Acorah Software Products - Accounts Production 18.1.200 false true true 31 December 2023 1 January 2023 false 16 April 2026 true true true true true 1 January 2024 31 December 2024 31 December 2024 05396108 Mr Indraprakash Jegatheesan iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 05396108 2023-12-31 05396108 2024-12-31 05396108 2024-01-01 2024-12-31 05396108 frs-core:CurrentFinancialInstruments 2024-12-31 05396108 frs-core:ComputerEquipment 2024-12-31 05396108 frs-core:ComputerEquipment 2024-01-01 2024-12-31 05396108 frs-core:ComputerEquipment 2023-12-31 05396108 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-01-01 2024-12-31 05396108 frs-core:FurnitureFittings 2024-12-31 05396108 frs-core:FurnitureFittings 2024-01-01 2024-12-31 05396108 frs-core:FurnitureFittings 2023-12-31 05396108 frs-core:NetGoodwill 2024-12-31 05396108 frs-core:NetGoodwill 2024-01-01 2024-12-31 05396108 frs-core:NetGoodwill 2023-12-31 05396108 frs-core:PlantMachinery 2024-12-31 05396108 frs-core:PlantMachinery 2024-01-01 2024-12-31 05396108 frs-core:PlantMachinery 2023-12-31 05396108 frs-core:ShareCapital 2024-12-31 05396108 frs-core:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 05396108 frs-core:RetainedEarningsAccumulatedLosses 2024-12-31 05396108 frs-countries:UnitedKingdom 2024-01-01 2024-12-31 05396108 frs-bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 05396108 frs-bus:FullAccounts 2024-01-01 2024-12-31 05396108 frs-bus:MediumEntities 2024-01-01 2024-12-31 05396108 frs-bus:Audited 2024-01-01 2024-12-31 05396108 frs-bus:Medium-sizedCompaniesRegimeForAccounts 2024-01-01 2024-12-31 05396108 frs-bus:Medium-sizedCompaniesRegimeForDirectorsReport 2024-01-01 2024-12-31 05396108 frs-bus:OrdinaryShareClass1 2024-01-01 2024-12-31 05396108 frs-bus:OrdinaryShareClass1 2024-12-31 05396108 1 2024-01-01 2024-12-31 05396108 frs-bus:Director1 2024-01-01 2024-12-31 05396108 frs-bus:Director2 2024-01-01 2024-12-31 05396108 frs-bus:Director2 2024-12-31 05396108 1 2024-01-01 2024-12-31 05396108 frs-countries:EnglandWales 2024-01-01 2024-12-31 05396108 2022-12-31 05396108 2023-12-31 05396108 2023-01-01 2023-12-31 05396108 frs-core:CurrentFinancialInstruments 2023-12-31 05396108 frs-core:ShareCapital 2022-12-31 05396108 frs-core:ShareCapital 2023-12-31 05396108 frs-core:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 05396108 frs-core:RetainedEarningsAccumulatedLosses frs-core:PreviouslyStatedAmount 2022-12-31 05396108 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 05396108 frs-countries:UnitedKingdom 2023-01-01 2023-12-31 05396108 frs-bus:OrdinaryShareClass1 2023-01-01 2023-12-31 05396108 1 2023-01-01 2023-12-31
Registered number: 05396108
Lycatel Services Limited
Strategic Report, Directors' Report and
Financial Statements
For The Year Ended 31 December 2024
Sterling Young Limited
Lycatel Services Limited
Contents
Contents

| Page
--- | ---
Strategic Report | 1—2
Directors' Report | 3
Independent Auditor's Report | 4—7
Statement of Comprehensive Income | 8
Balance Sheet | 9
Statement of Changes in Equity | 10
Notes to the Financial Statements | 11—24

Page 1
Lycatel Services Limited
Strategic Report
For The Year Ended 31 December 2024
Strategic Report
The directors present their strategic report for the year ended 31 December 2024.
Review of the Business
The Company provides administrative support services to its related parties within the United Kingdom, Europe, Australia, USA and Canada. The Company also carries out its airtime trading activities primarily within the United Kingdom, providing low cost international calls which are marketed to residents originally from other countries through national advertising campaigns.
The Company has a strategy to continue to grow its customer base for the Lycatalk brand via its own sales and marketing channels to retain and add customers wherever possible.
The Company's key financial and other performance indicators during the year were as follows:

| Unit | 2024 | 2023
| £ | £ | £
Turnover | £'000 | 34,483 | 42,335
Gross Margin | % | 62 | 61
Total Operating Loss before other operating income | £'000 | (10,683) | (5,572)
Loss before Tax | £'000 | (10,598) | (5,473)

At the end of the year there was a deficit of Shareholder's funds of £149,767,966 (2023: £139,169,840).
Page 1
Page 2
Lycatel Services Limited
Strategic Report (continued)
For The Year Ended 31 December 2024
Principal Risks and Uncertainties
The principal risks and uncertainties facing the Company are broadly grouped within competitive, operational and financial risk. The director's risk management objectives consist of identifying and monitoring those risks which could have caused an adverse impact on the Company's assets, profitability or cash flows.
Competitive Risk
The Company's turnover comprises both airtime services through the Lycatalk brand to consumers and support services to its related parties. The United Kingdom telecommunication market remains competitive with new entrants able to join relatively easily, resulting in pricing risk. However, it has proven difficult for any new entrant to achieve any scale of operations, and the combination of any new entrant's inability to match Lycatalk tariff rates for any length of time as well as a lack of national distribution mitigates this risk. This competitive risk is mitigated further by regular reviews of competitive offerings and changes in market providers, with immediate responses to those competitive offerings in the market.
Operational Risk
The main operational risk relating to the Company is the operation of the telecommunications services agreement with its fellow group members. The Company's ability to provide services to its customers depends on its group member who provides airtime and technical support. Currently the Company does not have any third party suppliers.
Financial Risk
The Company's sales are denominated in Pounds sterling and purchases from the Group are denominated in Euros. Certain balances due to or from related parties are in other currencies, primarily Euros. The Company is exposed therefore to currency movements. Currently the Company does not use any financial derivatives or currency hedging options in its financial activities.
The Company's Policy on liquidity risk is to ensure that sufficient cash is available to fund continuing operations which is supported by related party balances.
Future Developments
The Directors aim to maintain a strategy of continuing to increase the turnover, and the Directors consider that the Company will continue to demonstrate a growth in sales and aim for improved profitability in the forthcoming years.
On behalf of the board

