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REGISTERED NUMBER: 02743776 (England and Wales)




















GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

CYIENT EUROPE LIMITED

CYIENT EUROPE LIMITED (REGISTERED NUMBER: 02743776)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 5

Report of the Independent Auditors 7

Consolidated Income Statement 11

Consolidated Other Comprehensive Income 12

Consolidated Balance Sheet 13

Company Balance Sheet 15

Consolidated Statement of Changes in Equity 17

Company Statement of Changes in Equity 18

Consolidated Cash Flow Statement 19

Notes to the Consolidated Cash Flow Statement 20

Notes to the Consolidated Financial Statements 22


CYIENT EUROPE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: J P Renard
Dr A Smith
N S V N Peri



SECRETARY: V N Pathipati



REGISTERED OFFICE: First Floor, Block A
Apex Plaza, Forbury Road
Reading
RG1 1AX



REGISTERED NUMBER: 02743776 (England and Wales)



AUDITORS: Mehta & Tengra
Chartered Accountants
Statutory Auditors
9 Berners Place
London
W1T 3AD



BANKERS: HSBC Bank
Canary Wharf
Canada Place
London
E14 5AH

CYIENT EUROPE LIMITED (REGISTERED NUMBER: 02743776)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024


The directors present their strategic report of the company and the group for the year ended 31 March 2024.

REVIEW OF BUSINESS
Following the acquisitions made during 2022, Cyient Europe has seen a period of significant growth in the 12 months ending 31st March 2024. This reflects the traction and success we have made in terms of leveraging and integrating both acquired companies.

Revenue growth was over 25% compared to the previous year. The majority of this came from across Europe, compared to the UK. While the gross profit to turnover showed a year-on-year decline, this was more to do with the accurate reclassification of costs from the acquired businesses, rather than any deterioration in pricing or utilisation rates. Finance costs remained stable compared to the previous year and due to healthy cash generation during the 12 months, we were able to strengthen our balance sheet by paying down external debts leading to an improvement in our gearing ratio. Our focus will continue to be on reducing external and intercompany debts. We continue to have strong relationships with our two main banks, HSBC and Citi bank, and are able to negotiate favourable terms on their loans. Cash receipts and free cash flow from operations remain more than adequate to meet any interest and capital repayments. In saying that, and as in previous years, the company continues to be very focused on reducing its days outstanding and on improving its overall cash collection.

PRINCIPAL RISKS AND UNCERTAINTIES
Cyient Europe Limited and the group undertake periodic audits to track and manage risks that are associated with the business. These risks include:

- Business portfolio risks
- Financial risks
- Competition risks
- Internal process risks

The group's business covers several industry verticals and geographic markets which suitably de-risks it from dependence on a single customer, market or service. During the financial year, the company continued to build annuity business with some of its strategic customers, specifically in the Aerospace , Rail and Government sectors. It rolled out a number of new service offerings, including solutions based around big data and analytics that it believes will be a good basis for growth in the coming years.

The group remains aware of the business risks and uncertainties related to its markets and customers. Its mitigation plan focuses on strengthening and mining existing client relationships, generating new customer accounts and delivering new services and solutions. We do not envisage entering new geographic markets, unless it is through a targeted acquisition, or it is driven by an existing customer requirement.

In terms of financial risk, the company earns a part of its revenues from customers who pay in Euros. It is hence exposed to exchange rate volatility particularly around the Euro and Indian Rupee. The company maintains a liquid balance sheet and ensures a significant level of cash collection during the year.

The company's focus on engineering, data, geospatial, network and operations provide the basis for both differentiating and enhancing its value for its customers and markets as well as managing competitive pressure.


CYIENT EUROPE LIMITED (REGISTERED NUMBER: 02743776)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

SECTION 172(1) STATEMENT
The board of directors of Cyient Europe Ltd consider, both individually and together, that they have acted in the way they consider, in good faith, would be most likely to promote the success of the group for the benefit of its members as a whole (having regard to the stakeholders and matters set out in S172 (1)(a-f) of the Act) in the decision taken during the year ended 31 March 2024.

- Our plan was designed to have a long-term beneficial impact on the group and to contribute to its success in delivering a better quality, more reliable services to its customer.
- Our employees are fundamental to the delivery of our plan. We aim to be a responsible employer in our approach to the pay and benefits our employees receive. The health, safety and well-being of our employees is one of our primary considerations.
- Our plan took into account the impact of the company’s operations on the community and environment and our wider societal responsibilities.
- As the Board of Directors, our intention is to behave responsibly and ensure that management operates the business in a responsible manner, operating within the high standards of business conduct and good governance expected for a business. The intention is to nurture our reputation that reflects our responsible behaviour.
- As the Board of Directors, our intention is to behave responsibly toward our shareholders and treat them fairly and equally, so they too may benefit from the success of the business.

KEY PERFORMANCE INDICATORS
The Group's annual operating plan sets objectives and metrics for sales, operations and financial performance. These include revenue, profitability, orders intake, on time delivery and day sales outstanding which are periodically tracked and measured. This gives the basis to understand variances from budget, measure performance on an ongoing basis and ensure cost control.

Operational performance is tracked and managed through the Project Management Office and e3 software, where the focus is on ensuring that deliverables adhere to quality, schedule and budget. The PMO improves transparency on project performance and supports greater management control.

The quality of financial management and internal controls has substantially improved through various initiatives around the automation of financial processes and through establishing strong internal financial controls across all activities.

The board of directors uses both financial and non-financial performance indicators to review the company's position.

The main financial performance indicators are:

2024 2023

Gross profit to turnover 26.02% 37.56%
Net profit/(loss) after tax to turnover 2.81% 7.69%
Current ratio 53.82% 84.23%
Gearing ratio 22.29% 35%
Net cash balances £8.3m £16.8m



CYIENT EUROPE LIMITED (REGISTERED NUMBER: 02743776)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024


The non-financial indicators are:

Supplier confidence
The Group maintains an excellent relationship with all its suppliers.

Customer satisfaction
The Group's customers are based in the UK and Europe. The Group aims to maintain good relationships with all its customers. The Group continued to track operational performance through periodic customer satisfaction audits.

Employee relationship
The Group operates non discriminatory policies on the employment and welfare of the staff. Health and safety policies are strictly adhered to by ensuring staff are properly trained. The Group also maintains a healthy and productive relationship with its employees.

