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Registered number: 02146732










SERVICE EXPRESS EUROPE LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
SERVICE EXPRESS EUROPE LIMITED
 
 
COMPANY INFORMATION


Directors
J Ausherman 
K Randers 




Registered number
02146732



Registered office
Franklin Court
Priory Business Park

Bedford

Bedfordshire

MK44 3JZ





Independent auditor
MHA
Chartered Accountants and Statutory Auditor

2 London Wall Place

London

EC2Y 3JZ








 
SERVICE EXPRESS EUROPE LIMITED
 

CONTENTS



Page
Strategic Report
1 - 5
Directors' Report
6 - 9
Independent Auditor's Report
10 - 13
Statement of Comprehensive Income
14
Balance Sheet
15 - 16
Statement of Changes in Equity
17
Notes to the Financial Statements
18 - 44


 
SERVICE EXPRESS EUROPE LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The directors present their strategic report of the Company for the year ended 31 December 2023.
Principal activity
Service Express Europe’s core deliverable is the provision of critical IT services through its market leading offering in third-party maintenance and managed infrastructure services. 
Business review
Revenues for the year increased 13% to £66.7m, versus £59.0m for the year ended 31 December 2022.
The profit before tax decreased 30% to £6.5m, versus £9.3m for the year ended 31 December 2022.
The directors are satisfied with the 2023 trading results. Management are confident that the Company’s continued commitment to providing the highest level of customer service in the industry means it will continue to perform in the following years.   
The Company takes a long term view in its engagement with both customers and suppliers and strives to secure longer term relationships with both to maximise outcomes for all stakeholders.

Page 1

 
SERVICE EXPRESS EUROPE LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Principal risks and uncertainties
 
The directors are satisfied that there are no significant risks or uncertainties beyond those of normal market conditions. The Company’s customer base is diverse from both a sector and geographical perspective so it is not subject to risk of reliance on one customer, market or grography.
The Company runs two UK based data centres so any volatility in the price of wholesale electricity in the UK may translate into financial risk. This is mitigated using fixed price electricity agreements to provide price stability and predictability. 
The Company’s core deliverable is the provision of critical IT services and is therefore exposed to the risk that our technology or expertise may become obsolete if not kept up to date. This risk is mitigated by continued investment in our data centres, improvement of our technology stack and Training to ensure we maintain market leading infrastructure and expertise. 
A further description of principal risks and uncertainties is detailed within the Directors' report.
Going concern
The financial statements have been prepared using the going concern basis of accounting. The directors continually monitor the ability of the Company to continue to operate as a going concern. 
As at 31 December 2023, the Company had cash resources of £1.8m (2022: £2.8m), net current assets of £31.8m (restated 2022: £24.0m). The Company has no external loans or borrowings. In the year to 31 December 2023, the Company made a profit before tax of £6.5m (2022: £9.3m). 
The Company’s forecasts and projections, taking in to account the reasonable possibility of changes in trading performance, show that the Company is able to operate within the level of its current resources, which is supported by trading in the period since the year-end when measured against both the prior period and associated budgets which have been set.
After making enquiries of the shareholders, the directors consider it is appropriate to prepare the financial statements on a going concern basis.
Future developments
The Company is achieving growth in revenue. The Directors recognise that to continue this growth continued investments will be made in the service delivery and IT infrastructure of the business. The business will continue to develop and grow its data centre capabilities and service offerings and are confident that it has the capacity to do so.

Page 2

 
SERVICE EXPRESS EUROPE LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Financial key performance indicators
 
The Company's financial key performance indicators are service revenue, gross profit and EBITDA (Earnings before interest, tax, depreciation and amortisation).
                                                                                      Year            Year                 Variance
                                                                                      
                                                                                               2023          2022    
                                                                                       £m              £m                 £m             %
    
  Services revenue                                                                   61.7           54.2              7.5            14%
    
  Gross profit                                                                            43.8           45.8               (2.0)           (4%)
    
  EBITDA                                                                                15.1           15.7             (0.6)          (4%)
Services revenue is a key performance indicator as this reflects the growth of the ongoing recuring revenue base over the period. This has grown by 14% year on year driven by both new business and increased business with existing customers.
  
Gross profit is important as it reflects the ability to deliver revenue efficiently.  During the year gross profit declined by £2.0m this was mainly driven by a £3.8m increase in depreciation charged to cost of sales. The group undertook significant capital expenditure in 2022 and the full effect of this depreciation is now being seen in 2023. The group has also seen an increase in the costs of inventory due to pressures on global supply chain throughout 2023. 
EBITDA is a key measure of the performance of the business. This has declined by £0.6m, part of this is driven by the increase in costs of inventory. The Company has also seen an increase in administration costs in two main areas. The costs of the electricity increased significantly in the period, the effect of this was delayed by fixed agreements the Company had in place but as these ended the Company was exposed to increase in market rates. Administration overheads have also increased due to higher spend on flights, travel and computer software. The Company has continued to invest in these areas to improve global collaboration and drive growth though closer integration and sharing of systems and best practices.  

Page 3

 
SERVICE EXPRESS EUROPE LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Other key performance indicators
 
The Company's key non-financial performance indicators are customer satisfaction and employee engagement.
The Directors are satisfied that all performance measures are being met and will continue to be met.

