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Registered number:
FOR THE PERIOD ENDED 31 JANUARY 2025
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INDIA TOPCO LIMITED
COMPANY INFORMATION
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INDIA TOPCO LIMITED
CONTENTS
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INDIA TOPCO LIMITED
GROUP STRATEGIC REPORT
FOR THE PERIOD ENDED 31 JANUARY 2025
The Company was incorporated as a holding company in January 2024. On 24 May 2024, the Company indirectly acquired 100% of the issued share capital of the Trading Group Finders Genealogists Limited, ‘Finders International’.
Founded in 1997, Finders International has grown from a small UK-based firm into one of the world’s most respected probate genealogy companies, assisting legal professionals, the public sector, and private individuals in tracing missing heirs, locating assets, and resolving complex estate matters across the globe. Finders International combines speed, accuracy, and professionalism to deliver accurate and reliable results. The dedicated team of expert genealogists and researchers operates worldwide, using advanced tools and vast networks to solve even the most challenging cases. The Group offers transparent, risk-free pricing options including contingency based services, acting as a trusted partner to its network.
During the financial year, the Company, backed by Pelican Capital LLP, invested in Finders International, and as such the results reflected a consolidation of the results of the Trading Group from 24 May 2024 to 31 January 2025. The Trading Group achieved strong revenue growth on an annual basis of 17%.
This growth reflects the successful execution of strategic initiatives, including continued investment in technology, a focus on building and maintaining strong professional networks, and an unwavering commitment to service quality. Key drivers of growth included: • Ongoing development and integration of proprietary technology to improve research accuracy and speed and enable process efficiencies; • Expansion of strategic relationships across the legal, professional and public sectors; • Reinforcement of the Group’s reputation as a reliable and ethical partner within the probate sector. The gross profit margin for the Trading Group for the year was 32% (2024: 30%), demonstrating a robust underlying business model supported by operational efficiency and client trust. During the period, the Group incurred exceptional costs of just over £1 million in connection with a change in ownership. These costs primarily related to professional fees, legal expenses, and transitional advisory services associated with the sale and restructuring of the business. While these non-recurring costs impacted the Group’s profitability for the year, they are viewed as necessary to facilitate a smooth transition and to position the Group for long-term strategic growth under new ownership. No further material exceptional costs of this nature are anticipated in the foreseeable future. With the effects of the COVID pandemic on the probate genealogy market now passed, the Group maintained steady operations and enhanced its market position. The directors consider the overall performance for the year to be strong and aligned with long-term objectives, with a clear foundation for future growth.
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INDIA TOPCO LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2025
The management of the business is subject to a number of risks. The key business risks and uncertainties are considered to relate to cyber risk and a variety of financial risks.
The Group continues to actively address cyber risk by strengthening internal controls and data security measures, supported by ongoing investment in cybersecurity infrastructure and technology. The Group's operations expose it to a variety of financial risks that include price risk, credit risk, liquidity risk and interest rate risk. The Group has in place a risk management program that seeks to limit adverse effects on the financial performance of the Group.
The Group’s principal financial assets consist of cash at bank and trade debtors. The Group's credit risk mainly arises from its trade debtors and is closely managed through stringent credit control procedures. However, the Group retains certain risks and rewards associated with these trade debtors. The amounts presented in the balance sheet are net of impairment and expected credit loss provision.
The cash balance at the year end was £1,875k which provides the Group with adequate working capital. The directors recognise the importance of funding and liquidity under the current economic climate and will continue to monitor the Group's financial resources to ensure that the Group is able to support its activities and future growth.
The group enters the new financial year with a strong platform for continued growth and operational improvement. Under new ownership, strategic focus will remain on delivering a high standard of service to clients across the probate genealogy sector, expanding market presence and driving efficiency.
