ACCOUNTS - Final Accounts preparation

An analysis of turnover by class of business is as follows:

Registered number: 04313295

ESPIRE INFOLABS LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

ESPIRE INFOLABS LIMITED

COMPANY INFORMATION

Directors	Gagan Oberoi
	Pravin Patel (resigned 2 April 2024)
	Pradeep Chopra (appointed 2 April 2024)


Company secretary	Dileep Kumar


Registered number	04313295


Registered office	25 Wilton Road
	Victoria
	London
	SW1V 1LW


Trading Address	25 Wilton Road
	Victoria
	London
	SW1V 1LW



Independent auditors	Desaur LLP
	Chartered Certified Accountants & Statutory Auditor
	5 Margaret Road
	Romford
	Essex
	RM2 5SH

ESPIRE INFOLABS LIMITED

CONTENTS

	Page
Strategic Report	1
Directors' Report	2 - 3
Independent Auditors' Report	4 - 7
Statement of Comprehensive Income	8
Balance Sheet	9
Statement of Changes in Equity	10
Notes to the Financial Statements	11 - 21

ESPIRE INFOLABS LIMITED

STRATEGIC REPORT

FOR THE YEAR ENDED 31 MARCH 2024

Introduction

The director presents his report and financial statements for the year ended 31 March 2024.

Business review

In 2024 the business had experienced growth comparing to the year 2023. Sales had been by 16.6% higher than in previous year, mainly due to increase of sales volumes to some of the key customers.
Business is well positioned, continuing growth is expected in 2024 and further.

Principal risks and uncertainties

The Company's operations expose it to a number of financial risks which include interest rate risk, credit risk, liquidity risk. The Company has a rigorous approach to risk management to ensure that any consecutive adverse effects of the financial performance are minimized. Further details of the Company's financial risk management activities are detailed below.
Credit risk
The Company has implemented policies that require appropriate credit checks on potential customers before sales are made. Consequently, the amount of exposure to any individual debtor is subject to a limit which is regularly reassessed.
Liquidity risk
The Company's policy is to regularly monitor its liquidity levels, to ensure that it maintains sufficient reserves of cash to meet its liquidity needs in the short and longer term.

Financial key performance indicators

The business is measured against a range of KPIs, financial and non-financial. The financial KPIs are an indication of the overall performance of the Company, while non-financial KPIs allow the senior management team to understand the drivers of overall performance. In terms of the main financial KPIs, there are three:
1.Revenue growth. This measures revenue performance and is monitored against agreed budgets and targets and also prior periods. 2024 revenue was 27,740,039 GBP and 2023 revenue was 23,777,991 GBP.
2. Gross margin. This KPI measures the profitability of trade operations and is calculated as sales revenue less other purchase related costs, as a percentage of sales revenue. In 2024 gross margin was 19.4% and in 2023 it was 22.4% for the company.
3. Net profitability. This measures the performance of the Company in terms of generating profitability and is calculated as net profit as a percentage of sales revenue. 2024 net profitability was 1%, 2023 was 5.6%.

This report was approved by the board on 24 October 2025 and signed on its behalf.

Gagan Oberoi

Director

Page 1

ESPIRE INFOLABS LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 MARCH 2024

The directors present their report and the financial statements for the year ended 31 March 2024.

Directors' responsibilities statement

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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 these financial statements, the directors are required to:

∙select suitable accounting policies for the Company's financial statements and then apply them consistently;

∙make judgments and accounting estimates that are reasonable and prudent;

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Directors

The directors who served during the year were:

Gagan Oberoi

Pravin Patel (resigned 2 April 2024)

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Auditors

The auditors, Desaur LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Page 2

ESPIRE INFOLABS LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

This report was approved by the board on 24 October 2025 and signed on its behalf.

Gagan Oberoi

Director

Page 3

ESPIRE INFOLABS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ESPIRE INFOLABS LIMITED

Opinion

We have audited the financial statements of Espire Infolabs Limited (the 'Company') for the year ended 31 March 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

∙give a true and fair view of the state of the Company's affairs as at 31 March 2024 and of its profit 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 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 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.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

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

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

Page 4

ESPIRE INFOLABS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ESPIRE INFOLABS LIMITED (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion 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 the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

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 Strategic Report or the Directors' Report.

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; or

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

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement set out on page 2, the directors are 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 directors 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 directors are 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.

Page 5

ESPIRE INFOLABS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ESPIRE INFOLABS LIMITED (CONTINUED)

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the company and industry, we identified the principal risks of non-compliance with laws and regulations. We also considered those laws and regulations that have both a direct and non-direct impact on the financial statements.
Audit procedures performed included:
- Enquiring with management including consideration of known or suspected instances of non-compliance
with laws and regulation and fraud.
- Identifying and testing journal entries, in particular any journal entries posted with unusual account
combinations.

