Sterlite Technologies UK Ventures Ltd - Limited company accounts 23.2

REGISTERED NUMBER: 08550019 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 March 2023

for

STERLITE TECHNOLOGIES UK VENTURES LTD

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Income Statement

10

Other Comprehensive Income

11

Balance Sheet

12

Statement of Changes in Equity

13

Notes to the Financial Statements

14

DIRECTORS:

R Puri

P S Aggarwal

C Praveen

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

The directors present their strategic report for the year ended 31 March 2023.

Sterlite Technologies UK Venture Limited is a subsidiary of Sterlite Technologies Limited, an Indian-based multinational company that specializes in the design, development, and delivery of optical communication products, network, and system integration services. Sterlite Technologies UK Venture Limited is based in London and was incorporated in 2015.

The company's primary focus is on providing network services and solutions to telecommunication companies, governments, and large enterprises across UK. Its portfolio includes end-to-end turnkey FTTH design & build solutions. Sterlite Technologies UK Venture Limited is committed to providing high-quality, reliable, and cost-effective solutions to meet the growing demand for data communication services.

The FTTH (Fiber-to-the-Home) market in the UK has been evolving rapidly over the past few years. According to a recent report by Point Topic, the number of FTTH/B (Fiber-to-the-Building) connections in the UK increased by 30% in 2020, and this growth is expected to continue in the coming years. This trend is driven by increasing demand for high-speed internet connectivity, fuelled by the rise of remote working, online education, and streaming services.

Sterlite Technologies UK Venture Limited is well-positioned to capitalize on this growth trend. The company has been actively working with telecom operators and service providers in the UK to expand their FTTH networks and improve the quality of their services. Sterlite Technologies UK Venture Limited's focus on innovation and customer-centric approach has enabled the company to establish itself as a leading player in the FTTH market in the UK. As the demand for high-speed internet connectivity continues to grow, the company is well-positioned to capitalize on this trend and drive further growth and expansion in the coming years

Key performance indicators

31 March 2024(Forecast)

31 March 2023(Actual)

31 March 2022(Actual)

£ 000

£

£

Revenue

30,000

10,796

3,142

GP Margin

45%

26%

21%

Operating profit margin

6%

(57%)

(141%)

Profit before tax

572

(6,497)

(4,598)

Value of future secure contracts

50,000

49,000

82,600

Principal risks and uncertainties

The performance of the business is subject to a number of principal risks and uncertainties, and the company monitors these continuously, taking appropriate action where necessary. The principal operating risks of the company include, but are not limited to, the following areas:

Risk of FTTH market slowdown

The company operates in the Fiber to the Home (FTTH) market, which is subject to the risk of a slowdown in demand due to changing market conditions or regulatory factors. The company mitigates this risk by diversifying its customer base and investing in marketing initiatives to expand its reach.

Risk of reduction of investment to our customers

The company's revenue is dependent on the investment decisions of its customers. A reduction in investment from existing or potential customers could have a negative impact on the company's financial performance. The company mitigates this risk by maintaining strong relationships with its customers, offering competitive pricing and continuously enhancing its product offerings.

Uncertainty with subcontractor

The company relies on subcontractors for certain services and products. Any uncertainty or delay in the delivery of these services and products could have a negative impact on the company's financial performance. The company mitigates this risk by maintaining a robust procurement process, including strict vendor selection criteria and monitoring of subcontractor performance. Also, company has relocated 150 engineers from INDIA to UK through its Resource Augmented program to create its own supply chain in Sub-Cons and mitigate this risk.

Inflation driving operational costs higher

The company's operational costs may be impacted by inflationary pressures, such as increases in labor costs, raw material costs and other operational expenses. The company mitigates this risk by continuously monitoring its operational costs and implementing cost control measures where necessary, such as optimizing supply chain efficiency and exploring alternative sourcing options. The company also considers pricing adjustments to offset any inflationary pressures.

