1.
General Information
LYCATEL DISTRIBUTION UK LIMITED
is a private company, limited by shares, incorporated in England & Wales, registered number
06141057
. The registered office is 3rd Floor, Walbrook Building, 195 Marsh Wall, London, E14 9SG.
2.
Statement of Compliance
The financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
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.
Going Concern Disclosure
The financial statements have been prepared on a going concern basis. The Director has 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.
Mr. A. Subaskaran owns 98.5% of the Company’s issued share capital, while the remaining 1.5% is held by Lyca Group Holdings Ltd.
The Company reported a net profit for the year ended 31 December 2024 of £156,978 (2023: -£542,206) and, as at that date, had net liabilities of £10,896,108 (2023: £10,395,763). Included within debtors due within one year is £23,226,883 due from companies in which Mr A Subaskaran holds a substantial shareholding. Included within creditors falling due within one year are £12,631,953 due to group undertakings. Creditors falling due more than one year include £25,986,436 due to group undertakings.
The Director has 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.
3.3.
Significant judgements and estimations
3.3.
Significant judgements and estimations - continued
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.
...CONTINUED
LYCATEL DISTRIBUTION UK LIMITED
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
(i) 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 £23,611,212 (2023:£26,713,389).
(ii) 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 Director assessment has been included in note 3.2.
(iii) Useful economic life of tangible assets
The charge in respect of periodic depreciation is derived after determining an estimate of an asset's expected useful life and the expected residual value at the end of its life. Increasing an asset's expected life or its residual value would result in a reduced depreciation charge in the profit and loss account.
The useful lives and residual value of the Company's assets are determined by management at the time the asset is acquired and reviewed annually for appropriates. The lives are based on historical experience with similar assets as well as anticipation of future events which may impact their life such as changes in technology.
Historically changes in useful lives and residual values have not resulted in material changes to the Company's depreciation charge.
The Company owns a property (Land and Building) which is utilized for both its operations and also letting to other related parties. Due to the inability to reliably assess and allocate the fair value of the asset amongst the investment property and Property, Plant and Equipment element, this has been accounted for as Property, Plant and Equipment under FRS 102.
3.4.
Turnover
Turnover represents, the amounts receivable for airtime services and mobile accessories supplied by the Company, and from the provision of marketing support services to related party companies.
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts, volume rebates, as well as, commission payments, incentives, bonus, free credits and usage deferments (deferred income).
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as inlerest income.
Revenue from the sale of mobile accessorles is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from the provision of support services is recognised when the services is provided and the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
The Company adopts a transfer pricing basis of cost plus a mark-up of 3.4% for the services provided to Related Party Companies.
3.5.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Freehold |
|
| Leasehold |
|
| Plant & Machinery |
|
| Motor Vehicles |
|
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
The assets’ residual value, 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.
LYCATEL DISTRIBUTION UK LIMITED
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
3.6.
Leasing and Hire Purchase Contracts
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattem in which economic benefits from the leases asset are consumed.
3.7.
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.
3.8.
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.
3.9.
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 and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies, are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'.
All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
LYCATEL DISTRIBUTION UK LIMITED
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
3.10.
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that: The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
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 vatues of liabilities acquired and the amount that will be assessed for tax.
3.11.
Provisions and Contingencies
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
LYCATEL DISTRIBUTION UK LIMITED
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
3.12.
Employee Benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock of fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
3.13. Impairment of fixed assets
Al each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impalrment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-ganerating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in us, the estimated future cash flows are discounted to their presant value using a pre-tax discount rate that refects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the canying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recogniised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
3.14. Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabitities once they are no longer at the discretion of the company.
3.15. Retirement benefits
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.
4.
Turnover
Analysis of turnover by class of business is as follows:
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Mobile accessories | 1,497 | 25,748 | |
| Telecommunication and marketing support services | 8,389,496 | 8,483,762 | |
| 8,390,993 | 8,509,510 | ||
Analysis of turnover by geographical market is as follows:
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| United Kingdom |
|
|
|
| 8,390,993 | 8,509,510 | ||
LYCATEL DISTRIBUTION UK LIMITED
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
5.
Operating Profit
The operating profit is stated after charging:
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Bad debts | - | 88,616 | |
| Depreciation of tangible fixed assets |
|
|
|
6.
Auditor's Remuneration
Remuneration received by the company's auditors and their associates during the year was as follows:
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Audit Services | |||
| Audit of the company's financial statements |
|
|
|
7.
Staff Costs
Staff costs, including director's remuneration, were as follows:
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Wages and salaries |
|
|
|
| Social security costs |
|
|
|
| Other pension costs |
|
|
|
|
|
|
||
LYCATEL DISTRIBUTION UK LIMITED
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
8.
