NOTES TO THE CONSOLIDATED FINANCIAL STATEMENT

FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2021

1.   GENERAL INFORMATION

The Company was incorporated in England and Wales on 26 February 2016, as a public company limited by shares under the Act. The principal legislation under which the Company operates is the Act. The registered office of the Company is at the offices of London Registrar, Suite A, 6 Honduras St, London EC1Y 0TH United Kingdom.

2.   ACCOUNTING POLICIES

Basis of preparation

The condensed financial information for the period ended 30 September 2021 and 30 September 2020 have been prepared in accordance with IAS 34, Interim Financial Reporting. The condensed financial information is unaudited and does not constitute statutory financial statements. The comparative interim financial information covers the period from 1 April 2020 to 30 September 2020.

The principal accounting policies used in preparing the interim financial statements are the same as those applied in the Company's financial statements as at and for the year ended 31 March 2021, which have been prepared in accordance with the International Accounting Standards in conformity with the requirements of the Companies Act 2006 and International Financial Reporting Standards as adopted pursuant to Regulation (EC) No 1606/2002 as it applies in the European Union ("IFRS"). The auditors' report on those accounts was unqualified and unmodified.

The condensed financial information is presented in British Pound Sterling ("£").

The interim financial statements for the six months ended 30 September 2021 was approved by the Directors on 22 December 2021.

Going concern

These interim financial statements have been prepared on a going concern basis.

The COVID-19 pandemic lock downs in Malaysia which was implemented in March 2020 have since been removed as the country have reached herd immunity and with the easing of restriction businesses are moving towards normalisation. Hence, opening up more opportunities for businesses.

The company is already in an active discussion with some of the potential clients to secure new business in the forthcoming year.

The Company has enough cash balances to run its operations for the next 24 months.. The Company also relies heavily on outsourcing companies to perform its international service maintenance which helps the company to manage its cashflows better and also keep the lowest possible headcount on the payroll.

3.   CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS

The preparation of unaudited interim financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses for the current and its corresponding financial period under review. Actual results may differ from these estimates.

In preparing the unaudited interim financial statements, the significant judgements made by the management in applying the Company's accounting policies and the sources of estimates uncertainty were consistent as those applied to the 2021 Audited Financial Statements.

There were no changes in estimates of amounts of the Company that may have a material effect on financial period ended 30 September 2021.

4.   REVENUE

Revenue is recognised either when the performance obligation in the contract have been performed (so "point in time" recognition) or "overtime" as control of the performance obligation is transferred to the customer. Revenue represents rendered managed telecommunication services to the customers, the end users, which is recognised over the period of time when the services is performed.

Invoicing and payment terms are generally monthly in advance except for a single customer who has been granted extended timeframe for settlement. A contract liability represents the obligation of the Group to render services to a customer for which consideration has been received (or the amount is due) from the customer

In addition, under contract with customer, the customer is also entitled to claim rebates if the service performed / downtime is more that the allowed hours in any given month. The Group has implemented an open source fully customised Network Performance Monitoring system, which can provide an in-depth view of performance by customer. Due to the high level of service provided under each contract with a customer, the Group has no history of having to provide rebates. On that basis, the variable consideration was considered as remote.

Revenue is derived substantially  from Malaysia, Singapore and Thailand. Revenue excludes value added tax and other sales taxes.

5.   PROFIT PER SHARE

Basic profit per ordinary share is calculated by dividing the profit attributable to equity holders of the company by the weighted average number of ordinary shares in issue during the period. Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares. There are currently no dilutive potential ordinary shares.

Profit per share attributed to ordinary shareholders

6.   RIGHT-OF-USE

The Group subsidiary leased an office which the subsidiary has entered into a non-cancellable operating lease agreement. The lease is for a period of 24 months operating lease agreement with an option to renew the lease for a further 12 months.

7.   BANK

Cash and Cash equivalents are denominated in the following currencies:

8.   TRADE AND OTHER RECEIVABLES

9.   TRADE AND OTHER PAYABLES

10. LEASE LIABILITIES

Lease liabilities are payable as follow:

11. SHARE CAPITAL

Ordinary shares of ₤1 each

At 31 March 2021 and 30 September 2021, the total issued ordinary share of the Company were 10,000,000.

12. SEASONAL OR CYCLICAL FACTORS

There are no seasonal factors that materially affect the Group's operation.

13. RELATED PARTY TRANSACTIONS

The amount due to related party is interest-free and they are payable on demand.

14. SUBSEQUENT EVENT

There were no subsequent events immediately after the reporting period.