Latentview_Analytics_UK_L - Accounts

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

LatentView Analytics UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is 37th Floor 1 Canada Square, Canary Wharf, London, E14 5AA.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) section 1A and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company made a loss for the year of £923,487 (2023: £532,010) and at the balance sheet date had net liabilities of £1,155,539 (2023: £232,052). Included within creditors are amounts due to the parent and fellow group undertakings of £5,077,329 (2023: £5,033,501), following services rendered of £40,000 (2023: £103,500) during the year.

LatentView Analytics Limited has confirmed it will continue to provide the necessary financial support to LatentView Analytics UK Limited to enable it to continue as a going concern for a period of at least twelve months from the date of approval of the financial statements and to enable the company to meet its liabilities as they fall due.

At the time of approving the financial statements, the directors are confident that the company has adequate resources to successfully continue to operate for at least the next 12 months from the date of approval of the financial statements and for the foreseeable future beyond.  Consequently, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Revenue is recognised over the contract term in accordance with milestones and performance obligations set out in the contracts.

The Company recognises revenue when persuasive evidence of an arrangement exists, delivery of service has occurred, the sales price is fixed or determinable and collectability is reasonably assured. Revenue is recognised net of customer discounts rateably over the service period and net of VAT and trade discounts. Payments received in advance of services being rendered are recorded as deferred revenue and recognised over the service period.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.

The company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic instruments measured at fair value.

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

The average monthly number of persons (including directors) employed by the company during the year was:

Investments in short term deposits have an original maturity of 12 months or less.

The interest rate was 4.27% (2023: 0%).

The amounts relate to a bounceback loan from HSBC under business interruption scheme offered by the UK Government during the Covid-19 pandemic. The loan has a fixed interest charge of 2.5% and is repayable in full by 8 May 2026.

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

The ultimate and immediate parent company is Latent View Analytics Limited, a company listed on the BSE and National Stock Exchange of India. The company is incorporated in India and the registered office is as follows: 5th Floor, Neville Tower, Block A3, Ramanujan IT City SEZ, Rajiv Gandhi Salai (OMR), Taramani, Chennai-600 113, India.

A copy of the consolidated company accounts can be found here: https://www.latentview.com/investor-relations/financial-results-reports/

The ultimate controlling party is Adugudi Viswanathan Venkatraman by virtue of his majority shareholding in Latent View Analytics Limited.