NEW_SOLUTIONS_LIMITED - Accounts

The directors of the company have elected not to include a copy of the income statement 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.

New Solutions Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 Kingdom Street, Paddington Central, London, W2 6BD.

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.

As set out in the Directors' report, due to the company ceasing to trade, the directors have prepared the financial statements on a basis other than that of a going concern. The financial statements have been prepared on a breakup basis at the year end. In adopting the break up basis at the year end all assets have been disclosed at values at which they are expected to be realised. The directors of the parent company, Cognizant Worldwide Limited, have expressed their continued support of the company until all liabilities have been settled. This is to ensure that company is wound up in a controlled manner. On this basis the parent company accepts that its loan to the company will not be repaid in full.

Revenue represents amounts receivable for services net of VAT and trade discounts. Profit was recognised on long-term contracts, if the final outcome can be assessed with reasonable certainty, by including in the profit and loss account revenue as contract activity progresses. Revenue is calculated as that proportion of total contract value completed at the period end.

Property, plant and equipment 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 and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

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.

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost.

Basic financial liabilities, including trade and other payables, 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 receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue 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.

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.

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation.

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 costs of stock or fixed assets.

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 income 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 lease 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 are included in the income statement for the period.

In the comparative period the company released an amount of £7,692 due from Idea Couture Limited and this was charged as an expense in the profit and loss account.

The average monthly number of persons (including directors) employed by the company during the year was 18 (2016 - 19).

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.

Use of a basis other than going concern

We draw attention to note 1.2 in the financial statements, which indicates that the company ceased trading on 31 December 2017 and therefore the financial statement have not been prepared on a going concern basis. As stated in note 1.2, the financial statements have been prepared on a break up basis. Our opinion is not modified in respect of this matter.false

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

On 7 June 2018, the share capital of the company was reduced by cancelling all but one of the issued Ordinary shares. The share premium account and capital redemption reserve were cancelled and credited to the profit and loss account on this date.

The ultimate parent company which draws up consolidated financial statements is Cognizant Technology Solutions Corporation a company incorporated in the United States of America. The registered office of which is Glenpointe Centre West, 500 Frank W. Burr Blvd. Teaneck, New Jersey, 07666.