Financial Statements of Subsidiaries
Accelya Solutions Americas, Inc. | 2 |
(formerly known as Kale Softech Inc.) | |
1405 Plymouth Road, | |
North Brunswick, NJ 08902, USA | |
Accelya Solutions UK Limited | 12 |
(formerly known as Zero Octa UK Limited) | |
Acre House, 11/15 William Road, | |
London, NW1 3ER | |
38th Annual Report 2023-24 | Accelya Solutions India Limited | 1 |
Accelya Solutions Americas, Inc.
Directors' Report
To,
The Shareholders,
The Board of Directors of Accelya Solutions Americas, Inc. ("the Company") presents its report in respect of the year ended 30th June 2024.
Directors
James K Davidson has held office during the whole of the period from 29th July 2020 to the date of this report.
Saurav Adhikari has held office during the whole of the period from 2nd August 2022 to the date of this report.
Principal Activity
The principal activity of the Company during the financial year was marketing software solutions and outsourced services to the travel and transportation industry. No significant change in the nature of business activities occurred during the year.
Results
The revenue of the Company during the year ended June 30, 2024, was USD 15,173,996 as compared to USD 15,628,665 for the year ended June 30, 2023. The Company made a Net Profit of USD 657,370 for the year ended June 30, 2024, as compared to USD 911,432 for the year ended June 30, 2023.
Review of Operations
The total numbers of customers are thirteen.
Significant Changes in the State of Affairs
There were no significant changes in the state of affairs of the Company during the financial year other than those disclosed in this report.
Significant Event after Balance Sheet Date
There is no significant event to report since the book-close and balance sheet date of June 30, 2024.
Likely Developments and Future Results
The Company will continue to focus on pursuing opportunities in the Travel & Transportation industry for software solutions and outsourced services in the local markets.
With the domain expertise and in-depth knowledge of the Travel and Transportation industry, the Company is confident that more and more airlines will sign up as their preferred solution provider.
Environmental Regulation Performance
The Company's operations are not subjected to any particular and significant environmental regulation under a law of the US Federal or any State Government. Accordingly, no environmental disclosure is required.
2 | 38th Annual Report 2023-24 | Accelya Solutions India Limited |
Accelya Solutions Americas, Inc.
Directors' Interests
Since the end of the previous financial year, no director of the Company has received or become entitled to receive any benefit, other than benefits disclosed in the financial statements as emoluments or the fixed salary of a full- time employee of the Company or a related body corporate by reason of a contract made by the Company or a related body corporate with the director or with a firm of which the director is a member, or with a company in which the director has a substantial interest.
Indemnification of Officers
The Company has not, during or since the end of the financial year, in respect of any person who is or has been an officer or auditor of the Company.
- Indemnified or made any relevant agreement for indemnifying against a liability, including costs and expenses in successfully defending legal proceedings; or
- Paid or agreed to pay a premium in respect of a contract insuring against a liability for the costs or expenses to defend legal proceedings.
Directors' Responsibility Statement
Your directors confirm that-
- In the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures.
- The directors had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give true and fair view of the state of affairs of the Company at the end of the financial year and of the profit or loss for that period.
- The directors had taken proper and sufficient care for the maintenance of adequate accounting records for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities.
- The directors have prepared the annual accounts on a going concern basis.
- The directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively
This report has been made in accordance with a resolution of directors.
For and on behalf of the Board of Directors | |
Place: New Jersey | James K Davidson |
Date: July 25, 2024 | Director |
38th Annual Report 2023-24 | Accelya Solutions India Limited | 3 |
Accelya Solutions Americas, Inc.
BALANCE SHEET JUNE 30, 2024
30 June 2024 | 30 June 2023 | ||
$ | $ | ||
Assets | |||
Current assets: | 3,830,702 | ||
Cash at bank | 4,127,674 | ||
Accounts receivable ( net) | 2,446,111 | 2,296,664 | |
Advances | - | 7,295 | |
Prepaid expenses-current | 74,850 | 42,426 | |
Total current assets | |||
6,351,663 | 6,474,059 | ||
Non current assets | |||
Prepaid expenses-non current | 140,151 | 237,426 | |
Security deposits | 5,000 | 5,000 | |
Total non current assets | |||
145,151 | 242,426 | ||
Total assets | 6,496,814 | 6,716,485 | |
Liabilities and member's deficit | |||
Current liabilities: | 3,622,443 | ||
Accounts payable & accruals | 3,540,511 | ||
Corporate tax payable (net) | 34,953 | 17,257 | |
Deferred income | 338,729 | 315,398 | |
Total current liabilities | 3,996,125 | 3,873,166 | |
Stockholder's equity | 13,000 | ||
1,300,000 Shares issued and outstanding | 13,000 | ||
Additional paid in capital | 1,287,000 | 1,287,000 | |
Retained earnings | 1,200,689 | 1,543,319 | |
Total stockholders' equity | 2,500,689 | 2,843,319 | |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 6,496,814 | 6,716,485 | |
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS
For Accelya Solutions Americas, Inc. | |
Place : New Jersey | James K Davidson |
Date : July 25, 2024 | Director |
4 | 38th Annual Report 2023-24 | Accelya Solutions India Limited |
Accelya Solutions Americas, Inc.