Section 172 Statement
The Directors consider (individually and collectively) in good faith that during the period they have acted in a way that is most likely to promote the success of the Company for the benefit of its members as a whole, having regard to the stakeholders of the Company and the matters set out Section 172 of the Companies Act 2006.
 
In carrying out this duty during the period, the Directors have had regard for, amongst other things, the matters set out below.
The likely Consequences of any decisions in the long term
The Company’s strategy has been set by the Directors in order to maximise value to its customers, employees, shareholders and all other stakeholders, with the aim of growing its existing business, maintaining value in its assets, developing new service offerings and expanding its geographic reach. Budgets and forecasts are prepared throughout the period to enable the Directors to track performance and to make informed decisions on any mitigating actions required, having regard to the likely long-term consequences of any decisions taken.
The Interests of the Company’s Employees
The Directors recognise that the Company’s employees are fundamental and core to our business and the delivery of our strategic ambitions. The success of our business depends upon attracting, retaining and motivating employees. The Company aims to be a responsible employer in its approach to employee benefits, including pay, and it monitors employee satisfaction to identify opportunities for improvement or further employee engagement. The Directors factor the implications of decisions on employees and our wider workforce, where relevant and feasible.
 
The Company's policy is to give full and fair consideration to applications for employment made by disabled persons, having regard to their particular aptitudes and abilities. Disabled employees receive appropriate support and training to promote their career development within the Company. Employees who become disabled are retained in their existing posts where possible or retrained for suitable alternative posts.
The need to foster the company’s business relationships with suppliers, customers and others
Delivering our strategy requires strong mutually beneficial relationships with suppliers, customers, related parties, Company members and other key stakeholders. The Company performs account reviews with customers and suppliers to understand performance, satisfaction and opportunities for improvement, with the Directors receiving updates on key outputs to continue to foster and strengthen those relationships.
The impact of the company’s operations on the community and the environment
The Company is committed to minimising its impact on the environment and delivering environmentally sustainable services. The Company is a signatory to the Climate Neutral Now Pledge and was awarded a Gold for Reduce and a Silver for Measure in the period as a result of its sustainability efforts, including moving its UK datacentres to renewable grid electricity. Since its baseline report in 2020, the Group has reduced its total tCO2e in absolute terms by 68%.
 
Page 4

 
SERVICE EXPRESS EUROPE LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


The reputation for a high standard of business conduct
The Directors understand that to continue achieving the Company’s objectives, it must protect its reputation and relationships with its stakeholders. Through the Company’s ongoing tracking and review of business and employee performance, training and development, customer feedback and continuous improvement, the Directors ensure a reputation for a high standard of business conduct is maintained.
The need to act fairly as between members of the company
After weighing up all relevant factors, the Directors consider which course of action best enables delivery of the Company strategy through the long term, taking into consideration the impact on stakeholders. In doing so, the Directors strive to act fairly between the Company’s members. However, the Directors acknowledge that they are not necessarily required to balance the Company’s best interests against those of other stakeholders and that certain stakeholder interests may not be fully aligned as a result.
 
Director's statement of compliance with duty to promote the success of the Company

The directors have a statutory duty to promote the success of the Company. This is achieved by working with the management team and staff to formulate long term plans and strategic imperatives, which are monitored and updated regularly. 
 


This report was approved by the board on 25 October 2024 and signed on its behalf.



................................................
J Ausherman
Director

Page 5

 
SERVICE EXPRESS EUROPE LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Results and dividends

The profit for the year, after taxation, amounted to £7,653k (2022 - £9,033k).

The Directors have not recommended a dividend in either the current year or period.

Directors

The directors who served during the year, and after the year end, were:

J Ausherman (appointed 12 May 2023)
K Randers (appointed 1 February 2023)
P Allen (resigned 30 June 2023)
M Hallam (resigned 1 February 2023)

Financial instruments

Treasury operations
The Company operates a centralised treasury function which is responsible for managing the liquidity, interest and credit risks associated with the Company's activities.
Liquidity risk
The Company manages its cash and borrowing requirements centrally to maximise interest income and minimise interest expense, whilst ensuring that the Company has sufficient resources to meet the operating needs of its businesses.
Interest rate risk
The Company is not significantly exposed to interest rate risk as it arranges borrowings on fixed rate terms as appropriate. The Company has no external borrowings. 
Foreign currency risk
The Company has exposure to both sales and purchases in foreign currency. The levels of exposure are limited and as trade is predominantly in GBP. The company also maintains bank accounts in both USD and Euro to allow a natural hedge for most transactions.   
Credit risk
Levels of credit are monitored regularly to ensure that the exposure is low.  The company has historically experienced a low level of bad debt exposure as the majority of our services are billed in advance.  

