Teleperformance BPO UK Limited
Financial Statements
For the year ended 31 March 2024
Pages for Filing with Registrar
Company Registration No. 09548599 (England and Wales)
Teleperformance BPO UK Limited
Company Information
Directors
K Wise
O Rigaudy
A Mukker
Secretary
V Chhabra
Company number
09548599
Registered office
Suite 305
70 Pall Mall
St. James
London
SW1Y 5ES
Auditors
Moore Kingston Smith LLP
6th Floor
9 Appold Street
London
EC2A 2AP
Teleperformance BPO UK Limited
Balance Sheet
As at 31 March 2024
31 March 2024
Page 1
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
5
5,658
7,375
Current assets
Debtors
6
3,443,410
3,081,418
Cash at bank and in hand
137,480
326,848
3,580,890
3,408,266
Creditors: amounts falling due within one year
7
(220,936)
(200,014)
Net current assets
3,359,954
3,208,252
Net assets
3,365,612
3,215,627
Capital and reserves
Called up share capital
8
1,500,001
1,500,001
Profit and loss reserves
1,865,611
1,715,626
Total equity
3,365,612
3,215,627
The directors of the company have elected not to include a copy of the profit and loss account 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.
The financial statements were approved by the board of directors and authorised for issue on 21 August 2024 and are signed on its behalf by:
K Wise
Director
Company Registration No. 09548599
Teleperformance BPO UK Limited
Statement of Changes in Equity
For the year ended 31 March 2024
Page 2
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 April 2022
1,500,001
1,552,193
3,052,194
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
163,433
163,433
Balance at 31 March 2023
1,500,001
1,715,626
3,215,627
Year ended 31 March 2024:
Profit and total comprehensive income for the year
-
149,985
149,985
Balance at 31 March 2024
1,500,001
1,865,611
3,365,612
Teleperformance BPO UK Limited
Notes to the Financial Statements
For the year ended 31 March 2024
Page 3
1
Accounting policies
Company information
Teleperformance BPO UK Limited is a company limited by shares incorporated in England and Wales. The registered office is Suite 305, 70 Pall Mall, St James, London, SW1Y 5ES.
1.1
Accounting convention
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.
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 on the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The directors have considered the possible events which may have an impact on the operations of the company in the near future and how this may impact their ability to continue as a going concern. All of the company's revenue originates from clients based in the UK, with work carried out by Teleperformance Global Business Private Limited, a group company. The group company has confirmed their ongoing support for Teleperformance BPO UK Limited to continue generating revenue.true
Therefore, at the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, and for at least twelve months from the date of approval and signing of these accounts. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
1.4
Tangible fixed assets
Tangible fixed assets 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:
Fixtures and fittings
20% straight line
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.
Teleperformance BPO UK Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
Page 4
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
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.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Teleperformance BPO UK Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
Page 5
Basic financial liabilities, including creditors, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
Teleperformance BPO UK Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
Page 6
1.10
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss 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 leases asset are consumed.
1.11
Foreign exchange
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 in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The directors consider there to be no material judgements or adjustments during the period.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Debtors and loan recoverability
The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. See note 10 for the net carrying amount of the debtors and associated impairment provision.
3
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
16,900
16,900
For other services
All other non-audit services
3,941
2,550
Teleperformance BPO UK Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
Page 7
4
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
5
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 April 2023 and 31 March 2024
8,587
Depreciation and impairment
At 1 April 2023
1,212
Depreciation charged in the year
1,717
At 31 March 2024
2,929
Carrying amount
At 31 March 2024
5,658
At 31 March 2023
7,375
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
151,564
Amounts owed by group undertakings
3,179,767
2,965,545
Other debtors
22,500
22,500
Prepayments and accrued income
89,579
93,373
3,443,410
3,081,418
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,250
Amounts owed to group undertakings
158,257
140,281
Taxation and social security
42,930
39,034
Accruals and deferred income
19,749
19,449
220,936
200,014
Teleperformance BPO UK Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
Page 8
8
Share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
1,500,001 Ordinary shares of £1 each
1,500,001
1,500,001
9
Audit report information
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.
Senior Statutory Auditor:
Ian Matthews
Statutory Auditor:
Moore Kingston Smith LLP
10
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2024
2023
£
£
Within one year
90,000
135,000
Between two and five years
90,000
90,000
225,000
Teleperformance BPO UK Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
Page 9
11
Related party transactions
Other income invoiced to Teleperformance Global Business Private Limited is £93,370 (2023: £91,177). There were also costs of £1,129,431 (2023: £1,103,460) recognised during the year in respect of services provided by Teleperformance Global Business Private Limited. During the year £67,500 (2023: £65,735) was charged to Teleperformance SE in respect of office rental.
Included in debtors is an amount of £2,080,000 (2023: £2,080,000) due from Teleperformance Global Services FZ LLC, a fellow group undertaking, in respect of two loans granted by Teleperformance BPO UK Limited. Interest income of £200,070(2023: £149,600) was recognised during the year. Interest totalling £570,359 (2023: £370,288) is outstanding at the balance sheet date, and is charged at a rate equal to SONIA at year end plus 4.5% as per the loan agreements. The loans are unsecured and have no fixed repayment date.
Included in debtors is also an amount of £511,024 (2023: £500,000) due from Dutch Contact Center BV, a fellow group undertaking, in respect of a loan granted by Teleperformance BPO UK Limited. Interest income of £24,343 (2023: £12,588) was recognised during the year. Interest totalling £12,759 (2023: £9,632) is outstanding at the balance sheet date, and is charged at an interest rate of 4.3957% from April 2023-October 2023. The interest rate as from October 2023 is 5.2983% and the maturity date is 11/04/2024 as per the loan agreements. The loan is unsecured.
Also included in debtors is an amount of £5,625 (2023: £5,625) due from Teleperformance SE, the ultimate controlling party.
At the year end, amounts of £124,206 (2023 : £140,281) was due to Teleperformance Global Services Private Limited. These amounts are interest free and repayable upon demand.
During the year £41,250 (2023: £nil) was paid to Teleperformance Global BPO UK Limited, a group company in relation to group relief for the year ended 31 March 2023. At year end £34,051 (2023: £nil) was due to Teleperformance Global BPO UK Limited in relation to group relief for year ended 31 March 2024.
12
Ultimate controlling party
The immediate parent company is Teleperformance BPO Holdings Private Limited (previously Intelenet BPO Holdings Private Limited), a company registered in India.
The ultimate controlling party is Teleperformance SE, a company registered in France.
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