Mr Indraprakash Jegatheesan Director
16/04/2026

Page 2
Page 3
Lycatel Services Limited
Company No. 05396108
Directors' Report For The Year Ended 31 December 2024
Directors' Report
The directors present their report and the financial statements for the year ended 31 December 2024.
Principal Activity
The Company provides administrative support services to its related parties within the United Kingdom, Europe, Australia, USA and Canada. The Company also carries out its airtime trading activities primarily within the United Kingdom, providing low cost international calls which are marketed to residents originally from other countries through national advertising campaigns.
Directors
The directors who held office during the year were as follows:

Mr Indraprakash Jegatheesan
Mr Aiadurai Premananthan | Resigned | 16/02/2026

Matters covered in the Strategic Report
Disclosures required under s416(4) of the Companies Act 2006 are commented upon in the Strategic Report as the directors consider them to be of strategic importance to the business.
Statement of Directors' Responsibilities
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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and applicable law). 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 the financial statements the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent;
- state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
- 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 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.
Statement of Disclosure of Information to Auditors
In the case of each director in office at the date the Directors' Report is approved:

- so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and
- they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.

On behalf of the board

Mr Indraprakash Jegatheesan Director
16/04/2026

Page 3
Page 4
Independent Auditor's Report
to the Members of
Lycatel Services Limited
Independent Auditor's Report
Qualified opinion
We have audited the financial statements of Lycatel Services Limited (the 'company') for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion except for the effects of the matter described in the Basis for qualified opinion section of our report, 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 United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for Qualified Opinion
Regarding the current year's figures and comparative year's figures, we were unable to obtain sufficient and appropriate audit evidence for the below items:

1. The financial statements include loans advanced to senior management personnel with an outstanding balance of £2,218,121 (2023: £2,059,668) (refer to Note 14). These balances are classified within other debtors falling due after more than one year. We were unable to obtain supporting documentation to assess the borrowers’ financial capacity to repay, such as personal wealth statements or equivalent evidence. Accordingly, sufficient and appropriate audit evidence was not obtained to assess the existence, rights and obligations, and recoverability (valuation) of these balances.
2. We are unable to obtain sufficient appropriate evidence with regards to the recoverability, completeness and existence of amounts owed to (Note 15) and by (Note 14) the group undertakings. Consequently, we were unable to determine whether any adjustments might be required in respect of these balances and related transactions. Our opinion is therefore qualified in respect of this matter.
3. The deferred income balance at the year-end amounted to £359,915 (2023: £409,991). We were unable to obtain sufficient and appropriate audit evidence to assess the completeness, accuracy, valuation and cut-off of this balance. Therefore, our opinion has been qualified.
4. The financial statements include a liability in respect of Regulation 80 amounting to £4,736,606 (2023: £4,168,657) (refer to Note 15). We were unable to obtain sufficient information to confirm the Company’s obligation in respect of this liability. Accordingly, sufficient and appropriate audit evidence was not obtained to assess the completeness, existence, and obligations relating to this balance. Therefore, our audit opinion has been qualified.
5. The financial statements include related party payables with a total carrying value of £7,500,000 (refer to Note 15), reported within other liabilities.We were unable to obtained sufficient and appropriate audit evidence to assess the completeness, existence, recoverability and valuation of these balances. Therefore, our audit opinion has been qualified.

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the 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 qualified opinion.
Material Uncertainty related to Going Concern
We draw attention to Note 3.3 in the financial statements, which explains that the company’s ability to continue as a going concern is dependent on the recovery of amounts due from related parties and on continued financial support from those parties. As disclosed in Note 3.3, such support is not contractually guaranteed and the ability of those parties to provide such support is uncertain.
These conditions, together with the other matters described in Note 3.3, indicate that a material uncertainty exists that may cast significant doubt on the company’s ability to continue as a going concern.
Our opinion is not modified in respect of this matter.
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
Other Information
The other information comprises the information included in the Directors’ Report and Financial Statements, other than the Strategic report and our auditor's report thereon. The director is 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. 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.
As described in the Basis for qualified opinion section of our report, our audit opinion is qualified regarding the validity of certain debtors and creditors and the recovery of certain debtors. We are thus unable to determine whether the figures and ratios quoted in both the director's report and strategic report are not materially misstated.
Page 4
Page 5
Independent Auditor's Report (continued)
to the Members of
Lycatel Services Limited
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 Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on Which We Are Required to Report by Exception
We have not identified material misstatements in the directors’ report. Matters arising solely from the limitation of our work referred to above:
We have not obtained all the information and explanations that we considered necessary for the purpose of our audit.
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.