Page 6

 
SERVICE EXPRESS EUROPE LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Streamlined Energy and Carbon Reporting



Scope 1: - All Energy Direct Emissions from Sources, activities or equipment under direct control.
Scope 2: - All energy indirect emissions from electricity, heat or steam purchased and used.
Scope 3: - All other indirect emissions from activities and sources not owned or directly controlled.
The above data has been prepared based on the green house gas ('GHG') protocol corporate accounting and reporting standard.
The Company’s data centres used 11.7 GWh of power in the year (2022: 10.8 GWh)
84% of this was sourced from renewable sources compared to 100% in 2022. The group is committed to return to 100% renewable source going forwards.
As a measure of intensity the total tCO2e per ‘000 (£MB)  for 2023 was 0.0158 (2022: 0.0061)
The Company has committed by 2025 to reduce scope 1 & 2 Emissions by 90% from a 2020 Base year.
The Company has continued to support its commitment to renewable and sustainable energy by undertaking the following projects/initiatives:
• LED lighting upgrade throughout our properties
• Upgrades of UPS technologies
• Solar PV installed at Head office
• Operating a fully electric company car fleet
• Upgrade of both main office and data center air conditioning to more energy efficient units
Charitable and political donations
Charitable and political donations of £nil (2022: £nil) were made during the year.




Page 7

 
SERVICE EXPRESS EUROPE LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Engagement with suppliers, customers and others

Employee involvement
Employee involvement is one of the Group’s main non-financial KPIs. Monthly meetings are held between senior management and employee representatives to discuss matters of concern. Employees are kept well informed about the progress and position of the Group by means of regular updates, meetings, webcasts and the employee intranet. 
Disabled employees
The Company's policy is to give full and fair consideration to application for employment made by disabled persons, having regard to their particular aptitudes and abilities.
Disabled employees receive appropriate support and training to promote their career development within the Company.
Employees who become disabled are retained in their existing posts where possible or retrained for suitable alternative posts.
Qualifying third party indemnity provisions
There were no qualifying third-party indemnity provisions in force during the period for the benefit of any directors of the Company.
Prior year adjustment
During the year, management identified an error whereby capitalised costs of obtaining contracts were presented within Prepayments and Accrued income (£2,460,169) when the should have been shown separately within the Debtors note. This included both an element due within 1 year (£1,625,084) and an element due after more than 1 year (£835,085). These have been reclassified as a prior year adjustment in these financial statements. Additionally, management identified that lease liabilities of an amount of £988,000 was recognised in Creditors: Amounts falling due within one year when it should have been included within Creditors: Amounts falling due after more than one year. These have been reclassified as a prior year adjustment in these financial statements. Finally, management identified Right of Use Assets, with a carrying amount of £7,377,669, which were included within Tangible Assets and have been re-presented as a prior year adjustment, as Right of Use Assets. All of these adjustments are explained further in the table present within note 4 to the financial statements.

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

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

Events after the reporting period

On the 15 August 2024 Service Express LLC obtained new Growth Investment from Warburg Pincus. On the 15 August 2024  the Company’s ultimate parent company became Victors Topco, LP. This growth investment will allow the company to continue growth both organically and through acquisition.

Page 8

 
SERVICE EXPRESS EUROPE LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Auditor

The auditor, MHAwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.



Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 101 ‘Reduced Disclosure Framework’. 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 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 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

This report was approved by the board and signed on its behalf.
 





................................................
J Ausherman
Director

Date: 25 October 2024

Page 9

 
SERVICE EXPRESS EUROPE LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SERVICE EXPRESS EUROPE LIMITED
 

Opinion


We have audited the financial statements of Service Express Europe Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 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 December 2023 and of its profit 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 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.


Emphasis of matter - prior period adjustments


In forming our opinion on the financial statements, which is not modified, we draw attention to the disclosures made in note 4 to the financial statements which explains that restatements have been made to the prior year Prepayments and Accrued Income, Contract Costs, Lease Liabilities, Right of Use Assets and Tangible Assets balances.


Conclusions relating to going concern


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 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.


Page 10

 
SERVICE EXPRESS EUROPE LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SERVICE EXPRESS EUROPE LIMITED (CONTINUED)


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 ReportOur 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.


Opinion 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 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 Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the 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 Strategic Report or 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.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 9, 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.


Page 11

 
SERVICE EXPRESS EUROPE LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SERVICE EXPRESS EUROPE LIMITED (CONTINUED)


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 these 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:

- Testing the financial statement disclosures to supporting documentation, performing substantive testing on
account balances which were considered to be of greater susceptibility to fraud;
- Performing targeted journal entry testing based on identified characteristics that the audit team considered to
be indicative of fraud, for example credit entries to revenue without a corresponding entry to receivables,
accrued income or deferred income;
- Critically assessing areas of the financial statements which include judgement and estimates, as set out in Note 3 of the financial statements;
- We obtained an understanding of the legal and regulatory frameworks applicable to the group and determined
that the most significant frameworks which are directly relevant to specific assertions in the financial statements
are those that relate to the reporting framework, the Companies Act 2006 and relevant tax compliance
regulations; and
- We understood how the group is complying with those frameworks by making enquiries of management and
those responsible for legal and compliance procedures. We corroborated our enquiries through our review of
board minutes and other corroborating evidence.


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 Auditor's Report.


Page 12

 
SERVICE EXPRESS EUROPE LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SERVICE EXPRESS EUROPE LIMITED (CONTINUED)


Use of our 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 2006Our 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.





