Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2022
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NEXUS BUSINESS SOLUTIONS GROUP LIMITED
COMPANY INFORMATION
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NEXUS BUSINESS SOLUTIONS GROUP LIMITED
CONTENTS
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NEXUS BUSINESS SOLUTIONS GROUP LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
This is the strategic report for Nexus Business Solutions Group Ltd and its group for the year ended 31 December 2022. The currency is GB£ and the rounding is to the nearest £1,000. The group is a global service provider to the automotive industry and its principal activities are the provision of IT systems, managed programs, HR solutions and consultancy services.
Our continued focus on North America is appropriate as size and dynamics outpace the rest of the world. Nexus’ operations in the US are recognised for consistently delivering record results for clients despite budget and resource constraints.
The UK automotive operations serving OEMs have been tempered by the Coronavirus pandemic but rental support programmes, notably for Ford and Kia, have remained busy and at times overachieving as an essential service. Nexus Computer Systems was fully engaged in developing software for clients as well as providing the robust infrastructure for the Group’s IT operations and integrity. The UK Aftermarket team sustaining the web-based data and dealer services technology remained busy supporting OEM programmes in Australia and New Zealand. Ford, Mercedes, BMW and Honda were sustained due to good client relationship on a market heavily affected by Coronavirus pandemic and economic constraints.
Consolidated Sales were over Budget at £15,931,000, £2,185,000 over 2021 generating a gross profit £5.3 million and an Operating Profit of £2.2 million.
This performance enhancement on previous year was directly a consequence of Rental Auto market with affected OEM client production areas due to the Coronavirus pandemic and thus impacting the Group’s operations mainly in UK market. On all other markets attentive and continuous review of costs and existing business is priority for Directors in this challenging economic market and when taking account of the challenges faced in all areas of the business, this delivery of performance generating a positive cashflow represented excellent management of the business in the most testing circumstances.
The group's year end position remains strong with an increase in net assets to £5,845,000, including cash of £5,610,000.
Fast and significant actions taken to protect the global business by combining prudent economics and bank support with government initiatives in each global region enabled the Group to ride out the pandemic and to be in a strong position to respond quickly to a resurgence of national economies and clients’ focus on rebuilding and improving business activity in 2023. The Group’s operations in each region continue to receive concentrated attention in the four disciplines of HR, IT, Finance and Operations.
Uncertainty of timing and profitability on future contracts The Group’s future performance and development will comprise two parts in which the development of existing business based on markets reopening will be augmented by new business support initiatives leveraging fully developed software platforms serving OEM’s commercial and retail customers as well as their dealer networks. We expect to benefit significantly when large corporations in our sector leverage established service providers to help them to gear-up quickly to serve resurgent markets from mid-2023. We have no reason to believe the economics in price and sustainability over many years will be compromised.
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NEXUS BUSINESS SOLUTIONS GROUP LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
In the prevailing circumstances of economic uncertainty, the single most important KPI continues to be effective cashflow management and maintaining adequate liquid reserves to cope with extended-period payments. This will transition to the more typical focus on commercially sound operating margins as the shoots of normal trading conditions start to emerge.
This report was approved by the board and signed on its behalf.
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NEXUS BUSINESS SOLUTIONS GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
The directors present their report and the financial statements for the year ended 31 December 2022.
The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 the Group and of the profit or loss of the Group for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £1,556,000 (2021 - £1,243,000).
The directors do not recommend a dividend for the year.
The directors who served during the year were:
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NEXUS BUSINESS SOLUTIONS GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
The financial statements have been prepared on a going concern basis as the Director considers the Company to be a going concern
based on its financial position together with cash flow forecasts and budgets for the next 12 months which he considers to
appropriately summarise expected cash flows and forecast trading in the next 12 months.
The Directors' going concern assessment has also considered the wider Group's liquidity and continued availability of finance facilities,
including those provided by third parties and the loan provided by a shareholder. The Shareholder Loan has been structured to be
repaid back in full by December 2023 and this has been included in the analysed cash flows and forecast trading in the next 12 months.
Therefore, having considered the Group's financial position, its trading results in the year, cash flow and trading forecasts for at least
the next 12 months, the economic environment, industries in which the group operates, expectations of the availability of finance and
other relevant matters the Director consider it appropriate to prepare the financial statement going concern basis.
Information on the company's risks and uncertainties and key performance indicators together with a review of the year are included in the Strategic Report.
Each of the persons who are directors at the time when this Director's Report is approved has confirmed that:
There have been no significant events affecting the Company since the year end.
The auditors, Haysmacintyre LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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NEXUS BUSINESS SOLUTIONS GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NEXUS BUSINESS SOLUTIONS GROUP LIMITED
We have audited the financial statements of Nexus Business Solutions Group Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2022, which comprise the Group Statement of comprehensive income, the Group and Company Balance sheets, the Group and Company Statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.
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NEXUS BUSINESS SOLUTIONS GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NEXUS BUSINESS SOLUTIONS GROUP LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.
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NEXUS BUSINESS SOLUTIONS GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NEXUS BUSINESS SOLUTIONS GROUP LIMITED (CONTINUED)
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 Auditors' 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 these Group financial statements.