Page 5
Page 6
Independent Auditor's Report (continued)
to the Members of
Lycatel Services Limited
Responsibilities of Directors
As explained more fully in the Director's Responsibilities Statement set out on page 4, 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 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 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 directors either intend to liquidate the company or to cease operations or have no realistic alternative but to do so.
Auditor's 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 auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in 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:
We obtained an understanding of the company and the sector in which it operates to identify laws and regulations that could reasonably be expected to have a direct effect on financial statements. We obtained our understanding in this regard through discussions with management, industry research, application of cumulative audit knowledge and experience of the sector.
We determined the principal laws and regulations relevant to the company in this regard to be those arising from Companies Act 2006, relevant financial reporting standards, the Company's constitution and UK taxation legislation. Including those that will have an indirect impact such as Data Protection Act 1996, Consumer Contracts (Information, Cancellation and Additional Charges) Regulations 2013, Employment Act 2008, Consumer Rights Act 2015, Bribery Act 2010, Health and Safety Act 1974 and Telecommunication Act 1984 etc.
We designed our audit procedures to ensure the audit team considered whether there were any indications of non-compliance by the company with those laws and regulations. These procedures included, but were not limited to:
- Making enquiries of management;
- Reviewing of regulatory correspondence;
- Review of current year and post year end journals.
We also identified the risks of material misstatement of the financial statements due to fraud. We considered, in addition to the non-rebuttable presumption of a risk of fraud arising from management override of controls, that the potential for management bias was identified in relation to the impairment of related party balances. We addressed this risk by challenging the assumptions and judgements made by management when auditing these significant accounting estimates.
As in all of our audits, we addressed the risk of fraud arising from management override of controls by performing audit procedures which included but were not limited to the testing of journals; reviewing accounting estimates for evidence of bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
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 auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone, other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Page 6
Page 7
Independent Auditor's Report (continued)
to the Members of
Lycatel Services Limited

Shoolin Girishkumar yagnik (Senior Statutory Auditor) for and on behalf of Sterling Young Limited , Statutory Auditor
16/04/2026
Sterling Young Limited Suite 50 238 Merton High Street London SW19 1AU

Page 7
Page 8
Lycatel Services Limited
Statement of Comprehensive Income
For The Year Ended 31 December 2024
Statement of Comprehensive Income

| 2024 |  | 2023
--- | --- | --- | ---
| Notes | £ |  | £
TURNOVER | 4 | 34,483,366 |  | 42,335,752
Cost of sales |  | (12,982,158 ) |  | (16,575,354 )
GROSS PROFIT |  | 21,501,208 |  | 25,760,398
Administrative expenses |  | (21,325,552 ) |  | (30,238,748 )
Other operating expenses |  | (10,859,242 ) |  | (1,094,159 )
OPERATING LOSS | 5 | (10,683,586 ) |  | (5,572,509 )
Other interest receivable and similar income | 10 | 85,460 |  | 99,237
LOSS BEFORE TAXATION |  | (10,598,126 ) |  | (5,473,272 )
Tax on Loss | 11 | - |  | (169,691 )
LOSS AFTER TAXATION BEING LOSS FOR THE FINANCIAL YEAR |  | (10,598,126 ) |  | (5,642,963 )
OTHER COMPREHENSIVE INCOME FOR THE YEAR |  | - |  | -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |  | (10,598,126 ) |  | (5,642,963 )

The notes on pages 11 to 24 form part of these financial statements.
Page 8
Page 9
Lycatel Services Limited
Balance Sheet
As At 31 December 2024
Balance Sheet
Registered number: 05396108

| 2024 | 2023
--- | --- | ---
| Notes | £ | £ | £ | £
FIXED ASSETS
Intangible Assets | 12 |  | 452,774 |  | 479,796
Tangible Assets | 13 |  | 163,262 |  | 235,037
|  |  | 616,036 |  | 714,833
CURRENT ASSETS
Debtors | 14 | 10,830,472 |  | 3,908,851 |
Cash at bank and in hand |  | 106,605 |  | 89,720 |
|  | 10,937,077 |  | 3,998,571 |
Creditors: Amounts Falling Due Within One Year | 15 | (161,321,079 ) |  | (143,883,244 ) |
NET CURRENT ASSETS (LIABILITIES) |  |  | (150,384,002 ) |  | (139,884,673 )
TOTAL ASSETS LESS CURRENT LIABILITIES |  |  | (149,767,966 ) |  | (139,169,840 )
NET LIABILITIES |  |  | (149,767,966 ) |  | (139,169,840 )
CAPITAL AND RESERVES
Called up share capital | 16 |  | 100 |  | 100
Profit and Loss Account |  |  | (149,768,066 ) |  | (139,169,940 )
SHAREHOLDERS' FUNDS |  |  | (149,767,966) |  | (139,169,840)

On behalf of the board

Mr Indraprakash Jegatheesan Director
16/04/2026

The notes on pages 11 to 24 form part of these financial statements.
Page 9
Page 10
Lycatel Services Limited
Statement of Changes in Equity
For The Year Ended 31 December 2024
Statement of Changes in Equity

| Share Capital | Profit and Loss Account | Total
--- | --- | --- | ---
| £ | £ | £
As at 1 January 2023 | 100 | (133,526,977 ) | (133,526,877)
Loss for the year and total comprehensive income | - | (5,642,963 ) | (5,642,963)
As at 31 December 2023 and 1 January 2024 | 100 | (139,169,940 ) | (139,169,840)
Loss for the year and total comprehensive income | - | (10,598,126 ) | (10,598,126)
As at 31 December 2024 | 100 | (149,768,066 ) | (149,767,966)

Page 10
Page 11
Lycatel Services Limited
Notes to the Financial Statements
For The Year Ended 31 December 2024
Notes to the Financial Statements
1. General Information
The Company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office and principal place of business is: 3rd Floor Walbrook Building, 195 Marsh Wall, London, E14 9SG
2. Statement of Compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland.'
3. Accounting Policies
3.1. 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 (see note 3).
3.2. 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 FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

- the requirements of Section 7 Statement of Cash Flows and Section 3 Financial Statement Presentation paragraph 3.17 (d);
- the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44, 11.45, 11.47, 11.48 (a) (iii), 11.48 (a) (iv), 11.48 (b) and 11.48 (c);
- 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.

