Navitas Life Sciences Limited 31/03/2022 iXBRL

NAVITAS LIFE SCIENCES LIMITED - Company Information

0 31/03/2022 2022-03-31 false false false false false false false false false false false false false true false false false false false false false true true false No description of principal activities is disclosed 2021-04-01 Sage Accounts Production 21.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 02082996 2021-04-01 2022-03-31 02082996 2022-03-31 02082996 2021-03-31 02082996 2020-04-01 2021-03-31 02082996 2021-03-31 02082996 2020-03-31 02082996 core:NetGoodwill 2021-04-01 2022-03-31 02082996 bus:RegisteredOffice 2021-04-01 2022-03-31 02082996 bus:LeadAgentIfApplicable 2021-04-01 2022-03-31 02082996 bus:Director1 2021-04-01 2022-03-31 02082996 bus:Director2 2021-04-01 2022-03-31 02082996 bus:Director3 2021-04-01 2022-03-31 02082996 bus:Director4 2021-04-01 2022-03-31 02082996 bus:Director5 2021-04-01 2022-03-31 02082996 bus:Director6 2021-04-01 2022-03-31 02082996 bus:Director7 2021-04-01 2022-03-31 02082996 bus:Director8 2021-04-01 2022-03-31 02082996 core:WithinOneYear 2022-03-31 02082996 core:WithinOneYear 2021-03-31 02082996 core:NetGoodwill 2021-03-31 02082996 core:NetGoodwill 2022-03-31 02082996 core:LandBuildings core:ShortLeaseholdAssets 2021-03-31 02082996 core:FurnitureFittingsToolsEquipment 2021-03-31 02082996 core:LandBuildings core:ShortLeaseholdAssets 2022-03-31 02082996 core:FurnitureFittingsToolsEquipment 2022-03-31 02082996 core:RetainedEarningsAccumulatedLosses 2020-04-01 2021-03-31 02082996 core:RetainedEarningsAccumulatedLosses 2021-04-01 2022-03-31 02082996 core:ShareCapital 2022-03-31 02082996 core:ShareCapital 2021-03-31 02082996 core:RetainedEarningsAccumulatedLosses 2022-03-31 02082996 core:RetainedEarningsAccumulatedLosses 2021-03-31 02082996 core:ShareCapital 2020-03-31 02082996 core:RetainedEarningsAccumulatedLosses 2020-03-31 02082996 bus:OrdinaryShareClass1 core:ShareCapital 2022-03-31 02082996 bus:OrdinaryShareClass1 core:ShareCapital 2021-03-31 02082996 core:LandBuildings core:ShortLeaseholdAssets 2021-04-01 2022-03-31 02082996 core:FurnitureFittingsToolsEquipment 2021-04-01 2022-03-31 02082996 core:NetGoodwill 2021-03-31 02082996 core:FurnitureFittingsToolsEquipment 2021-03-31 02082996 bus:SmallEntities 2021-04-01 2022-03-31 02082996 bus:Audited 2021-04-01 2022-03-31 02082996 bus:FullAccounts 2021-04-01 2022-03-31 02082996 bus:SmallCompaniesRegimeForAccounts 2021-04-01 2022-03-31 02082996 bus:PrivateLimitedCompanyLtd 2021-04-01 2022-03-31

Company registration number: 02082996

Navitas Life Sciences Limited

Filleted financial statements

31 March 2022

Navitas Life Sciences Limited

Contents

Directors and other information

Directors responsibilities statement

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	(Resigned 5 May 2022)
	Shobana Srinivasan	(Resigned 5 May 2022)
	V N S Viswanadha	(Resigned 5 May 2022)
	Lalit Mahapatra	(Appointed 5 May 2022)
	Scott Zhu	(Appointed 5 May 2022)
	Tran King	(Appointed 5 May 2022)
	Camilo Horvilleur	(Appointed 5 May 2022)
	Srinivasan Ramani Harikesanallur	(Appointed 5 May 2022)


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

Directors responsibilities statement

Year ended 31 March 2022

The directors are responsible for preparing the directors report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgments and accounting estimates that are reasonable and prudent; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Navitas Life Sciences Limited

Statement of financial position

31 March 2022

		2022		2021
	Note	£	£	£	£

Fixed assets
Intangible assets	5	206,303		247,564
Tangible assets	6	7,213		8,288
		_______		_______
			213,516		255,852

Current assets
Stocks	7	128,489		38,991
Debtors	8	1,005,077		2,302,486
Cash at bank and in hand		174,866		38,820
		_______		_______
		1,308,432		2,380,297
Creditors: amounts falling due
within one year	9	( 1,845,419)		( 2,880,437)
		_______		_______
Net current liabilities			( 536,987)		( 500,140)
			_______		_______
Total assets less current liabilities			( 323,471)		( 244,288)