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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to compliance with Companies Law and tax regulation, and we considered the extent to which non-compliance might have a material effect on the financial statements. We considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, income tax, payroll tax and sales tax. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to revenue and management bias in accounting estimates. Audit procedures performed by the engagement team included: -Inspecting correspondence with regulators and tax authorities; - Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud; - Evaluating management’s controls designed to prevent and detect irregularities; - Identifying and testing journals, in particular journal entries posted which exhibited certain characteristics which we considered to be possible indicators of fraud or irregularity; and - Challenging assumptions and judgements made by management in their critical accounting estimates.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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 Auditors' 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 Auditors' 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.
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NEXUS BUSINESS SOLUTIONS GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NEXUS BUSINESS SOLUTIONS GROUP LIMITED (CONTINUED)
for and on behalf of
Statutory Auditors
10 Queen Street Place
EC4R 1AG
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NEXUS BUSINESS SOLUTIONS GROUP LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2022
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NEXUS BUSINESS SOLUTIONS GROUP LIMITED
REGISTERED NUMBER: 03671481
CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2022
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 14 to 28 form part of these financial statements.
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NEXUS BUSINESS SOLUTIONS GROUP LIMITED
REGISTERED NUMBER: 03671481
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2022
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 14 to 28 form part of these financial statements.
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NEXUS BUSINESS SOLUTIONS GROUP LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
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NEXUS BUSINESS SOLUTIONS GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
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NEXUS BUSINESS SOLUTIONS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Nexus Business Solutions Group Limited, registered number 03671481, is a private limited company incorporated and domiciled in England and Wales. The address of the registered office is 10 Queen Street Place, London, EC4R 1AG and trading address White Clark House, Woodlands Business Park, Milton Keynes, M14 6FG. The principal activities of the group during the year were that of the supply of programme, people and consultancy services to the Automotive industry and also the provision of vehicle hire activities.
2.Accounting policies
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.
Parent Company disclosure exemptions
In preparing the separate financial statements of the parent Company, advantage has been taken of the following disclosure exemptions available in FRS 102:
∙No Statement of cash flows has been presented for the parent Company;
∙Disclosures in respect of the parent Company's financial instruments have not been presented as equivalent disclosures have been provided in respect of the Company as a whole; and
∙No disclosures have been given for the aggregate remuneration of the key management personnel of the parent Company as their remuneration is included in the totals for the Company as a whole.
The following principal accounting policies have been applied:
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NEXUS BUSINESS SOLUTIONS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
The Parent Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of White Clarke Technologies Limited as at 31 December 2022 and these financial statements may be obtained from Companies House.
The financial statements have been prepared on a going concern basis based on the results of the Directors assessment
of the going concern status of the company. As part of this assessment the Directors have reviewed and assessed cash
flow forecasts and budgets for at least the next 12 months which they consider to appropriately summarise expected cash flows and forecast trading in the next 12 months.
The Directors' going concern assessment has also considered the wider Group's liquidity and continued availability of
finance facilities, including those provided by third parties and the loan provided by a shareholder. The Shareholder Loan
has been structured to be repaid back in full by December 2023 and this has been included in the analysed cash flows and
forecast trading in the next 12 months.
Therefore, having considered the Group's financial position, its trading results in the year, cash flow and trading forecasts
for at least the next 12 months, the economic environment, industries in which the group operates, expectations of the
availability of finance and other relevant matters the Directors consider it appropriate to prepare the financial statement
going concern basis.
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NEXUS BUSINESS SOLUTIONS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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NEXUS BUSINESS SOLUTIONS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, and other third parties, and loans from related parties.
Functional and presentation currency
Transactions and balances
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NEXUS BUSINESS SOLUTIONS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
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NEXUS BUSINESS SOLUTIONS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Analysis of turnover by country of destination:
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NEXUS BUSINESS SOLUTIONS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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NEXUS BUSINESS SOLUTIONS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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NEXUS BUSINESS SOLUTIONS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
10.Taxation (continued)
There were no factors that may affect future tax charges.
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NEXUS BUSINESS SOLUTIONS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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NEXUS BUSINESS SOLUTIONS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
12.Tangible fixed assets (continued)
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NEXUS BUSINESS SOLUTIONS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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NEXUS BUSINESS SOLUTIONS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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NEXUS BUSINESS SOLUTIONS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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NEXUS BUSINESS SOLUTIONS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Profit and loss account
The Group operates a defined contributions pension scheme for the directors and senior employees. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £117,000 (2021 - £133,000). Contributions totalling £6,466 (2021 - £11,652) were payable to the fund at the balance sheet date and are included in creditors.
The immediate parent of the company is Latimer Solutions Group Limited.
The directors consider the ultimate controlling party to be White Clarke Technologies Limited, a company incorporated in the United Kingdom. White Clarke Technologies Limited is the largest and smallest entity within the group which prepares consolidated financial statements in which this company's results are included. Its registered office is 10 Queen Street Place, London, EC4R 1AG and its principal place of business is White Clarke House, Woodlands Business Park, Linford Wood, Milton Keynes MK14 6FG.
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