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Registered number: 10855306
| FINANCIAL STATEMENTS
| FOR THE YEAR ENDED 31 MARCH 2026
| 42GEARS MOBILITY SYSTEMS (UK) LIMITED
42GEARS MOBILITY SYSTEMS (UK) LIMITED REGISTERED NUMBER:10855306 |  |
STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2026
|  | 2026 |  | 2025
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 4 |  | 529,625 |  | -
Investment property |  |  | 475,000 |  | -
|  |  | 1,004,625 |  | -
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 6 | 1,907,392 |  | 287,840 |
Cash at bank and in hand | 7 | 236,440 |  | 95,687 |
|  | 2,143,832 |  | 383,527 |
Creditors: amounts falling due within one year | 8 | (3,534,139) |  | (127,010) |
Net current (liabilities)/assets |  |  | (1,390,307) |  | 256,517
Total assets less current liabilities |  |  | (385,682) |  | 256,517
Creditors: amounts falling due after more than one year | 9 |  | (1,438,113) |  | -
Net (liabilities)/assets |  |  | (1,823,795) |  | 256,517
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 10,000 |  | 10,000
Profit and loss account |  |  | (1,833,795) |  | 246,517
|  |  | (1,823,795) |  | 256,517
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
P Gupta | O Parhar
Director | Director
Date: 12 August 2026 |
The notes on pages 2 to 9 form part of these financial statements. Page 1
42GEARS MOBILITY SYSTEMS (UK) LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
1. | General information
The company is a private company limited by share capital, incorporated in England and Wales. The address of its registered office is: 202 Anvic 49 Piccadilly House Piccadilly Manchester M1 2AP 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. Going concern The directors have considered the Company's ability to continue as a going concern for a period of at least twelve months from the date of approval of these financial statements. In performing this assessment, the directors have considered the Company's current financial position, including the net liability position and losses reported for the year. The directors note that these primarily arise from the change in the Company's operating model, under which customer contracts are now entered into directly by the UK company, resulting in a significant deferred income balance that is expected to unwind to revenue over the next two to three years. The directors have also considered the Company's current trading performance, expected future revenues, including a significant contracted and prospective order pipeline, the current cash position and the continued financial support available from the parent company. Having considered these matters, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the financial statements have been prepared on the going concern basis. The following principal accounting policies have been applied:
| 2.2 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Page 2
42GEARS MOBILITY SYSTEMS (UK) LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 2.Accounting policies (continued)
| 2.2 | Foreign currency translation (continued)
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.
| 2.3 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: The amount of revenue can be measured reliably; It is probable that the Company will receive the consideraion due under the contract; The stage of completion of the contract at the end of the reporting period can be measured reliably and; The costs incurred and the costs to complete the contract can be measured reliably.
| 2.4 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.5 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
| 2.6 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds. Page 3
42GEARS MOBILITY SYSTEMS (UK) LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 2.Accounting policies (continued)
| 2.7 | 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 reporting 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 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. 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 reporting date.
| 2.8 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Long leasehold | - |  | 40 years (2.5%)
|  |  |  | Computer and office equipment | - | 100% | Straight line
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.9 | Investment property
Investment property comprises the portion of the property held to earn rental income and is initially recognised at cost Investment property is subsequently measured at fair favlue at each reporting date with changes in fair value recognised in profit or loss. Where fair value cannot be measured without undure cost or effort, the property is measured at cost. The owner occupied element on the property is accounted for within tangible fixed assets Page 4
42GEARS MOBILITY SYSTEMS (UK) LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 2.Accounting policies (continued)
| 2.10 | Debtors
Short-term debtors are measured at transaction price, less any impairment.
| 2.11 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.12 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.13 | Leases
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.
| 2.14 | Share Capital
Ordinary shares are classified as equity.
3. | Employees
| The average monthly number of employees, including directors, during the year was 12 (2025 - 12).
Page 5
42GEARS MOBILITY SYSTEMS (UK) LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
4. | Tangible fixed assets
|  | Long leasehold property | Computer and office equipment | Property Improvements | Total
|  | £ | £ | £ | £
| Cost or valuation |  |  |  |
| Additions | 475,000 | 6,907 | 55,827 | 537,734
| At 31 March 2026 | 475,000 | 6,907 | 55,827 | 537,734
| Depreciation |  |  |  |
| Charge for the year | 1,202 | 6,907 | - | 8,109
| At 31 March 2026 | 1,202 | 6,907 | - | 8,109
| Net book value |  |  |  |
| At 31 March 2026 | 473,798 | - | 55,827 | 529,625
| At 31 March 2025 | - | - | - | -
| The long leasehold property relates to the owner occupied portion of the company's property.
Page 6
42GEARS MOBILITY SYSTEMS (UK) LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
5. | Investment property
|  | Investment property
|  | £
| Valuation |
| Additions at cost | 475,000
| At 31 March 2026 | 475,000
The investment property represents the portion of the company's property that is leased to third parties. The remaining portion is occupied bu the company for its own operations and is included withing tangible fixed assets.
6. | Debtors
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Trade debtors | 570,813 | -
| Amounts owed by group undertakings | - | 260,945
| Other debtors | 7,185 | 26,895
| Prepayments and accrued income | 1,329,394 | -
|  | 1,907,392 | 287,840
| Included within prepayments is £597,929 (2025: £Nil) which will be charged to the statement of income and retained earnings after more than one year.
7. | Cash and cash equivalents
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Cash at bank and in hand | 236,440 | 95,687
|  | 236,440 | 95,687
Page 7
42GEARS MOBILITY SYSTEMS (UK) LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
8. | Creditors: Amounts falling due within one year
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Bank loans | 48,000 | -
| Trade creditors | 43,016 | 4,230
| Amounts owed to group undertakings | 611,567 | -
| Taxation and social security | 16,045 | 23,019
| Other creditors | 28,559 | 16,183
| Accruals and deferred income | 2,786,952 | 83,578
|  | 3,534,139 | 127,010
| The company has a mortgage loan secured by a charge over the property.
9. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Bank loans | 518,221 | -
| Accruals and deferred income | 919,892 | -
|  | 1,438,113 | -
| Included within deferred income is an amount of £13,123 (2025: £Nil) which will be recognised as revenue after more than five years.
10. | Deferred taxation
| The company has unrecognised deferred tax assets of £487,000 (2025: £Nil) principally relating to tax losses carried forward. Recovery on these assets is expected to arise through the unwinding of deferred revenue over a period extending beyond five years. The deferred tax asset has not been recognised.
Page 8
42GEARS MOBILITY SYSTEMS (UK) LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
11. | Obligations under leases and hire purchase contracts
| The total of future minimum lease payments is as follows:
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Not later than one year | 34,265 | 37,380
| Later than one year and not later than five years | - | 34,265
|  | 34,265 | 71,645
| The amount of non-cancellable operating lease payments recognised as an expense during the year was £41,000 (2025 - £36,791).
12. | Capital commitments
| At 31 March 2026 the Company had capital commitments as follows:
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Contracted for but not provided in these financial statements - improvements to property | 107,758 | -
|  | 107,758 | -
13. | Related party transactions
| The company provided services to the parent company in the financial year. These transactions were under normal trading circumstances, and are not required to be disclosed under FRS.
14. | Parent and ultimate parent undertaking
The company's immediate parent is 42Gears Mobility Systems Private Limited, incorporated in India.
15. | Auditors' information
The auditors' report on the financial statements for the year ended 31 March 2026 was unqualified. The audit report was signed on 12 August 2026 by Caroline Monk (Senior statutory auditor) on behalf of Menzies LLP.
Page 9