Andrew Gandell, FCA (Senior Statutory Auditor)
for and on behalf of MHA, Statutory Auditor
London, United Kingdom
Date:
 

MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313).26 October 2024
Page 13

 
SERVICE EXPRESS EUROPE LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£000
£000

  

Turnover
 5 
66,666
58,985

Cost of sales
  
(22,826)
(13,220)

Gross profit
  
43,840
45,765

Administrative expenses
  
(36,886)
(36,290)

Operating profit
 6 
6,954
9,475

Interest payable and expenses
 10 
(446)
(151)

Profit before tax
  
6,508
9,324

Tax on profit
 11 
1,145
(291)

Profit for the financial year
  
7,653
9,033

There was no other comprehensive income for 2023 (2022£nil).

The notes on pages 18 to 44 form part of these financial statements.

Page 14

 
SERVICE EXPRESS EUROPE LIMITED
REGISTERED NUMBER: 02146732

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
Restated 2022
Note
£000
£000

  

Fixed assets
  

Right of use assets
 12 
6,494
8,761

Tangible assets
 13 
20,459
22,093

Investments
 14 
12,629
12,629

  
39,582
43,483

Current assets
  

Stocks
 15 
1,410
2,195

Debtors
 16 
77,558
59,278

Cash at bank and in hand
  
1,810
2,804

  
80,778
64,277

Creditors: amounts falling due within one year
 17 
(48,990)
(40,307)

Net current assets
  
 
 
31,788
 
 
23,970

Total assets less current liabilities
  
71,370
67,453

  

Creditors: amounts falling due after more than one year
 18 
(2,970)
(5,561)

  
68,400
61,892

Provisions for liabilities
  

Deferred taxation
 20 
(630)
(1,775)

  
 
 
(630)
 
 
(1,775)

  

Net assets
  
67,770
60,117

Page 15

 
SERVICE EXPRESS EUROPE LIMITED
REGISTERED NUMBER: 02146732
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

2023
Restated 2022
Note
£000
£000

Capital and reserves
  

Called up share capital 
 21 
5
5

Share premium account
 22 
94
94

Revaluation reserve
 22 
4,101
4,101

Capital redemption reserve
 22 
5
5

Other reserves
 22 
7,035
7,035

Retained earnings
 22 
56,530
48,877

  
67,770
60,117


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
J Ausherman
Director

Date: 25 October 2024

Page 16

 

 
SERVICE EXPRESS EUROPE LIMITED


 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023



Called up share capital
Share premium account
Capital redemption reserve
Revaluation reserve
Capital contribution reserve
Retained earnings
Total equity


£000
£000
£000
£000
£000
£000
£000



At 1 January 2022
5
94
5
4,101
7,035
39,844
51,084



Comprehensive income for the year


Profit for the year
-
-
-
-
-
9,033
9,033





At 1 January 2023
5
94
5
4,101
7,035
48,877
60,117



Comprehensive income for the year


Profit for the year
-
-
-
-
-
7,653
7,653



At 31 December 2023
5
94
5
4,101
7,035
56,530
67,770



The notes on pages 18 to 44 form part of these financial statements.

Page 17

 
SERVICE EXPRESS EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Service Express Europe Limited is a private company limited by shares and incorporated in England and Wales. The company registration number is 02146732 and the registered office is Franklin Court, Priory Business Park, Bedford, Bedfordshire, MK44 3JZ.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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 101 'Reduced Disclosure Framework'  and the Companies Act 2006.
The financial statements for the year to 31 December 2023 reflect a prior year adjustment, the details of which can be found in note 4.
The Company's functional and presentational currency is GBP. The figures in these financial statements are rounded to the nearest thousand.

The preparation of financial statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

Page 18

 
SERVICE EXPRESS EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.2

Financial Reporting Standard 101 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions under FRS 101:
the requirements of IFRS 7 Financial Instruments: Disclosures
the requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119(a) to (c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers
the requirements of paragraph 52, the second sentence of paragraph 89, and paragraphs 90, 91 and 93 of IFRS 16 Leases. The requirements of paragraph 58 of IFRS 16, provided that the disclosure of details in indebtedness relating to amounts payable after 5 years required by company law is presented separately for lease liabilities and other liabilities, and in total
the requirement in paragraph 38 of IAS 1 'Presentation of Financial Statements' to present comparative information in respect of:
 - paragraph 79(a)(iv) of IAS 1;
 - paragraph 73(e) of IAS 16 Property, Plant and Equipment;
the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134-136 of IAS 1 Presentation of Financial Statements
the requirements of IAS 7 Statement of Cash Flows
the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures
the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member

This information is included in the consolidated financial statements of Service Express EMEA Limited as at 31 December 2023 and these financial statements may be obtained from Franklin Court, Priory Business Park, Bedford, Bedfordshire, England, MK44 3JZ.

