd.

0
0
0
0
0
0
0
0
Lycatel Distribution UK Ltd.

0
0
-109,886.33
149,468.99 

-39,582.66
0
0
0
Lycatel Property Services Ltd.

0
-30,000
-49,177.34
36,000.00 

43,177.34 

0
0
0
Lycatel Services Ltd.

0
0
0
0
0
0
0
0
Switchware Ltd.

0
0
-253,140.61
56,394.96 

196,745.65 

0
0
0
SOUTHEYE LIMITED

0
0
0
4,857.59 

26,669.47 

0
0
31,527.06 

Docklands Data Centre Ltd.

-31,994.10
-17,413.05
0
0
64,091.24 

0
-19,160.28
-4,476.19
UK GT LTD

0
0
0
0
0
0
0
0
Gnanam Foundation

112,910.00 

0
0
55,000.00 

0
0
0
167,910.00 

U CAN FLY

127,650.06 

-99,376.55
0
33,278.77 

0
0
0
61,552.28 

...CONTINUED
Page 19
Page 20
LYCAMONEY GIVING LTD

0
0
30
0
0
-30
0
0
LYCA HOME LTD

0.02 

0
-0.1
0
0
0
-0.1
0
Lyca Health Ltd.

0.08 

0
-0.8
0
0
0
0
0
Lyca Health (Kent) Ltd

0
0
0
0
0
0
0
0
NEXUS CAB COMPANY LTD.

0
0
119,920.00 

0
0
-119,920
0
0
LYCA ENTERTAINMENT LTD

0.46 

0
39,313.28 

0
0
0
-39,313.75
0
Lycatel Property Management Services Ltd.

0
-100,800
-112,831.88
854.34 

212,777.54 

0
0
0
Lycamoney Financial Services Ltd.

0
0
-589,520.34
32,257.20 

592,323.34 

0
-35,060.20
0
Lyca Media Ltd.

0
0
-1,020,709.08
5,047.07 

707,204.91 

0
308,457.10 

0
SAVILLS UK LTD / THAMES QUAY PROPERTY II LTD

0
-148,633.39
-318,676.82
467,310.21 

0
0
0
0
THAMES QUAY PROPERTIES III LTD.

6,000.00 

0
-6,000
0
0
0
0
0
LYCA MEDIA II LTD.

0
0
-1,144,128.14

23,157.50 

1,154,200.32 

0
-33,229.68
0
ANGLO INDIAN BEVERAGES LTD.

0.65 

-703,524.03
-1,826,166.47
359,101.41 

2,177,760.02 

0
-7,171.47
0
Lyca Leasing Holdings Ltd

0
0
-117,468.79
-47,531.31
165,000.00 

0
0
0
PHOTON MEDIA LTD.

0
0
47,320.00 

0
0
-47,320.00 

0
0
STELAR MEDIA LTD.

0
0
258,008.75 

0
0
-258,008.75 

0
0
LM HOLDCO LTD

2,126.00 

0
-2,126.00 

0
0
0
0
0
LYCA CONTENTS LTD

0
0
143.31 

0
0
0
-143.31 

0
EXCELLENT ENTERTAINMENT LTD.

0
0
4,299.26 

0
0
0
-4,299.26 

0
...CONTINUED
Page 20
Page 21
Lycamobile South Africa (Pty) Ltd

0
0
0
0
0
0
0
0
LYCAMOBILE MEXICO S.A.P.I. DE C.V.

0
0
40.95 

0
0
0
-40.95 

0
LYCA CHAT UK LTD

0
0
555,139.25 

0
9,930.47 

-543,888.02
-21,181.70
0
Lycamobile Distribution Ltd.

-27,876.86
-27,876.86
0
27,876.86 

0
0
0
-27,876.86
Lycamobile Ireland Ltd.

-1,537.11
-24,731.70
-14,781.89
41,050.70 

0
0
0
0
Lycamobile Ltd.

-24,731.70
-24,731.70
0
24,731.70 

0
0
0
-24,731.70
Lycatel Ireland Distribution Ltd.

-24,731.70
-24,731.70
0
24,731.70 

0
0
0
-24,731.70
Lycatel Ireland Ltd.

-54,204,857.68
-264,201.93
0
0
0
0
-1,969,113.25
-56,438,172.86
LYCAMOBILE SWITZERLAND LTD

0
0
0
0
0
0
0
0
Lycamobile Norway Ltd.

0
0
0
0
0
0
0
0
Lycamobile Netherlands Ltd.

-24,731.70
-24,731.70
0
24,731.70 

0
0
0
-24,731.70
Lycamobile Belgium Ltd.