Average Number of Employees
Average number of employees, including director, during the year was as follows:
| 2024 | 2023 | ||
|---|---|---|---|
| Staff |
|
|
|
|
|
|
||
9.
Interest Payable and Similar Charges
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Other finance charges |
|
|
|
10.
Tax on Profit
|
The tax charge on the profit for the year was as follows:
|
|||
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Current tax | |||
| UK Corporation Tax |
|
|
|
| Deferred Tax | |||
| Deferred taxation |
|
|
|
| Total tax charge for the period |
|
|
|
|
The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:
|
|||
| 2024 | 2023 | ||
| £ | £ | ||
| Profit before tax | 156,978 | 122,795 | |
| Tax on profit at 25% (UK standard rate) |
|
|
|
| Goodwill/depreciation not allowed for tax |
|
|
|
| Expenses not deductible for tax purposes |
|
|
|
| Capital allowances |
( |
( |
|
| Short term timing differences |
|
|
|
| Tax losses unutilised carried forward |
|
( |
|
| Deferred tax relating to changes in tax rates or laws |
|
|
|
| Total tax charge for the period | - | 665,001 | |
LYCATEL DISTRIBUTION UK LIMITED
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
11.
Tangible Assets
| Land & Property | ||||
|---|---|---|---|---|
| Freehold | Plant & Machinery | Motor Vehicles | Total | |
| £ | £ | £ | £ | |
| Cost | ||||
| As at 1 January 2024 |
|
|
|
|
| As at 31 December 2024 |
|
|
|
|
| Depreciation | ||||
| As at 1 January 2024 |
|
|
|
|
| Provided during the period |
|
|
|
|
| As at 31 December 2024 |
|
|
|
|
| Net Book Value | ||||
| As at 31 December 2024 |
|
|
|
|
| As at 1 January 2024 |
|
|
|
|
12.
Debtors
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Due within one year | |||
| Trade debtors |
|
|
|
| Amounts owed by group undertakings | 23,226,883 | 26,335,190 | |
| Other debtors | 382,640 | 367,113 | |
|
|
|
||
Amounts owed by group companies and related parties are interest free and repayable on demand.
Amounts owed by related parties are net of Impairment £4,356,102 (2023: £4,356,102) and provision for doubtful debts £1,139,740. Other debtors include employee loans £1,190,005 (2023: £1,182,623) and provison for employee loans of -£1,092,359 (2023: -£1,092,359).
13.
Creditors: Amounts Falling Due Within One Year
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Trade creditors |
|
|
|
| Amounts owed to group undertakings |
|
|
|
| Other creditors | - | 19,572 | |
| Taxation and social security | 681,878 | 1,044,310 | |
| Accruals and deferred income | 243,264 | 157,014 | |
|
|
|
||
The company has recognised a liability of £401,001 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.
LYCATEL DISTRIBUTION UK LIMITED
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
14.
Creditors: Amounts Falling Due After More Than One Year
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Amounts owed to group undertakings |
|
|
|
This is a Euro Term toan with a tenure of 7 years at a compound interest of 1.41% on monthly basis from Lycatelcom LDA (a Company registered in Portugal). This is a related entity which is 100% owned by WWW Holding Company Limited which in turn is 98.37% owned by Mr. A Subaskaran.
16.
Other Commitments
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Not later than one year |
|
|
|
| Later than one year and not later than five years |
|
|
|
| Later than five years |
|
|
|
|
|
|
||
17.
Pension Commitments
Defined contribution schemes
|
2024
|
2023
|
||
|
£
|
£
|
||
|
Charge to profit or loss in respect of defined contribution schemes
|
76,878
|
56,789
|
|
![1](data:image/svg+xml;utf8,<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 80 2" preserveAspectRatio="none"> <line x1="0" y1="1" x2="80" y2="1" stroke="black" shape-rendering="crispEdges"/> </svg>){kind=small}
|
|
||
|
76,878
![1](data:image/svg+xml;utf8,<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 80 5" preserveAspectRatio="none"> <line x1="0" y1="1" x2="80" y2="1" stroke="black" shape-rendering="crispEdges"/> <line x1="0" y1="4" x2="80" y2="4" stroke="black" shape-rendering="crispEdges"/> </svg>){kind=small}
|
56,789
|
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
18.
Reserves
The profit and loss account comprises accumulated losses.
19.
Post Balance Sheet Events
No post-balance sheet events requiring disclosure have occurred subsequent to the reporting period.
20.
Related Party Disclosures
20.
Related Party Disclosures - continued
The below information relates to the year 2024.
