Navitas Life Sciences Limited 31/03/2019 iXBRL

NAVITAS LIFE SCIENCES LIMITED - Company Information

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Company registration number: 02082996

Navitas Life Sciences Limited

Filleted financial statements

31 March 2019

Navitas Life Sciences Limited

Contents

Directors and other information

Statement of financial position

Statement of changes in equity

Notes to the financial statements

Navitas Life Sciences Limited

Directors and other information


	Directors	S Daga
		Shobana Srinivasan
		V N S Viswanadha


	Company number	02082996


	Registered office	Pure Offices
		Office 50
		One Port Way
		Port Solent
		PO6 4TY


	Business address	Pure Offices
		Office 50
		One Port Way
		Port Solent
		PO6 4TY


	Auditor	Nagle James Associates Limited
		Amba House, 4th Floor
		15 College Road, Harrow
		Middlesex
		HA1 1BA




	Bankers	HSBC Bank Plc
		17A Curzon Street
		Mayfair
		London
		W1J 7LA

Navitas Life Sciences Limited

Statement of financial position

31 March 2019

		2019		2018
	Note	£	£	£	£

Fixed assets
Intangible assets	5	330,086		371,347
Tangible assets	6	5,569		12,482
Investments	7	-		1
		_______		_______
			335,655		383,830

Current assets
Stocks	8	152,419		179,934
Debtors	9	3,178,018		3,887,475
Cash at bank and in hand		102,064		111,746
		_______		_______
		3,432,501		4,179,155
Creditors: amounts falling due
within one year	10	( 3,901,274)		( 4,400,175)
		_______		_______
Net current liabilities			( 468,773)		( 221,020)
			_______		_______
Total assets less current liabilities			( 133,118)		162,810


Provisions for liabilities			-		60,625

			_______		_______
Net (liabilities)/assets			( 133,118)		223,435
			_______		_______

Capital and reserves
Called up share capital	11		24,000		24,000
Profit and loss account	12		( 157,118)		199,435
			_______		_______
Shareholders (deficit)/funds			( 133,118)		223,435
			_______		_______

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 24 March 2020 , and are signed on behalf of the board by:

Shobana Srinivasan

Director

Company registration number: 02082996

Navitas Life Sciences Limited

Statement of changes in equity

Year ended 31 March 2019

	Called up share capital	Profit and loss account	Total
	£	£	£


At 1 April 2017	24,000	72,693	96,693

(Loss)/profit for the year		126,742	126,742
	_______	_______	_______
Total comprehensive income for the year	-	126,742	126,742

	_______	_______	_______
At 31 March 2018 and 1 April 2018	24,000	199,435	223,435

(Loss)/profit for the year		( 356,553)	( 356,553)
	_______	_______	_______
Total comprehensive income for the year	-	( 356,553)	( 356,553)

	_______	_______	_______
At 31 March 2019	24,000	( 157,118)	( 133,118)
	_______	_______	_______

Navitas Life Sciences Limited

Notes to the financial statements

Year ended 31 March 2019

1. General information

The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Pure Offices, Office 50, One Port Way, Port Solent, PO6 4TY.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

Basis of preparation

Financial Reporting Standard 102, the Financial Reporting Standard applicable in the United Kingdom 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 judgement in applying the Company's accounting policies (see note 2). The following principal accounting policies have been applied:

Going concern

The directors have prepared cashflow forecasts for the period 12 months from approval of the financial statements to assess the working capital needs of the company. The forecasts show that the company will have sufficient working capital within the period reviewed and will be able to meet its liabilties as they fall due, subject to support of other group companies and its ultimate parent company. Confirmation of such support has been received from the ultimate parent company.Accordingly the directors believe it appropriate to prepare the financial statements on a going concern basis.

Disclosure exemptions

The individual accounts of Navitas Life Sciences Limited have also adopted the following disclosure exemptions:- the requirement to present a statement of cash flows and related notes- financial instrument disclosures, including:- categories of financial instruments,- items of income, expenses, gains or losses relating to financial instruments, and- exposure to and management of financial risks.

Judgements and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and otherfactors, including expectations of future events that are believed to be reasonable under thecircumstances.

Turnover

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:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: - the amount of revenue can be measured reliably; - it is probable that the Company will receive the consideration 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. Revenue from subscription and maintenance services is recognised rateably over the period of the contract.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to profit or loss.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:


Goodwill	-	Over useful economic life of 10 Years

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:


Leasehold property	-	over the remaining life of the lease
Computer equipment	-	33% per annum on cost
Office equipment	-	15% per annum on cost

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Fixed asset investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are stated at the lower of cost and net realisable value. Work in progress represents consultancy services provided but not yet billed, and in the case of short term contracts is stated at the lower of cost and net realisable value. Where consulting agreements are considered to be long term contracts, profits are attributed on the basis of work completed where the outcome of the contract is reasonably certain.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.