-24,731.86
-24,731.70
0
24,731.70 

0
0
0
-24,731.86
LYCAMOBILE SWEDEN LIMITED

0
0
0
0
0
0
0
0
LYCAMOBILE SWEDEN AB


17,208.18 

0
0
8,311.00 

0
0
0
25,519.18 

Lycamobile Denmark Ltd.

-2,399.84
-2,399.84
0
2,399.84 

0
0
0
-2,399.84
Lycamobile Sweden IRE Ltd.

-2,625.76
-2,625.76
0
2,625.76 

0
0
0
-2,626.76
Lycamobile Distribution Austria Ltd.

0
0
0
0
0
0
0
0
...CONTINUED
Page 21
Page 22
Hastings Denmark APS

0
0
339,200.00 

0
0
-339,200
0
0
Lycamoney Ltd

0
0
0
0
0
0
0
0
Lycamobile Denmark Aps

0
0
0
0
0
0
0
0
LYCAMOBILE PTY LIMITED

0
0
0
0
0
0
0
0
Lycatel Australia Pty Ltd.

0
0
0
0
0
0
0
0
LYCAMOBILE GLOBAL LTD.

-227.92
0
0
0
0
0
5.10 

-222.82
Lycamobile SP Zoo

-202.33
0
112.29 

0
0
0
-152.45
-242.49
Gnanam Properties Ltd

186,605.00 

-30,100
0
0
-48,920
0
0
107,585.00 

GO FORIT INVESTMENTS LTD.

0
0
81.89 

0
0
0
-81.89
0
UNIVERSAL DISTRIBUTION SERVICES APS

0
0
-11,558.35
14,307.42 

0
0
-2,749.08
0
LYCA FINANCE LIMITED

-3,725,321.70
0
0
0
0
0
13,107.12 

-3,712,214.59

BRI Sports Holdings Ltd

0
0
1,985.93 

0
0
0
-1,985.93 

0
LBOS SWEDEN AB

0
0
68.25 

0
0
0
-68.25 

0
LBOS Morocco SARL AU

-457,415.06
-4,391,521.09
0
1,840,576.57 

2,658,251.60 

0
-139,501.91
-489,609.90

Lycamobile Europe Ltd

906,056.63 

0
-1,846,058.46
0
-500,000
0
1,440,001.83 

0
LYCAMOBILE GMBH


26,471.05 

0
-56,922.12
30,451.07 

0
0
0
0
Lycamobile SPRL

-59,494.13
0
-14,113.21
33,943.50 

0
0
39,663.83 

0
LYCAFLEX S.A.R.L

0
0
-301.71
0
298.03 

0
3.68 

0
LYCA INVESTMENTS SARL

84,250.85 

0
-82,364.22
0
0
0
-1,886.63
0
...CONTINUED
Page 22
Page 23
Lycatel Denmark ApS

0
0
42,400.00 

0
0
-42,400.00 

0
0
LYCA CHAT LIMITED

0
0
51,063.92 

0
0
-46,977.77
-4,086.16
0
SAYO TECHNOLOGY LIMITED

0
0
0
0
0
0
0
0
PROTON GLOBAL INVESTMENTS LTD.

24,951.00 

0
-24,711.88
0
0
0
-239.12
0
Lycamobile GmbH

0
0
1,430,650.97 

39,312.40 

0
0
-1,469,963.37
0
Lycamobile Germany GMBH

0
0
0
0
0
0
0
0
Lycamobile SRL

0
0
-600
592.02 

0
0
7.98 

0
Skyline Telecom SRL

0
257,054.43 

0
-257,054.43 

0
0
0
0
UNIVERSAL SERVICE 2006 SRL

-4,114.71
0
2,352.75 

0
0
0
1,761.95 

0
Lycamobile BV

24,847.00 

0
0
14,057.00 

0
0
0
38,904.00 

BEPPOREFIN B.V

0
0
10,733.45 

0
0
-10,201.99
-531.46
0
Lycamobile Norway Limited (NUF)

0
0
-6,265.00 

6,265.00 

0
0
0
0
One Stop SIM Lda

0
0
14,910.08 

0
20,125.23 

0
-35,035.31
0
Hastings Trading e Serviços Lda

0
-124,149.31
-36,865.77
167,635.84 

0
0
-6,620.76
0
Lycatelcom

-67,517,271.96

-26,289,955.78

0
66,543,311.19 

-38,069,742.72

0
2,104,208.22 

-63,229,451.05

Everestelcard Unipessoal Lda

0
0
91,080.00 

0
0
-91,080

0
Lycamobile Portugal LDA
-1.71
0
-30.93
0
0
0
0.73
-31.91
LOIRAMSI SL


1,620.00 

0
0
0
0
0
0
1,620.00 

Lycamobile SL

0
0
-3,726
3,726
0
0
0
0
...CONTINUED
Page 23
Page 24
Skyline Telecom SL

-832.73
0
476.15 

0
0
0
356.58 

0
Gnanam Telecom Centres AB

0
0
0
0
0
0
0
0
Lycatel Distribution France SARL

-25.04
530,293.46 

530,231.14 

-530,293.46
0
-530,213.18
7.08 

0
Lycamobile SARL

111,278.24 

1,502.26 

0
49,700.90 

0
0
0
162,481.40 

Lycamobile SRL (ROMANIA)