3.3. Going Concern Disclosure
The financial statements have been prepared on a going concern basis. The Directors have a reasonable expectation that the Company will continue in operational existence for the foreseeable future and will be able to meet its liabilities as they fall due.
The Company is a wholly owned subsidiary of WWW Holding Company Limited, which is ultimately controlled by Mr A Subaskaran, who owns 100% of the issued share capital of WWW Holding Company Limited.
The Company reported a net loss for the year ended 31 December 2024 of £10,598,126 (2023: £5,642,963) and, as at that date, had net current liabilities of £150,384,002 (2023: £139,884,673). Included within debtors due within one year is £233,318 due from companies in which Mr A Subaskaran holds a substantial shareholding. Included within creditors falling due within one year are £132,608,718 due to group undertakings and £12,579,666 due to companies in which Mr A Subaskaran holds a substantial shareholding.
The Directors have prepared cash flow and trading forecasts covering the period to 31 March 2027. These forecasts reflect a reduction in net income due to a planned decrease in the scope of services provided and indicate continued reliance on net balances receivable from, and financial support provided by, related parties.
This dependence on continued financial support from related parties represents a material uncertainty which may cast significant doubt on the Company’s ability to continue as a going concern. The financial statements do not include the adjustments that would be required if the Company were unable to continue as a going concern.
Page 11
Page 12
Lycatel Services Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
3.4. Significant judgements and estimations
In the application of the Company's accounting policies, which are described above, management is required to make judgements, estimates, and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on judgement and experience together with any other factors that are considered relevant. Actual results may differ from these estimates.
Estimates and any underlying assumptions used are reviewed on a continuing 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 the current period and the subsequent periods.
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and amounts reported for revenues and expenses during the year. However the nature of estimation means that actual outcomes could differ from those estimates. Estimates and judgements are evaluated continually and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.
(i) Implied interest rate attached to some loans
The Company applies a market rate of interest to loans provided to employees at rates less than market rate. The Company reviews available rates in the market place for comparable loans, giving consideration to the risk, term and security offered for the loan, and applies this rate to discount the loans based upon the expected repayment date.
(ii) Impairment of receivables (including intercompany receivables):
The Company makes an estimate of the recoverable value of trade and other receivables. When assessing impairment of trade and other receivables, management considers factors including the current credit rating of the receivables, the ageing profile of receivables and historical default experience. The carrying amount is £10,830,472 (2023:£3,908,851).
(iii) Going concern
Management have considered the Company's ability to continue as a going concem for a period of at least 18 months from the date of the audit report, and in doing so they have made a number of significant judgements. This includes assessing the ability of related parties and individuals to repay loans and provide financial support should they require it. Details of the Directors assessment has been included in note 3.3.
3.5. Turnover
The Company adopts specific revenue recognition criteria prior to revenue being recognised as follows:
Airtime service revenue from calling card
Calling card service revenue is recognised only when the services are actually consumed by the end user. Revenue invoiced or received in advance of usage is deferred and released when consumed as services by the end users or when usage expires.
Deferred Income
Deferred Income for expected usage of calling purchased and/or paid is recognised as a liability on the balance sheet. The deferred income is released to profit or loss upon usage by the end users, or on expiry of unused balances of end users and then recorded as turnover.
Revenue for support services
Revenue from the supply of marketing support and bandwidth services to related parties is recognised when the service is provided.
3.6. Intangible Fixed Assets and Amortisation - Other Intangible
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.
Amortisation on the computer software and chatbot are provided on a straightline basis over 10 years, commencing April 2022 and October 2023 respectively.
Page 12
Page 13
Lycatel Services Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
3.7. Tangible Fixed Assets and Depreciation
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.
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
Depreciation is charged so as to allocate the cost of assets less the estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:

Plant & Machinery | over 4 years
Fixtures & Fittings | over 4 years
Computer Equipment | over 4 years

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.
3.8. 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. The Company does not have any cash equivalents.
3.9. 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 , trade and other creditors and loans to related parties.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other trade debtors and creditors, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Interest Income
Interest income is recognised in profit or loss using the effective interest method.
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.
Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest- bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to profit or loss over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Page 13
Page 14
Lycatel Services Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
3.10. Foreign Currencies
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
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.
3.11. 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.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet 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 balance sheet date.
3.12. Provisions and Contingencies
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.
3.13. Pensions
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expenses when they are due. If contribution payments exceed the contribution due for the service, the excess is recognised as a prepayment.
Page 14
Page 15
Lycatel Services Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
4. Turnover
Analysis of turnover by class of business is as follows:

| 2024 |  | 2023
--- | --- | --- | ---
| £ |  | £
Airtime revenue | 45,918 |  | 198,770
Rendering of other services | 34,437,448 |  | 42,136,982
Sale of goods | - |  | -
| 34,483,366 |  | 42,335,752

Analysis of turnover by geographical market is as follows:

| 2024 |  | 2023
--- | --- | --- | ---
| £ |  | £
United Kingdom | 34,483,366 |  | 42,335,752
| 34,483,366 |  | 42,335,752

5. Operating Loss
The operating loss is stated after charging below in administrative expenses:

| 2024 |  | 2023
--- | --- | --- | ---
| £ |  | £
Exchange differences | 547,135 |  | 174,643
Depreciation of tangible fixed assets | 71,775 |  | 61,187
Amortisation of intangible fixed assets | 57,289 |  | 48,237

6. Auditor's Remuneration
Remuneration received by the company's auditors during the year was as follows:

| 2024 |  | 2023
--- | --- | --- | ---
| £ |  | £
Audit Services
Audit of the company's financial statements | 46,800 |  | 46,800

Page 15
Page 16
Lycatel Services Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
7. Staff Costs
Staff costs, including directors' remuneration, were as follows:

| 2024 |  | 2023
--- | --- | --- | ---
| £ |  | £
Wages and salaries | 11,996,798 |  | 15,665,900

| 2024 |  | 2023
| £ |  | £
Wages and Salaries Social Security Costs Other Staff Cost Cost of Defined Contribution Scheme | 9,897,441 1,824,407 7,56,123 203,466 |  | 11,710,615 2,859,901 3,113,007 202,268
| 12,681,437 |  | 17,885,792