ON BEHALF OF THE BOARD:





J P Renard - Director


20 January 2025

CYIENT EUROPE LIMITED (REGISTERED NUMBER: 02743776)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2024


The directors present their report with the financial statements of the company and the group for the year ended 31 March 2024.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of the provision of engineering, data, geospatial, network and operations services to customers in the United Kingdom and across Western Europe. There have been no further acquisitions during the financial year. The group's focus has been on the full integration of both the Citec and Celfinet acquisitions and on maximizing the client and market opportunities that have arisen.

DIVIDENDS
The directors did not recommend the payment of any dividends during the year (2023: £ nil ).

FUTURE DEVELOPMENTS
Building on the work done in previous years, the group will continue to apply technology imaginatively to solve problems that matter across the high-growth sectors including aerospace, connectivity, energy, utilities, healthcare, automotive and semiconductor. The company will continue to leverage synergies and cost optimisation opportunities with its sister company in Europe, namely Cyient GmbH. A wider exercise around legal entity consolidation and optimisation (Project LEO) is currently underway.

The group will continue to build on the success it has had using finance and HR shared services offshore, that has enabled the company to support its business growth with only minimal increases in indirect costs. Particular focus extending these shared services to the recently acquired companies. Risk and compliance, and ESG have continued to be two major focus areas for Cyient Europe during this period. To this end, following the implementation of a new compliance tool, the company is now fully aligned with the rest of the Cyient Group of companies and can track compliance and risk on a near real time basis. For ESG, initiatives and reporting are in place that will ensure that the company leverages group-wide solutions wherever possible.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report.

J P Renard
Dr A Smith

Other changes in directors holding office are as follows:

A Aggarwal - resigned 18 April 2023
N S V N Peri - appointed 18 April 2023

FINANCIAL INSTRUMENTS
The company's and group's financial instruments include bank balances, trade creditors and inter-company financing. Day to day operations continue to be funded through cashflow and from reserves within the business.

RELATED PARTY TRANSACTIONS
Other than transactions between members of the group headed by the parent company, for which exemption under FRS 102 section 33.1A was adopted, there were no related party transactions.


CYIENT EUROPE LIMITED (REGISTERED NUMBER: 02743776)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2024

GROUP'S POLICY ON PAYMENT OF CREDITORS
The company's and group's current policy concerning the payment of trade creditors is to:
- pay in accordance with the company's and group's contractual and other legal obligations;
- agree in specific cases payment terms with a supplier that reflect the particular nature of a client contract;
- ensure that regular suppliers are aware of our standard payment terms and that these are respected and acted upon.
- copies of the standard policy can be obtained from the company's registered office.

STREAMLINED ENERGY AND CARBON REPORTING
The group operates in the UK from one office and one other location. As a result their energy consumption is less that the requirement to disclose in the United Kingdom. The major part of the business is generated from Europe and therefore no further information is required to be disclosed in the financial statements.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

ON BEHALF OF THE BOARD:





J P Renard - Director


20 January 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CYIENT EUROPE LIMITED


Opinion
We have audited the financial statements of Cyient Europe Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2024 and of the group's 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

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 group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, 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 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CYIENT EUROPE LIMITED


Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company 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 Statement of Directors' Responsibilities set out on page six, 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 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CYIENT EUROPE LIMITED


Auditors' 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 a Report of the Auditors 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.

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

Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatements in respect of irregularities, including fraud and non-compliance and regulations, we considered the following:

- the nature of the industry and sector, control environment and business performance including the design of company's remuneration policies, key drivers for directors' remuneration, bonus levels and performance targets.
- results of our enquiries of management about their own identification and assessment of the risks and irregularities;
- any matters we identified having obtained and reviewed the company's documentation of their policies and procedures relating to:
- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified that greatest potential for fraud is revenue recognition. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.
We also obtained an understanding of the legal and regulatory framework that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context include the UK Companies Act, pension legislation and tax legislation.

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 Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CYIENT EUROPE LIMITED


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 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors 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.




P Tengra (Senior Statutory Auditor)
for and on behalf of Mehta & Tengra
Chartered Accountants
Statutory Auditors
9 Berners Place
London
W1T 3AD

20 January 2025

CYIENT EUROPE LIMITED (REGISTERED NUMBER: 02743776)

CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
as restated
Notes £    £   

TURNOVER 3 157,699,083 124,954,393

Cost of sales (116,661,386 ) (78,018,836 )
GROSS PROFIT 41,037,697 46,935,557

Administrative expenses (35,181,453 ) (36,569,190 )
5,856,244 10,366,367

Other operating income 4 1,917,431 1,318,223
OPERATING PROFIT 6 7,773,675 11,684,590

Interest receivable and similar income 7 253,375 3,361
8,027,050 11,687,951

Interest payable and similar expenses 8 (3,588,593 ) (2,080,441 )
PROFIT BEFORE TAXATION 4,438,457 9,607,510

Tax on profit 9 (2,675,278 ) (1,948,564 )
PROFIT FOR THE FINANCIAL YEAR 1,763,179 7,658,946
Profit attributable to:
Owners of the parent 1,763,179 7,658,946

CYIENT EUROPE LIMITED (REGISTERED NUMBER: 02743776)

CONSOLIDATED OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
as restated
Notes £    £   

PROFIT FOR THE YEAR 1,763,179 7,658,946


OTHER COMPREHENSIVE LOSS
Translation Reserve (464,529 ) (184,654 )
Income tax relating to other comprehensive
loss

-

-
OTHER COMPREHENSIVE LOSS FOR THE
YEAR, NET OF INCOME TAX

(464,529

)

(184,654

)
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

1,298,650

7,474,292
Note
Prior year adjustment 11 1,324,313
TOTAL COMPREHENSIVE INCOME SINCE
LAST ANNUAL REPORT

2,622,963

Total comprehensive income attributable to:
Owners of the parent 2,622,963 7,474,292

CYIENT EUROPE LIMITED (REGISTERED NUMBER: 02743776)

CONSOLIDATED BALANCE SHEET
31 MARCH 2024

2024 2023
as restated
Notes £    £   
FIXED ASSETS
Intangible assets 12 98,541,727 111,248,259
Tangible assets 13 1,742,014 2,090,417
Investments 14 1,799,576 1,817,817
102,083,317 115,156,493

CURRENT ASSETS
Debtors 15 48,851,269 52,482,463
Cash at bank and in hand 8,310,421 16,791,995
57,161,690 69,274,458
CREDITORS
Amounts falling due within one year 16 (106,200,128 ) (80,667,808 )
NET CURRENT LIABILITIES (49,038,438 ) (11,393,350 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