0
0
89.95 

0
0
0
-89.95 

0
Universal Distribution Services SRL(ROME)

0
0
-329,833.56

0
339,016.70 

0
-9,183.14

0
UNIVERSAL MARKETING SERVICES SUARL

0
0
301.78 

 50.00 


0
0
-351.78
0
Tunisia Services SARL

0
0
0
0
0
0
0
0
LBOS HASTINGS

0
0
818.91 

0
0
0
-818.91
0
LYCAMOBILE KENYA LIMITED

0
0
9,526.17 

0
0
0
-9,526.17
0
Lycamobile AG

0
0
-780
780.00 

0
0
0
0
Lycatel LLC

-1,184,604.07

0
0
5,300.00 

0
0
58,697.59 

-1,120,606.48

Lycamobile USA Inc.

0
0
0
0
0
0
0
0
PLINTRON TECHNOLOGY  LLC

-136,359.67

0
0
0
0
0
23,256.95 

-113,102.71

LYCAMOBILE PTE. LTD

2,006.42 

0
0
0
0
0
-69.68
1,936.74 

SERENDIB HOLDINGS PTE. LTD

0
0
880.83 

0
0
0
-880.83
0
BLUE SUMMIT CAPITAL MANAGEMENT PTE. LTD.

26,530.23 

0
-25,608.82
0
0
0
-921.41
0
...CONTINUED
Page 24
Page 25
Lycamobile Hong Kong Ltd

-657.13
0
23,060.12 


0
-22,632.63
229.64 

0
LYCA CHAT HONG KONG LTD.

0
0
5,072.17 

0
0
-5,030.41
-41.76
0
LYCAMOBILE NETWORK SERVICES UGANDA LTD

0
0
4,510.34 

0
0
0
-4,510.34
0
LYCAMOBILE LLC SKOPJE

0
0
0
0
0
0
0
0
Lycatel Business Outsourcing Solutions P Ltd

0
-348,855.48
118,755.21 

0
230,100.27 

0
0
0
Lycatel BPO P Ltd

-5,496,633.15

-1,654,325.76

0
0
1,425,351.00 

0
0
-5,725,607.91

LYCA PRODUCTIONS PVT. LTD

15
0
0
203,364.00 

15,518.72 

0
0
218,897.72 

Lyca Telecom Pvt. Ltd

0
0
1,801,942.13 

0
0
-1,756,612.91

-45,329.23

0
Plintron Global Technologies Pvt Ltd.

0
0
0
0
0
0
0
0
LYCA DIGITAL PRIVATE LIMITED

0
-5,868,129.00

-371,871.00

0
6,240,000.00 

0
0
0
LYCAMOBILE INDIA PRIVATE LIMITED

0
0
0
0
0
0
0
0
Lyca Airways

0
0
925,497.93 

0
0
-666,652.98


-258,844.95

0
LYCA HEALTH CANARY WHARF  LTD

0
0
-264,520.00

0
264,520.00 

0
0
0
FILM DISTRIBUTION NETWORK L.L.C-FZ

0
0
-230,932.74

230,932.74 

0
0
0
0
Page 25
Page 26
21. Controlling Parties
The Company’s immediate and ultimate parent is WWW Holding Company Limited, a company incorporated in England and Wales. This relationship was the same in the prior year.
The ultimate controlling party is Mr A Subaskaran, by virtue of his majority shareholding and control over WWW Holding Company Limited. This method of control remained unchanged from the prior year.
The financial statements of WWW Holding Company Limited, which include the results of the Company, are available from Companies House and are prepared for the year ended 31 December 2023 (comparative: 31 December 2022).
22. Auditor Liability Limitation Agreement
The company has entered into a liability limitation agreement with Sterling Young Ltd, the statutory auditor, in respect of the statutory audit for the period ended 31 December 2023. The proportionate liability agreement follows the standard terms in Appendix B to the Financial Reporting Council's June 2008 Guidance on Auditor Liability Agreements, and was approved by the member on 22 August 2024.
Page 26