Company Registration No. 07069424 (England and Wales)
TATA COMMUNICATIONS MOVE UK LTD
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2021
PAGES FOR FILING WITH REGISTRAR
TATA COMMUNICATIONS MOVE UK LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
TATA COMMUNICATIONS MOVE UK LTD
BALANCE SHEET
AS AT
30 SEPTEMBER 2021
30 September 2021
- 1 -
2021
2021
Notes
£
£
£
£
Current assets
Debtors
4
11,003
Cash at bank and in hand
110
28,644
110
39,647
Creditors: amounts falling due within one year
5
(2,939)
Net current assets
110
36,708
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
10
36,608
Total equity
110
36,708
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.
The financial statements were approved by the board of directors and authorised for issue on 23 November 2021 and are signed on its behalf by:
Mr I V Sapre
Director
Company Registration No. 07069424
TATA COMMUNICATIONS MOVE UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2021
- 2 -
1
Accounting policies
Company information
Tata Communications Move UK Ltd is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Vintners Place, 68 Upper Thames Street, London, EC4V 3BJ.
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 a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include all Balance sheet items at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
The accounts have not been prepared on the going concern basis as the company ceased trading on 1 July 2020, accordingly all Balance sheet items have been included at fair value.
1.3
Reporting period
[ FRS 102
3.10 An entity shall present a complete set of financial statements (including comparative
information as set out in paragraph 3.14) at least annually. When the end of an entity’s
reporting period changes and the annual financial statements are presented for a
period longer or shorter than one year, the entity shall disclose the following:
(a) that fact;
(b) the reason for using a longer or shorter period; and
(c) the fact that comparative amounts presented in the financial statements (including
the related notes) are not entirely comparable.
]
1.4
Related party exemption
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.
1.5
Turnover
Turnover is recognised when telecommunications services are provided.
Turnover represents income exclusive of VAT and trade discounts from the provision of master services agreement. The fees receivable are recognised evenly over the period the services are provided.
1.6
Cash and cash equivalents
Cash and cash equivalents
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. Bank overdrafts are shown within borrowings in current liabilities.
TATA COMMUNICATIONS MOVE UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2021
1
Accounting policies
(Continued)
- 3 -
1.7
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 balance sheet 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
and cash and bank balances, 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
, bank loans, loans from
fellow group companies and preference shares 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
paymen
ts 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. A
m
ounts 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.
1.8
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.
1.9
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
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.
TATA COMMUNICATIONS MOVE UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2021
1
Accounting policies
(Continued)
- 4 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
profit and loss account
, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
Foreign exchange
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.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the Period was:
2021
2021
Number
Number
Total
TATA COMMUNICATIONS MOVE UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2021
- 5 -
4
Debtors
2021
2021
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
10,553
Other debtors
450
11,003
5
Creditors: amounts falling due within one year
2021
2021
£
£
Trade creditors
2,939
6
Audit report information
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.
The senior statutory auditor was Shirish Shah and the auditor was SPW (UK) LLP.
7
Ultimate controlling party
The immediate holding company of the Company is Tata Communications (Netherlands) B.V., an entity incorporated under Dutch law and is wholly owned subsidiary of Tata Communications International Pte. Ltd., Company incorporated in Singapore. Tata Communications Limited, entity incorporated under the laws of India and listed on Bombay Stock Exchange and National Stock Exchange, is ultimate holding company of the Company. Tata sons Private Limited (“TSPL”), entity incorporated under the laws of India, as principal owner of the ultimate Holding company is ultimate controlling party.