8. Average Number of Employees
Average number of employees, including directors, during the year was as follows:

| 2024 |  | 2023
--- | --- | --- | ---
Office and administration | 132 |  | 160
Customer Services | 19 |  | 7
| 151 |  | 167

9. Directors' remuneration
The director was paid nil (2023: £926) in respect of qualifying services provided to Lycatel Services Limited during the year, as the director was transferred to Lycamobile UK Ltd. No amounts were paid in respect of long-term incentive schemes, nor were any pension contributions made on behalf of the director.
10. Interest Receivable and Similar Income

| 2024 |  | 2023
--- | --- | --- | ---
| £ |  | £
Interest receivable and similar income | 85,460 |  | 99,237

Page 16
Page 17
Lycatel Services Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
11. Tax on Profit

The tax charge on the loss for the year was as follows:
| 2024 |  | 2023
--- | --- | --- | ---
| £ |  | £
Current tax
UK Corporation Tax | - |  | 169,691
Total tax charge for the period | - |  | 169,691
The actual charge for the year can be reconciled to the expected credit for the year based on the loss and the standard rate of corporation tax as follows:
| 2024 |  | 2023
| £ |  | £
Profit before tax | (10,598,126) |  | (5,473,272)
Tax on profit at 25% (UK standard rate) | (2,649,532 ) |  | (1,368,318 )
Goodwill/depreciation not allowed for tax | 32,266 |  | 25,737
Expenses not deductible for tax purposes | 1,564,588 |  | 1,491,718
Capital allowances | (21,040 ) |  | (45,568 )
Difference in tax rates | - |  | 81,009
Tax losses unutilised carried forward | 1,073,718 |  | -
Deferred tax relating to changes in tax rates or laws | - |  | (14,887 )
Total tax charge for the period | - |  | 169,691

12. Intangible Assets

| Softwares
--- | ---
| £
Cost
As at 1 January 2024 | 555,225
Additions | 30,267
As at 31 December 2024 | 585,492
Amortisation
As at 1 January 2024 | 75,429
Provided during the period | 57,289
As at 31 December 2024 | 132,718
Net Book Value
As at 31 December 2024 | 452,774
As at 1 January 2024 | 479,796

Page 17
Page 18
Lycatel Services Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
13. Tangible Assets

| Plant & Machinery | Fixtures & Fittings | Computer Equipment | Total
--- | --- | --- | --- | ---
| £ | £ | £ | £
Cost
As at 1 January 2024 | 2,554,114 | 578,404 | 537,514 | 3,670,032
As at 31 December 2024 | 2,554,114 | 578,404 | 537,514 | 3,670,032
Depreciation
As at 1 January 2024 | 2,554,114 | 387,899 | 492,982 | 3,434,995
Provided during the period | - | 60,237 | 11,538 | 71,775
As at 31 December 2024 | 2,554,114 | 448,136 | 504,520 | 3,506,770
Net Book Value
As at 31 December 2024 | - | 130,268 | 32,994 | 163,262
As at 1 January 2024 | - | 190,505 | 44,532 | 235,037

14. Debtors

| 2024 |  | 2023
--- | --- | --- | ---
| £ |  | £
Due within one year
Trade debtors | 233,318 |  | -
Amounts owed by group undertakings | 7,054,451 |  | 817,933
Other debtors | 798,796 |  | 673,359
| 8,086,565 |  | 1,491,292
Due after more than one year
Other debtors | 2,743,907 |  | 2,417,559
| 10,830,472 |  | 3,908,851

Amounts owed by group companies and related parties are interest free and repayable on demand.
Loans to Director
Included in other debtors is £142,100 (2023 - £142,100) due from a Director of the Company. During the year an additional loan amount of £ 0 was taken and £0 (2023: £2,000) was repaid. The loan is interest free and unsecured.
The loan to the director represents a transaction provided at a rate that is less than market value and has been discounted back at a commercial rate over the expected term of the loan. An interest rate of 8% was used in this calculation.
15. Creditors: Amounts Falling Due Within One Year

| 2024 |  | 2023
--- | --- | --- | ---
| £ |  | £
Trade creditors | 2,192,340 |  | 1,909,115
Amounts owed to group undertakings | 132,608,718 |  | 127,686,160
Amounts owed to participating interests | 12,579,666 |  | 6,580,608
Other creditors | 7,170,870 |  | 327,312
Corporation tax | 184,578 |  | 266,148
Taxation and social security | 5,060,687 |  | 4,609,029
Accruals and deferred income | 1,524,220 |  | 2,504,872
| 161,321,079 |  | 143,883,244

Page 18
Page 19
Lycatel Services Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
The company has recognised a liability of £4,736,606 in respect of a Regulation 80 determination issued by HM Revenue & Customs (HMRC), which relates to income tax assessed as payable by the company in its capacity as an employer. This amount has been fully recognised in the financial statements based on management’s assessment of the facts and circumstances known at the reporting date, including professional advice received. The matter remains open to further correspondence with HMRC and may be subject to change depending on future developments.
This disclosure reflects management’s judgement and the accounting treatment applied is the responsibility of management.
16. Share Capital

| 2024 |  | 2023
--- | --- | --- | ---
Allotted, called up and fully paid | £ |  | £
1 Ordinary Shares of £ 100.00 each | 100 |  | 100