  
2.3

Going concern

The financial statements have been prepared using the going concern basis of accounting. The directors continually monitor the ability of the Company to continue to operate as a going concern. 
As at 31 December 2023, the Company had cash resources of £1.8m (2022: £2.8m), net current assets of £31.8m (restated 2022: £24.0m). The Company has no external loans or borrowings. In the year to 31 December 2023, the Company made a profit before tax of £6.5m (2022: £9.3m). 
The Company’s forecasts and projections, taking in to account the reasonable possibility of changes in trading performance, show that the Company is able to operate within the level of its current resources, which is supported by trading in the period since the year-end when measured against both the prior period and associated budgets which have been set.
After making enquiries of the shareholders, the directors consider it is appropriate to prepare the financial statements on a going concern basis.

Page 19

 
SERVICE EXPRESS EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

 
2.5

Foreign currency translation


Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the income statement within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'administrative expenses'.

Page 20

 
SERVICE EXPRESS EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised on the satisfaction of performance obligations, such as the transfer of a promised good, identified in the contract between the Company and the customer.

A receivable is recognised when the goods are delivered as this is the point in time that the consideration is unconditional because only the passage of time is required before the payment is due.

Rendering of services

Revenue from providing services is recognised in the accounting period in which the services are rendered.

For fixed-price contracts, revenue is recognised based on the actual service provided to the end of the reporting period as a proportion of the total services to be provided because the customer receives and uses the benefits simultaneously.
In obtaining contracts with customers, the Company incurs incremental costs. The Company expects to recover these costs and therefore recognises assets which are amortised over 2 years.

Page 21

 
SERVICE EXPRESS EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

Leases: the Company as lessee

The Company assesses, at contract inception, whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.
Right of use assets
The Company recognises right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets, as follows:
• Motor vehicles - 3 to 5 years
• Computer equipment - 3 years
If ownership of the leased asset transfers to the Company at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset.
Lease liabilities
At the commencement date of the lease, the Company recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Company and payments of penalties for terminating the lease, if the lease term reflects the Company exercising the option to terminate. Variable lease payments that do not depend on an index or a rate are recognised as expenses (unless they are incurred to produce inventories) in the period in which the event or condition that triggers the payment occurs.
In calculating the present value of lease payments, the Company uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset. 
The Company's lease liabilities are included in creditors.
 
Page 22

 
SERVICE EXPRESS EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.7
Leases: the Company as lessee (continued)

Short-term leases and leases of low-value assets
The Company applies the short-term lease recognition exemption to its short-term leases of motor vehicles (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases of office equipment that are considered to be low value. Lease payments on short-term leases and leases of low-value assets are recognised as expense on a straight-line basis over the lease term.

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.9

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 23

 
SERVICE EXPRESS EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Page 24

 
SERVICE EXPRESS EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.11
Tangible fixed assets (continued)

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:

Freehold property
-
50 years
Long-term leasehold property
-
50 years
Motor vehicles
-
4 years
Fixtures and fittings
-
5 years
Computer equipment
-
3-5 years

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.
Impairment of tangible and intangible assets
At each reporting date, the Company reviews the carrying amounts of its tangible and intangible 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 to determine the extent of the impairment loss (if any). Where the asset does not generate cash flows that are independent from other assets, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs. When a reasonable and consistent basis of allocation can be identified, corporate assets are also allocated to individual cash-generating units, or otherwise they are allocated to the smallest Company of cash-generating units for which a reasonable and consistent allocation basis can be identified.
An intangible asset with an indefinite useful life is tested for impairment at least annually and whenever there is an indication that the asset may be impaired.
Recoverable amount is the higher of fair value less costs of disposal 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.




 
Page 25

 
SERVICE EXPRESS EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.11
Tangible fixed assets (continued)

Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

 
2.12

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.
The Company measures fair value using the following hierarchy that considers the importance of the input data used for the measurement:
• Level 1 are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date.
• Level 2 are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly.
• Level 3 are unobservable inputs for the asset or liability.

 
2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.14

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Page 26

 
SERVICE EXPRESS EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.15

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.16

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.17

Creditors

Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Creditors are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.

 
2.18

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.19

Financial instruments

The Company recognises financial instruments when it becomes a party to the contractual arrangements of the instrument. Financial instruments are de-recognised when they are discharged or when the contractual terms expire. The Company's accounting policies in respect of financial instruments transactions are explained below:

Financial assets and financial liabilities are initially measured at fair value. 

Financial assets

All recognised financial assets are subsequently measured in their entirety at either fair value or amortised cost, depending on the classification of the financial assets.
 
Page 27

 
SERVICE EXPRESS EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.19
Financial instruments (continued)


Impairment of financial assets

The Company always recognises lifetime ECL for trade receivables and amounts due on contracts with customers. The expected credit losses on these financial assets are estimated based on the Company's historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current as well as the forecast direction of conditions at the reporting date, including time value of money where appropriate. Lifetime ECL represents the expected credit losses that will result from all possible default events over the expected life of a financial instrument.


At amortised cost

Financial liabilities which are neither contingent consideration of an acquirer in a business combination, held for trading, nor designated as at fair value through profit or loss are subsequently measured at amortised cost using the effective interest method. This is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability, or where appropriate a shorter period, to the amortised cost of a financial liability.