53,044,879

103,763,143

CREDITORS
Amounts falling due after more than one
year

17

-

(51,142,037

)

PROVISIONS FOR LIABILITIES 22 (1,434,660 ) (2,309,537 )
NET ASSETS 51,610,219 50,311,569

CYIENT EUROPE LIMITED (REGISTERED NUMBER: 02743776)

CONSOLIDATED BALANCE SHEET - continued
31 MARCH 2024

2024 2023
as restated
Notes £    £   
CAPITAL AND RESERVES
Called up share capital 23 3,773,810 3,773,810
Share premium 24 39,028,617 39,028,617
Translation reserves 24 (996,045 ) (531,516 )
Other reserves 24 34,847 34,847
Retained earnings 24 9,768,990 8,005,811
SHAREHOLDERS' FUNDS 51,610,219 50,311,569


The financial statements were approved by the Board of Directors and authorised for issue on 20 January 2025 and were signed on its behalf by:





J P Renard - Director


CYIENT EUROPE LIMITED (REGISTERED NUMBER: 02743776)

COMPANY BALANCE SHEET
31 MARCH 2024

2024 2023
as restated
Notes £    £   
FIXED ASSETS
Intangible assets 12 109,403 221,947
Tangible assets 13 499,699 615,269
Investments 14 110,142,251 113,138,533
110,751,353 113,975,749

CURRENT ASSETS
Debtors 15 14,587,445 31,027,597
Cash at bank and in hand 506,859 1,661,246
15,094,304 32,688,843
CREDITORS
Amounts falling due within one year 16 (70,584,202 ) (47,458,407 )
NET CURRENT LIABILITIES (55,489,898 ) (14,769,564 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

55,261,455

99,206,185

CREDITORS
Amounts falling due after more than one
year

17

(2,012,270

)

(53,542,977

)

PROVISIONS FOR LIABILITIES 22 (72,826 ) (101,200 )
NET ASSETS 53,176,359 45,562,008

CYIENT EUROPE LIMITED (REGISTERED NUMBER: 02743776)

COMPANY BALANCE SHEET - continued
31 MARCH 2024

2024 2023
as restated
Notes £    £   
CAPITAL AND RESERVES
Called up share capital 23 3,773,810 3,773,810
Share premium 24 39,028,617 39,028,617
Retained earnings 24 10,373,932 2,759,581
SHAREHOLDERS' FUNDS 53,176,359 45,562,008

Company's profit/(loss) for the financial
year

7,614,351

(1,878,333

)


The financial statements were approved by the Board of Directors and authorised for issue on 20 January 2025 and were signed on its behalf by:





J P Renard - Director


CYIENT EUROPE LIMITED (REGISTERED NUMBER: 02743776)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024

Called up
share Retained Share
capital earnings premium
£    £    £   
Balance at 1 April 2022 1,850,000 346,865 552,427

Changes in equity
Issue of share capital 1,923,810 - 38,476,190
Total comprehensive income - 6,334,633 -
Balance at 31 March 2023 3,773,810 6,681,498 39,028,617
Prior year adjustment - 1,324,313 -
As restated 3,773,810 8,005,811 39,028,617

Changes in equity
Total comprehensive income - 1,763,179 -
Balance at 31 March 2024 3,773,810 9,768,990 39,028,617
Translation Other Total
reserves reserves equity
£    £    £   
Balance at 1 April 2022 (346,862 ) 34,847 2,437,277

Changes in equity
Issue of share capital - - 40,400,000
Total comprehensive income (184,654 ) - 6,149,979
Balance at 31 March 2023 (531,516 ) 34,847 48,987,256
Prior year adjustment - - 1,324,313
As restated (531,516 ) 34,847 50,311,569

Changes in equity
Total comprehensive income (464,529 ) - 1,298,650
Balance at 31 March 2024 (996,045 ) 34,847 51,610,219

CYIENT EUROPE LIMITED (REGISTERED NUMBER: 02743776)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 April 2022 1,850,000 4,637,914 552,427 7,040,341

Changes in equity
Issue of share capital 1,923,810 - 38,476,190 40,400,000
Total comprehensive income - (1,878,333 ) - (1,878,333 )
Balance at 31 March 2023 3,773,810 2,759,581 39,028,617 45,562,008

Changes in equity
Total comprehensive income - 7,614,351 - 7,614,351
Balance at 31 March 2024 3,773,810 10,373,932 39,028,617 53,176,359

CYIENT EUROPE LIMITED (REGISTERED NUMBER: 02743776)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
as restated
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 28,413,615 27,882,736
Interest paid (3,588,593 ) (2,080,441 )
Tax paid (3,356,055 ) (222,793 )
Net cash from operating activities 21,468,967 25,579,502

Cash flows from investing activities
Purchase of intangible fixed assets (1,325,422 ) (105,191,370 )
Purchase of tangible fixed assets (280,515 ) (1,105,152 )
Purchase of fixed asset investments - (151,816 )
Sale of intangible fixed assets 7,324 -
Sale of tangible fixed assets 4,531 59,080
Interest received 253,375 3,361
Net cash from investing activities (1,340,707 ) (106,385,897 )

Cash flows from financing activities
New loans in year - 48,148,140
Loan repayments in year (28,803,092 ) -
Share issue - 40,400,000
Net cash from financing activities (28,803,092 ) 88,548,140

(Decrease)/increase in cash and cash equivalents (8,674,832 ) 7,741,745
Cash and cash equivalents at beginning
of year

2

15,864,846

8,123,101

Cash and cash equivalents at end of year 2 7,190,014 15,864,846

CYIENT EUROPE LIMITED (REGISTERED NUMBER: 02743776)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2024 2023
as restated
£    £   
Profit before taxation 4,438,457 9,607,510
Depreciation charges 11,255,092 2,995,802
Loss/(profit) on disposal of fixed assets 7,062 (4,590 )
Finance cost amortisation - 468,505
Fair value of Earnout payable - 994,849
Others 2,470,995 1,324,313
Government grants (17,927 ) (516,342 )
Finance costs 3,588,593 2,080,441
Finance income (253,375 ) (3,361 )
21,488,897 16,947,127
Decrease/(increase) in trade and other debtors 4,603,698 (26,078,428 )
Increase in trade and other creditors 2,321,020 37,014,037
Cash generated from operations 28,413,615 27,882,736