Statement of Compliance with Section 172 of the Companies Act 2006

The Board recognises the importance of the company's wider stakeholders when performing their duties under Section 172 (1) of the Companies Act 2006, and their duties to act in the way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its members, and in doing so have regard (amongst other matters) to:

(a) the likely consequences of any decision in the long term,

(b) the interests of the company's employees,

(c) the need to foster the company's business relationships with suppliers, customers, and others,

(d) the impact of the company's operations on the community and the environment,

(e) the desirability of the company maintaining a reputation for high standards of business conduct, and

(f) the need to act fairly between members of the company.

Future developments

After delivering another successful period in a competitive market environment, the company aims to continue its growth in the UK telecom market. The company is also in discussions to bring its technology platform to identified markets globally.

This report was approved by the board and signed on its behalf.

ON BEHALF OF THE BOARD:

R Puri - Director

12 May 2023

The directors present their report with the financial statements of the company for the year ended 31 March 2023.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of an investment company and optical fibre infrastructure, passive infrastructure, access networks, FTTH (Fiber to the Home).

DIVIDENDS

No dividends will be distributed for the year ended 31 March 2023.

DIRECTORS

R Puri has held office during the whole of the period from 1 April 2022 to the date of this report.

Other changes in directors holding office are as follows:

A Agarwal - resigned 2 August 2022

K S Rao - resigned 2 August 2022

P S Aggarwal - appointed 1 August 2022

C Praveen - appointed 1 August 2022

DIRECTORS' RESPONSIBILITIES STATEMENT

The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 of 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 judgements and accounting estimates that are reasonable and prudent;

-	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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Butler & Co LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

R Puri - Director

12 May 2023

Qualified Opinion

We have audited the financial statements of Sterlite Technologies UK Ventures Ltd (the 'company') for the year ended 31 March 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion, except for the possible effects of the matter described in the basis for qualified opinion section of our report, financial statements:

- give a true and fair view of the state of the company's affairs as at 31 March 2023 and of its loss for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting

Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for qualified opinion

We were unable to obtain sufficient appropriate audit evidence to assess the possible impairment impact of the investment in subsidiary - Sterlite Conduspar Industrial LTDA. As of 31 March 2023, carrying value of the investment was £ 2,116,773. In the absence of sufficient appropriate audit evidence, we were unable to satisfy ourselves whether any impairment adjustment is required to the carrying value of the investment in subsidiary as of 31 March 2023 and its possible effect on the recorded loss for the year ended 31 March 2023.

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Further details on the going concern can be found in the note 2 of the financial statements.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent

otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

As described in the basis for qualified opinion section of our report, in the absence of sufficient appropriate audit evidence, we were unable to satisfy ourselves whether any impairment adjustment is required to the carrying value of the investment in subsidiary as of 31 March 2023 and its possible effect on the recorded loss for the year ended 31 March 2023. In reading the other information, such possible effect of impairment should be considered.

Opinions on other matters prescribed by the Companies Act 2006

Except for the possible effects of the matter described in the basis for qualified opinion section of our report, in our opinion, based on the work undertaken in the course of the audit:

- the information given in the Strategic Report and the Report of the Directors for the financial year for

which the financial statements are prepared is consistent with the financial statements; and

- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

Except for the matter described in the basis for qualified opinion section of our report, in the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

Arising solely from the limitation on the scope of our work relating to investment in subsidiary, referred to above :

-We have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and

-We were unable to determine whether adequate accounting records have been kept.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

- returns adequate for our audit have not been received from branches not visited by us; or

- the financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors' remuneration specified by law are not made.

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outline above, to detect material misstatements in respect of irregularities, including fraud.

To the extent which our procedures are capable of detecting irregularities, including fraud is detailed below.

- We obtained an understanding of the company and the sector in which they operate to identity laws and regulations that could reasonably be expected to have a direct effect on the financial statements. We obtained our understanding in this regard through discussions with management, industry research, application of our audit knowledge and experience of the sector.

