Navitas Life Sciences Limited 31/03/2020 iXBRL

NAVITAS LIFE SCIENCES LIMITED - Company Information

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Company registration number: 02082996

Navitas Life Sciences Limited

Filleted financial statements

31 March 2020

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 58
		One Port Way
		Port Solent
		PO6 4TY


	Business address	Pure Offices
		Office 58
		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 2020

		2020		2019
	Note	£	£	£	£

Fixed assets
Intangible assets	5	288,825		330,086
Tangible assets	6	7,423		5,569
		_______		_______
			296,248		335,655

Current assets
Stocks	7	284,082		152,419
Debtors	8	2,844,140		3,178,018
Cash at bank and in hand		45,794		102,064
		_______		_______
		3,174,016		3,432,501
Creditors: amounts falling due
within one year	9	( 3,875,621)		( 3,901,274)
		_______		_______
Net current liabilities			( 701,605)		( 468,773)
			_______		_______
Total assets less current liabilities			( 405,357)		( 133,118)

			_______		_______
Net liabilities			( 405,357)		( 133,118)
			_______		_______

Capital and reserves
Called up share capital	10		24,000		24,000
Profit and loss account	11		( 429,356)		( 157,118)
			_______		_______
Shareholders deficit			( 405,356)		( 133,118)
			_______		_______

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 Section 1A of 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 23 June 2021 , 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 2020

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


At 1 April 2018	24,000	199,435	223,435

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

	_______	_______	_______
At 31 March 2019 and 1 April 2019	24,000	( 157,118)	( 133,118)

Loss for the year		( 272,239)	( 272,239)
	_______	_______	_______
Total comprehensive income for the year	-	( 272,239)	( 272,239)

	_______	_______	_______
At 31 March 2020	24,000	(429,357)	(405,357)
	_______	_______	_______

Navitas Life Sciences Limited

Notes to the financial statements

Year ended 31 March 2020

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 58, 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'. The Triennial review 2017 amendments to the standard have been adopted.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis.

The financial statements are prepared in sterling, which is the functional currency of the entity.

The amounts are rounded to the nearest whole number and no other rounding is used.

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 ofshort term contracts is stated at the lower of cost and net realisable value. Where consultingagreements are considered to be long term contracts, profits are attributed on the basis of workcompleted where the outcome of the contract is reasonably certain.

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.

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:

	2020	2019
Administration and support	11	9
Consulting	4	7
	_______	_______
	15	16
	_______	_______

The aggregate payroll costs incurred during the year were:

	2020	2019
	£	£
Wages and salaries	1,357,902	1,300,733
Social security costs	170,025	158,910
Other pension costs	693	83,833
	_______	_______
	1,528,620	1,543,476
	_______	_______

5. Intangible assets

	Goodwill	Total
	£	£
Cost
At 1 April 2019 and 31 March 2020	515,760	515,760
	_______	_______
Amortisation
At 1 April 2019	185,674	185,674
Charge for the year	41,261	41,261
	_______	_______
At 31 March 2020	226,935	226,935
	_______	_______
Carrying amount
At 31 March 2020	288,825	288,825
	_______	_______
At 31 March 2019	330,086	330,086
	_______	_______

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 2019	56,045	197,882	253,927
Additions	-	5,423	5,423
Disposals	-	( 1,070)	( 1,070)
	_______	_______	_______
At 31 March 2020	56,045	202,235	258,280
	_______	_______	_______
Depreciation
At 1 April 2019	56,045	192,313	248,358
Charge for the year	-	3,569	3,569
Disposals	-	( 1,070)	( 1,070)
	_______	_______	_______
At 31 March 2020	56,045	194,812	250,857
	_______	_______	_______
Carrying amount
At 31 March 2020	-	7,423	7,423
	_______	_______	_______
At 31 March 2019	-	5,569	5,569
	_______	_______	_______

7. Stocks

	2020	2019
	£	£
Work in progress	284,082	152,419
	_______	_______

8. Debtors

	2020	2019
	£	£
Trade debtors	946,806	1,693,685
Amounts owed by group undertakings and undertakings in which the company has a participating interest	1,849,183	1,361,473
Prepayments and accrued income	48,151	122,860
	_______	_______
	2,844,140	3,178,018
	_______	_______

9. Creditors: amounts falling due within one year

	2020	2019
	£	£
Trade creditors	266,728	227,788
Amounts owed to group undertakings and undertakings in which the company has a participating interest	2,440,874	1,860,615
Accruals and deferred income	1,074,095	1,745,961
Social security and other taxes	84,981	54,642
Other creditors	8,943	12,268
	_______	_______
	3,875,621	3,901,274
	_______	_______

10. Called up share capital

Issued, called up and fully paid

	2020		2019
	No	£	No	£
Ordinary shares shares of £ 0.01 each	2,400,000	24,000	2,400,000	24,000
	_______	_______	_______	_______

11. Reserves

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

12. Events after the end of the reporting period

Since the first quarter of 2020, the world has witnessed falls in economic productivity and business disruption as a result of the Covid-19 pandemic. The directors have taken the necessary steps to safeguard the business and the staff.

13. Summary audit opinion

The auditor's report for the year dated 23 June 2021 was unqualified.

The senior statutory auditor was Kaushik Nathwani 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 confirm to the current year's classification.

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.