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2024
31.3.24 1.4.23
£    £   
Cash and cash equivalents 8,310,421 16,791,995
Bank overdrafts (1,120,407 ) (927,149 )
7,190,014 15,864,846
Year ended 31 March 2023
31.3.23 1.4.22
as restated
£    £   
Cash and cash equivalents 16,791,995 8,123,101
Bank overdrafts (927,149 ) -
15,864,846 8,123,101


CYIENT EUROPE LIMITED (REGISTERED NUMBER: 02743776)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.4.23 Cash flow At 31.3.24
£    £    £   
Net cash
Cash at bank and in hand 16,791,995 (8,481,574 ) 8,310,421
Bank overdrafts (927,149 ) (193,258 ) (1,120,407 )
15,864,846 (8,674,832 ) 7,190,014
Debt
Debts falling due within 1 year (19,506,741 ) (14,860,036 ) (34,366,777 )
Debts falling due after 1 year (43,663,128 ) 43,663,128 -
(63,169,869 ) 28,803,092 (34,366,777 )
Total (47,305,023 ) 20,128,260 (27,176,763 )

CYIENT EUROPE LIMITED (REGISTERED NUMBER: 02743776)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

Cyient Europe Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Comprehensive accounting policies and notes for the group are available in the Group's consolidated financial statements in India at http://www.cyient.com/

The financial statements are presented in £ Sterling and prepared on a going concern basis.

The group financial statements consolidate the financial statements of Cyient Europe Limited and all its subsidiary undertakings drawn up to 31 March each year.

The parent company has been taken advantage of section 408 of the Company Act 2006 and has not included its own Profit and Loss Account in these financial statements.

Basis of consolidation
The Group financial statements comprise of the consolidated results of Cyient Europe Ltd, Cyient BV, Cyient Schweiz GmbH,Cyient SRO and Cyient NV.

In June 2022 Celfinet Consultoriaem Telecomunicacoes S.A.(Portugal) and its subsidiaries were acquired. Results from 1st July 2022 to 31st March 2023 are included in the consolidated accounts.

In August 2022 Sentiec OYJ/ Citec group OYAB (Finland) and its subsidiaries were acquired. Results from 1st September 2022 to 31st March 2023 are included in the consolidated accounts.

Intergroup balances and income and expenses arising from intergroup transactions are eliminated when preparing the consolidated financial statements.

Critical accounting 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.

CYIENT EUROPE LIMITED (REGISTERED NUMBER: 02743776)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued

Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.

Revenue recognition
Licence revenues are recognised when risk of ownership transfers to customers which is deemed to occur on acceptance by customers.

Training related revenues are recorded once the training has been provided.

Maintenance and support revenues are recognised on a straight-line basis over the contract.

Professional service revenues provided to customers on a fixed price basis are recorded on a percentage of completion. Revenue for such services are recognised based on completion of specified "milestones" as per the terms of the contract.

The cost of work supplied and recognised by Cyient Ltd (India) is also recognised by the company together with its corresponding revenue and costs.

Goodwill
Goodwill represents the excess of the consideration paid over the fair value of net assets acquired, less any provision for impairment. Acquired goodwill is written off in equal annual instalments over its estimated useful economic life of 8 to 10 years.

The directors conduct an annual review on goodwill and any impairment to the value of goodwill is adjusted in the financial statements.

Intangible assets
After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Customer contracts are being amortised evenly over their estimated useful life of 5 to 10 years.

Computer software is being amortised evenly over its estimated useful life of 3 to 5 years.

Patents and licences
Patents and licences are valued at cost less accumulated amortisation and any provision for impairment. Amortisation is calculated to write off the cost in equal annual instalments over their estimated useful lives.

CYIENT EUROPE LIMITED (REGISTERED NUMBER: 02743776)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Plant and machinery - 33 1/3% on cost
Fixtures, fittings and equipment - 15% - 20% on cost
Short leasehold-over the term of the lease

Impairment of assets

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carry amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development
Research and development costs were calculated for earlier periods and additional tax relief was claimed.

CYIENT EUROPE LIMITED (REGISTERED NUMBER: 02743776)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued

Foreign currencies
Transactions in foreign currencies are translated at the foreign exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated at the foreign exchange rate ruling at that date. Foreign exchange differences arising on translation are recognised in the income statement. Non- monetary assets and liabilities that are measured in terms of the historical cost in a foreign currency are translated using the exchange rate at the date of the transaction.

Long term monetary items are translated at the yearend rate.

The assets and liabilities of foreign operations arising on consolidation are translated at foreign exchange rates ruling at the balance sheet date. The revenues and expenses of foreign operations are translated at an average rate for the period where this rate approximates to the foreign exchange rates ruling at the dates of the transactions.

Exchange differences arising from the translation of foreign subsidiaries whose affairs are so closely linked with those of the holding company are taken to the profit and loss account.

Exchange differences arising from the translation of foreign subsidiaries whose activities are not integral to the operations of the holding or investing company are taken directly to the translation reserve.

Leasing commitments
Rental payable under operating lease is charged to profit or loss on straight line basis over the lease term, unless the rental payments are structured to increase in line with expected general inflation, in which case the group recognises annual rent expense equal to amount to owed to the lessor.

The aggregate benefit of lease incentives is recognised as a reduction to the expense recognised over the lease term on a straight line basis.

Work in progress
Work in progress is recognised on completion of specified tasks.

Unbilled Revenue is recognised as turnover in income statement and under prepayments in the balance sheet.

The cost associated with the unbilled revenue is recognised as cost of sales in the income statement and as accruals in the balance sheet.

Related party transactions
The company has taken advantage of Section 33.1A of FRS 102 and not disclosed transactions entered into between members of the group headed by the parent company Cyient Ltd.

Investments
Fixed asset investments are measured at fair value. Changes in fair value are recognised in the profit and loss account.

CYIENT EUROPE LIMITED (REGISTERED NUMBER: 02743776)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by geographical market is given below:

2024 2023
as restated
£    £   
United Kingdom 45,225,695 44,733,889
Europe 112,473,388 80,220,504
157,699,083 124,954,393

4. OTHER OPERATING INCOME
2024 2023
as restated
£    £   
Increase in value of
investment - 526,545
Research & Development receipt 564,297 39,058
Other income 1,335,207 236,278
Government grants 17,927 516,342
1,917,431 1,318,223

5. EMPLOYEES AND DIRECTORS
2024 2023
as restated
£    £   
Wages and salaries 51,895,532 41,440,744
Social security costs 3,876,410 2,493,358
Other pension costs 4,476,499 2,623,422
60,248,441 46,557,524

The average number of employees during the year was as follows:
2024 2023
as restated

Administrative staff 60 60
Others 993 935
1,053 995

Directors and employees also receive share options in the ultimate holding company Cyient Limited, details of which are reflected in the financial statements of Cyient Limited.