STATEMENT OF RETAINED EARNINGS/(DEFICIT) JUNE 30, 2024
30 June 2024 | 30 June 2023 | ||
$ | $ | ||
Retained Earnings/(Deficit) - beginning | 1,543,319 | 631,887 | |
Add: Profit for the year | 657,370 | 911,432 | |
Less: Dividend | (1,000,000) | - | |
Retained earnings-ending | 1,200,689 | 1,543,319 | |
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS
For Accelya Solutions Americas, Inc. | |
Place : New Jersey | James K Davidson |
Date : July 25, 2024 | Director |
38th Annual Report 2023-24 | Accelya Solutions India Limited | 5 |
Accelya Solutions Americas, Inc.
STATEMENT OF OPERATION JULY 1, 2023 TO JUNE 30, 2024
Year ended | Year ended | ||
30 June 2024 | 30 June 2023 | ||
$ | $ | ||
Revenue | |||
Income | 15,173,996 | 15,628,665 | |
Less: Cost of goods sold - Schedule A | 12,161,731 | 11,595,782 | |
Gross revenue | 3,012,265 | 4,032,883 | |
Operating expenses: | |||
Salaries & payroll taxes | - | 8,382 | |
General and administrative (Schedule B) | 2,104,521 | 2,728,754 | |
Depreciation | - | 968 | |
Total operating expenses | 2,104,521 | 2,738,104 | |
Profit from operations before interest and taxes | 907,744 | 1,294,779 | |
Other income/(expenses) | |||
Recovered/Reimbursed expenses | - | 17,276 | |
Loss on currency fluctuation | 6,778 | (8,074) | |
Total other Income | 6,778 | 9,202 | |
Profit before taxes and interest | 914,522 | 1,303,981 | |
Corporate tax | (257,152) | (392,549) | |
Net profit for the year | 657,370 | 911,432 | |
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS
For Accelya Solutions Americas, Inc. | |
Place : New Jersey | James K Davidson |
Date : July 25, 2024 | Director |
6 | 38th Annual Report 2023-24 | Accelya Solutions India Limited |
Accelya Solutions Americas, Inc.
STATEMENT OF OPERATION JULY 1, 2023 TO JUNE 30, 2024
Year ended | Year ended | ||
30 June 2024 | 30 June 2023 | ||
$ | $ | ||
Schedule A | |||
Cost of sales | 12,161,731 | ||
Technical consultants charges | 11,595,782 | ||
Total cost of sales | |||
12,161,731 | 11,595,782 | ||
Year ended | Year ended | ||
30 June 2024 | 30 June 2023 | ||
$ | $ | ||
Schedule B | |||
General and administrative expenses | 428,912 | ||
Advertisement and sales promotion | 398,215 | ||
Bank and credit card charges | 2,399 | 3,519 | |
Bad debt written off | 113,339 | - | |
Conference and seminars | 30,523 | 85,026 | |
Director sitting and committee fees | 5,000 | 5,000 | |
Dues and subscriptions | 46,206 | 48,101 | |
Employees benefits | - | 706 | |
Insurance | 120,651 | 33,006 | |
Legal and professional fees | 6,384 | 8,489 | |
Management fees | 977,443 | 1,391,837 | |
Office expenses | 14,757 | 4,163 | |
(Reversal)/Provision for doubtful debts | (99,653) | 115,838 | |
Software and maintenance | 237,675 | 423,431 | |
Telecommunication | - | 3,185 | |
Travel | 154,349 | 114,872 | |
Website expenses | 66,536 | 93,366 | |
Total general and administrative expenses | 2,104,521 | 2,728,754 | |
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS
For Accelya Solutions Americas, Inc. | |
Place : New Jersey | James K Davidson |
Date : July 25, 2024 | Director |
38th Annual Report 2023-24 | Accelya Solutions India Limited | 7 |
Accelya Solutions Americas, Inc.
STATEMENT OF CASH FLOWS JULY 1, 2023 TO JUNE 30, 2024
Year ended | Year ended | ||
30 June 2024 | 30 June 2023 | ||
$ | $ | ||
Net profit | 657,370 | 911,432 | |
Adjustment to reconcile net profit to net cash | |||
Used in operating activities: | |||
Depreciation | - | 968 | |
Accounts receivable | (149,447) | 349,836 | |
Advances | 7,295 | (2) | |
Prepaid expenses-current | (32,424) | 48,327 | |
Prepaid expenses-non current | 97,275 | 32,425 | |
Accounts payable and accrued liabilities | 81,932 | 452,837 | |
Corporate tax payable | 17,696 | (8,624) | |
Deferred income | 23,331 | (181,071) | |
Net cash used in operating activities | 703,028 | 1,606,128 | |
Cash flows from investing activities | |||
Net cash used in investing activities | - | - | |
Cash flows from financing activities | |||
Dividend paid | (1,000,000) | - | |
Net cash used in financing activities | (1,000,000) | - | |
Net increase in cash | (296,972) | 1,606,128 | |
Cash at the beginning of the period | 4,127,674 | 2,521,546 | |
Cash at the end of the period | 3,830,702 | 4,127,674 | |
Supplemental disclosures of cash flow information | |||
Corporation tax paid | 222,200 | 375,292 | |
Dividend paid | 1,000,000 | - |
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS
For Accelya Solutions Americas, Inc. | |
Place : New Jersey | James K Davidson |
Date : July 25, 2024 | Director |
8 | 38th Annual Report 2023-24 | Accelya Solutions India Limited |
Accelya Solutions Americas, Inc.
NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 2024
-
Organization and operation
Accelya Solutions Americas Inc. (ASAI) (formerly known as Kale Softech Inc.) was incorporated on November 16, 1998 in the State of New Jersey. The primary business activity during the financial year was marketing software solutions and outsourced services to the travel and transportation industry. The Company began its operation on January 1, 1999. It is a wholly owned subsidiary of Accelya Solutions India Limited (Accelya Solutions) in India which is a leading solution provider to global Airline and Travel Industry. ASAI enters into contracts with the end customers in the Americas and is responsible for invoicing and collection. ASAI outsources the contracts to its parent company in India. All ASAI's offering are sourced through the parent company. The customers of ASAI are serviced and supported out of the delivery centers of Accelya Solutions in India. - Summary of Significant Accounting Policies Basis of Accounting
The accompanying financial statements for the period July 1, 2023, to June 30, 2024 are prepared in accordance with the Statement on standard for Accounting and review services issued by American Institute of Certified Public Accountants.
In preparing the Company's financial statements in conformity with Statements on Standards for Accounting and Review Services, issued by the American Institute of Certified Public Accountants, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period, the important estimates made by the Company in preparing these financial statements include those of useful life of property and equipment, the valuation of deferred taxes and allowance for doubtful debts and actual results could differ from those estimates.
Assets, liabilities, revenue and expenses are recognized on an accrual basis of accounting for both financial statements and federal income tax purposes. The accounts are prepared on a going concern basis. - Cash at Bank
Balance in the bank, as on June 30, 2024, was $ 3,830,702. The balance in the bank exceeds the limit of FDIC insurance of $ 250,000 per account this year. - Accounts Receivable
The Company provides allowance for doubtful accounts equal to uncollectable amounts in the aggregate based on the present and prospective financial condition of the customers and ageing of account receivable after considering historical experience and economic environment.
The total accounts receivable of $ 2,446,111 as on June 30, 2024, are fully collectible. Geographical concentration of sales is:
-0.09% | Bolivia |
18.45% | Brazil |
0.52% | Canada |
20.17% | Chile |
60.95% | USA |
38th Annual Report 2023-24 | Accelya Solutions India Limited | 9 |
Accelya Solutions Americas, Inc.
NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 2023
5. Corporate Tax Payable
The Company provides for taxes as required by the accounting principles generally accepted in United States of America. The federal and state income tax returns of the Company for 2021, 2022, 2023 are subject to examination by IRS and State authorities, general for three years after they are filed.
$ | 222,199 | Advance tax paid for the year ended June 30, 2024 | ||||
$ | (257,152) | Provision tax for the year ended June 30,2024 | ||||
$ | 34,953 | |||||
6. | Other Asset | |||||
Details are as under: | ||||||
$ 5,000 | IATA deposit | |||||
$ 5,000 | Total other assets | |||||
7. | Accounts Payable | |||||
The total accounts payable is $ 3,622,443 as on June 30, 2024. Accounts Payable includes $ 2,694,112 payable | ||||||
to Accelya Solutions India Limited, $ 717,404 Payable to Accelya Global Ltd., $ 96,577 to Accelya US, Inc, and | ||||||
$ 83,208 to Accelya World S.L.U. | ||||||
8. | Commitment and contingencies | |||||
There are no commitments of contingencies as on June 30, 2024. The Company has evaluated events through | ||||||
July 25, 2024, which is the date the financial statements were available to be issued. Therefore, there is no | ||||||
provision for contingencies as on June 30, 2024. | ||||||
9. | Remuneration paid to Directors | |||||
Remuneration of $5,000 paid to Saurav Adhikari is shown under the heading 'Director sitting and committee | ||||||
fees' expenses in financial statements. |
10. Related Party Transactions
The company has the following transactions with the parent company and associated entities.
Inter-Company Name | Services | Services | Claims raised | Claims | Dividend |
rendered by | received by | for expenses | received for | Paid | |
the Company | the Company | ($) | expenses | ($) | |
($) | ($) | ($) | |||
Accelya Solutions India Ltd. | - | 10,617,651 | - | - | 1,000,000 |
Accelya World S.L.U. | - | 315,521 | - | - | - |
Accelya Global Ltd. | - | 2,434,369 | - | 173,510 | - |
Accelya US Inc. | - | 383,462 | - | 18,506 | - |
10 | 38th Annual Report 2023-24 | Accelya Solutions India Limited |