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 Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Page 6

ESPIRE INFOLABS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ESPIRE INFOLABS LIMITED (CONTINUED)

Jaswinder S Vasir (Senior Statutory Auditor)

for and on behalf of

Desaur LLP

Chartered Certified Accountants

Statutory Auditor

5 Margaret Road

Romford

Essex

RM2 5SH

24 October 2025

Page 7

ESPIRE INFOLABS LIMITED

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 MARCH 2024

	2024	2023
Note	£	£


Turnover	3	27,740,039	23,777,991
Cost of sales		(22,357,701)	(18,451,760)
Gross profit		5,382,338	5,326,231
Administrative expenses		(4,843,174)	(3,598,164)
Operating profit	4	539,164	1,728,067
Interest payable and similar expenses	8	(54,674)	(88,987)
Profit before tax		484,490	1,639,080
Tax on profit	9	(183,290)	(306,588)
Profit for the financial year		301,200	1,332,492

Other comprehensive income for the year
Total comprehensive income for the year		301,200	1,332,492

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

The notes on pages 11 to 21 form part of these financial statements.

Page 8

ESPIRE INFOLABS LIMITED

REGISTERED NUMBER: 04313295

BALANCE SHEET

AS AT 31 MARCH 2024


	2024	2023
Note	£	£

Fixed assets
Tangible assets	10		40,113		65,049
Investments	11		1		1
			40,114		65,050
Current assets
Debtors: amounts falling due within one year	12	8,600,767		8,299,317
Cash at bank and in hand	13	689,151		456,235
		9,289,918		8,755,552
Creditors: amounts falling due within one year	14	(3,724,941)		(3,141,712)
Net current assets			5,564,977		5,613,840
Total assets less current liabilities			5,605,091		5,678,890
Creditors: amounts falling due after more than one year	15		(937,500)		(1,312,499)

Net assets			4,667,591		4,366,391

Capital and reserves
Called up share capital	16	146,671	146,671
Profit and loss account		4,520,920	4,219,720
		4,667,591	4,366,391

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 October 2025.

Gagan Oberoi

Director

The notes on pages 11 to 21 form part of these financial statements.

Page 9


		ESPIRE INFOLABS LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2024

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 April 2022	146,671	2,887,228	3,033,899
Comprehensive income for the year
Profit for the year	-	1,332,492	1,332,492
Total comprehensive income for the year	-	1,332,492	1,332,492

At 1 April 2023	146,671	4,219,720	4,366,391
Comprehensive income for the year
Profit for the year	-	301,200	301,200
Total comprehensive income for the year	-	301,200	301,200
At 31 March 2024	146,671	4,520,920	4,667,591

The notes on pages 11 to 21 form part of these financial statements.

Page 10

ESPIRE INFOLABS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

1.	General information

Espire Infolabs Limited is a private company limited by shares incorporated in England and Wales. The registered office is 25 Wilton Road, Victoria, London, England, SW1V 1LW.

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 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.

The following principal accounting policies have been applied:

2.2

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 the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

∙the requirements of Section 7 Statement of Cash Flows;

∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);

∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;

∙the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23;

∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Espire Infolabs Privale Limited as at 31 March 2024 and these financial statements may be obtained from A41, Mohan Co-operative Estate, Mathura Road, NewDelhi - 110044, India.

2.3

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to ocontinue in operation for the forseeable future. Thus the directors continue to adopt the going concern basis if accounting in preparing the financial statements.

Page 11

ESPIRE INFOLABS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

2.4

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.

2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Revenue attributable to software development contracts is recognised when the work is performed, irrespective of the duration of the contract.
Revenue relating to contracts for the supply of software consultancy services at pre-determined rates is recognised when the services are provided, irrespective of the duration of the contract.
Profit on fixed price contracts is recognised whilst the contract is in progress, once the outcome of the contract can be assessed with reasonable assurance,having regard to the proportion of the total contract which has been completed at the balance sheet date and after providing in full for contingencies.

2.6

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.8

Borrowing costs

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

Page 12

ESPIRE INFOLABS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

2.9

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 Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

2.10

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.

2.11

Tangible fixed assets

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery

33%

Straight line 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.

2.12

Valuation of investments

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Page 13

ESPIRE INFOLABS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

2.13

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.

2.14

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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.15

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Consultancy services	27,740,039	23,777,991
	27,740,039	23,777,991

Analysis of turnover by country of destination:

					2024	2023
					£	£

United Kingdom	27,740,039	23,777,991
	27,740,039	23,777,991

Page 14

ESPIRE INFOLABS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

	Exchange differences	1,411	-
	Other operating lease rentals	165,215	146,156

Fees payable to the Company's auditors for the audit of the Company's financial statements

6,000

5,000

Wages and salaries	6,262,020	5,867,729
Social security costs	700,680	700,791
Cost of defined contribution scheme	138,704	113,917
	7,101,404	6,682,437

The average monthly number of employees, including the directors, during the year was as follows:

	2024	2023
	No.	No.

