Sterlite Technologies UK Ventures Ltd - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 08550019 (England and Wales)

Financial Statements for the Year Ended 31 March 2022

for

STERLITE TECHNOLOGIES UK VENTURES LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

A Agarwal

K S Rao

R Puri

REGISTERED OFFICE:

Unit 5, Kingfisher House

Crayfields Business Park

New Mill Road

Orpington

BR5 3QG

REGISTERED NUMBER:

08550019 (England and Wales)

AUDITORS:

Butler & Co LLP

Chartered Accountants

& Statutory Auditor

Third Floor

126-134 Baker Street

London

W1U 6UE

FIXED ASSETS

Intangible assets

4

205,000

-

Tangible assets

5

187,360

36,729

Investments

6

2,118,243

2,100,676

2,510,603

2,137,405

CURRENT ASSETS

Stocks

21,336

-

Debtors

7

4,043,854

42,406

Cash at bank

601,602

13,757

4,666,792

56,163

CREDITORS

Amounts falling due within one year

8

846,159

69,668

NET CURRENT ASSETS/(LIABILITIES)

3,820,633

(13,505

)

TOTAL ASSETS LESS CURRENT LIABILITIES

6,331,236

2,123,900

CREDITORS

Amounts falling due after more than one year

9

10,404,781

2,498,718

NET LIABILITIES

(4,073,545

)

(374,818

)

CAPITAL AND RESERVES

Called up share capital

10

3,150

3,150

Retained earnings

11

(4,076,695

)

(377,968

)

SHAREHOLDERS' FUNDS

(4,073,545

)

(374,818

)

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were authorised for issue by the Board of Directors and authorised for issue on 27 April 2022 and were signed on its behalf by:

R Puri - Director

1.	STATUTORY INFORMATION

Sterlite Technologies UK Ventures Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern

The financial statements have been prepared on a going concern basis on the assumption that the company will continue to trade in the foreseeable future.The Directors, having made appropriate enquiries, consider that adequate resources exist for the company to continue in operational existence for the foreseeable future; and with the continued support of the company's shareholders, the company will be able to meet its liabilities as they fall due for payment. Therefore, the directors are of the opinion that it is appropriate to adopt the going concern basis in preparing the financial statements for the year ended 31 March 2022.

Since the financial year end, there are uncertainties relating to COVID19 pandemic.No provisions have been made in the financial statements in relation to these uncertainities.

Key sources of estimation uncertainty and judgements

The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reported period.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2021, is being amortised evenly over its estimated useful life of five years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

50% on cost

Fixtures and fittings

-

2 years

Computer equipment

-

2 years

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost less impairment.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments policy

Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price.Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts which are an integral part of the company's cash management.

Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 67 (2021 - 12 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

Additions

240,000

At 31 March 2022

240,000

AMORTISATION

Charge for year

35,000

At 31 March 2022

35,000

NET BOOK VALUE

At 31 March 2022

205,000

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 April 2021

-

6,713

-

31,500

38,213

Additions

174,284

4,071

41,945

100,056

320,356

At 31 March 2022

174,284

10,784

41,945

131,556

358,569

DEPRECIATION

At 1 April 2021

-

883

-

601

1,484

Charge for year

112,039

4,724

10,486

42,476

169,725

At 31 March 2022

112,039

5,607

10,486

43,077

171,209

NET BOOK VALUE

At 31 March 2022

62,245

5,177

31,459

88,479

187,360

At 31 March 2021

-

5,830

-

30,899

36,729

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 April 2021

2,100,676

Additions

17,567

At 31 March 2022

2,118,243

NET BOOK VALUE

At 31 March 2022

2,118,243

At 31 March 2021

2,100,676

The above investment represents a 58% holding in Sterlite Conduspar Industrial LTDA, a company incorporated in Brazil.

These financial statements contain information about Sterlite Technologies UK Ventures Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under section 401 of the Companies Act 2006 as the company itself is a subsidiary undertaking and its parent undertaking is not established under the law of an EEA state. The company is included in consolidated accounts of its parent company.

7.

DEBTORS

2022

2021

£

£

Amounts falling due within one year:

Trade debtors

411,655

-

Other debtors

1,764,760

27,441

2,176,415

27,441

Amounts falling due after more than one year:

Amounts owed by group undertakings

967,270

-

Other debtors

900,169

14,965

1,867,439

14,965

Aggregate amounts

4,043,854

42,406

Other debtors includes £900,169 (2020: £Nil) being a deferred tax asset arising in the year.

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade creditors

160,703

41,870

Taxation and social security

179,938

-

Other creditors

505,518

27,798

846,159

69,668

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Amounts owed to group undertakings

10,404,781

2,498,718

The amount drawn is repayable on demand. However, the lender has confirmed that the amount outstanding will not be recalled within the next 12 months.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

£

£

5,000

Ordinary

Euro

1

3,150

3,150

11.

RESERVES

Retained

earnings

£

At 1 April 2021

(377,968

)

Deficit for the year

(3,698,727

)

At 31 March 2022

(4,076,695

)

12.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Sanjeev Phadke (Senior Statutory Auditor)

for and on behalf of Butler & Co LLP

13.	RELATED PARTY DISCLOSURES

As at 31 March 2021 the company owed a sum of £10,404,781 (2021: £2,498,718) to Sterlite Technologies Ltd (the ultimate parent company). Interest payable on this loan was £146,593 (2021: £22,869).

There are no fixed terms as to repayment of these balances.

14.	PARENT COMAPANY

The company is wholly-owned subsidiary of Sterlite Technologies Limited a company incorporated in India.

The goup accounts and copies of these can be obtained from the companies website www.stl.tech.