CYIENT EUROPE LIMITED (REGISTERED NUMBER: 02743776)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


5. EMPLOYEES AND DIRECTORS - continued

2024 2023
as restated
£    £   
Directors' remuneration 705,917 731,217
Directors' pension contributions to money purchase schemes 58,173 52,164

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 2

Information regarding the highest paid director is as follows:
2024 2023
as restated
£    £   
Emoluments etc 476,366 436,163
Pension contributions to money purchase schemes 30,375 28,175

6. OPERATING PROFIT

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

2024 2023
as restated
£    £   
Hire of plant and machinery 315,394 183,000
Depreciation - owned assets 560,382 523,592
Loss/(profit) on disposal of fixed assets 7,062 (4,590 )
Goodwill amortisation 6,923,189 1,743,671
Other intangible assets amortisation 224,657 123,942
Customer contracts amortisation 2,780,800 -
Computer software amortisation 792,564 613,945
Auditors' remuneration 33,000 33,425
Auditors' remuneration for non audit work 17,000 12,000
Foreign exchange differences (176,067 ) (155,641 )

7. INTEREST RECEIVABLE AND SIMILAR INCOME
2024 2023
as restated
£    £   
Bank interest 225,620 3,361
Other interest 27,755 -
253,375 3,361

CYIENT EUROPE LIMITED (REGISTERED NUMBER: 02743776)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


8. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
as restated
£    £   
Bank overdraft interest - 17,080
Bank interest 3,586,367 2,030,140
Loan interest 2,226 33,221
3,588,593 2,080,441

9. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
as restated
£    £   
Current tax:
UK corporation tax - 7,421
Prior year tax adjustment (51,682 ) -
Swiss tax 33,625 27,497
Belgian tax 127,189 53,008
Portugal/Finish tax 2,897,896 48,033
the Czech Republic tax 4,190 1,481,979
Dutch tax 51,430 81,244
Total current tax 3,062,648 1,699,182

Liability: Origination of
timing differences (387,370 ) 249,382
Tax on profit 2,675,278 1,948,564

CYIENT EUROPE LIMITED (REGISTERED NUMBER: 02743776)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


9. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
as restated
£    £   
Profit before tax 4,438,457 9,607,510
Profit multiplied by the standard rate of corporation tax in the UK of 25
% (2023 - 19 %)

1,109,614

1,825,427

Effects of:
Expenses not deductible for tax purposes - 315,213
Income not taxable for tax purposes - (100,044 )
Capital allowances in excess of depreciation - (9,280 )
Adjustments to tax charge in respect of previous periods (51,682 ) -
Non UK tax and consolidation adjustments (1,109,614 ) (2,023,895 )
Belgian tax 127,189 53,008
Dutch tax 51,430 81,244
Swiss tax 33,625 27,497
Deferred tax (387,370 ) 249,382
the Czech Republic tax 4,190 1,481,979
Portugal/Finish tax 2,897,896 48,033
Total tax charge 2,675,278 1,948,564

Tax effects relating to effects of other comprehensive income

2024
Gross Tax Net
£    £    £   
Translation Reserve (464,529 ) - (464,529 )

2023
Gross Tax Net
£    £    £   
Translation Reserve (184,654 ) - (184,654 )

10. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


CYIENT EUROPE LIMITED (REGISTERED NUMBER: 02743776)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


11. PRIOR YEAR ADJUSTMENT

Deferred tax assets:

The balance shown below under Deferred tax assets stems from tax losses from previous years and the tax benefits available under SIFIDE for Celfinet(Consultoria em Telecomunicações, S.A).

Balance before restatement £1,026,349
Prior year adjustment £1,324,313
Balance as at 01.04.2023 £2,350,662

12. INTANGIBLE FIXED ASSETS

Group
Other
intangible Customer Computer
Goodwill assets contracts software Totals
£    £    £    £    £   
COST
At 1 April 2023 83,804,301 675,702 30,355,120 8,295,795 123,130,918
Additions 16,370 - - 1,309,052 1,325,422
Disposals - (7,324 ) - - (7,324 )
Impairments (2,996,282 ) - - - (2,996,282 )
Exchange differences (137,421 ) (65,876 ) - (252,255 ) (455,552 )
At 31 March 2024 80,686,968 602,502 30,355,120 9,352,592 120,997,182
AMORTISATION
At 1 April 2023 7,361,763 123,942 2,547,120 1,849,834 11,882,659
Amortisation for year 6,923,189 224,657 2,780,800 792,564 10,721,210
Exchange differences - (68,192 ) - (80,222 ) (148,414 )
At 31 March 2024 14,284,952 280,407 5,327,920 2,562,176 22,455,455
NET BOOK VALUE
At 31 March 2024 66,402,016 322,095 25,027,200 6,790,416 98,541,727
At 31 March 2023 76,442,538 551,760 27,808,000 6,445,961 111,248,259

CYIENT EUROPE LIMITED (REGISTERED NUMBER: 02743776)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


12. INTANGIBLE FIXED ASSETS - continued

Group

Goodwill represents the excess of consideration paid over the fair value of net assets acquired.

Goodwill of £3,150 on the acquisition of Cyient BV has been fully amortized.

Goodwill of £859,168 on the acquisition of the Bristol office on 1 November 2014 was fully amortised over 8 years. The directors have taken a view to write-off as it is fully amalgamated into the business module.

Goodwill arising from the acquisition of Ansem NV in March 2019 is being impaired in current and previous year to reflect the fair value of goodwill at £13,007,352. Also, the goodwill is being amortized over 8 years. Customers complete and non-complete contracts acquired from Ansem for £1,647,120 is being amortized over 2 to 3 years.

Goodwill of £20,469,897 and customer contacts of £4,048,000 arose as a result of the acquisition of Celfinet group of companies. Goodwill and customer contracts are amortized over 10 years..

Goodwill of £31,791,533, customer contacts of £23,760,000 arose as a result of the acquisition of the Citec group. Goodwill and customer contracts are amortized over 10 years.
Further goodwill of £14,555,868 was added from the acquisition of the Citec group subsidiaries.