Administrative	85	60

Page 15

ESPIRE INFOLABS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

7.	Directors' remuneration
		2024	2023
		£	£

Directors' emoluments	374,261	201,073
Company contributions to defined contribution pension schemes	60,000	38,928
	434,261	240,001

8.	Interest payable and similar expenses
		2024	2023
		£	£

Bank interest payable	34,317	88,987
Other interest payable	20,357	-
	54,674	88,987

Corporation tax
Current tax on profits for the year	183,290	306,588
	183,290	306,588

Total current tax	183,290	306,588

	Deferred tax
	Total deferred tax	-	-


		183,290	306,588

Page 16

ESPIRE INFOLABS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

9.Taxation (continued)

Profit on ordinary activities before tax

484,490

1,639,080

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)	121,123	311,425
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	55,933	1,754
Capital allowances for year in excess of depreciation	6,234	(6,591)
Total tax charge for the year	183,290	306,588

Factors that may affect future tax charges

The company's future tax expense will be affected by changes in tax rates.

Page 17

ESPIRE INFOLABS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

10.	Tangible fixed assets

		Plant and machinery
		£
	Cost or valuation
	At 1 April 2023	103,057
	Additions	11,094
	At 31 March 2024	114,151
	Depreciation
	At 1 April 2023	38,008
	Charge for the year on owned assets	36,030
	At 31 March 2024	74,038
	Net book value
	At 31 March 2024	40,113
	At 31 March 2023	65,049

Page 18

ESPIRE INFOLABS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

11.	Fixed asset investments

		Unlisted investments
		£
	Cost or valuation
	At 1 April 2023	1
	At 31 March 2024	1

12.

Debtors

					2024	2023
					£	£


Trade debtors	4,918,475	5,692,912
Amounts owed by group undertakings	2,479,795	2,303,989
Other debtors	1,189,171	289,090
Prepayments and accrued income	13,326	13,326
	8,600,767	8,299,317

13.	Cash and cash equivalents
		2024	2023
		£	£

Cash at bank and in hand	689,151	456,235
	689,151	456,235

Page 19

ESPIRE INFOLABS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

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

Trade creditors	1,584,263	255,456
Amounts owed to group undertakings	576,447	865,361
Corporation tax	187,963	306,588
Other taxation and social security	918,046	1,320,097
Other creditors	220,474	76,382
Accruals and deferred income	237,748	317,828
	3,724,941	3,141,712

15.	Creditors: Amounts falling due after more than one year
		2024	2023
		£	£

Bank loan	937,500	1,312,499
	937,500	1,312,499

The following liabilities were secured:
	2024	2023
	£	£


Bank loan	937,500	1,312,499
	937,500	1,312,499

Details of security provided:

The Bank loan is secured by a fixed and floating charge over all assets.

16.	Share capital
		2024	2023
		£	£

Allotted, called up and fully paid

146,671 (2023 - 146,671) Ordinary shares of £1.00 each	146,671	146,671

Page 20

ESPIRE INFOLABS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

17.

Related party transactions

Included in cost of sales are Business development charges of £16,922,100 (2023: £12,800,250) charged by Espire Infolabs Private Limited, the parent company.
Included in cost of sales are Business development charges of £660,000 (2023: £Nil) charged by Espire Phillipines, a connected company.
Included in debtors are amounts due from:
(A) Espire Infolabs Private Limited ( Parent company) of £1,721,315 (2023: £1,861,257).
(B) Espire Technologies Inc (USA) (Fellow subsidiary) of £705,586 (2023: £387,252)
(C) Espire Ireland (Fellow Subsidiary) of £55,480 (2023: £55,480).
Included in creditors are amounts due to:
(A) Espire Infolabs Pte Ltd (Singapore) (Fellow subsidiary) of £371,993 (2023: £371,993)
(B) Espire Global Limited ( Fellow subsidiary) of £2,586 (2023: £388,914).
(C) Espire Philippines (Fellow Subsidiary) of £204,454 (2023: £104,454).
Included in the p& l a/c is Management fees charged of £350,000 (2023: £250,000) from Espire Global Limited a fellow subsidiary.
During the year the parent company Espire Infolabs Private Ltd granted share options to senior management of Espire Infolabs Ltd. A charge of £139,942 has been recognised in the profit and loss account.

18.	Controlling party

The ultimate parent company is Espire Infolabs Conglomerate Private Limited, a company incorporated in India.

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