  
2.20

Charges

Golub Capital Markets LLC and Cortland Capital Markets LLC hold fixed and floating charges over all assets of the company in respect of worldwide group financing arrangements.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company’s accounting policies.
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The company makes estimates and assumptions concerning the future.  The resulting accounting estimates will, by definition, seldom equal the related actual results. 
The critical accounting estimates or judgements relevant to the financial statements are embedded within the relevant notes to the financial statements:
Valuation of investments (note 14)
Management determine whether an impairment provision is required against the investment in subsidiaries. Management’s assessment is based on the financial position and performance of the entities, including the ability of the subsidiaries to generate profits. The directors are satisfied that there is no impairment required in relation to investment in the subsidiaries.
 
Page 28

 
SERVICE EXPRESS EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.Judgments in applying accounting policies (continued)

Valuation of amounts owed by group undertakings (note 16)
Management determine whether impairment provision is required against amounts due from group companies based on the ability of the group companies to generate profits and cash. The directors are satisfied that there is no impairment required in relation to amounts due from group companies.
Useful economic lives of tangible fixed assets (note 13)
The useful economic lives used by the Company in respect of tangible fixed assets are set out in the accounting policies. These estimates are the best estimate based on past experience and expected performance and are regularly reviewed to ensure they remain appropriate.
Carrying value of stock (note 15)
The useful economic life used by the Company in respect of stock is assessed by management and the carrying value reduced accordingly. These estimates are the best estimate based on past experience and expected performance and are regularly reviewed to ensure they remain appropriate. 

Page 29

 
SERVICE EXPRESS EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Prior year adjustment

                                      As previously
                                      reported            Adjustment     Restated
                                      2022                   2022
                2022
                                      £000                   £000                £000
Balance sheet 
Creditors falling due   
within 1 year                   
  (41,295)                988               (40,307)
Creditors falling due         
after 1 year                        
(4,573)                (988)                (5,561)
Right of use assets              1,384               7,377                  8,761
Tangible assets                  29,470             (7,377)                22,093
Debtors
Prepayments and
accrued income                   
7,611             (2,460)                 5,152         
Contract costs                        
  -                2,460                  2,460                                     

During the year, management identified an error whereby capitalised costs of obtaining contracts were presented within Prepayments and Accrued income (£2,460,169) when the should have been shown separately within the Debtors note. This included both an element due within 1 year (£1,625,084) and an element due after more than 1 year (£835,085). These have been reclassified as a prior year adjustment in these financial statements. Additionally, management identified that lease liabilities of an amount of £988,000 was recognised in Creditors: Amounts falling due within one year when it should have been included within Creditors: Amounts falling due after more than one year. These have been reclassified as a prior year adjustment in these financial statements. Finally, management identified Right of Use Assets, with a carrying amount of £7,377,669, which were included within Tangible Assets and have been re-presented as a prior year adjustment, as Right of Use Assets.

Page 30

 
SERVICE EXPRESS EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£000
£000

Managed services
44,387
36,006

Maintenance services
15,636
16,472

Hardware sales
5,016
4,706

Disaster recovery services
1,627
1,801

66,666
58,985


Analysis of turnover by country of destination:

2023
2022
£000
£000

United Kingdom
61,840
51,206

Europe
960
2,313

Rest of the world
3,866
5,466

66,666
58,985



6.


Operating profit

The operating profit is stated after charging/(crediting):

2023
2022
£000
£000

Depreciation of tangible fixed assets
4,750
5,570

Amortisation of right of use assets
3,366
669

Exchange differences
72
(249)

Page 31

 
SERVICE EXPRESS EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Auditor's remuneration

During the year, the Company obtained the following services from the Company's auditor:


2023
2022
£000
£000

Fees payable to the Company's auditor for the audit of the Company's financial statements
68
60

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.


8.


Employees

Staff costs, including directors' remuneration, were as follows:


2023
2022
£000
£000

Wages and salaries
20,554
19,511

Social security costs
2,532
2,222

Cost of defined contribution scheme
843
804

23,929
22,537


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Employees
290
290

Page 32

 
SERVICE EXPRESS EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Directors' remuneration

2023
2022
£000
£000

Directors' emoluments
579
306

579
306


During the year, retirement benefits were accruing to 3 directors (2022 - 3) in respect of defined contribution pensions schemes.
The highest paid Director received remuneration of £247,000 (2022 - £483,000).
The value of the Company's contributions paid to a defined contribution pension scheme in respect
of the highest paid Director amounted to £4,000 (2022 - £10,771).
The Directors are considered the key management personnel of the company and their remuneration is detailed above.


10.


Interest payable and similar expenses

2023
2022
£000
£000


Bank interest payable
365
151

Lease liability interest
81
-

446
151

Page 33

 
SERVICE EXPRESS EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Taxation


2023
2022
£000
£000

Corporation tax


Adjustments in respect of previous periods
-
(345)


-
(345)


Total current tax
-
(345)

Deferred tax


Current year
(1,145)
99

Adjustment in respest of previous periods
-
506

Effect of changes in tax rates
-
31

Total deferred tax
(1,145)
636


Tax on profit
(1,145)
291

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - lower than) the standard rate of corporation tax in the UK of 23.52% (2022 - 19%). The differences are explained below:

2023
2022
£000
£000


Profit on ordinary activities before tax
6,508
9,324


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 - 19%)
1,531
1,772

Effects of:


Expenses not deductible for tax purposes
234
295

Adjustments to tax charge in respect of prior periods
-
161

Group relief
(2,842)
(1,967)

Tax effect due to change in rates
(68)
30

Total tax (credit) / charge for the year
(1,145)
291

See note 20 for information on deferred taxation. Deferred tax balances are calculated based on the rate they are expected to be realised. The company has no unrecognised deferred tax assets. 

