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Financial Statements for the Year Ended 31 March 2019 |
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LCC Deployment Services UK Limited |
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REGISTERED NUMBER:
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Financial Statements for the Year Ended 31 March 2019 |
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for |
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LCC Deployment Services UK Limited |
LCC Deployment Services UK Limited (Registered number: 04349192) |
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Contents of the Financial Statements |
for the Year Ended 31 March 2019 |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 3 |
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LCC Deployment Services UK Limited |
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Company Information |
for the Year Ended 31 March 2019 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Lake House |
Market Hill |
Royston |
Hertfordshire |
SG8 9JN |
LCC Deployment Services UK Limited (Registered number: 04349192) |
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Statement of Financial Position |
31 March 2019 |
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31.3.19 | 31.3.18 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital | 9 |
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Share premium |
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Other reserves |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the director on
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LCC Deployment Services UK Limited (Registered number: 04349192) |
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Notes to the Financial Statements |
for the Year Ended 31 March 2019 |
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1. | STATUTORY INFORMATION |
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LCC Deployment Services UK Limited is a
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Wales. The company's registered number and registered office address can be found on the Company |
Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The financial statements have been prepared on the going concern basis. The balance sheet shows net current |
assets of £959k (2018: £866k) and net current assets of £356k (2018: £50k) after the removal of intergroup |
balances. The balance sheet also shows net assets of £976k (2018: £906k). The directors believe this to be |
appropriate for the following reasons. |
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LCC Europe Holdings BV is the immediate parent of LCC Deployment Services Limited. |
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LCC Europe Holdings BV consider that the UK operations and budget for 2019/2020 onwards indicate that the |
operations are feasible. LCC Europe Holdings BV will support the UK operations financially if needed within |
the constraints set out in the budget cycle held with local management. Financing needs have been fulfilled by |
the transfer of funds. According to plan additional funding may be needed and will be executed as necessary. |
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Due to the above factors local, EU, US and India management of LCC UK Limited and LCC Deployment |
Services Limited have full faith in the feasibility and subsequent going concern of the UK operations. |
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Significant judgements and estimates |
The preparation of the financial statements requires management to make judgements, estimates and assumptions |
which impact on the reported amounts of assets and liabilities. Estimates and judgements are continually |
evaluated and are based on historical experience and other factors, including expectations of future events that |
are believed to be reasonable under the circumstances. |
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Turnover |
Turnover represents the total net sales to customers excluding value added tax. Contract revenue is recognised |
over the duration of the contract as work is performed. |
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Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful |
life. |
Improvements to property | - | in accordance with the lease term |
Plant and machinery | - | 25% on cost |
Motor vehicles | - | 50% on cost and 20% on cost |
Computer equipment | - | 33% on cost |
LCC Deployment Services UK Limited (Registered number: 04349192) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2019 |
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2. | ACCOUNTING POLICIES - continued |
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Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of |
its financial instruments. |
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Financial instruments are recognised in the company's statement of financial position when the company |
becomes party to the contractual provisions of the instrument. |
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Basic financial assets |
Basic financial assets, which include debtors, are initially measured at transaction price including transaction |
costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement |
constitutes a financing transaction, where the transaction is measured at the present value of the future receipts |
discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. |
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Basic financial liabilities |
Basic financial liabilities, including creditors and loans that are classified as debt, are initially recognised at |
transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is |
measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities |
classified as payable within one year are not amortised. |
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Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of |
business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or |
less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction |
price and subsequently measured at amortised cost using the effective interest method. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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 statement of financial position date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
statement of financial position date. |
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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. |
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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. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the |
statement of financial position 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. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
lease. |
LCC Deployment Services UK Limited (Registered number: 04349192) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2019 |
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2. | ACCOUNTING POLICIES - continued |
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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. |
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Related party disclosure |
As the company is a wholly owned subsidiary within the group of its ultimate holding party Tech Mahindra |
Limited the company has taken advantage of the exemption contained within FRS 102 and has therefore not |
disclosed transactions with entities which form part of the group. The consolidated financial statements of Tech |
Mahindra Limited within which this company is included, can be obtained from their website. |
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Long term contracts |
Profit on contracting activities is taken as work progresses. Unless a more conservative approach is necessary, |
the percentage margin on each individual contract is the lower of the margin earned to date and that forecast to |
completion. Full provision is made for contract losses as soon as they are foreseen. Amounts recoverable on |
long term contracts, which are included in debtors, are stated at the net sales value of the work done after |
provision for contingencies and anticipated future losses on contracts, less amounts received as progress |
payments on account. Excess progress payments are included in creditors as payments on account. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Improvements |
to | Plant and | Motor | Computer |
property | machinery | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 April 2018 |
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Disposals | ( |
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Exchange differences |
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Reclassification/transfer |
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At 31 March 2019 |
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DEPRECIATION |
At 1 April 2018 |
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Charge for year |
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Eliminated on disposal | ( |
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Exchange differences |
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At 31 March 2019 |
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NET BOOK VALUE |
At 31 March 2019 |
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At 31 March 2018 |
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LCC Deployment Services UK Limited (Registered number: 04349192) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2019 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.19 | 31.3.18 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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Included in other debtors is accrued income amounting to £530,546 (2018 - £111,556) related to contract work |
in progress. |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.19 | 31.3.18 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Other creditors |
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7. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.3.19 | 31.3.18 |
£ | £ |
Within one year |
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8. | DEFERRED TAX |
£ |
Balance at 1 April 2018 | ( |
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Tax losses carried forward | 38,883 |
Balance at 31 March 2019 |
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9. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.19 | 31.3.18 |
value: | £ | £ |
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Ordinary | 0.01 | 5,042,250 | 5,042,250 |
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10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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LCC Deployment Services UK Limited (Registered number: 04349192) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2019 |
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11. | RELATED PARTY DISCLOSURES |
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The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The |
Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party |
transactions with wholly owned subsidiaries within the group. |
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12. | ULTIMATE CONTROLLING PARTY |
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The immediate parent company is LCC Europe B.V. a company incorporated in the Netherlands. |
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The ultimate holding company is Tech Mahindra Limited, a company incorporated in India. Consolidated |
accounts of Tech Mahindra Limited can be obtained from www.techmahindra.com/investors/default.aspx |