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REGISTERED NUMBER: 07631109 (England and Wales)
















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024

FOR


SERVION GLOBAL SOLUTIONS (EUROPE)
LIMITED

PREVIOUSLY KNOWN AS

SERVIONT GLOBAL SOLUTIONS (EUROPE)
LIMITED


SERVION GLOBAL SOLUTIONS (EUROPE)

LIMITED (REGISTERED NUMBER: 07631109)


CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2024











Page



Company Information  

1



Balance Sheet  

2



Notes to the Financial Statements  

3




SERVION GLOBAL SOLUTIONS (EUROPE)

LIMITED


COMPANY INFORMATION

FOR THE YEAR ENDED 31ST MARCH 2024









DIRECTORS:

Mr Prakash Arunachalam


Mr Ramaseshan Kothandaraman





REGISTERED OFFICE:

1 Doughty Street


London


WC1N 2PH





REGISTERED NUMBER:

07631109 (England and Wales)





AUDITORS:

PSJ Alexander & Co


Chartered Accountants & Statutory Auditors


1 Doughty Street


London


WC1N 2PH





BANKERS:

HSBC Bank PLC


1-2 Market Place


Wokingham


Berkshire


RD40 1AL


SERVION GLOBAL SOLUTIONS (EUROPE)

LIMITED (REGISTERED NUMBER: 07631109)


BALANCE SHEET

31ST MARCH 2024



2024


2023


Notes

£   

£   


CURRENT ASSETS

Debtors

4

3,424,848


3,870,634



Prepayments and accrued income

171,447


287,242



Cash at bank

141,175


187,861



3,737,470


4,345,737



CREDITORS

Amounts falling due within one year

5

4,481,846


5,952,607



NET CURRENT LIABILITIES

(744,376

)

(1,606,870

)


TOTAL ASSETS LESS CURRENT

LIABILITIES

(744,376

)

(1,606,870

)



CREDITORS

Amounts falling due after more than one year

6

14,271


24,178



NET LIABILITIES

(758,647

)

(1,631,048

)



CAPITAL AND RESERVES

Called up share capital

8

100


100



Retained earnings

(758,747

)

(1,631,148

)


SHAREHOLDERS' FUNDS

(758,647

)

(1,631,048

)



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


In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.


The financial statements were approved by the Board of Directors and authorised for issue on 2nd May 2025 and were signed on its behalf by:






Mr Ramaseshan Kothandaraman - Director



SERVION GLOBAL SOLUTIONS (EUROPE)

LIMITED (REGISTERED NUMBER: 07631109)


NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2024



1.

STATUTORY INFORMATION



Servion Global Solutions (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 Company Information page.



The Company's place of business is the United Kingdom.


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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.  



Turnover


Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and that the revenue can be reliably measured.  The following recognition criteria must also be met before turnover is recognised:



-


Turnover from time and material contracts are recognised as related services are performed.




-


Turnover from fixed price contracts are recognised in accordance with the percentage completion method.




-


Turnover from managed service contracts are recognised in accordance with the terms of the contract over the period

in which the services are rendered.  Turnover from annual maintenance contracts rendered by the company are

recognised on a pro-rata basis over the period in which such services are to be rendered.




-


Turnover from sale of third-party software are recognised when significant risks and rewards of ownership of the

software are passed onto the buyer, which generally coincide with the installation of the software on the customers'

servers.





Turnover is stated net of value-added tax.



Accrued income


Where a contract has only been partially completed at the balance sheet date, turnover includes the value of services provided to date based on a proportion of the total expected consideration at completion. The corresponding figure is shown as accrued income.



Deferred Income


Deferred Income represents billings in excess of turnover in case of ongoing fixed price and time and material contracts wherein amounts have been billed in accordance with the billing cycle and efforts to supply the service would be incurred subsequent to the year-end.



Basic financial instruments

Trade and other debtors / creditors
Trade and other debtors are recognised initially at transaction price less attributable transaction costs. Trade and other creditors are recognised initially at transaction price plus attributable transaction costs..

Cash and cash equivalents
Cash and cash equivalents comprise cash balances.


Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the 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.


Foreign currencies

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.

SERVION GLOBAL SOLUTIONS (EUROPE)

LIMITED (REGISTERED NUMBER: 07631109)


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST MARCH 2024



2.

ACCOUNTING POLICIES - continued



Pension costs and other post-retirement benefits

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.


Provisions


A provision is recognised in the balance sheet when the Company has a present legal or constructive obligation as a result of a past event, that can be reliably measured and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.



Where the Company enters into financial guarantee contracts to guarantee the indebtedness of other companies within its group, the company treats the guarantee contract as a contingent liability until such time as it becomes probable that the company will be required to make a payment under the guarantee.



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.



Operating lease


Payments (excluding costs for services and insurance) made under operating leases are recognised in the profit and loss account on a straight-line basis over the term of the lease unless the payments to the lessor are structured to increase in line with expected general inflation;  in which case the payments related to the structured increases are recognised as incurred. Lease incentives received are recognised in profit and loss over the term of the lease as an integral part of the total lease expense.