Page 34

 
SERVICE EXPRESS EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
11.Taxation (continued)


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


12.


Right of use assets




Computer equipment
Motor vehicles
Total

£000
£000
£000



Cost


At 1 January 2023 (as restated)
7,588
3,052
10,640


Additions
-
1,106
1,106


Disposals
-
(1,147)
(1,147)


Lease modification
-
(7)
(7)



At 31 December 2023

7,588
3,004
10,592



Amortisation


At 1 January 2023 (as restated)
211
1,668
1,879


Charge for the year
2,529
837
3,366


On disposals
-
(1,147)
(1,147)



At 31 December 2023

2,740
1,358
4,098



Net book value



At 31 December 2023
4,848
1,646
6,494



At 31 December 2022 (as restated)
7,377
1,384
8,761


The total cash outflow for leases during the year was £3,479k (2022: £1,952k).

Page 35

 
SERVICE EXPRESS EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

Lease liability maturity analysis

The future minimum cash outflow relating to leases is as follows:


2023
2022
£000
£000



Less than 1 year
3,533
3,709

Between 1 and 2 years
2,670
3,144

Between 2 and 5 years
433
2,363

Total cash outflow
6,636
9,216

Page 36

 
SERVICE EXPRESS EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Tangible fixed assets





Freehold property
Long-term leasehold property
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£000
£000
£000
£000
£000
£000



Cost or valuation


At 1 January 2023 (as restated)
7,266
3,514
334
1,666
50,385
63,165


Additions
-
20
-
482
2,645
3,147


Disposals
-
-
-
-
(37)
(37)



At 31 December 2023

7,266
3,534
334
2,148
52,993
66,275



Depreciation


At 1 January 2023 (as restated)
-
935
261
1,078
38,799
41,073


Charge for the year
-
80
19
232
4,419
4,750


Disposals
-
-
-
-
(7)
(7)



At 31 December 2023

-
1,015
280
1,310
43,211
45,816



Net book value



At 31 December 2023
7,266
2,519
54
838
9,782
20,459



At 31 December 2022 (as restated)
7,266
2,580
73
588
11,586
22,093

Page 37

 
SERVICE EXPRESS EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

           13.Tangible fixed assets (continued)

The directors have not recorded depreciation on freehold property on the basis it is immaterial. 
The Company’s freehold properties are stated at their revalued amounts, being the fair value at the date of revaluation, less any subsequent accumulated depreciation any subsequent accumulated impairment losses. The fair value measurements of the Company’s freehold land and buildings as at 31 December 2023 are, in the opinion of the directors, in line with the valuation work performed by Porto Leone Consulting LLC, independent valuers not related to the Company on 31 January 2021. Based on this revaluation, the directors have not recognised an impairment in 2022 or 2023. 
Porto Leone Consulting LLC are independent valuers and they have appropriate qualifications. The valuation conforms to International Valuation Standards and a hybrid of a cost and market approach was used in valuing the property. This entailed determining the full replacement cost of  the building as well as reviewing published asking prices of similar properties
The fair value of the freehold land was determined based on the market value, which is the estimated amount for which an asset or liability should exchange on the valuation date between a willing buyer and a willing seller in an arm’s length transaction, after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion.
If the Freehold property had not been included at valuation, they would have been included under the historical cost convention as follows:
                                                                                                          31                           31
                                                                                             December             December
                                                                                                      2023                       2022
Cost                                                                                              8,123                     8,123
Depreciation                                                                             (1,760)                     (1,661)      
                                                                                                     6,363                     6,462  
The valuation of freehold property utilises level 3 inputs, details of which can be found within note 2.12.
    
The bank holds a fixed and floating charge over one of the leasehold properties held by the company.


14.


Fixed asset investments





Investments in subsidiary companies

£000



Cost or valuation


At 1 January 2023
12,629



At 31 December 2023
12,629




Page 38

 
SERVICE EXPRESS EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Itheon Limited
Franklin Court,
Priory Business Park,
 Bedford,
 MK44 3JZ
Ordinary
100%
ICC Managed Services Limited
2 Sandbeck Lane,
Wetherby, 
West Yorkshire,
 England,
LS22 7TW
Ordinary
100%
ICC Northern UK Limited
Connection House,
Sandbeck Lane,
Wetherby,
 West 
Yorkshire,
 LS22 7TW
Ordinary
100%
Fairleigh Software Services (PVT) Limited
No. 108,
Nawala 
Road,
Nugegoda,
10250,
Sri Lanka
Ordinary
100%
Blue Chip Parts Limited
Franklin Court,
Priory Business Park,
 Bedford,
 MK44 3JZ
Ordinary
100%
Blue Chip Limited
Franklin Court,
Priory Business Park,
 Bedford,
 MK44 3JZ
Ordinary
100%
Service Express IT Services Limited
First Floor,
Penrose 2,
 Penrose Dock,
 Cork,
 T23 YY09,
 Ireland
Ordinary
100%

The directors have performed an impairment assessment in relation to the investments in subsidiary undertakings and are satisfied that no provision for impairment is required. 