17. Pension Commitments
The Company makes contributions to defined contribution pension schemes. The pension cost charge for the year represents contributions payable by the Company and amounted to £203,466 (2023: £202,268).
18. Reserves
The profit and loss account comprises accumulated losses.
19. Post Balance Sheet Events
No Post balance sheet events.
20. Related Party Disclosures
Lycatel Services Ltd (the "Company") is part of a group ultimately controlled by Mr Subaskaran who owns 98.37% of the share capital of its immediate parent company, which in turn holds 100% of the share capital of the Company. Mr Subaskaran exercises control over numerous other entities with which the Company trades, obtains services, or exchanges funds (collectively referred to as "the Group").
The Company’s individual shareholders have interests in a range of related companies. As these companies are under common control, transactions between Lycatel Services Ltd and these companies are considered related party transactions under FRS 102. These transactions (prior to any impairments of balances) include intercompany trading, service arrangements, and funding transfers.
The Group comprises a complex structure involving direct and indirect ownership through corporate, family, and trust relationships across various jurisdictions. Entities within the Group operate in sectors such as telecommunications, property, technology, healthcare, and media. Control is typically exercised through majority shareholding or beneficial interest in holding companies and trusts.
These related entities include operating subsidiaries, holding companies, and special purpose entities incorporated in various jurisdictions, including the United Kingdom, Europe, Africa, Asia, and the Americas. Group entities are directly or indirectly owned by the Ultimate Controlling Party or persons closely associated with them, including through trust and estate planning vehicles.
During the year, the Company paid property rent of £46,800 (2023: £46,800) to a party related to the Mr Subaskaran.
As part of its year-end procedures, the Company assessed the recoverability of the amounts due from its Group companies. Intercompany and related party receivables are reviewed at the balance sheet date for objective evidence of impairment. An impairment is recognised where such evidence indicates a loss event has occurred after initial recognition.
As a result of this assessment, impairment losses of £10,691,346 (2023: £1,072,410) were recognised against intercompany receivables during the year.
The following entities are considered related parties due to common control. The Company enters into trading transactions, shared services arrangements, and funding transactions with these related entities in the normal course of business and on arm's length terms. Details of related party balances are set out below:

code | Company Name | Year | Opening Balance due from/(owed to) related parties | Purchases from related parties in the year | Impairments | Sales to related parties in the year | Cash loaned /(borrowed) in the year | Foreign Currency Revaluation | Amounts due from/(owed to) related partiesure
LYC001 | WWW Holding Company Ltd. | Dec-24 | 0 | 0 | 3,727.42 | 3,727.42 | 0 | 0 | 0
LYC002 | Lycamobile UK Ltd. | Dec-24 | -3,301,200.50 | 0 | 0 | 78,957.84 | -33,878,750.74 | -85,693.79 | -37,186,687.18

...CONTINUED
Page 19
Page 20
Lycatel Services Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024

LYC003 | Lycatel Carrier Services Ltd. | Dec-24 | 0 | 0 | 0 | 0 | -37,000.00 | 0 | -37,000.00
LYC004 | Lycatel Distribution UK Ltd. | Dec-24 | 0 | 0 | 1,500.00 | 0 | 1,500.00 | 0 | 0
LYC005 | Lycatel Property Services Ltd. | Dec-24 | 0 | 0 | 37,700.00 | 0 | 37,700.00 | 0 | 0
LYC007 | Switchware Ltd. | Dec-24 | 0 | 0 | 1,994,214.35 | 0 | 1,994,214.35 | 0 | 0
LYC008 | SOUTHEYE LIMITED | Dec-24 | 31,527.06 | 0 | 0 | 0 | 0 | 0 | 31,527.06
LYC009 | Docklands Data Centre Ltd. | Dec-24 | -4,476.19 | -18,021.10 | 0 | 0 | -59,000.00 | 0 | -81,497.29
LYC014 | Gnanam Foundation | Dec-24 | 167,910.00 | 0 | 0 | 35,000.00 | -7,438.47 | 0 | 195,471.53
LYC015 | U CAN FLY | Dec-24 | 61,552.28 | 0 | 0 | 0 | 0 | 0 | 61,552.28
LYC018 | LYCA HOME LTD | Dec-24 | 0 | 0 | 0 | 0 | 0 | -0.1 | -0.01
LYC022 | LYCA ENTERTAINMENT LTD | Dec-24 | 0 | 0 | 12,746.29 | 0 | 0 | 12,746.29 | 0
LYC023 | Lycatel Property Management Services Ltd. | Dec-24 | 0 | -100,800.00 | 132,934.60 | 0 | 233,734.60 | 0 | 0
LYC025 | Lycamoney Financial Services Ltd. | Dec-24 | 0 | 0 | 2,976,953.11 | 29,166.67 | 2,976,833.81 | -29,047.37 | 0
LYC026 | Lyca Media Ltd. | Dec-24 | 0 | 0 | 1,033,761.68 | 0 | 458,300.00 | 575,461.68 | 0
LYC027 | SAVILLS UK LTD / THAMES QUAY PROPERTY II LTD | Dec-24 | 0 | -551,028.31 | 0 | 93,462.04 | 57,289.70 | 0 | -400,276.57
LYC030 | LYCA MEDIA II LTD. | Dec-24 | 0 | 0 | 368,749.73 | 0 | 434,502.00 | -65,752.27 | 0
LYC031 | ANGLO INDIAN BEVERAGES LTD. | Dec-24 | 0 | -301,716.88 | 1,052,044.07 | 0 | 1,368,925.23 | -15,164.28 | 0
LYC032 | Lyca Leasing Holdings Ltd | Dec-24 | 0 | 0 | 1,000.00 | 0 | 1,000.00 | 0 | 0
LYC037 | LM HOLDCO LTD | Dec-24 | 0 | 0 | 169,066.06 | 0 | 168,858.67 | 207.39 | 0

...CONTINUED
Page 20
Page 21
Lycatel Services Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024