4. Staff costs

The average number of persons employed by the company during the year, including the directors, amounted to:

	2019	2018
Administration and support	9	7
Consulting	7	17
	_______	_______
	16	24
	_______	_______

The aggregate payroll costs incurred during the year were:

	2019	2018
	£	£
Wages and salaries	1,300,733	2,011,330
Social security costs	158,910	254,437
Other pension costs	83,833	114,057
	_______	_______
	1,543,476	2,379,824
	_______	_______

5. Intangible assets

	Goodwill	Total
	£	£
Cost
At 1 April 2018 and 31 March 2019	515,760	515,760
	_______	_______
Amortisation
At 1 April 2018	144,413	144,413
Charge for the year	41,261	41,261
	_______	_______
At 31 March 2019	185,674	185,674
	_______	_______
Carrying amount
At 31 March 2019	330,086	330,086
	_______	_______
At 31 March 2018	371,347	371,347
	_______	_______

The goodwill on acquisition arises from the purchase of the assets and liabilities related to the consulting, software services and infrastructure development parts of Harmoni ITS Limited (formerly World Class International Limited) on 31 March 2006 and represents the difference between the consideration paid and the net book value of the assets acquired.

6. Tangible assets

	Short leasehold property	Fixtures, fittings and equipment	Total
	£	£	£
Cost
At 1 April 2018 and 31 March 2019	56,045	197,882	253,927
	_______	_______	_______
Depreciation
At 1 April 2018	56,045	185,400	241,445
Charge for the year	-	6,913	6,913
	_______	_______	_______
At 31 March 2019	56,045	192,313	248,358
	_______	_______	_______
Carrying amount
At 31 March 2019	-	5,569	5,569
	_______	_______	_______
At 31 March 2018	-	12,482	12,482
	_______	_______	_______

7. Investments

	Shares in group undertakings and participating interests	Total
	£	£
Cost
At 1 April 2018	1	1
Other movements	( 1)	( 1)
	_______	_______
At 31 March 2019	-	-
	_______	_______
Impairment
At 1 April 2018 and 31 March 2019	-	-
	_______	_______
Carrying amount
At 31 March 2019	-	-
	_______	_______
At 31 March 2018	1	1
	_______	_______

The above investment was in the subsidiary undertaking Take Global Limited which was dissolved on 27 March 2018.

8. Stocks

	2019	2018
	£	£
Work in progress	152,419	179,934
	_______	_______

9. Debtors

	2019	2018
	£	£
Trade debtors	1,825,842	2,745,541
Amounts owed by group undertakings and undertakings in which the company has a participating interest	1,229,316	1,098,524
Prepayments and accrued income	122,860	43,410
	_______	_______
	3,178,018	3,887,475
	_______	_______

10. Creditors: amounts falling due within one year

	2019	2018
	£	£
Trade creditors	227,788	361,958
Amounts owed to group undertakings and undertakings in which the company has a participating interest	1,860,615	1,311,950
Accruals and deferred income	1,745,961	2,191,834
Social security and other taxes	54,642	85,946
Obligations under finance leases	-	213,980
Other creditors	12,268	234,507
	_______	_______
	3,901,274	4,400,175
	_______	_______

11. Called up share capital

Issued, called up and fully paid

	2019		2018
	No	£	No	£
Ordinary shares shares of £ 0.01 each	2,400,000	24,000	2,400,000	24,000
	_______	_______	_______	_______

12. Reserves

The profit and loss reserve relates to retained profits carried forward from previous accounting periods and includes current year trading profits.

13. Summary audit opinion

The auditor's report for the year dated 24 March 2020 was unqualified.

The senior statutory auditor was Statutory Auditor for and on behalf of Nagle James Associates Limited

14. Related party transactions

The company has taken advantage of the exemption under FRS 102 Section 33.1A not to disclose transactions with fellow subsidiary entities that are 100% owned within the group.

15. Controlling party

The company is an indirect subsidiary of Take Solutions Limited which is the ultimate parent company incorporated in India.The company's registered address is as follows:27, Tank Bund Road, Nungambakkam, Chennai 600 034, IndiaThe largest and smallest group in which the results of the company are consolidated is that headed by Take Solutions Limited, incorporated in India. The consolidated accounts of this company are available to the public and may be obtained by contacting Navitas Life Sciences Limited at its registered office address. No other group accounts include the results of the company.

16. Comparative figures

The corresponding figures of previous year have been regrouped, wherever necessary, to conform to the current year's classification. We have reclassified £325,000 from administrative expenses to cost of sales. The average number of persons employed by the company in the previous year was amended from 23 to 24.

17. Guarantees and charges

The company has given HSBC UK a fixed and floating charge on the property and assets present and future including goodwill book debts uncalled capital buildings fixtures fixed plant and machinery.