ACCOUNTS - Final Accounts preparation

Company registration number: 07496967

	FINANCIAL STATEMENTS
	FOR THE YEAR ENDED 31 DECEMBER 2024

	TECHWAVE CONSULTING UK LIMITED


TECHWAVE CONSULTING UK LIMITED

COMPANY INFORMATION

Directors	Damodar Rao Gummadapu
	Rajasekhar Gummadapu
	Venkata Satya Ramana Murthy Maddali


Registered number	07496967


Registered office	2nd Floor, Magna House
	18-32 London Road
	Staines-Upon-Thames
	Surrey
	TW18 4BP


Independent auditor	Menzies LLP
	Chartered Accountants & Statutory Auditor
	Magna House
	18-32 London Road
	Staines-Upon-Thames
	Surrey
	TW18 4BP


TECHWAVE CONSULTING UK LIMITED

CONTENTS

	Page
Statement of Financial Position	1
Notes to the financial statements	2 - 7


TECHWAVE CONSULTING UK LIMITED REGISTERED NUMBER:07496967

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£

Fixed assets
Intangible assets	4		1,033,667		1,153,667
			1,033,667		1,153,667
Current assets
Debtors: amounts falling due within one year	5	3,548,964		3,127,608
Cash at bank and in hand		7,053		3,001
		3,556,017		3,130,609
Creditors: amounts falling due within one year	6	(2,557,572)		(2,379,162)
Net current assets			998,445		751,447
Total assets less current liabilities			2,032,112		1,905,114
Provisions for liabilities
Deferred tax	7	(182,773)		(192,872)
			(182,773)		(192,872)
Net assets			1,849,339		1,712,242

Capital and reserves
Called up share capital	201	201
Profit and loss account	1,849,138	1,712,041
	1,849,339	1,712,242

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

Damodar Rao Gummadapu

Director

Date: 30 September 2025

The notes on pages 2 to 7 form part of these financial statements.

Page 1


TECHWAVE CONSULTING UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	General information

Techwave Consulting UK Limited is a private Company, limited by shares, incorporated in England and Wales. The registered number and registered office of the Company is disclosed on the company information page. The principal place of business is Tower 42, 25 Old Broad Street, London, EC2N 1HN, UK.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

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

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

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

2.3

Revenue

The company generates most of its revenues from Technology Staffing and IT services.
The company recognises revenue as it performs the promised service for customers in an amount that reflects the consideration expected in exchange for the services. Revenue from contract assignments are recognised over time, based on hours worked by the Company's contract professionals. The performance of the requested service over time is the single performance obligation for assignment revenues.

2.4

Interest income

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

2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 2


TECHWAVE CONSULTING UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.6

Pensions

Defined contribution pension plan

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

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

2.7

Current and deferred taxation

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

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting 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 reporting 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 reporting date.

2.8

Intangible assets

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

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

Depreciation is provided on the following basis:

Software

5 years straight line

Page 3


TECHWAVE CONSULTING UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.9

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

2.10

Provisions for liabilities

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

Increases in provisions are generally charged as an expense to profit or loss.

2.11

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 and creditors, loans from banks and other third parties.

Employees

The average monthly number of employees, including directors, during the year was 7 (2023 -7).

Page 4


TECHWAVE CONSULTING UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

4.	Intangible assets

		Development costs
		£
	Cost
	At 1 January 2024	1,153,667
	At 31 December 2024	1,153,667
	Amortisation
	Charge for the year on owned assets	120,000
	At 31 December 2024	120,000
	Net book value
	At 31 December 2024	1,033,667
	At 31 December 2023	1,153,667

Page 5


TECHWAVE CONSULTING UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Debtors

					2024	2023
					£	£


Trade debtors	886,756	1,803,147
Amounts owed by group undertakings	2,603,368	1,055,660
Other debtors	17,079	206,955
Prepayments and accrued income	41,761	61,846
	3,548,964	3,127,608

6.	Creditors: Amounts falling due within one year
		2024	2023
		£	£

Bank overdrafts	952,820	881,649
Trade creditors	62,745	50,890
Amounts owed to group undertakings	1,319,360	1,195,103
Corporation tax	46,252	-
Other taxation and social security	147,711	226,157
Other creditors	1,634	1,063
Accruals and deferred income	27,050	24,300
	2,557,572	2,379,162

On 26 November 2021 the company granted a debenture in favour of HSBC Bank UK PLC by way of security in
relation to the existing overdraft. The security includes fixed and floating charges over the assets of the Company. HSBC has granted a total overdraft facility to the amount of £1,000,000 for which the Company maintains one single account which is marked for withdrawal up to this amount. As at 31 December 2024 an amount of £952,820 (2023 - £881,649) was drawn upon, in line with the overdraft arrangement.

7.	Deferred taxation

		2024
		£

	At beginning of year	(192,872)
	Credited to profit or loss	10,099
	At end of year	(182,773)

Page 6


TECHWAVE CONSULTING UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

7.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:
	2024	2023
	£	£

	Accelerated capital allowances	(182,773)	(192,872)
		(182,773)	(192,872)

8.	Parent Company

The immediate parent company is Techwave Holdings Pte Limited, a company registered in Singapore, with address 3 Shenton Way, #10-05 Shenton House, Singapore (068805).
The ultimate parent company is Techwave Consulting Inc, a company registered in the USA, with address 13501 Katy Fwy Suite 3305, Houston TX 77079, USA. The smallest and largest group which prepares consolidated financial statements is Techwave Consulting Inc.

9.	Auditor's information

The auditor's report on the financial statements for the year ended 31 December 2024 was unqualified.

The audit report was signed on 30 September 2025 by Hezelina Hashim FCCA (Senior statutory auditor) on behalf of Menzies LLP.

Page 7