Company
Customer Computer
Goodwill contracts software Totals
£    £    £    £   
COST
At 1 April 2023
and 31 March 2024 859,167 900,000 313,884 2,073,051
AMORTISATION
At 1 April 2023 644,376 900,000 306,728 1,851,104
Amortisation for year 107,396 - 5,148 112,544
At 31 March 2024 751,772 900,000 311,876 1,963,648
NET BOOK VALUE
At 31 March 2024 107,395 - 2,008 109,403
At 31 March 2023 214,791 - 7,156 221,947

Goodwill represents the excess of consideration paid over the fair value of net assets acquired.

Customer contracts of £900,000 were added as a result of the acquisition of Blom Aerofilms ltd on 31 March 2017, which is now fully amortised.

Goodwill of £859,167 was as a result of the hive up of Blom Aerofilms Ltd's trade, assets & liabilities by Cyient Europe Ltd on 1 April 2017 and is being amortised over 8 years.

CYIENT EUROPE LIMITED (REGISTERED NUMBER: 02743776)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


13. TANGIBLE FIXED ASSETS

Group
Freehold Short Plant and
property leasehold machinery
£    £    £   
COST
At 1 April 2023 324,799 369,953 4,791,515
Additions - - 5,834
Disposals - - (2,548 )
Exchange differences (7,137 ) (2,994 ) (33,258 )
At 31 March 2024 317,662 366,959 4,761,543
DEPRECIATION
At 1 April 2023 57,681 237,102 3,791,885
Charge for year 73,986 41,818 235,618
Eliminated on disposal - - (6,208 )
Exchange differences - (2,113 ) (21,202 )
At 31 March 2024 131,667 276,807 4,000,093
NET BOOK VALUE
At 31 March 2024 185,995 90,152 761,450
At 31 March 2023 267,118 132,851 999,630

CYIENT EUROPE LIMITED (REGISTERED NUMBER: 02743776)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


13. TANGIBLE FIXED ASSETS - continued

Group

Fixtures,
fittings
and Motor Computer
equipment vehicles equipment Totals
£    £    £    £   
COST
At 1 April 2023 747,545 17,810 1,973,636 8,225,258
Additions 44,776 10,511 219,394 280,515
Disposals - - (131,079 ) (133,627 )
Exchange differences (35,557 ) (9 ) (52,715 ) (131,670 )
At 31 March 2024 756,764 28,312 2,009,236 8,240,476
DEPRECIATION
At 1 April 2023 427,752 14,537 1,605,884 6,134,841
Charge for year 77,927 11,659 119,374 560,382
Eliminated on disposal - - (115,826 ) (122,034 )
Exchange differences (1,755 ) (4 ) (49,653 ) (74,727 )
At 31 March 2024 503,924 26,192 1,559,779 6,498,462
NET BOOK VALUE
At 31 March 2024 252,840 2,120 449,457 1,742,014
At 31 March 2023 319,793 3,273 367,752 2,090,417

CYIENT EUROPE LIMITED (REGISTERED NUMBER: 02743776)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


13. TANGIBLE FIXED ASSETS - continued

Company
Fixtures,
fittings
Short Plant and and
leasehold machinery equipment
£    £    £   
COST
At 1 April 2023 17,848 380,157 532,666
Additions - 267 -
Disposals - (205 ) -
At 31 March 2024 17,848 380,219 532,666
DEPRECIATION
At 1 April 2023 10,204 265,612 337,450
Charge for year 2,028 21,972 43,582
Eliminated on disposal - (195 ) -
At 31 March 2024 12,232 287,389 381,032
NET BOOK VALUE
At 31 March 2024 5,616 92,830 151,634
At 31 March 2023 7,644 114,545 195,216

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 April 2023 10,986 1,162,223 2,103,880
Additions - 38,936 39,203
Disposals - (62,715 ) (62,920 )
At 31 March 2024 10,986 1,138,444 2,080,163
DEPRECIATION
At 1 April 2023 8,372 866,973 1,488,611
Charge for year 1,032 74,314 142,928
Eliminated on disposal - (50,880 ) (51,075 )
At 31 March 2024 9,404 890,407 1,580,464
NET BOOK VALUE
At 31 March 2024 1,582 248,037 499,699
At 31 March 2023 2,614 295,250 615,269

CYIENT EUROPE LIMITED (REGISTERED NUMBER: 02743776)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


14. FIXED ASSET INVESTMENTS

Group
Listed Unlisted
investments investments Totals
£    £    £   
COST OR VALUATION
At 1 April 2023 100,000 1,815,868 1,915,868
Impairments - (18,241 ) (18,241 )
At 31 March 2024 100,000 1,797,627 1,897,627
PROVISIONS
At 1 April 2023
and 31 March 2024 98,051 - 98,051
NET BOOK VALUE
At 31 March 2024 1,949 1,797,627 1,799,576
At 31 March 2023 1,949 1,815,868 1,817,817

Cost or valuation at 31 March 2024 is represented by:

Listed Unlisted
investments investments Totals
£    £    £   
Valuation in 2023 - 526,545 526,545
Cost 100,000 1,271,082 1,371,082
100,000 1,797,627 1,897,627

CYIENT EUROPE LIMITED (REGISTERED NUMBER: 02743776)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


14. FIXED ASSET INVESTMENTS - continued

Company
Shares in
group Listed Unlisted
undertakings investments investments Totals
£    £    £    £   
COST OR VALUATION
At 1 April 2023 111,472,532 100,000 1,664,052 113,236,584
Impairments (2,996,282 ) - - (2,996,282 )
At 31 March 2024 108,476,250 100,000 1,664,052 110,240,302
PROVISIONS
At 1 April 2023
and 31 March 2024 - 98,051 - 98,051
NET BOOK VALUE
At 31 March 2024 108,476,250 1,949 1,664,052 110,142,251
At 31 March 2023 111,472,532 1,949 1,664,052 113,138,533

Cost or valuation at 31 March 2024 is represented by:

Shares in
group Listed Unlisted
undertakings investments investments Totals
£    £    £    £   
Valuation in 2023 - - 526,545 526,545
Cost 108,476,250 100,000 1,137,507 109,713,757
108,476,250 100,000 1,664,052 110,240,302

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Cyient BV
Registered office: the Netherlands
Nature of business: Utilities, Telecom & Medical
%
Class of shares: holding
Ordinary 100.00

CYIENT EUROPE LIMITED (REGISTERED NUMBER: 02743776)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


14. FIXED ASSET INVESTMENTS - continued

Cyient Schweiz GmbH
Registered office: Switzerland
Nature of business: Telecom
%
Class of shares: holding
Ordinary 100.00

Cyient SRO
Registered office: the Czech Republic
Nature of business: Transportation
%
Class of shares: holding
Ordinary 100.00

Blom Aerofilms Limited
Registered office: United Kingdom
Nature of business: Geographical information services
%
Class of shares: holding

Ordinary0.00


The trade, assets & liabilities of Blom Aerofilms Ltd was hived up to Cyient Europe Ltd (the parent) on 1 April 2017.

