Ballaspur Limited - Limited company accounts 25.1

REGISTERED NUMBER: 08835116 (England and Wales)

Report of the Director and

Financial Statements

for the Year Ended 31 December 2024

for

Ballaspur Limited

(formerly Arrise Services Limited)

Page

Company Information

1

Report of the Director

2

Report of the Independent Auditors

3

Statement of Comprehensive Income

6

Statement of Financial Position

7

Statement of Changes in Equity

8

Statement of Cash Flows

9

Notes to the Statement of Cash Flows

10

Notes to the Financial Statements

11

DIRECTOR:

C R Fa

REGISTERED OFFICE:

C/O Birketts LLP

One London Wall

Barbican

London

EC2Y 5EA

REGISTERED NUMBER:

08835116 (England and Wales)

AUDITORS:

WP Audit Limited

C/O Wilson Partners Limited

Tor, Saint-Cloud Way

Maidenhead

Berkshire

SL6 8BN

The director presents her report with the financial statements of the company for the year ended 31 December 2024.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of a service company providing sales, marketing and operational support to other group companies.

DIVIDENDS

Interim dividends of £1,249,868 (2023: £nil) were paid in the year. The director recommends that no final dividend be paid.

DIRECTOR

A A Barzely held office from 1 January 2024 until after 31 December 2024 but prior to the date of this report.

C R Fa was appointed as a director after 31 December 2024 but prior to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with UK-adopted international accounting standards. Under company law the director must not approve the financial statements unless she is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

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

The director is 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 her to ensure that the financial statements comply with the Companies Act 2006. She is 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 AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and she has taken all the steps that she ought to have taken as a director in order to make herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:

C R Fa - Director

30 September 2025

Opinion

We have audited the financial statements of Ballaspur Limited (formerly Arrise Services Limited) (the 'company') for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and International Financial Reporting Standards (IFRSs) as adopted by the UK.

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;

-	have been properly prepared in accordance with IFRSs as adopted by the UK; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 opinion.

Conclusions relating 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.

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

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

Other information

The director is responsible for the other information. The other information comprises the information in the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

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. We have nothing to report in this regard.

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 Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Report of the Director has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Director.

We have nothing to report in respect of the following matters where 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 director's remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page two, 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 determines 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

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

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory framework that the company operates in, focussing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context include the Companies Act and tax legislation. In addition we considered the provisions of other laws and regulations that do not have an effect on the financial statements but compliance with which may be fundamental to the company's ability to incur or to avoid a material penalty, including the company's operating licences and environmental regulations.

Our procedures in response to the risks identified included reviewing the financial statements disclosures and testing supporting documentation to assess compliance with the provisions of relevant laws and regulations considered to have a direct effect in the financial statements, enquiring of management concerning actual or potential litigation and claims, performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud, reading minutes of meetings of those charged with governance, reviewing correspondence with relevant regulatory authorities and in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments, assessing whether the judgements made in making accounting estimates are indicative of a potential bias and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential audit risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

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 Report of the Auditors.

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 a Report of the Auditors 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.

Philippa Duckworth BSc FCCA (Senior Statutory Auditor)

for and on behalf of WP Audit Limited

C/O Wilson Partners Limited

Tor, Saint-Cloud Way

Maidenhead

Berkshire

SL6 8BN

30 September 2025

DISCONTINUED OPERATIONS

Revenue

4

4,275,436

14,988,372

Cost of sales

(3,886,696

)

(7,025,120

)

GROSS PROFIT

388,740

7,963,252

Administrative expenses

103,803

(6,942,288

)

Finance costs

6

(622

)

(13,821

)

PROFIT BEFORE INCOME TAX

7

491,921

1,007,143

Income tax

8

(466,633

)

(354,322

)