Going concern


The company had net current liabilities of £744,376 (2023: £1,606,870) and net liabilities of £758,647 (2023: £1,631,048) as at 31 March 2024. The company also derives a significant proportion of its business from few customers. The directors have assessed the going concern risks to the company and have concluded that:



-


the company's immediate parent, Servion Global Solutions Private Ltd, has indicated its intention to continue to

make available such funds as are needed by the company for at least 15 months from the date of approval of these

financial statements.




-


the company provides specialist software and expertise for call centres. This is niche market and the Company faces

very little competition in this market segment.




-


the Company had a good and stable commercial relationship with its customers for a number of years. The directors

are confident that this will continue in the immediate future.





The Company is dependent on Servion Global Solutions Private Ltd for providing additional financial support. As with any company placing reliance on other group entities for financial support, the directors acknowledge that there can be no certainty that this support will continue although, at the date of approval of these financial statements, the directors have no reason to believe that it will not do so. The ability of Servion Global Solutions Private Ltd to continue to provide this support is dependent on its financial position and operational performance.



Based on these indications, the directors believe that it remains appropriate to prepare the financial statements on a going concern basis. However, these circumstances represent a material uncertainty that may cast significant doubt on the company's ability to continue as a going concern and, therefore, to continue realising the company's assets and discharging the company's liabilities in the normal course of business.  The financial statements do not include any adjustments that would result from the basis of preparation being inappropriate.


3.

EMPLOYEES AND DIRECTORS



The average number of employees during the year was NIL (2023 - 9 ).


SERVION GLOBAL SOLUTIONS (EUROPE)

LIMITED (REGISTERED NUMBER: 07631109)


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST MARCH 2024



4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR


2024

2023


£   

£   



Trade debtors

4,340


733,638




Amounts owed by group undertakings

3,147,681


3,136,593




Other debtors

272,827


403



3,424,848


3,870,634




5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR


2024

2023


£   

£   



Bank loans and overdrafts

9,844


9,845




Trade creditors

278,340


395,340




Amounts owed to group undertakings

3,434,859


4,159,336




Taxation and social security

2,501


176,779




Other creditors

756,302


1,211,307



4,481,846


5,952,607




6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR


2024

2023


£   

£   



Bank loans

14,271


24,178




7.

SECURED DEBTS



The following secured debts are included within creditors:


2024

2023


£   

£   



Bank loans

24,115


34,023





The bank loan is guaranteed by the UK Government under the Bounce Back Loan Scheme.


8.

CALLED UP SHARE CAPITAL



Allotted, issued and fully paid:


Number:

Class:

Nominal

2024

2023



value:

£   

£   



100

Ordinary

£1

100


100




9.

DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006



The Report of the Auditors was unqualified.



Vimal Shah (Senior Statutory Auditor)


for and on behalf of PSJ Alexander & Co



Our audit report also includes the following:


We draw attention to note 2 to the financial statements which states that the Company is reliant on the financial and other support from its parent undertaking so that it can continue as a going concern. This indicates a material  uncertainty that may cast significant doubt on the company's ability to continue as going concern. Our opinion is not modified in respect of this matter.


SERVION GLOBAL SOLUTIONS (EUROPE)

LIMITED (REGISTERED NUMBER: 07631109)


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST MARCH 2024



10.

RELATED PARTY DISCLOSURES



The Company undertook the following transactions with other group entities during the year:




2024


2023




£   


£   




Net opening balances


(1,022,754

)

(1,016,299

)



Revenue from group entities


21,080


94,656




Costs recharges from group entities


(81,146

)

(741,110

)



Expenses incurred by group entities on behalf of Company


-


(771,566

)



Expenses incurred by Company on behalf of group entities


-


-




Payments to group entities


720,609


1,933,095




Receipts from group entities


33,011


(464,000

)



Foreign exchange gain/(loss)


42,016


(57,519

)



Net closing balances payable to group entities


(287,184

)

(1,022,743

)




The Indian parent company, Servion Global Solutions Private Limited, has provided a guarantee to Servion Global Solutions (Europe) Limited that it will reimburse any losses made by the latter in respect of group debit balances totalling £328,106 (2023:£329,061).



The Indian parent company is also providing financial support to the Company so that it remains a going concern.


11.

ULTIMATE CONTROLLING PARTY



The immediate parent company is Servion Global Solutions Pte. Limited, a company incorporated and registered in Singapore, which is wholly owned by Servion Global Solutions Pvt. Limited, a company incorporated and registered in India.



The ultimate parent undertaking as at 31st March 2023 was Everstone Capital, a private equity, which held its 100% stake in Servion Group through Evertech Holdings Pte. Limited, a company incorporated and registered in Singapore.



As from 27 October 2023, the ultimate parent entity is EMK Funds, a private equity, which holds its 100% stake in Servion Group through Cyan UK TopCo Limited.



The largest group in which the results of the Company for the year ended 31st March 2024 are consolidated is that headed by Servion Global Solutions Private Limited, a company incorporated and registered in India. Its registered office address is Plot 4/600 & 4/197, 7th Street, Dr. VSI Estate Phase II, Thiruvanmiyur, Chennai, Tamil Nadu, India 600 041. The consolidated financial statements of the group entity are not available to the public.