Cyient NV
Registered office: Belgium
Nature of business: Analog ASIC design services
%
Class of shares: holding
Ordinary 100.00

Sentiec Oyj
Registered office: Silmukkatie 2, 65100 Vaasa, Finland
Nature of business: Technical, engineering and consultancy services
%
Class of shares: holding
Ordinary 100.00

Citec Group Oy Ab
Registered office: Silmukkatie 2, 65100 Vaasa, Finland
Nature of business: Technical, engineering and consultancy services
%
Class of shares: holding
Ordinary shares 100.00

CYIENT EUROPE LIMITED (REGISTERED NUMBER: 02743776)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


14. FIXED ASSET INVESTMENTS - continued

Citec Oy Ab
Registered office: Finland
Nature of business: Technical, engineering and consultancy services
%
Class of shares: holding
Ordinary 100.00

Citec Engineering France Sarl
Registered office: France
Nature of business: Technical, engineering and consultancy services
%
Class of shares: holding
Ordinary 100.00

Citec AB
Registered office: Sweden
Nature of business: Technical, engineering and consultancy services
%
Class of shares: holding
Ordinary 100.00

Citec Information & Engineering GmbH
Registered office: Germany
Nature of business: Technical, engineering and consultancy services
%
Class of shares: holding
Ordinary 100.00

Citec Group France SAS
Registered office: France
Nature of business: Technical, engineering and consultancy services
%
Class of shares: holding
Ordinary 100.00

Akilea Overseas Ltd
Registered office: United Kingdom
Nature of business: Computer facilities management activities
%
Class of shares: holding
Ordinary 100.00

Citec Norway AS
Registered office: Norway
Nature of business: Technical, engineering and consultancy services
%
Class of shares: holding
Ordinary 100.00

CYIENT EUROPE LIMITED (REGISTERED NUMBER: 02743776)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


14. FIXED ASSET INVESTMENTS - continued

Celfinet - Consultoria em Telecomunicações, S.A
Registered office: Portugal
Nature of business: Engineering Solutions for Telecoms
%
Class of shares: holding
Ordinary 100.00

Celfinet UK Telecommunications Consulting Services Ltd
Registered office: United Kingdom
Nature of business: Engineering Solutions for Telecoms
%
Class of shares: holding
Ordinary 100.00

Celfinet España - Consultoria en Telecomunicaciones SL.
Registered office: Spain
Nature of business: Engineering Solutions for Telecoms
%
Class of shares: holding
Ordinary 100.00

Celfinet - Consultoria em Telecomunicações S.A.
Registered office: Mexico
Nature of business: Engineering Solutions for Telecoms
%
Class of shares: holding
Ordinary 100.00

Celfinet Germany-Telecommunications Consulting Srvices GmbH
Registered office: Germany
Nature of business: Engineering Solutions for Telecoms
%
Class of shares: holding
Ordinary 100.00

Metemesonip, Unipessoal, Lda
Registered office: Portugal
Nature of business: Engineering Solutions for Telecoms
%
Class of shares: holding
Ordinary 100.00

Celfinet (Brasil) - Consultoria em Telecomunicacoes, LTDA.
Registered office: Brasil
Nature of business: Engineering Solutions for Telecoms
%
Class of shares: holding
Ordinary 100.00


CYIENT EUROPE LIMITED (REGISTERED NUMBER: 02743776)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


14. FIXED ASSET INVESTMENTS - continued


Unlisted Investment

The unlisted investment of £1,137,507 represents a $1.49m investment in a partnership called 'Vasuki 2019 Scsp, registered in Luxembourg and which invests in early stage technology companies within the automotive and related sectors.It is currently revalued at £1,664,052.
In addition, it includes an individual capitalisation fund of £133,575, financed by one of the subsidiaries through monthly contributions. Workers covered by the new scheme may be entitled to benefits upon termination of their employment contract.

15. DEBTORS

Group Company
2024 2023 2024 2023
as restated as restated
£    £    £    £   
Amounts falling due within one year:
Trade debtors 31,246,217 25,228,811 8,890,872 7,268,667
Other debtors 1,166,175 3,185,748 35,460 86,031
Loan to subsidiary companies - - 1,069,619 8,627,721
Deferred tax asset 2,403,205 2,350,662 - -
Due from related companies 2,233,839 5,063,303 - 8,071,242
Due from parent company 908,607 6,358,238 307,562 35,048
Taxes recoverable 1,501,520 529,016 674,977 60,789
Prepayments and accrued income 9,391,706 9,766,685 3,608,955 4,644,159
48,851,269 52,482,463 14,587,445 28,793,657

Amounts falling due after more than one year:
Loan to subsidiary - - - 2,233,940

Aggregate amounts 48,851,269 52,482,463 14,587,445 31,027,597

CYIENT EUROPE LIMITED (REGISTERED NUMBER: 02743776)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


15. DEBTORS - continued

Deferred tax assets:
Deferred tax asset can be categorised as follows:


CITEC
Group
Celfinet
Group

Total

Tax losses 178,558 372,634 551,192
Defined pension plan - 671,228 671,228
Tax benefit - Sifide 1,180,785 - 1,180,785
1,359,343 1,043,863 2,403,205

The balance shown above under deferred tax assets stems from tax losses from previous years and tax benefits available under SIFIDE and defined pension plan.