PROFIT FOR THE YEAR

25,288

652,821

OTHER COMPREHENSIVE INCOME

-

TOTAL COMPREHENSIVE INCOME

FOR THE YEAR

25,288

652,821

ASSETS

NON-CURRENT ASSETS

Owned

Property, plant and equipment

10

-

Right-of-use

Property, plant and equipment

10, 17

-

35,315

-

35,315

CURRENT ASSETS

Trade and other receivables

11

40,477

6,494,453

Tax receivable

49,408

-

Cash and cash equivalents

12

334,758

1,506,816

424,643

8,001,269

TOTAL ASSETS

424,643

8,036,584

EQUITY

SHAREHOLDERS' EQUITY

Called up share capital

13

1,000

Retained earnings

14

316,674

1,541,254

TOTAL EQUITY

317,674

1,542,254

LIABILITIES

CURRENT LIABILITIES

Trade and other payables

15

106,969

6,258,747

Financial liabilities - borrowings

Lease liabilities

16, 17

-

33,566

Tax payable

-

202,017

106,969

6,494,330

TOTAL LIABILITIES

106,969

6,494,330

TOTAL EQUITY AND LIABILITIES

424,643

8,036,584

The financial statements were approved by the director and authorised for issue on 30 September 2025 and were signed by:

C R Fa - Director

Called up

share

Retained

Total

capital

earnings

equity

£

Balance at 1 January 2023

1,000

888,433

889,433

Changes in equity

Total comprehensive income

-

652,821

Balance at 31 December 2023

1,000

1,541,254

1,542,254

Changes in equity

Dividends

-

(1,249,868

)

(1,249,868

)

Total comprehensive income

-

25,288

Balance at 31 December 2024

1,000

316,674

317,674

Cash flows from operating activities

Cash generated from operations

1

812,988

1,142,200

Interest paid

-

(11,712

)

Lease interest paid

(622

)

(2,109

)

Tax paid

(718,058

)

(152,305

)

Net cash from operating activities

94,308

976,074

Cash flows from investing activities

Purchase of tangible fixed assets

-

(18,864

)

Sale of tangible fixed assets

-

24,141

Net cash from investing activities

-

5,277

Cash flows from financing activities

Payment of lease liabilities

(16,498

)

(32,211

)

Equity dividends paid

(1,249,868

)

-

Net cash from financing activities

(1,266,366

)

(32,211

)

(Decrease)/increase in cash and cash equivalents

(1,172,058

)

949,140

Cash and cash equivalents at beginning of

year

2

1,506,816

557,676

Cash and cash equivalents at end of year

2

334,758

1,506,816

1.	RECONCILIATION OF PROFIT BEFORE INCOME TAX TO CASH GENERATED FROM OPERATIONS

31/12/24

31/12/23

£

Profit before income tax

491,921

1,007,143

Depreciation charges

18,246

54,388

Fixed asset write off

-

14,855

Finance costs

622

13,821

510,789

1,090,207

Decrease/(increase) in trade and other receivables

6,453,976

(626,298

)

(Decrease)/increase in trade and other payables

(6,151,777

)

678,291

Cash generated from operations

812,988

1,142,200

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 December 2024

31/12/24

1/1/24

£

Cash and cash equivalents

334,758

1,506,816

Year ended 31 December 2023

31/12/23

1/1/23

£

Cash and cash equivalents

1,506,816

557,676

1.	STATUTORY INFORMATION

Ballaspur Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information Page. The company's principal activities and nature of its operations are disclosed in the directors report.

The presentation currency of the financial statements in the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparation

These financial statements have been prepared in accordance with UK-adopted international accounting standards and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS. The financial statements have been prepared under the historical cost basis.

Going concern

The company's trade ceased in the year and the company is now winding down.

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to meet its liabilities as they fall due in the period as the company transitions to becoming a dormant company. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Revenue recognition

Revenue is recognised at the fair value of the consideration received or receivable for sale of goods and services in the ordinary nature of the business. Revenue is recognised when it and the associated costs can be reliably measured, future economic benefits are probable, and the risks and rewards of ownership have been transferred to the customer. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. Revenue is stated net of Value Added Tax.

To determine whether to recognise revenue, the company follows a 5-step process:

- Identifying the contract with a customer

- Identifying the performance obligations

- Determining the transaction price

- Allocating the transaction price to the performance obligations

- Recognising revenue when/as performance obligation(s) are satisfied.

