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Registered number: 11154418
OLA UK PRIVATE LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 MARCH 2025
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OLA UK PRIVATE LIMITED
CONTENTS
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Statement of financial position
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Statement of changes in equity
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Notes to the financial statements
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OLA UK PRIVATE LIMITED
REGISTERED NUMBER: 11154418
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2025
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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The Company's financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
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 comprehensive income 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:
The notes on pages 4 to 14 form part of these financial statements.
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OLA UK PRIVATE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
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Comprehensive income for the year
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Other comprehensive income for the year
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Total comprehensive income for the year
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Contributions by and distributions to owners
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Total transactions with owners
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The notes on pages 4 to 14 form part of these financial statements.
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OLA UK PRIVATE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
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Comprehensive income for the year
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Other comprehensive income for the year
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Total comprehensive income for the year
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Contributions by and distributions to owners
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Total transactions with owners
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The notes on pages 4 to 14 form part of these financial statements.
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OLA UK PRIVATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Ola UK Private Limited is a private company limited by shares incorporated in England and Wales, United Kingdom.
The address of the registered office is: 8th Floor, Becket House, 36 Old Jewry, London, EC2R 8DD.
The company operates in the passenger transportation industry and their service is mobility taxi rides. Through the OLA app, OLA UK offers city taxis, one way and round trips on ride bases and at hourly packages.
2.Accounting policies
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Basis of preparation of financial statements
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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 101 'Reduced Disclosure Framework' and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
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OLA UK PRIVATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
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Financial Reporting Standard 101 - reduced disclosure exemptions
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The Company has taken advantage of the following disclosure exemptions under FRS 101:
∙the requirements of paragraphs 45(b) and 46-52 of IFRS 2 Share-based payment
∙the requirements of paragraphs 62, B64(d), B64(e), B64(g), B64(h), B64(j) to B64(m), B64(n)(ii), B64(o)(ii), B64(p), B64(q)(ii), B66 and B67 of IFRS 3 Business Combinations
∙the requirements of paragraph 33(c) of IFRS 5 Non Current Assets Held For Sale and Discontinued Operations
∙the requirements of IFRS 7 Financial Instruments: Disclosures
∙the requirements of paragraphs 91-99 of IFRS 13 Fair Value Measurement
∙the requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119(a) to (c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers
∙the requirements of paragraph 52, the second sentence of paragraph 89, and paragraphs 90, 91 and 93 of IFRS 16 Leases. The requirements of paragraph 58 of IFRS 16, provided that the disclosure of details in indebtedness relating to amounts payable after 5 years required by company law is presented separately for lease liabilities and other liabilities, and in total
∙the requirement in paragraph 38 of IAS 1 'Presentation of Financial Statements' to present comparative information in respect of:
- paragraph 79(a)(iv) of IAS 1;
- paragraph 73(e) of IAS 16 Property, Plant and Equipment;
- paragraph 118(e) of IAS 38 Intangible Assets;
- paragraphs 76 and 79(d) of IAS 40 Investment Property; and
- paragraph 50 of IAS 41 Agriculture
∙the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134-136 of IAS 1 Presentation of Financial Statements
∙the requirements of IAS 7 Statement of Cash Flows
∙the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
∙the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures
∙the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member
∙the requirements of paragraphs 130(f)(ii), 130(f)(iii), 134(d)-134(f) and 135(c)-135(e) of IAS 36 Impairment of Assets.
This information is included in the consolidated financial statements of ANI Technologies Private Limited as at 31st March 2024 and these financial statements may be obtained from Regent Insignia, #414, 3rd Floor 4th Block 17th Main, 100 Feet Road Koramangala, Bangalore Karnataka 560034 India.
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OLA UK PRIVATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
ANI Technologies Private Limited, the India based ultimate parent entity, has committed to provide ongoing support to allow the company to meet its liabilities as they fall due for a period of not less than 12 months from the date these accounts are signed. On this basis, the directors consider it appropriate to prepare the financial statements on a going concern basis.
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Foreign currency translation
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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.
Turnover represents amounts recieveable for the provision of rendering cab hailing services. Turnover is recognised at the point of completion of ride.
Gross profit represents turnover net of cost of sales.
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
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.
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.
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OLA UK PRIVATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each reporting date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.
Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.
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.
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.
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.
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OLA UK PRIVATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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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:
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.
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.
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Cash and cash equivalents
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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.
Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.
Creditors are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.
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OLA UK PRIVATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
The Company recognises financial instruments when it becomes a party to the contractual
arrangements of the instrument. Financial instruments are de-recognised when they are discharged
or when the contractual terms expire. The Company's accounting policies in respect of financial
instruments transactions are explained below:
Financial assets and financial liabilities are initially measured at fair value.
Financial assets
All recognised financial assets are subsequently measured in their entirety at either fair value or
amortised cost, depending on the classification of the financial assets.
Fair value through profit or loss
All of the Company's financial assets are subsequently measured at fair value at the end of each
reporting period, with any fair value gains or losses being recognised in profit or loss to the extent
they are not part of a designated hedging relationship. The net gain or loss recognised in profit or
loss includes any dividend or interest earned on the financial asset.