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
as restated as restated
£    £    £    £   
Bank loans and overdrafts (see note 18) 35,487,184 19,629,693 35,486,035 16,656,077
Other loans (see note 18) - 804,197 428,193 -
Trade creditors 11,797,866 11,054,869 1,740,919 1,411,158
Swiss tax 25,599 - - -
Dutch tax 42,448 107,073 - -
Belgian tax 127,189 53,064 - -
Portugal/Finish tax 3,075,184 1,056,856 - -
the Czech Republic tax - 1,374,330 - -
Social security and other taxes 5,397,977 2,513,709 973,968 1,268,130
Other creditors 7,657,592 9,582,398 83,213 84,656
Earnout Payable on acquisition 4,509,079 7,923,900 4,509,079 7,923,900
Due to related companies 12,954,337 17,911,127 9,066,277 9,879,810
Due to subsidiary companies - - 1,849,853 5,855,870
Due to parent company 21,356,365 3,617,335 14,924,133 2,304,690
Accruals and deferred income 3,769,308 5,039,257 1,522,532 2,074,116
106,200,128 80,667,808 70,584,202 47,458,407

CYIENT EUROPE LIMITED (REGISTERED NUMBER: 02743776)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group Company
2024 2023 2024 2023
as restated as restated
£    £    £    £   
Bank loans (see note 18) - 43,663,128 - 43,663,128
Other loans (see note 18) - - 2,012,270 2,400,940
Earnout Payable on acquisition - 7,478,909 - 7,478,909
- 51,142,037 2,012,270 53,542,977

18. LOANS

An analysis of the maturity of loans is given below:

Group Company
2024 2023 2024 2023
as restated as restated
£    £    £    £   
Amounts falling due within one year or on demand:
Bank overdrafts 1,120,407 927,149 1,120,407 915,580
Bank loans 34,366,777 18,702,544 34,365,628 15,740,497
Other loans - 804,197 428,193 -
35,487,184 20,433,890 35,914,228 16,656,077
Amounts falling due between two and five years:
Bank loans - 2-5 years - 43,663,128 - 43,663,128
Other loans - 2-5 years - - 2,012,270 2,400,940
- 43,663,128 2,012,270 46,064,068

19. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

CYIENT EUROPE LIMITED (REGISTERED NUMBER: 02743776)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


Group
Non-cancellable operating leases
2024 2023
as restated
£    £   
Within one year 474,377 467,981
Between one and five years 836,801 1,310,370
1,311,178 1,778,351

Company
Non-cancellable operating leases
2024 2023
as restated
£    £   
Within one year 191,263 165,996
Between one and five years 836,801 1,028,064
1,028,064 1,194,060

20. SECURED DEBTS

Assets held as security and formally charged to HSBC are:

(i) Debenture including fixed charge over all present freehold and leasehold property.
(ii) First fixed charge over book and other debts, chattels, goodwill and uncalled capital, both present and future.
(iii) First floating charge over all assets and undertaking both present and future dated 24 June 2013.
(iv) Contract monies charged dated 8 December 2015.

21. LOANS AND OVERDRAFTS

(i) The bank has granted the following facilities:

- Overdraft facility of £9,000,000 (2023: £9,000,000).
- Class Guarantee Facility of £500,000 (2023: £500,000).
- HSBC loan facility £20,000,000 (2023: £20,000,000)
- Citi Bank loan facility £8,366,628 (2023: £32,297,388) and €7,000,000 (2023:€7,000,000)
- Guarantee dated 12 September 2018 in favour of PROXIMUS S.A. for EUR7,500.00.

(ii) The subsidiary company's bankers have provided guarantees for the sum of EUR 73,722.

CYIENT EUROPE LIMITED (REGISTERED NUMBER: 02743776)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


22. PROVISIONS FOR LIABILITIES

Group Company
2024 2023 2024 2023
as restated as restated
£    £    £    £   
Deferred tax
Accelerated capital allowances 94,987 688,068 72,826 101,200
Excess of capital allowances over
depreciation

435,303

-

-

-
530,290 688,068 72,826 101,200

Other provisions 904,370 1,621,469 - -

Aggregate amounts 1,434,660 2,309,537 72,826 101,200

Group
Deferred
tax
£   
Balance at 1 April 2023 688,068
Provided during year (157,778 )
Balance at 31 March 2024 530,290

Company
Deferred
tax
£   
Balance at 1 April 2023 101,200
Provided during year (28,374 )
Balance at 31 March 2024 72,826

The other provisions represents provision of pension liabilities.

23. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: as restated
£    £   
377,381,000 Ordinary £0.01 3,773,810 3,773,810

CYIENT EUROPE LIMITED (REGISTERED NUMBER: 02743776)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


24. RESERVES

Group
Retained Share Translation Other
earnings premium reserves reserves Totals
£    £    £    £    £   

At 1 April 2023 6,681,498 39,028,617 (531,516 ) 34,847 45,213,446
Prior year adjustment 1,324,313 1,324,313
8,005,811 46,537,759
Profit for the year 1,763,179 1,763,179
Foreign exchange
difference on consolidation

-

-

(464,529

)

-

(464,529

)
At 31 March 2024 9,768,990 39,028,617 (996,045 ) 34,847 47,836,409

Company
Retained Share
earnings premium Totals
£    £    £   

At 1 April 2023 2,759,581 39,028,617 41,788,198
Profit for the year 7,614,351 7,614,351
At 31 March 2024 10,373,932 39,028,617 49,402,549

Translation reserves

Translation reserves comprise of foreign exchange differences arising from the translation of the financial statements of foreign subsidiaries on consolidation whose activities are not integral to the operations of the holding or investing company.

Other reserve
Other reserve represents capital reserve.

25. PENSION COMMITMENTS

The company operates a defined contribution 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 group to the fund and amounted to £4,476,499 (2023:2,623,422). The contributions that were payable to the fund at the year end and are included in creditors amounted to be £524,452 (2023: £689,468).

CYIENT EUROPE LIMITED (REGISTERED NUMBER: 02743776)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


26. ULTIMATE PARENT COMPANY

The company is wholly owned by Cyient Limited, a company incorporated in India.

The parent company's address is Plot No. 11 Software Units Layouts, Infocity, Madhapur, Hyderabad - 500081, India, where copies of the group financial statements can be publicly obtained.

27. RELATED PARTY DISCLOSURES

Other than transactions between members of the group headed by the parent company for which exemption under FRS102 section 33.1A was adopted, there were no related party transactions.

28. GOING CONCERN

The Financial Statements have been prepared on a going concern basis as the holding company Cyient Ltd continues to support the UK entity as its largest supplier and delivery partner. In this context, operations and work is conducted in India as part of the deliverables to the UK entity's customers and this work is charged to the UK entity at arm's length. The same model has been followed since 2000.