Cash and cash equivalents

Cash represents cash in hand and deposits held on demand with financial institutions. Cash equivalents are short-term, highly-liquid investments with original maturities of three months or less (as at their date of acquisition). Cash equivalents are readily convertible to known amounts of cash and subject to an insignificant risk of change in that cash value.

In the presentation of the Statement of Cash Flows, cash and cash equivalents also include bank overdrafts. Any such overdrafts are shown within borrowings under ‘current liabilities’ on the Statement of Financial Position.

Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Leasehold land and buildings - 20% on cost

Leasehold improvements - 20% on cost

Fixtures and fittings - 20% on cost

Computer equipment - 33% on cost

Right of use asset - over the lease period

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement.

Impairment of fixed assets

At each reporting end date, the company reviews the carrying amounts of its tangible assets to determined whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Taxation

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Withholding Tax

Withholding tax is deducted at source from certain types of income, in accordance with the applicable tax laws of the relevant jurisdiction. Income is recognised gross of any withholding tax unless it is not probable that the withheld amounts can be recovered from the tax authority. Where recovery is probable, the withholding tax is recorded as a receivable and presented separately in the statement of financial position. If recovery is not probable, the tax withheld is recognised as a tax expense. The recoverability of withholding tax receivables is reviewed at each reporting date, and allowances are made if it is no longer probable that the amount will be recovered.

Foreign currencies

The financial statements are presented in pound sterling, which is the currency of the primary economic environment in which the company operates (its functional currency).

Transactions in currencies other than the functional currency are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are reported at the rates of exchange prevailing at that date. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated. Exchange differences are recognised in profit or loss in the period in which they arise.

Leases

Leases are recognised as finance leases. The lease liability is initially recognised at the present value of the lease payments which have not yet been made and subsequently measured under the amortised cost method. The initial cost of the right-of-use asset comprises the amount of the initial measurement of the lease liability, lease payments made prior to the lease commencement date, initial direct costs and the estimated costs of removing or dismantling the underlying asset per the conditions of the contract.

Where ownership of the right-of-use asset transfers to the lessee at the end of the lease term, the right-of-use asset is depreciated over the asset’s remaining useful life. If ownership of the right-of-use asset does not transfer to the lessee at the end of the lease term, depreciation is charged over the shorter of the useful life of the right-of-use asset and the lease term.

Employee benefit costs

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the income statement in the period to which they relate.

3.	CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the company's accounting policies, which are described in note 2 above, the director is required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing 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 current and future periods.

Critical judgements in applying the company's accounting policies

The director does not consider that there are any areas of judgement used in the preparation of the current year financial statements that are critical to the entity's circumstances.

Key sources of estimation uncertainty

There are no key assumptions concerning the future, and other key sources of estimation uncertainty at the balance sheet date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

4.

REVENUE

Revenue analysed by class of business

31/12/24

31/12/23

£

Licensing Fees

3,980,596

7,394,864

Intercompany revenue

176,171

7,593,508

Other income

118,669

-

4,275,436

14,988,372

Revenue analysed by geographical market

31/12/24

31/12/23

£

Europe

548,209

4,048,659

North America

988,799

8,560,225

South America

2,738,428

2,379,488

4,275,436

14,988,372

5.	EMPLOYEES AND DIRECTORS

31/12/24

31/12/23

£

Wages and salaries

-

5,391,751

Social security costs

-

759,426

Other pension costs

1,604

108,072

1,604

6,259,249

The average number of employees during the year was as follows:

31/12/24

31/12/23

Administration

-

31

31/12/24

31/12/23

£

Director's remuneration

-

6.	NET FINANCE COSTS

31/12/24

31/12/23

£

Finance costs:

Loan

-

11,712

Leasing

622

2,109

622

13,821

7.	PROFIT BEFORE INCOME TAX

The operating profit is stated after charging/(crediting):

31/12/24

31/12/23

£

Depreciation - owned assets

-

24,119

Depreciation - right-of-use assets

18,246

30,269

Foreign exchange differences

19,086

49,615

Fixed asset write off

-

14,855

Auditors' remuneration

4,000

14,000

8.	INCOME TAX

Analysis of tax expense

31/12/24

31/12/23

£

Current tax:

Tax

(45,364

)

202,017

Foreign withholding tax

511,997

152,305

Total tax expense in statement of comprehensive income

466,633

354,322

Factors affecting the tax expense

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31/12/24

31/12/23

£

Profit before income tax

491,921

1,007,143

Profit multiplied by the standard rate of corporation tax in the UK of 25%

(2023 - 23.520%)

122,980

236,880

Effects of:

Expenses not deductible for tax purposes

25

45,253

Tax losses utilised

-

(38,834

)

Capital allowances

(2,064

)

(5,459

)

Effect of withholding taxes

383,998

116,482

General provision release

(38,306

)

-

Tax expense

466,633

354,322

9.

DIVIDENDS

31/12/24

31/12/23

£

Ordinary shares of £1 each

Interim

1,249,868

-

10.	PROPERTY, PLANT AND EQUIPMENT

Short

leasehold

£

Cost

At 1 January 2024

151,347

Disposals

(151,347

)

At 31 December 2024

-

Depreciation

At 1 January 2024

116,032

Charge for year

18,246

Eliminated on disposal

(134,278

)

At 31 December 2024

-

Net book value

At 31 December 2024

-

At 31 December 2023

35,315

11.	TRADE AND OTHER RECEIVABLES

31/12/24

31/12/23

£

Current:

Trade debtors

-

827,819

Amounts owed by group undertakings

-

5,080,666

Other debtors

31,566

44,734

VAT

4,446

3,644

Prepayments and accrued income

4,465

537,590

40,477

6,494,453

12.	CASH AND CASH EQUIVALENTS

31/12/24

31/12/23

£

Bank accounts

334,758

1,506,816

13.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31/12/24

31/12/23

value:

£

1,000

Ordinary

£1

1,000

The ordinary shares hold all rights. Each share is entitled to one vote in any circumstances, is entitled pari passu to dividend payments or any other distribution and is entitled pari passu to participate in a distribution arising from a winding up of the company.

14.

RESERVES

Retained

earnings

£

At 1 January 2024

1,541,254

Profit for the year

25,288

Dividends

(1,249,868

)

At 31 December 2024

316,674

15.	TRADE AND OTHER PAYABLES

31/12/24

31/12/23

£

Current:

Trade creditors

106,519

4,676,752

Amounts owed to group undertakings

-

700,727

Social security and other taxes

-

865,818

Accruals and deferred income

450

15,450

106,969

6,258,747

16.

FINANCIAL LIABILITIES - BORROWINGS

31/12/24

31/12/23

£

Current:

Leases (see note 17)

-

33,566

17.

LEASING

Right-of-use assets

Property, plant and equipment

31/12/24

31/12/23

£

Cost

At 1 January 2024

151,347

Disposals

(151,347

)

-

151,347

Depreciation

At 1 January 2024

116,032

85,763

Charge for year

18,246

30,269

Eliminated on disposal

(134,278

)

-

116,032

Net book value

-

35,315

Lease liabilities

Minimum lease payments fall due as follows:

31/12/24

31/12/23

£

Gross obligations repayable:

Within one year

-

33,566

-

33,566

Finance charges repayable:

Net obligations repayable:

Within one year

-

33,566

18.	RELATED PARTY DISCLOSURES

The company charged marketing and operational support fees to related parties under common control of £176,171 (2023: £7,593,508).

The company charged a termination payment to a related party under common control of £118,669 (2023: £Nil).

During the year, related parties under common control charged the company licence fees of £3,886,696 (2023: 7,025,120).

Balances outstanding to and from group companies are disclosed in the debtors and creditors notes.

19.	CONTROLLING PARTY

During the year there was a reorganisation and Arrise Solutions (Malta) Ltd ceased to be the company's immediate parent company and Ballaspur Holdings Limited became the company's parent company.

Ballaspur Holdings Limited is a company registered in Isle of Man, registered office Chancery House, 2 Albert Street, Douglas, Isle of Man, IM1 2QA.

The director considers there is no ultimate controlling party.