Impairment of financial assets
The Company always recognises lifetime ECL for trade receivables and amounts due on contracts
with customers. The expected credit losses on these financial assets are estimated based on the
Company's historical credit loss experience, adjusted for factors that are specific to the debtors,
general economic conditions and an assessment of both the current as well as the forecast direction
of conditions at the reporting date, including time value of money where appropriate. Lifetime ECL
represents the expected credit losses that will result from all possible default events over the
expected life of a financial instrument.
Financial liabilities
Fair value through profit or loss
Financial liabilities are classified as at fair value through profit or loss, when the financial liability is
held for trading, or is designated as at fair value through profit or loss. This designation may be made
if such designation eliminates or significantly reduces a measurement or recognition inconsistency
that would otherwise arise, or the financial liability forms part of a group of financial instruments which
is managed and its performance is evaluated on a fair value basis, or the financial liability forms part
of a contract containing one or more embedded derivatives, and IFRS 9 permits the entire combined
contract to be designated as at fair value through profit or loss. Any gains or losses arising on
changes in fair value are recognised in profit or loss to the extent that they are not part of a
designated hedging relationship.
At amortised cost
Financial liabilities which are neither contingent consideration of an acquirer in a business
combination, held for trading, nor designated as at fair value through profit or loss are subsequently
measured at amortised cost using the effective interest method. This is a method of calculating the
amortised cost of a financial liability and of allocating interest expense over the relevant period. The
effective interest rate is the rate that exactly discounts estimated future cash payments through the
expected life of the financial liability, or where appropriate a shorter period, to the amortised cost of a
financial liability.
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OLA UK PRIVATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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Judgments in applying accounting policies and key sources of estimation uncertainty
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The preparation of financial statements in conformity with FRS 101 requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. These estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances.
The estimates and underlying assumptions are reviewed on an ongoing basis. There has been no judgements made by management in the application of FRS 101 that have had a significant effect on the financial statements and estimates with a significant risk of material adjustment.
Critical judgements
(i) Share options
Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit
or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of
equity instruments expected to vest at each reporting date so that, ultimately, the cumulative amount recognised
over the vesting period is based on the number of options that eventually vest. Market vesting conditions are
factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a
market vesting condition.The fair value of the award also takes into account non-vesting conditions. These are either
factors beyond the control of either party (such as a target based on an index) or factors which are within the control
of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any
contributions required by the scheme). Where the terms and conditions of options are modified before they vest, the
increase in the fair value of the options, measured immediately before and after the modification, is also charged to
profit or loss over the remaining vesting period. Where equity instruments are granted to persons other than
employees, profit or loss is charged with fair value of goods and services received.
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Other operating income - Government grants receivable
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The average monthly number of employees, including the directors, during the year was as follows:
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Management and Administration
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OLA UK PRIVATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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Charge for the year on owned assets
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OLA UK PRIVATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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Amounts owed by group undertakings
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Prepayments and accrued income
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Amounts owed by group undertakings are unsecured, interest free, have no fixed date of repayments and are repayable upon demand.
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Amounts due to group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable upon demand.
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OLA UK PRIVATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Profit and loss account
Profit and loss includes all current and prior year retained profits.
In July, 2023, a claim was received against Ola UK before the Employment Tribunal from law firm Leigh Day solicitors, acting on behalf of Ola drivers demanding for National minimum wages and unpaid holiday leaves. As per the statutory limitation, the company has duly submitted a response and the next date of hearing is in November 2024. Currently, the company is in continuous discussions with its engaged legal counsel for assessing the future course of action.
The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund amounted to £6,346 (2024: £43,920). Contributions totalling £77 (2024: £5,308) were payable to the fund at the balance sheet date.
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Commitments under operating leases
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The Company had no commitments under non-cancellable operating leases at the reporting date.
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Related party transactions
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The company has taken advantage of the exemption granted by FRS 101 not to disclose transactions with other undertakings within its qualifying group.
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Post balance sheet events
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During April-24, the Company temporarily ceased its business operations in the UK to concentrate and penetrate more in the Tier II & Tier III cities of Indian business. The Company’s ability to continue as a going concern is dependent upon the ability to arrange funding for its operations and initiate business alternatives. Based on the commitment and letter of financial support received from the Holding Company, management is confident of initiating alternative business and meeting its operating and capital funding requirements in future. Accordingly, these financial statements have been prepared on a going concern basis.
The company's immediate parent company is OLA Netherlands B.V., a company registered in the Netherlands, which is a subsidiary of Ola Singapore Pte. Ltd, a company registered in Singapore, which is a subsidiary of ANI Technologies Private Limited, a company registered in India. The consolidated financial statements of this group are available to the public and may be obtained at Regent Insignia, #414, 3rd Floor 4th Block 17th Main, 100 Feet Road Koramangala, Bangalore Karnataka 560034 India.
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OLA UK PRIVATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
The auditors' report on the financial statements for the year ended 31 March 2025 was unqualified.
The audit report was signed on 15 September 2025 by Yasin Khandwalla FCCA (Senior statutory auditor) on behalf of Xeinadin Audit Limited.
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