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Company registration number: 03379665







FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023


HOV GLOBAL SERVICES LIMITED






































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HOV GLOBAL SERVICES LIMITED
 


 
COMPANY INFORMATION


Directors
V. Robu 
J. H. Chhaya 




Registered number
03379665



Registered office
Baronsmede
The Avenue

Egham

Surrey

TW20 9AB




Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

Ashcombe House

5 The Crescent

Leatherhead

Surrey

KT22 8DY





 


HOV GLOBAL SERVICES LIMITED
 



CONTENTS



Page
Statement of financial position
1
Notes to the financial statements
2 - 6


 


HOV GLOBAL SERVICES LIMITED
REGISTERED NUMBER:03379665



STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
3,476,198
1,205,549

Cash at bank and in hand
  
294
289

  
3,476,492
1,205,838

Creditors: amounts falling due within one year
 5 
(9,049,986)
(7,573,109)

Net current liabilities
  
 
 
(5,573,494)
 
 
(6,367,271)

Total assets less current liabilities
  
(5,573,494)
(6,367,271)

  

Net liabilities
  
(5,573,494)
(6,367,271)


Capital and reserves
  

Called up share capital 
 6 
2,467,121
2,467,121

Capital Contribution
  
988,008
-

Profit and loss account
  
(9,028,623)
(8,834,392)

  
(5,573,494)
(6,367,271)


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

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




V. Robu
Director

Date: 29 November 2024

The notes on pages 2 to 6 form part of these financial statements.

Page 1

 


HOV GLOBAL SERVICES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

HOV Global Services Limited is a private company, limited by shares, registered in England and Wales. The Company's registered number and registered office address, which is its principal place of business, can be found on the Company Information page.

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Exemption from preparing consolidated financial statements

The Company is 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.

 
2.3

Going concern

During the year ended 31 December 2023, the Company incurred a net loss of £194,231 (2022: £191,908) and, as of that date, the Company had net liabilities of £5,573,494 (2022: £6,367,271).
The business has scaled back operations in the UK. The main creditors of the Company are the group companies which were owed £8,708,692 (2022: £7,173,696) as at year end. The parent company has confirmed that it will continue to support the company and the group companies will not seek repayment from the Company until the Company is in position to repay. However, ultimate parent company is dependant on the continued financial support from the ultimate controlling party.
These events and conditions indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. However, the directors have received confirmation from the ultimate parent company that they will continue to enable the company to meet its liabilities as they fall due. Therefore, the directors are of the opinion that it is appropriate to adopt the going concern basis in preparing the financial statements.

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP, and is rounded to the nearest £.

Transactions and balances

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result

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.

Page 2

 


HOV GLOBAL SERVICES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Revenue

Revenue is recognised over the period of each contract on a time apportionment basis, having regard, where appropriate, to the activity levels required by the contractual terms. Revenue relates solely to services provided to clients during the period and is stated net of value added tax. No credit is taken to the profit and loss account in respect of receipts for services to be rendered in subsequent accounting periods. Amounts received for this are credits to deferred income.

 
2.6

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial
assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans
to related parties and investments in ordinary shares.

 
2.7

Pensions

The Company operates a defined contribution pension scheme. Contributions payable to the Company's pension scheme are charged to profit or loss in the period to which they relate.
Pension costs in respect of defined contribution pension schemes are charged to the profit and loss account in the period to which they relate.

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 Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

Page 3

 


HOV GLOBAL SERVICES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

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 reporting 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 reporting 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;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Company can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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 reporting date.


3.


Employees

The average monthly number of directors not paid, during the year was 3 (2022 - 3)

Page 4

 


HOV GLOBAL SERVICES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
3,469,091
1,198,442

Other debtors
7,107
7,107

3,476,198
1,205,549


Amounts due from group undertakings are interest free and repayable on demand.


5.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
18,556
-

Amounts owed to group undertakings
8,708,692
7,173,696

Other taxation and social security
90,763
122,821

Other creditors
39,015
196,084

Accruals and deferred income
192,960
80,508

9,049,986
7,573,109


Amounts owed to group undertakings is made up of the principal outstanding on a revolving debt facility with a group company, DFG2 LLC of £Nil (2022: £857,746) which was reassigned from RC GPM LLC (subsidiary of Rustic Canyon LLC) to DFG2 LLC on 1 December 2012. The loan is repayable on demand and has an interest rate of 12%. The interest payable in respect of this loan charged to profit and loss account is £160,622 (2022: £115,528).
On 29th September 2023, a deed of release was executed between DFG2 LLC (the lender) and the Company whereby the lender agreed to release the Company from all its liabilities, convenants and obligations to the lender rom the loan agreement dated 15 September 2009 and subsequent amendments. As at 31 December 2023, the amount was therefore released to nil.


6.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



2,467,121 (2022 - 2,467,121) Ordinary shares of £1.00 each
2,467,121
2,467,121

This reserve records retained earnings and accumulated losses.

Page 5

 


HOV GLOBAL SERVICES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Controlling party

The Company's immediate parent is Dataforce Interact Holdings Limited, a company registered at Baronsmead, The Avenue, Egham, England TW20 9AB; whose parent is BTC International Holdings Inc, a company registered in the USA.
The Company's ultimate parent undertaking, XBP Europe, Inc., incorporated in the USA, whose principal place of business is at 2701 E Grauwyler Road, Irving, Texas 75061 includes the Company in its consolidated financial statements. The group accounts of XBP Europe, Inc. prepared in accordance with US GAAP can be obtained from this address or www.sec.gov.
The smallest and the largest group of which the Company is a member for which group accounts are drawn up is that headed by XBP Europe, Inc.
The overall controlling party at the year end was XBP Europe, Inc.

8.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 19 February 2025 by Andrew Hookway FCA (Senior statutory auditor) on behalf of Menzies LLP.

Page 6