- We determined the principal laws and regulations relevant to the company in this regard to be those arising from the Companies Act 2006 and taxation laws.

- We designed our audit procedures to ensure the audit team considered whether there were any indicators of non-compliance by the company with those laws and regulations. Those procedures included, but were not limited to:

o Inquiries of management regarding potential non-compliances;

o Review legal and professional fee to understand the nature of the costs and the existence of any non-compliance with laws and regulations;

o Review of accounting ledgers for any unusual journal entries which may indicate non-compliances; and

o Challenging assumptions and judgements made by management in significant accounting estimates.

We addressed the risk of fraud arising from management override of controls by performing audit procedures which include, but not limited to; testing of journals, reviewing accounting estimates for evidence of bias; and evaluating the business rationale of any significant transactions that are unusual or outside of normal course of business and review bank statements during the period to identify large and unusual transactions where business rationale is not clear.

Because inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulations. This risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Sanjeev Phadke (Senior Statutory Auditor)

for and on behalf of Butler & Co LLP

Chartered Accountants

& Statutory Auditor

Third Floor

126-134 Baker Street

London

W1U 6UE

12 May 2023

TURNOVER

10,796,314

3,142,308

Cost of sales

7,976,306

2,475,300

GROSS PROFIT

2,820,008

667,008

Administrative expenses

10,051,584

5,120,781

(7,231,576

)

(4,453,773

)

Other operating income

1,034,240

-

OPERATING LOSS

4

(6,197,336

)

(4,453,773

)

Interest receivable and similar income

116,080

1,470

(6,081,256

)

(4,452,303

)

Interest payable and similar expenses

5

416,015

146,593

LOSS BEFORE TAXATION

(6,497,271

)

(4,598,896

)

Tax on loss

6

(1,175,209

)

(900,169

)

LOSS FOR THE FINANCIAL YEAR

(5,322,062

)

(3,698,727

)

LOSS FOR THE YEAR

(5,322,062

)

(3,698,727

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(5,322,062

)

(3,698,727

)

FIXED ASSETS

Intangible assets

7

156,171

205,000

Tangible assets

8

168,759

187,360

Investments

9

2,116,773

2,116,773

2,441,703

2,509,133

CURRENT ASSETS

Stocks

10

623,311

21,336

Debtors

11

10,199,109

4,045,324

Cash at bank

165,682

601,602

10,988,102

4,668,262

CREDITORS

Amounts falling due within one year

12

3,725,514

846,159

NET CURRENT ASSETS

7,262,588

3,822,103

TOTAL ASSETS LESS CURRENT LIABILITIES

9,704,291

6,331,236

CREDITORS

Amounts falling due after more than one year

13

19,099,898

10,404,781

NET LIABILITIES

(9,395,607

)

(4,073,545

)

CAPITAL AND RESERVES

Called up share capital

14

3,150

3,150

Retained earnings

15

(9,398,757

)

(4,076,695

)

SHAREHOLDERS' FUNDS

(9,395,607

)

(4,073,545

)

The financial statements were authorised for issue by the Board of Directors and authorised for issue on 12 May 2023 and were signed on its behalf by:

R Puri - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2021

3,150

(377,968

)

(374,818

)

Changes in equity

Total comprehensive income

-

(3,698,727

)

(3,698,727

)

Balance at 31 March 2022

3,150

(4,076,695

)

(4,073,545

)

Changes in equity

Total comprehensive income

-

(5,322,062

)

(5,322,062

)

Balance at 31 March 2023

3,150

(9,398,757

)

(9,395,607

)

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" 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 Company incurred a net loss of £ 5,322,062 for the year ended 31 March 2023 and as at that date the Company had a negative net assets of £ 9,395,607. 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 parent company, 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 2023.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows.