LYC039 | LYCA CONTENTS LTD | Dec-24 | 0 | 0 | 46.46 | 0 | 0 | 46.46 | 0
LYC040 | EXCELLENT ENTERTAINMENT LTD. | Dec-24 | 0 | 0 | 0 | 0 | 0 | 1,393.90 | 1,393.90
LYC042 | LYCAMOBILE MEXICO S.A.P.I. DE C.V. | Dec-24 | 0 | 0 | 13.28 | 0 | 0 | 13.28 | 0
LYC052 | Lycamobile Distribution Ltd. | Dec-24 | -27,876.86 | 0 | 0 | 0 | 0 | 0 | -27,876.86
LYC053 | Lycamobile Ireland Ltd. | Dec-24 | 0 | 0 | 14,330 | 14,330.00 | 0 | 0 | 0
LYC055 | Lycamobile Ltd. | Dec-24 | -24,731.70 | 0 | 0 | 0 | 0 | 0 | -24,731.70
LYC056 | Lycatel Ireland Distribution Ltd. | Dec-24 | -24,731.70 | 0 | 0 | 0 | 0 | 0 | -24,731.70
LYC057 | Lycatel Ireland Ltd. | Dec-24 | -56,438,172.86 | -149,310.68 | 0 | 0 | 0 | -4,670,199.10 | -61,257,682.64
LYC061 | Lycamobile Netherlands Ltd. | Dec-24 | -24,731.70 | 0 | 0 | 0 | 0 | 0 | -24,731.70
LYC062 | Lycamobile Belgium Ltd. | Dec-24 | -24,731.86 | 0 | 0 | 0 | 1,508.72 | -34.37 | -23,257.51
LYC064 | LYCAMOBILE SWEDEN AB | Dec-24 | 25,519.18 | 0 | 0 | 8,584.00 | 0 | 0 | 34,103.19
LYC065 | Lycamobile Denmark Ltd. | Dec-24 | -2,399.84 | 0 | 0 | 0 | 0 | 0 | -2,399.84
LYC068 | Lycamobile Sweden IRE Ltd. | Dec-24 | -2,625.76 | 0 | 0 | 0 | 0 | 0 | -2,625.76
LYC076 | LYCAMOBILE GLOBAL LTD. | Dec-24 | -222.82 | 0 | 0 | 0 | 0 | 10.37 | -212.45
LYC078 | Lycamobile SP Zoo | Dec-24 | -242.49 | 0 | 12,360.56 | 0 | 12,522.53 | 80.52 | 0
LYC081 | Gnanam Properties Ltd | Dec-24 | 107,585.00 | -39,130.00 | 0 | 0 | 23,582.47 | 0 | 92,037.47
LYC083 | GO FORIT INVESTMENTS LTD. | Dec-24 | 0 | 0 | 26.55 | 0 | 0 | 26.55 | 0
LYC085 | UNIVERSAL DISTRIBUTION SERVICES APS | Dec-24 | 0 | 0 | 14,955.26 | 20,664.00 | 0 | -5,708.74 | 0

...CONTINUED
Page 21
Page 22
Lycatel Services Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024

LYC088 | LYCA FINANCE LIMITED | Dec-24 | -3,712,214.59 | 0 | 0 | 0 | 0 | 26,618.44 | 3,685,596.14
LYC089 | BRI Sports Holdings Ltd | Dec-24 | 0 | 0 | 0 | 0 | 0 | -4,033.10 | -4,033.10
LYC090 | LBOS SWEDEN AB | Dec-24 | 0 | 0 | 0 | 0 | 0 | -288.24 | -288.24
LYC091 | LBOS Morocco SARL AU | Dec-24 | -489,609.90 | 3,486,059.75 | 0 | 0 | 3,030,503.16 | -65,302.94 | -1,010,469.42
LYC100 | Lycamobile Europe Ltd | Dec-24 | 0 | 0 | 0 | 0 | 34,314.75 | -58,938.48 | -24,623.73
LYC102 | LYCAMOBILE GMBH&#10; | Dec-24 | 0 | 0 | 20,150 | 20,150 | 0 | 0 | 0
LYC107 | Lycamobile SPRL | Dec-24 | 0 | 0 | 107,892.86 | 27,342.00 | 0 | 80,550.86 | 0
LYC109 | LYCAFLEX S.A.R.L | Dec-24 | 0 | 0 | 0 | 0 | 0 | -14.04 | -14.04
LYC110 | LYCA INVESTMENTS SARL | Dec-24 | 0 | 0 | 0 | 0 | 0 | -3,831.44 | -3,831.44
LYC119 | PROTON GLOBAL INVESTMENTS LTD. | Dec-24 | 0 | 0 | 77.53 | 0 | 0 | 77.53 | 0
LYC122 | Lycamobile GmbH | Dec-24 | 0 | 0 | 29,462.80 | 0 | 0 | 0 | 29,462.80
LYC126 | Lycamobile SRL | Dec-24 | 0 | 0 | 956.18 | 628.00 | 329.26 | -1.08 | 0
LYC129 | UNIVERSAL SERVICE 2006 SRL | Dec-24 | 0 | 0 | 8,909.39 | 0 | 5,369.61 | 3,539.78 | 0
LYC131 | Lycamobile BV | Dec-24 | 38,904.00 | 0 | 0 | 20,987.61 | 0 | 0 | 59,891.61
LYC137 | Lycamobile Norway Limited (NUF) | Dec-24 | 0 | 0 | 1,815.00 | 1,815.00 | 0 | 0 | 0
LYC139 | One Stop SIM Lda | Dec-24 | 0 | 0 | 1,568.24 | 0 | 29,159.64 | -27,591.40 | 0
LYC141 | Hastings Trading e Serviços Lda | Dec-24 | 0 | 0 | 1,982.89 | 0 | 0 | 1,982.89 | 0
LYC142 | Lycatelcom | Dec-24 | -63,229,451.05 | -116,923.55 | 0 | 34,086,723.69 | -7,569,009.99 | 3,828,681.59 | -32,999,979.31
LYC144 | Lycamobile Portugal LDA | Dec-24 | -31.91 | 0 | 3,689.55 | 0 | 3,722.10 | -0.64 | 0

