Ivy Mobility Solutions (Europe) PVT Limited Filleted accounts for Companies House (small and micro)

IVY MOBILITY SOLUTIONS (EUROPE) PVT LTD - Company Information

4 11 August 2023 false false false false false false false false false true false false false false true true No description of principal activity 2022-04-01 Sage Accounts Production Advanced 2021 - FRS102_2021 4,861 2,740 7,601 3,000 1,151 4,151 3,450 1,861 xbrli:pure xbrli:shares iso4217:GBP 07849931 2022-04-01 2023-03-31 07849931 2023-03-31 07849931 2022-03-31 07849931 2021-04-01 2022-03-31 07849931 2022-03-31 07849931 core:PlantMachinery 2022-04-01 2023-03-31 07849931 bus:Director8 2022-04-01 2023-03-31 07849931 core:PlantMachinery 2022-03-31 07849931 core:PlantMachinery 2023-03-31 07849931 core:WithinOneYear 2023-03-31 07849931 core:WithinOneYear 2022-03-31 07849931 core:AfterOneYear 2023-03-31 07849931 core:AfterOneYear 2022-03-31 07849931 core:ShareCapital 2023-03-31 07849931 core:ShareCapital 2022-03-31 07849931 core:RetainedEarningsAccumulatedLosses 2023-03-31 07849931 core:RetainedEarningsAccumulatedLosses 2022-03-31 07849931 core:PlantMachinery 2022-03-31 07849931 bus:SmallEntities 2022-04-01 2023-03-31 07849931 bus:Audited 2022-04-01 2023-03-31 07849931 bus:FullAccounts 2022-04-01 2023-03-31 07849931 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 07849931 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 07849931 core:AfterOneYear 2022-04-01 2023-03-31

COMPANY REGISTRATION NUMBER: 07849931

Ivy Mobility Solutions (Europe) PVT Limited

Filleted Financial Statements

31 March 2023

Ivy Mobility Solutions (Europe) PVT Limited

Statement of Financial Position

31 March 2023

	2023		2022
Note	£	£	£

Fixed assets

Tangible assets	5		3,450	1,861

Current assets

Debtors	6	1,207,267	953,096
Cash at bank and in hand		106,795	166,732
		------------	------------
		1,314,062	1,119,828

Creditors: amounts falling due within one year	7	715,909		658,798
		------------		------------
Net current assets			598,153	461,030
			---------	---------
Total assets less current liabilities			601,603	462,891

Creditors: amounts falling due after more than one year	8	22,500	32,500
		---------	---------
Net assets		579,103	430,391
		---------	---------

Capital and reserves

Called up share capital	15,000	15,000
Profit and loss account	564,103	415,391
	---------	---------
Shareholders funds	579,103	430,391
	---------	---------

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 income and retained earnings has not been delivered.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements were approved by the board of directors and authorised for issue on 11 August 2023 , and are signed on behalf of the board by:

Arvind Mohan

Director

Company registration number: 07849931

Ivy Mobility Solutions (Europe) PVT Limited

Notes to the Financial Statements

Year ended 31 March 2023

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 75 Westow Hill, London, SE19 1TX.

2. Statement of compliance

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

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

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

Disclosure exemptions

(a) No cash flow statement has been presented for the company. (b) Disclosures in respect of financial instruments have not been presented.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances .

Revenue recognition

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 at the fair value of consideration received or receivable.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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 the profit and loss account.

Tangible assets

Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:

	Plant & machinery	-	25% reducing balance

Impairment of fixed assets

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. For the purposes of impairment testing, 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 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.

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 as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 4 (2022: 5 ).

5. Tangible assets

	Plant and machinery	Total
	£	£
Cost
At 1 April 2022	4,861	4,861
Additions	2,740	2,740
	-------	-------
At 31 March 2023	7,601	7,601
	-------	-------
Depreciation
At 1 April 2022	3,000	3,000
Charge for the year	1,151	1,151
	-------	-------
At 31 March 2023	4,151	4,151
	-------	-------
Carrying amount
At 31 March 2023	3,450	3,450
	-------	-------
At 31 March 2022	1,861	1,861
	-------	-------

6. Debtors

	2023	2022
	£	£
Trade debtors	639,941	–
Amounts owed by group undertakings and undertakings in which the company has a participating interest	567,326	899,304
Other debtors	–	53,792
	------------	---------
	1,207,267	953,096
	------------	---------

7. Creditors: amounts falling due within one year

	2023	2022
	£	£
Bank loans and overdrafts	10,000	10,000
Trade creditors	267,550	120,944
Amounts owed to group undertakings and undertakings in which the company has a participating interest	–	429,176
Corporation tax	34,719	67,065
Social security and other taxes	239,170	23,766
Other creditors	164,470	7,847
	---------	---------
	715,909	658,798
	---------	---------

8. Creditors: amounts falling due after more than one year

	2023	2022
	£	£
Bank loans and overdrafts	22,500	32,500
	--------	--------

During the year, the company availed short term unsecured loan under Bounce Back Loan Scheme from Santander at a fixed rate of 2.5% which is repayable by June 2026.

9. Summary audit opinion

The auditor's report for the year dated 11 August 2023 was unqualified .

The senior statutory auditor was R C Patel , for and on behalf of Inger & Company .

10. Related party transactions

In accordance with the exemption available in Section 33 of FRS 102; the company has not disclosed transactions with its 100% parent company and fellow subsidiary companies within the Ivy Mobile Technologies PTE Limited group. The company has availed of an exemption available in Section 1.12 of FRS 102 from the requirement to disclose details of the remuneration of 'Key Management Personnel'.

11. Controlling party

The company's ultimate holding company is Ivy Mobile Technologies PTE Limited ("PTE"), a company incorporated in Singapore with its registered office at 9 Battery Road, 15-01 MYP Centre Singapore, 049910. PTE is the holder of 100 % of the issued share capital.