A key area of investment will continue to be technology. The Group is committed to enhancing its proprietary systems and research tools to deliver greater precision and efficiency in case handling, enabling faster resolution times and improved outcomes for clients. These improvements are expected to increase internal efficiency and support scalable growth, allowing the Group to manage greater volumes while maintaining quality and compliance standards. The market for probate genealogy services remains stable, with opportunities driven by demographic trends, steadily growing estate values, and a growing need for professional expertise in estate matters. The Group continues to strengthen its position as a trusted partner to the legal, professional, and public sectors built on a reputation for integrity, responsiveness, and high-quality service. Deepening engagement with legal professionals and expanding its referral network remain strategic priorities, alongside sustaining the high levels of reliability and discretion that underpin its work. While external risks such as regulatory changes and competition remain, the directors are confident in the Group’s strategic direction and long-term prospects.
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INDIA TOPCO LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2025
The directors use a number of financial and non-financial key performance indicators to monitor and assess the Group’s performance against its strategic objectives. The principal financial KPIs during the year for the Trading Group were as follows:
Revenue Growth: Revenue increased by 17% compared to the prior year, reflecting strong operational delivery and increased demand for services across both new and existing clients. Gross Profit Margin: The group achieved a gross margin of 32% (2024: 30%), consistent with its focus on maintaining service quality while improving internal efficiency. Adjusted EBITDA Margin: The adjusted EBITDA margin was 1% (2024: 5%), reflecting the Group’s underlying profitability before exceptional costs and non-operating items. The reduced margin reflects the Group’s commitment to future growth through investment in key capabilities of the group, business development and scalable operations. Management also tracks a number of non-financial KPIs, including client satisfaction, staff retention, case resolution timelines, volume of referrals and client concentration.
This report was approved by the Board on 29 July 2025 and signed on its behalf.
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INDIA TOPCO LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 JANUARY 2025
The directors present their report and the financial statements for the Period ended 31 January 2025.
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 Group'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 Group 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The loss for the Period, after taxation, amounted to £3,732,385.
There were no dividends declared during the period end.
The directors who served during the Period were:
The directors consider that the company's strong financial position should provide a platform which is conducive to capitalising on both current and future opportunities.
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INDIA TOPCO LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2025
After the year end, 13,465 Ordinary shares at £0.01, and 2,500 Ordinary A shares at £0.01 were issued.
After the year end Barnes Roffe LLP resigned as auditors due to the transfer of its audit business and its successor Barnes Roffe Audit Limited was appointed by the directors under s485 Companies Act 2006.
This report was approved by the Board and signed on its behalf.
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INDIA TOPCO LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF INDIA TOPCO LIMITED
We have audited the financial statements of India Topco Limited (the 'parent Company') and its subsidiaries (the 'Group') for the Period ended 31 January 2025, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Group 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 Group's or the parent 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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INDIA TOPCO LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF INDIA TOPCO LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's 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 Group Strategic Report and the Directors' Report for the financial Period for which the financial statements are prepared is consistent with the financial statements; and
∙the Group 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 Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.
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INDIA TOPCO LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF INDIA TOPCO LIMITED (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 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 the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group 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:
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non compliance with laws and regulations, was as follows: •Ensuring that the engagement team collectively had the appropriate competence, capabilities and skills to identify non compliance with applicable laws and regulations; •We identified the laws and regulations applicable to the company through discussions with directors, and from our commercial knowledge and experience of the relevant sector; •The specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, are as follows Companies Act 2006. FRS 102, Employment legislation and Tax legislation; •We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; •Laws and regulations were communicated within the audit team at the planning meeting, and the audit team remained alert to instances of non compliance throughout the audit. We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: •Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and •Considering the internal controls in place to mitigate risks of fraud and non compliance with laws and regulations; •Reviewing the financial statements and testing the disclosures against supporting documentation; •Performing analytical procedures to identify any unusual or unexpected trends or anomalies; •Inspecting and testing journal entries to identify unusual or unexpected transactions; •Assessing whether judgement and assumptions made in determining significant accounting estimates were indicative of management bias.
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 Auditor's Report.
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INDIA TOPCO LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF INDIA TOPCO LIMITED (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 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.
for and on behalf of
Chartered Accountants
Statutory Auditor
Leytonstone House
3 Hanbury Drive
London
E11 1GA
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INDIA TOPCO LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 JANUARY 2025
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INDIA TOPCO LIMITED
REGISTERED NUMBER: 15453132
CONSOLIDATED BALANCE SHEET
AS AT 31 JANUARY 2025
The financial statements were approved and authorised for issue by the Board and were signed on its behalf on 29 July 2025.
