Tata Motors : In Car Ventures Limited

In-Car Ventures Limited

ANNUAL REPORT AND FINANCIAL STATEMENTS

Registered number: 10442527

For the year ended 31 March 2024

In-Car Ventures Limited

Annual report and financial statements

For the year ended 31 March 2024

Company information

Directors

D.A.R. Berry

M. Brogden

Company secretary

H.S. Cairns

Registered office

Abbey Road

Whitley

Coventry

England

CV3 4LF

Independent auditor

Forvis Mazars LLP

2 Chamberlain Square

Birmingham

B3 3AX

United Kingdom

	In-Car Ventures Limited
Annual report and financial statements
For the year ended 31 March 2024
Contents
Directors' report	1
Statement of Directors' Responsibilities in respect of the Annual Report and the Financial Statements	3
Independent auditor's report to the members of In-Car Ventures Limited	4
Income statement	7
Balance sheet	8
Statement of changes in equity	9
Notes to the financial statements	10

In-Car Ventures Limited

Annual report and financial statements

For the year ended 31 March 2024

Directors' report

The directors present their report and the audited financial statements for In-Car Ventures Limited ('the Company') for the year ended 31 March 2024.

Principal activity

The principal activity of the Company was to hold an intellectual property ('IP') asset in relation to the Pivi Pro Platform and to license this to other Jaguar Land Rover Automotive plc group companies in exchange for royalty fees.

Review of the business and future developments

The income statement shows a loss after tax for the financial period of £20,670 (2023: loss of £440,824).

No interim dividends were paid, and the directors do not propose a final dividend for the year ended 31 March 2024 (2023: £nil).

It is management's intention to sell the IP asset to another entity within the Jaguar Land Rover Automotive plc group of companies. Whilst the sale has not yet taken place, it is expected to be executed during the year ended 31 March 2025. On execution of the transfer, the directors intend to wind-up the Company.

Directors

The directors who held office during the year and to the date of this report unless otherwise stated are as follows:

D.A.R. Berry

M. Brogden

Going concern

It is management's intention to sell the IP asset to another entity within the Jaguar Land Rover Automotive plc group of companies. This sale is expected to be executed during the year ended 31 March 2025. On execution of the transfer, the directors intend to wind-up the Company.

Accordingly, the going concern basis of accounting is no longer appropriate and the financial statements have been prepared on a basis other than going concern. No further adjustments were necessary in the financial statements to reduce the assets to their net realisable values, to provide for liabilities arising from the decision and to reclass any provisions to current liabilities.

Directors' indemnities

The Company's intermediate parent company, Jaguar Land Rover Automotive plc, maintained directors' liability insurance for all directors during the financial year.

Strategic report exemption

The Company has elected not to prepare a strategic report. The Company qualifies as small and as such seeks to take advantage of the exemption available under section 414A of the Companies Act 2006 with regard to including a Strategic report.

Events after the reporting date

There have been no material events since the reporting date other than those outlined in the 'Review of the business and future developments' section of this report.

Independent auditor

Forvis Mazars LLP remains in office as auditor of the Company in accordance with section 487(2) of the Companies Act 2006.

In accordance with Section 487 of the Companies Act 2006, the Company has elected to dispense with laying financial statements before the general meeting, holding annual general meetings and the annual appointment of the auditor. With such an election in force, the Company's auditor shall be deemed to be re-appointed for each succeeding financial year in accordance with Section 485 of the Act.

1

In-Car Ventures Limited

Annual report and financial statements

For the year ended 31 March 2024

Directors' report (continued)

Statement of disclosure of information to auditor

In the case of each of the persons who are directors at the time when the report is approved under Section 418 of the Companies Act 2006 the following applies:

so far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the Company's auditor is unaware; and

each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

Approved by the Board of Directors and signed on behalf of the Board by:

1. Brogden Director

13 June 2024

2

In-Car Ventures Limited

Annual report and financial statements

For the year ended 31 March 2024

Statement of Directors' Responsibilities in respect of the Annual Report and the Financial Statements

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 101: Reduced Disclosure Framework ("FRS 101").

Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and then apply them consistently;

make judgements and estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards, comprising FRS 101 have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. The directors are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

3

In-Car Ventures Limited

Annual report and financial statements

For the year ended 31 March 2024

Independent auditor's report to the members of In-Car Ventures Limited

Opinion

We have audited the financial statements of In-Car Ventures Limited (the 'company') for the year ended 31 March 2024 which comprise the Income statement, Balance sheet, Statement of changes in equity and notes to the financial statements, including material accounting policy information.

The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 101 "Reduced Disclosure Framework" (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its loss for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the "Auditor's responsibilities for the audit of the financial statements" section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Emphasis of matter - basis of preparation

We draw attention to Note 1B to the financial statements which explains that the directors intend to wind up the company and therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly, the financial statements have been prepared on a basis other than going concern as described in Note 1B.

Our opinion is not modified in respect of this matter.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit:

the information given in the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the directors' report has been prepared in accordance with applicable legal requirements.

4

In-Car Ventures Limited

Annual report and financial statements

For the year ended 31 March 2024

Independent auditor's report to the members of In-Car Ventures Limited (continued)

Matters on which we are required to report by exception

In light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

the directors were not entitled to prepare the financial statements in accordance with the small companies' regime and take advantage of the small companies' exemption in preparing the directors' report and from the requirement to prepare a strategic report.

Responsibilities of Directors

As explained more fully in the directors' responsibilities statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

Based on our understanding of the company and its industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: anti-money laundering regulation.

To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to:

Inquiring of management and, where appropriate, those charged with governance, as to whether the company is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations;

Inspecting correspondence, if any, with relevant licensing or regulatory authorities;

Communicating identified laws and regulations to the engagement team and remaining alert to any indications of non-compliance throughout our audit; and

Considering the risk of acts by the company which were contrary to applicable laws and regulations, including fraud.

We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as tax legislation and the Companies Act 2006.

5

In-Car Ventures Limited

Annual report and financial statements

For the year ended 31 March 2024

Independent auditor's report to the members of In-Car Ventures Limited (continued)

Auditor's responsibilities for the audit of the financial statements (continued)

In addition, we evaluated the directors' and management's incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of management override of controls, and determined that the principal risks related to, posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, in particular in relation to revenue recognition, impairment of intangible assets and significant one-off or unusual transactions.

Our audit procedures in relation to fraud included but were not limited to:

Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud;

Gaining an understanding of the internal controls established to mitigate risks related to fraud;

Discussing amongst the engagement team the risks of fraud; and

Addressing the risks of fraud through management override of controls by performing journal entry testing.

There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non- detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of the audit report

This report is made solely to the company's members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body for our audit work, for this report, or for the opinions we have formed.

Elisa Howe (Senior Statutory Auditor)

for and on behalf of Forvis Mazars LLP

Chartered Accountants and Statutory Auditor

First Floor

2 Chamberlain Square

Birmingham

B3 3AX

Date:

6

In-Car Ventures Limited

Annual report and financial statements

For the year ended 31 March 2024

Income statement

For the year ended 31 March (£)	Note	2024	2023
Revenue	2	200,000	110,000
Foreign exchange gains/(losses)	3	154,017	(489,362)
Amortisation of intangible assets	3	(148,885)	(148,885)
Operating profit/(loss) for the year		205,132	(528,247)
Finance expense	5	(76,383)	(41,744)
Profit/(loss) before tax		128,749	(569,991)
Income tax (expense)/credit	6	(149,419)	129,167
Loss for the year		(20,670)	(440,824)

All the activities of the Company are from continuing operations.

The notes on pages 10 to 15 form an integral part of these financial statements.

There were no other gains or losses other than the results for the current financial year. Accordingly, no Statement of Comprehensive Income has been presented.

7