Page 39

 
SERVICE EXPRESS EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

15.


Stocks

2023
2022
£000
£000

Finished goods and goods for resale
1,410
2,195

1,410
2,195


Stocks are held net of an obsolescence provision of £5,734k (2022 - £8,717k)
During the year, £5,348k (2022: £3,997) of stocks was recognised through cost of sales. 



16.


Debtors

2023
Restated 2022
£000
£000


Trade debtors
16,191
12,696

Amounts owed by group undertakings
51,979
38,141

Other debtors
363
829

Prepayments and accrued income
4,856
5,152

Contract costs
4,169
2,460

77,558
59,278


Amounts are invoiced in accordance with individual contract terms. Amounts receivable from trade customers are non-interest bearing and are generally on 30 - 60 day terms.
Trade debtors are stated net of an expected credit loss provision of £nil (2022: £39,271).
Held within contract costs is an amount of £1,009k (2022: £835k) due after more one than year and the amortisation charge for the year is £2,927k (2022: £1,544k).
Amounts owed by group undertakings are interest free, unsecured and due on demand.

Page 40

 
SERVICE EXPRESS EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

17.


Creditors: Amounts falling due within one year

2023
Restated 2022
£000
£000

Trade creditors
3,961
3,837

Amounts owed to group undertakings
7,034
4,478

Corporation tax
8
330

Other taxation and social security
3,618
1,756

Lease liabilities
3,280
3,080

Other creditors
144
205

Accruals and deferred income
30,945
26,621

48,990
40,307


Amounts owed to group undertakings are unsecured and due on demand. 
Included within Accruals and deferred income is deferred income of £28,958k (2022: £25,068k).
Of the 2022 balance of £25,068k, £24,464k has been recognised as revenue in the year.
Secured creditors
Liabilities under leases and hire purchase agreements are secured upon the assets concerned.
The incremental borrowing rate on leases and hire purchase agreements ranges between 3% and 6% and the frequency of payments is monthly.


18.


Creditors: Amounts falling due after more than one year

2023
Restated 2022
£000
£000

Lease liabilities
2,970
5,561

2,970
5,561


Page 41

 
SERVICE EXPRESS EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

19.

Leases

Company as a lessee




All lease obligations are denominated in sterling.
The fair value of the Company’s lease obligations is approximately equal to their carrying amount.
The Company’s obligations under lease obligations are secured by the lessors’ rights over the leased assets.
The lease commitments are in relation to right of use assets.



20.


Deferred taxation




2023


£000






At beginning of year
(1,775)


Credited to profit or loss
1,145



At end of year
(630)

The provision for deferred taxation is made up as follows:

2023
2022
£000
£000


Accelerated capital allowances
(630)
(503)

Capital gains tax
-
(1,272)

(630)
(1,775)

The movement relates to a credit with regards to fixed assets during the year. 
At 31 December 2023 the Company had tax losses of £2,227k (2022: £2,227k) to carry forward to offset against future taxable profits. This has not been recognised as a deferred tax asset. In accordance with legislation, these tax losses do not time expire.

Page 42

 
SERVICE EXPRESS EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

21.


Share capital

2023
2022
£000
£000
Allotted, called up and fully paid



509,639 (2022 - 509,639) Ordinary shares of £0.01 each
5
5

Ordinary shares carry voting and dividend rights.



22.


Reserves

Share premium account

Share premium includes premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium.

Revaluation reserve

Revaluation reserve is used to record increase in the fair value of land and buildings and decreases to the extent that such decrease relates to an impairment on the same asset.

Capital redemption reserve

Capital redemption reserve records the nominal value of shares repurchased by the Company.

Capital contribution reserve

The capital contribution reserve contains an amount of £7,035k (2022: £7,035k) received from New Blue Chip Limited as a capital contribution.

Retained earnings

Retained earnings represent the accumulated earnings of the business net of distributions to owners and any other distributions made.


23.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £843,134 (2022: £803,599). Contributions totalling £143,815 (2022: £151,669) were payable to the fund at the balance sheet date and are included within other creditors in note 17.


24.


Events after the reporting period

On the 15 August 2024 Service Express LLC obtained new Growth Investment from Warburg Pincus. On the 15 August 2024  the Company’s ultimate parent company became Victors Topco, LP. This growth investment will allow the company to continue growth both organically and through acquisition.

Page 43

 
SERVICE EXPRESS EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

25.


Controlling party

The immediate parent undertaking is New Blue Chip Limited which is a wholly owned subsidiary of Service Express EMEA Limited. Service Express EMEA Limited prepares the consolidated financial statements which are available to the public from: Service Express EMEA Limited, Franklin Court, Priory Business Park, Bedford, MK44 3JZ. The parent company of Service Express EMEA Limited is Service Express LLC and the ultimate parent company is Victors Topco, LP.
There is no single ultimate controlling party.


Page 44