The notes on pages 18 to 38 form part of these financial statements.
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INDIA TOPCO LIMITED
REGISTERED NUMBER: 15453132
COMPANY BALANCE SHEET
AS AT 31 JANUARY 2025
The financial statements were approved and authorised for issue by the Board and were signed on its behalf on
The notes on pages 18 to 38 form part of these financial statements.
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INDIA TOPCO LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 JANUARY 2025
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INDIA TOPCO LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 JANUARY 2025
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INDIA TOPCO LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 JANUARY 2025
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INDIA TOPCO LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2025
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INDIA TOPCO LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE PERIOD ENDED 31 JANUARY 2025
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INDIA TOPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2025
India Topco Limited is a private company limited by shares incorporated in England and Wales. The registered office is Ground floor, 6-8 Vestry Street, London, N1 7RE.
The Company was incorporated on 30 January 2024 and these financial statements represent the period from 30 January 2024 to 31 January 2025. The principal activity of the company was that of a holding company.
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 Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
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INDIA TOPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2025
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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INDIA TOPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2025
2.Accounting policies (continued)
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INDIA TOPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 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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INDIA TOPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 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 following basis.
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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INDIA TOPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 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.
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.
Financial instruments are recognised in the Group's Balance Sheet when the Group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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 Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Basic financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities.
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INDIA TOPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2025
Critical judgments in applying the entity’s accounting policies No significant judgments have had to be made by management in preparing these financial statements. Critical accounting estimates and assumptions. (i) Long-term contracts Profit on contracts is taken as the work is carried out if the final outcome can be assessed with reasonable certainty. (ii) Useful economic lives of tangible assets and intangible assets The annual depreciation charge for tangible assets and intangible assets are sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 13 for the carrying amount of the property plant and equipment, note 12 for the carring amount of intangible fixed assets, note 2.11 and note 2.12 for the useful economic lives for each class of assets. (iii) Impairment of debtors The Group makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. See note 15 for the net carrying amount of the debtors. (iv) Goodwill The Directors provide an estimation of the fair value of the net assets on each acquisition at the acquisition date. The fair value of the net assets is used to calculate the goodwill for each acquisition. The Directors have assessed the useful economic life of goodwill to be 10 years.
The whole of the turnover is attributable to the group's principal activity.
An analysis of turnover by geographical area is not given as, in the opinion of the directors, such disclosure would be seriously prejudical to the interest of the Group.
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INDIA TOPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2025
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INDIA TOPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2025
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INDIA TOPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2025
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INDIA TOPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2025
11.Taxation (continued)
Tax losses arising in the current year have been carried forward in accordance with tax legislation. These losses are available to offset against future taxable profits, which may reduce future tax charges.
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INDIA TOPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2025
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INDIA TOPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2025
Page 30
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INDIA TOPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2025
Page 31
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INDIA TOPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2025
At the year end, the Group had £14,875,330 of secured loan notes outstanding. The loan notes bear interest at a fixed rate of 8% per annum and are repayable by 2030.
Included within Group creditors is £4,000,000 of deferred consideration in relation to an acquisition. This is payable on 24 May 2026.
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INDIA TOPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2025
Page 33
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INDIA TOPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2025
During the year, 705,000 ordinary shares at £0.01, 80,373 Ordinary A shares at £0.01, and 20,000 preference shares at £0.01 were issued.
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INDIA TOPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2025
Foreign exchange reserve
Profit and loss account
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INDIA TOPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2025
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INDIA TOPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2025
23.Business combinations (continued)
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £155,815. Contributions totalling £27,361 were payable to the fund at the balance sheet date and are included in creditors.
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INDIA TOPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2025
89.8% of India Topco Limited's share capital is legally owned by Project Iguazu Nominees Limited. Project Iguazu Nominees Limited is a non trading nominee entity that holds shares on trust for underlying investors. Pelican Capital LLP is considered to be the ultimate controlling party by virtue of its contractual relationships with Project Iguazu Nominees Limited and the underlying investors.
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