...CONTINUED
Page 22
Page 23
Lycatel Services Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024

LYC145 | LOIRAMSI SL&#10; | Dec-24 | 1,620.00 | 0 | 0 | 0 | 2,161.23 | -64.82 | 3,716.41
LYC147 | Skyline Telecom SL | Dec-24 | 0 | 0 | 724.16 | 0 | 0 | 724.16 | 0
LYC161 | Lycatel Distribution France SARL | Dec-24 | 0 | 0 | 06 | 0 | 0 | 0 | 0
LYC162 | Lycamobile SARL | Dec-24 | 162,481.40 | 0 | 0 | 36,788.00 | 16,661.99 | -29.64 | 215,901.75
LYC171 | Lycamobile SRL (ROMANIA) | Dec-24 | 0 | 0 | 0 | 0 | 0 | -200.23 | -200.23
LYC172 | Universal Distribution Services SRL(ROME) | Dec-24 | 0 | 0 | 0 | 0 | 0 | -16,269.43 | -16,269.43
LYC175 | UNIVERSAL MARKETING SERVICES SUARL | Dec-24 | 0 | 0 | 0 | 0 | 0 | -218.89 | -218.89
LYC177 | LBOS HASTINGS | Dec-24 | 0 | 0 | 265.51 | 0 | 0 | 265.51 | 0
LYC181 | LYCAMOBILE KENYA LIMITED | Dec-24 | 0 | 0 | 6,573.94 | 0 | 0 | 6,573.94 | 0
LYC301 | Lycatel LLC | Dec-24 | -1,120,606.48 | 0 | 0 | 0 | 0 | -19,030.91 | -1,139,637.39
LYC302 | Lycamobile USA Inc. | Dec-24 | 0 | 0 | 0 | 0 | -153,709.26 | -1,546.81 | -155,256.07
LYC303 | PLINTRON TECHNOLOGY LLC | Dec-24 | -113,102.71 | 0 | 0 | 0 | 0 | -7,540.36 | -120,643.07
LYC305 | LYCAMOBILE PTE. LTD | Dec-24 | 1,936.74 | 0 | 0 | 0 | 0 | -7,540.36 | -120,643.07
LYC314 | SERENDIB HOLDINGS PTE. LTD | Dec-24 | 0 | 0 | 0 | 0 | -583.13 | -444.09 | -1,027.22
LYC315 | BLUE SUMMIT CAPITAL MANAGEMENT PTE. LTD. | Dec-24 | 0 | 0 | 121.77 | 0 | 583.13 | -461.36 | 0
LYC322 | LYCAMOBILE NETWORK SERVICES UGANDA LTD | Dec-24 | 0 | 0 | 1,857.80 | 0 | 0 | 1,857.80 | 0
LYC401 | Lycatel Business Outsourcing Solutions P Ltd | Dec-24 | 0 | -336,923.20 | 0 | 0 | 240,702.63 | 0 | -96,220.57
LYC402 | Lycatel BPO P Ltd | Dec-24 | -5,725,607.91 | -1,630,323.25 | 0 | 0 | 782,499.00 | 0 | -6,573,432.16

...CONTINUED
Page 23
Page 24
Lycatel Services Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024

LYC405 | LYCA PRODUCTIONS PVT. LTD | Dec-24 | 218,897.72 | 0 | 0 | 0 | 0 | 0 | 218,897.72
LYC409 | Plintron Global Technologies Pvt Ltd. | Dec-24 | 0 | 0 | 0 | 0 | -32,000.00 | 0 | -32,000.00
LYC411 | LYCA DIGITAL PRIVATE LIMITED | Dec-24 | 0 | -3,775,137.39 | 509,897.61 | 0 | 4,285,035.00 | 0 | 0
LYCLHC | LYCA HEALTH CANARY WHARF LTD | Dec-24 | 0 | 0 | 292,950.00 | 0 | 292,950.00 | 0 | 0
FIL000 | FILM DISTRIBUTION NETWORK L.L.C-FZ | Dec-24 | 0 | 0 | 0 | -230,932.74 | 0 | 0 | -230,932.74
LYC086 | LYCA GROUP HOLDINGS LIMITED | Dec-24 | 0 | 0 | 1,402,584.34 | 0 | 1,402,584.34 | 0 | 0
LYC183 | Lycamobile Ukraine LLC | Dec-24 | 0 | 0 | 493,516.51 | 0 | 502,248.29 | -8,731.78 | 0
LYC410 | LYCATECH SERVICES PVT LTD. | Dec-24 | 0 | 123,751.00 | 0 | 0 | -123,751.00 | 0 | 0
| Total |  | -133,448,835.43 | -10,381,623.11 | 10,691,347.02 | 34,276,856.33 | -17,343,474.34 | -545,509.99 | -138,133,933.56

21. Controlling Parties
The Company’s immediate and ultimate parent is WWW Holding Company Limited, a company incorporated in England and Wales. This relationship was the same in the prior year.
The ultimate controlling party is Mr A Subaskaran, by virtue of his majority shareholding and control over WWW Holding Company Limited. This method of control remained unchanged from the prior year.
The financial statements of WWW Holding Company Limited, which include the results of the Company, are available from Companies House and are prepared for the year ended 31 December 2024 (comparative: 31 December 2023).
22. Auditor Liability Limitation Agreement
The company has entered into a liability limitation agreement with Sterling Young Ltd, the statutory auditor, in respect of the statutory audit for the period ended 31 December 2024. The proportionate liability agreement follows the standard terms in Appendix B to the Financial Reporting Council's June 2008 Guidance on Auditor Liability Agreements, and was approved by the member on 22 August 2024.
Page 24