The companies are owned by individual shareholders. These Individual shareholders have similar interests in a range of related companies. As these companies are under common control, transactions between Lycatel Distribution UK Limited and these companies are related party transactions, which are set out below.
Mr. A Subaskaran owns 98% of the issued share capital of Lycamobile UK Limited.
...CONTINUED
LYCATEL DISTRIBUTION UK LIMITED
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
Mr. A Subaskaran owns 98.37% of the issued share capital of WWW Holding Limited, which in turn owns 100% of Lycatel Property Services Limited, Lycatel Services Limited; Lycatel Ireland Limited (a Company registered in Ireland) and Lycatelcom LDA (a Company registered in Portugal).
Gnanam Properties Limited is owned equally by Mr and Mrs Subaskaran.
Mr. A Subaskaran owns 100% of the issued share capital of Lyca Group Holdings Limited, which in turn owns 100% of Lyca Finance Limited.
Mr. A Subaskaran owns 98.5% of the issued share capital of Thames Quay Properties Holding Limited, which in turn owns 100% of the share capital of Thames Quay Properties III Limited which in turn owns 100% of the share capital of Thames Quay Properties Limited which in turns owns 100% of the share capital of Thames Quay Properties II Limited.
During the year the Company entered into the following transactions with related parties, as given below in the table:
|
Code
|
Company name
|
Amounts due from/(owed to) related parties
|
Foreign Currency Revaluation FY2023 reversal
|
Sales Accural reversal
|
Sales to related parties in the year
|
Purchases from related parties in the year
|
Cash loaned /(borrowed) in the year
|
Cash loaned /(borrowed) in the year
|
SHORT TERM LOANS (RECEIVED) , LYCATELCOM LDA.
|
FX Net Off Entires
|
AR/AP Net Off Entires
|
Foreign Currency Revaluation Dec-2024
|
Sales accural FY2024
|
Amounts due from/(owed to) related parties
|
|
LYC001
|
WWW Holding Company Ltd.
|
0
|
0
|
0
|
0
|
0
|
-110,000
|
0
|
0
|
0
|
0
|
0
|
0
|
-110,000
|
|
LYC002
|
Lycamobile UK Ltd.
|
-10,345,560
|
-83,130
|
-2,839,737
|
12,386,953
|
0
|
-9,941,485
|
738,315
|
0
|
0
|
0
|
167,586
|
906,489
|
-9,010,570
|
|
LYC005
|
Lycatel Property Services Ltd.
|
-85,000
|
0
|
0
|
0
|
-108,000
|
-15,500
|
27,000
|
0
|
0
|
0
|
0
|
0
|
-181,500
|
|
LYC006
|
Lycatel Services Ltd.
|
-484,279
|
0
|
0
|
0
|
0
|
-1,500
|
39,583
|
0
|
0
|
0
|
0
|
0
|
-446,196
|
|
LYC010
|
UK GT Ltd.
|
-400,343
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
-400,343
|
|
LYC015
|
U Can Fly
|
90,000
|
0
|
0
|
0
|
0
|
-100,000
|
0
|
0
|
0
|
0
|
0
|
0
|
-10,000
|
|
LYC027
|
SAVILLS LTD / THAMES QUAY PROPERTIES II
|
-742,980
|
0
|
0
|
0
|
-426,351
|
-194,333
|
129,509
|
0
|
0
|
0
|
0
|
0
|
-1,234,155
|
|
LYC057
|
Lycatel Ireland Ltd.
|
23,419,044
|
86
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
35
|
0
|
23,419,165
|
|
LYC081
|
GNANAM PROPERTIES LIMITED
|
-246,194
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
-246,194
|
|
LYC088
|
LYCA FINANCE LTD.
|
-665,000
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
-665,000
|
|
LYC142
|
Lycatelcom LDA
|
-25,910,132
|
0
|
0
|
0
|
0
|
0
|
-205,091
|
-343,367
|
0
|
0
|
6,278
|
0
|
-26,452,312
|
...CONTINUED
LYCATEL DISTRIBUTION UK LIMITED
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
|
LYC402
|
Lycatel BPO P Ltd
|
-54,402
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
-54,402
|
|
LYC409
|
Plintron Global Technologies Pvt Ltd.
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
976
|
-976
|
0
|
0
|
|
Total
|
-15,424,845
|
-83,045
|
-2,839,737
|
12,386,953
|
-534,351
|
10,362,818
|
729,316
|
-343,367
|
976
|
0
|
172,923
|
906,489
|
-15,391,506
|
21.
Controlling Parties
The Company is contolled by Allirajah Subaskaran who holds 98.5% of the shares and Lyca Group Holdings Ltd who holds 1.5% of the shares in the Company.
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 15 August 2025.