			_______		_______
Net liabilities			( 323,471)		( 244,288)
			_______		_______

Capital and reserves
Called up share capital	10		24,000		24,000
Profit and loss account	11		( 347,471)		( 268,288)
			_______		_______
Shareholders deficit			( 323,471)		( 244,288)
			_______		_______

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 2023 , and are signed on behalf of the board by:

Lalit Mahapatra

Director

Company registration number: 02082996

Navitas Life Sciences Limited

Statement of changes in equity

Year ended 31 March 2022

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


At 1 April 2020	24,000	( 429,357)	( 405,357)

(Loss)/profit for the year		161,069	161,069
	_______	_______	_______
Total comprehensive income for the year	-	161,069	161,069

	_______	_______	_______
At 31 March 2021 and 1 April 2021	24,000	( 268,288)	( 244,288)

(Loss)/profit for the year		( 79,183)	( 79,183)
	_______	_______	_______
Total comprehensive income for the year	-	( 79,183)	( 79,183)

	_______	_______	_______
At 31 March 2022	24,000	( 347,471)	( 323,471)
	_______	_______	_______

Navitas Life Sciences Limited

Notes to the financial statements

Year ended 31 March 2022

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 is 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.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

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:


Short leasehold property	-	over the remaining life of the lease
Fittings fixtures and equipment	-	33% 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.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

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.

4. Staff costs

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

	2022	2021
PV Nets and Administration	9	8
Consulting	2	2
	_______	_______
	11	10
	_______	_______

The aggregate payroll costs incurred during the year were:

	2022	2021
	£	£
Wages and salaries	2,318,455	2,057,086
	_______	_______

5. Intangible assets

	Goodwill	Total
	£	£
Cost
At 1 April 2021 and 31 March 2022	515,760	515,760
	_______	_______
Amortisation
At 1 April 2021	268,196	268,196
Charge for the year	41,261	41,261
	_______	_______
At 31 March 2022	309,457	309,457
	_______	_______
Carrying amount
At 31 March 2022	206,303	206,303
	_______	_______
At 31 March 2021	247,564	247,564
	_______	_______

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 2021 and 31 March 2022	56,045	203,908	259,953
	_______	_______	_______
Depreciation
At 1 April 2021	56,045	195,620	251,665
Charge for the year	-	1,075	1,075
	_______	_______	_______
At 31 March 2022	56,045	196,695	252,740
	_______	_______	_______
Carrying amount
At 31 March 2022	-	7,213	7,213
	_______	_______	_______
At 31 March 2021	-	8,288	8,288
	_______	_______	_______

7. Stocks

	2022	2021
	£	£
Work in progress	128,489	38,991
	_______	_______

8. Debtors

	2022	2021
	£	£
Trade debtors	973,676	1,070,755
Amounts owed by group undertakings and undertakings in which the company has a participating interest	-	1,211,453
Prepayments and accrued income	13,873	18,110
Other debtors	17,528	2,168
	_______	_______
	1,005,077	2,302,486
	_______	_______

9. Creditors: amounts falling due within one year

	2022	2021
	£	£
Trade creditors	161,971	217,469
Amounts owed to group undertakings and undertakings in which the company has a participating interest	59,600	1,359,514
Accruals and deferred income	1,605,508	1,178,987
Social security and other taxes	13,769	101,617
Other creditors	4,571	22,850
	_______	_______
	1,845,419	2,880,437
	_______	_______

10. Called up share capital

Issued, called up and fully paid

	2022		2021
	No	£	No	£
Ordinary 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

After the year end, as part of the group restructuring, 100% of the shares of the parent company namely Take Solutions Global Holdings Pte Ltd were acquired by H.I.G.Capital a leading global alternative assets investment firm. As part of this restructuring it was agreed that the net inter group balances amounting to £536,249 are written off and this is reflected in these accounts as part of Administrative expenses.

13. Summary audit opinion

The auditor's report for the year dated 23 June 2023 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's immediate parent is TAKE Solutions Global Holdings Pte Limited, a company incorporated in Singapore. The smallest group which consolidates the results of the company is TAKE Solutions Global Holdings Pte Limited. The financial statements of this intermediate holding company are not publicly available. The ultimate parent company and controlling entity as at 31 March 2022 was TAKE Solutions Limited. Consequently, the parent undertaking of the group that includes the Company and for which group financial statements are prepared is TAKE Solutions Limited. TAKE Solutions Limited is incorporated in India and registered in India. Consolidated group financial statements of TAKE Solutions Limited for the year ended 31 March 2022 are available from the company's registered address at 27 Tank Bund Road, Nungambakkam, Chennai, India - 600 034.

16. Guarantees and charges

The company has given Oxford Finance LLC 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.