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

-

1 to 2 years

Fixtures and fittings

-

2 years

Computer equipment

-

1 to 5 years

Motor vehicles

-

2 year

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

2023

2022

£

£

Wages and salaries

8,481,857

3,148,628

Social security costs

891,678

369,106

Other pension costs

262,919

71,765

9,636,454

3,589,499

The average number of employees during the year was as follows:

2023

2022

Admin and operational staff

186

67

2023

2022

£

£

Directors' remuneration

-

-

4.	OPERATING LOSS

The operating loss is stated after charging:

2023

2022

£

£

Depreciation - owned assets

186,690

169,725

Goodwill amortisation

48,829

35,000

Auditors' remuneration

21,200

13,700

Foreign exchange differences

310,971

2,427

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

2023

2022

£

£

Other interest

416,015

146,593

6.

TAXATION

Corporate tax

2023

2022

£

£

Current tax on profit for the year

-

-

-

-

Deferred tax

2023

2022

£

£

Assets on tax losses

(1,175,209

)

(900,169

)

(1,175,209

)

(900,169

)

Factors affecting tax chage/(reversal) for the year

Loss on ordinary activities before tax

(6,497,271

)

(4,598,896

)

Taxation at 19%

(1,234,481

)

(873,790

)

Depreciation / capital allowances

10,565

(30,348

)

Expenses not deductible for tax purpose

2,960

-

Sundry adjustments

45,747

3,969

(1,175,209

)

(900,169

)

7.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2022

and 31 March 2023

240,000

AMORTISATION

At 1 April 2022

35,000

Amortisation for year

48,829

At 31 March 2023

83,829

NET BOOK VALUE

At 31 March 2023

156,171

At 31 March 2022

205,000

8.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 April 2022

174,284

10,784

41,945

131,556

358,569

Additions

44,910

29,436

72,411

21,332

168,089

At 31 March 2023

219,194

40,220

114,356

152,888

526,658

DEPRECIATION

At 1 April 2022

112,039

5,607

10,486

43,077

171,209

Charge for year

73,991

16,683

32,830

63,186

186,690

At 31 March 2023

186,030

22,290

43,316

106,263

357,899

NET BOOK VALUE

At 31 March 2023

33,164

17,930

71,040

46,625

168,759

At 31 March 2022

62,245

5,177

31,459

88,479

187,360

9.	FIXED ASSET INVESTMENTS

Shares in

group

undertaking

£

COST

At 1 April 2022

and 31 March 2023

2,116,773

NET BOOK VALUE

At 31 March 2023

2,116,773

At 31 March 2022

2,116,773

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.

10.

STOCKS

2023

2022

£

£

Store materials, consumables &

tools

623,311

21,336

11.

DEBTORS

2023

2022

£

£

Amounts falling due within one year:

Trade debtors

705,636

411,655

Other debtors

144,246

208,278

CIS receivables

612,704

-

Prepayments

452,418

82,427

Unbilled revenue

3,479,461

1,474,055

5,394,465

2,176,415

Amounts falling due after more than one year:

Amounts owed by group undertakings

2,729,266

968,740

Deferred tax

2,075,378

900,169

4,804,644

1,868,909

Aggregate amounts

10,199,109

4,045,324

The above deferred tax asset of £ 2,075,378 represents the tax assets recognised on the tax losses incurred by the Company. The management has assessed the expected performance the Company , and the likelihood of improved results leading to the realisation of the deferred tax benefit.

12.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade creditors

1,148,621

160,703

Social security and other taxes

330,624

156,170

VAT

378,628

23,768

Other creditors

858,970

-

Accrued expenses

1,008,671

505,518

3,725,514

846,159

Trade creditors include an amount of £ 502,981 payable to Clearcomm Group Limited, which a related party to the entity.

Other creditors include an amount of £ 791,817 payable to Sterlite Technologies Limited which is the parent company.

13.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Amounts owed to group undertakings

19,099,898

10,404,781

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.