Company Registration No. 07973969 (England and Wales)
Lavanya Plus Limited
Unaudited financial statements
for the period ended 30 September 2022
Pages for filing with the registrar
Lavanya Plus Limited
Company information
Directors
Rajal Patni
Vivek Patni
Rohit Patni
Secretary
Rishin Patni
Company number
07973969
Registered office
11 Broadgates Avenue
Barnet
Hertfordshire
EN4 0NU
Accountants
Saffery Champness LLP
Westpoint
Peterborough Business Park
Lynch Wood
Peterborough
PE2 6FZ
Lavanya Plus Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 10
Lavanya Plus Limited
Statement of financial position
As at 30 September 2022
Page 1
As at
As at
30 September 2022
31 March 2021
Notes
£
£
£
£
Fixed assets
Intangible assets
4
294,124
221,994
Tangible assets
6
1,566
1,958
Investments
3
153
153
295,843
224,105
Current assets
Debtors
7
10,904
16,950
Cash at bank and in hand
91,693
93,330
102,597
110,280
Creditors: amounts falling due within one year
8
(519,634)
(467,306)
Net current liabilities
(417,037)
(357,026)
Total assets less current liabilities
(121,194)
(132,921)
Creditors: amounts falling due after more than one year
9
(9,330)
(12,992)
Net liabilities
(130,524)
(145,913)
Capital and reserves
Called up share capital
10
61,409
54,022
Share premium account
428,678
103,645
Advanced Subscription Funds reserve
50,000
Profit and loss reserves
(670,611)
(303,580)
Total deficit of shareholder funds
(130,524)
(145,913)
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial period ended 30 September 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
Lavanya Plus Limited
Statement of financial position (continued)
As at 30 September 2022
Page 2
The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on
19 June 2023 and are signed on its behalf by:
2023-06-19
Rajal Patni
Director
Company Registration No. 07973969
Lavanya Plus Limited
Notes to the financial statements
For the period ended 30 September 2022
Page 3
1
Accounting policies
Company information
Lavanya Plus Limited is a private company limited by shares incorporated in England and Wales. The registered office is 11 Broadgates Avenue, Barnet, Hertfordshire, EN4 0NU.
1.1
Accounting convention
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”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Going concern
The company meets its day-to-day working capital requirements through loans from its shareholders, who are also directors. The shareholders have confirmed that they will continue to fund the working capital requirements for the business. The directors therefore have a reasonable expectation that the company has adequate resources to continue operations for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the accounts.
1.3
Reporting period
These financial statements have been prepared for an 18 month period due to the company changing its accounting reference date. The comparative financial information is a 12 month period.
1.4
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
1.5
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
Lavanya Plus Limited
Notes to the financial statements (continued)
For the period ended 30 September 2022
1
Accounting policies (continued)
Page 4
1.6
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation 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:
Development expenditure
3-5 years
1.7
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
20% reducing balance
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.
1.8
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
1.9
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.10
Cash and cash equivalents
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.
Lavanya Plus Limited
Notes to the financial statements (continued)
For the period ended 30 September 2022
1
Accounting policies (continued)
Page 5
1.11
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, 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.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
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.
1.12
Equity instruments
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.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
Lavanya Plus Limited
Notes to the financial statements (continued)
For the period ended 30 September 2022
1
Accounting policies (continued)
Page 6
1.13
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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.
1.14
Employee benefits
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.
1.15
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.16
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
Period
Year
ended
ended
30 September
31 March
2022
2021
Number
Number
Total
4
5
Lavanya Plus Limited
Notes to the financial statements (continued)
For the period ended 30 September 2022
Page 7
3
Fixed asset investments
As at
As at
30 September 2022
31 March 2021
£
£
Shares in group undertakings and participating interests
(note 6)
153
153
4
Intangible fixed assets
Development expenditure
£
Cost
At 1 April 2021
221,994
Additions
72,130
At 30 September 2022
294,124
Amortisation and impairment
At 1 April 2021 and 30 September 2022
Carrying amount
At 30 September 2022
294,124
At 31 March 2021
221,994
As the intangible fixed asset is still in its development stage, no amortisation has been charged.
5
Subsidiaries
Details of the company's subsidiaries at 30 September 2022 are as follows:
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
Lavanya Plus (India) Wema Services Private Limited
India
Technology solutions provider
Ordinary
100.00
0
Lavanya Plus Limited
Notes to the financial statements (continued)
For the period ended 30 September 2022
Page 8
6
Tangible fixed assets
Fixtures & Fittings
£
Cost
At 1 April 2021 and 30 September 2022
3,701
Depreciation and impairment
At 1 April 2021
1,743
Depreciation charged in the period
392
At 30 September 2022
2,135
Carrying amount
At 30 September 2022
1,566
At 31 March 2021
1,958
7
Debtors
As at
As at
30 September 2022
31 March 2021
Amounts falling due within one year:
£
£
Trade debtors
1,074
702
Research & Development tax credits due
16,248
Other debtors
9,830
10,904
16,950
Lavanya Plus Limited
Notes to the financial statements (continued)
For the period ended 30 September 2022
Page 9
8
Creditors: amounts falling due within one year
As at
As at
30 September 2022
31 March 2021
£
£
Bank loans
3,527
2,568
Trade creditors
8,902
2,508
Corporation tax
2,580
Other taxation and social security
1,538
2,813
Other creditors
503,087
459,417
519,634
467,306
9
Creditors: amounts falling due after more than one year
As at
As at
30 September 2022
31 March 2021
£
£
Bank loans
9,330
12,992
10
Called up share capital
As at
As at
As at
As at
30 September 2022
31 March 2021
30 September 2022
31 March 2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 0.1p each
55,688,919
52,355,567
55,688
52,355
B Ordinary (Non-Voting) shares of 0.1p each
5,720,446
1,666,667
5,721
1,667
61,409,365
54,022,234
61,409
54,022
Lavanya Plus Limited
Notes to the financial statements (continued)
For the period ended 30 September 2022
10
Called up share capital (continued)
Page 10
The ordinary shares have attached to them full voting, dividend and capital distribution (including on winding up) rights; they do not confer any rights of redemption.
The B ordinary shares do not carry any carry any present or future preferential right to dividends, to the company's assets on winding up, or to be redeemed in preference to shares in any other class of shares. They have attached to them no voting rights but full dividend rights; they do not confer any rights of redemption.
Transactions effected in the year include the issue of 3,333,352 Ordinary shares and 4,053,779 B Ordinary shares issued for a consideration of 4.5p each.
11
Related party transactions
At the year end, the company owed the directors £475,106 (2021: £438,606) in respect of their directors' loan account. Accrued interest on the directors' loan account totalled £8,859 (2021: £7,581) in the year.
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