IRIS Accounts Production v25.1.4.42 11292287 Board of Directors 1.1.24 31.12.24 31.12.24 0 0 true true false true true false false true false Ordinary 1.00000 Preference share 1.00000 B Ordinary 0.93000 B Convertible preference 1.03000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh112922872023-12-31112922872024-12-31112922872024-01-012024-12-31112922872022-12-31112922872023-01-012023-12-31112922872023-12-3111292287ns15:EnglandWales2024-01-012024-12-3111292287ns14:USDollar2024-01-012024-12-3111292287ns10:Director12024-01-012024-12-3111292287ns10:PrivateLimitedCompanyLtd2024-01-012024-12-3111292287ns10:FRS1022024-01-012024-12-3111292287ns10:Audited2024-01-012024-12-3111292287ns10:LargeCompaniesRegimeForDirectorsReport2024-01-012024-12-3111292287ns10:LargeCompaniesRegimeForAccounts2024-01-012024-12-3111292287ns10:FullAccounts2024-01-012024-12-3111292287ns10:OrdinaryShareClass12024-01-012024-12-3111292287ns10:OrdinaryShareClass22024-01-012024-12-3111292287ns10:OrdinaryShareClass32024-01-012024-12-3111292287ns10:OrdinaryShareClass42024-01-012024-12-3111292287ns10:Director22024-01-012024-12-3111292287ns10:RegisteredOffice2024-01-012024-12-3111292287ns10:Director32024-01-012024-12-3111292287ns5:CurrentFinancialInstruments2024-12-3111292287ns5:CurrentFinancialInstruments2023-12-3111292287ns5:Non-currentFinancialInstruments2024-12-3111292287ns5:Non-currentFinancialInstruments2023-12-3111292287ns5:ShareCapital2024-12-3111292287ns5:ShareCapital2023-12-3111292287ns5:RetainedEarningsAccumulatedLosses2024-12-3111292287ns5:RetainedEarningsAccumulatedLosses2023-12-3111292287ns5:ShareCapital2022-12-3111292287ns5:RetainedEarningsAccumulatedLosses2022-12-3111292287ns5:RetainedEarningsAccumulatedLosses2023-01-012023-12-3111292287ns5:RetainedEarningsAccumulatedLosses2024-01-012024-12-311129228712024-01-012024-12-311129228712023-01-012023-12-311129228742024-01-012024-12-311129228742023-01-012023-12-3111292287ns5:UnlistedNon-exchangeTradedns5:CostValuation2023-12-3111292287ns5:UnlistedNon-exchangeTraded2024-12-3111292287ns5:UnlistedNon-exchangeTraded2023-12-3111292287ns5:Subsidiary12024-01-012024-12-31112922871ns5:Subsidiary12024-01-012024-12-3111292287ns5:Subsidiary22024-01-012024-12-3111292287ns5:Subsidiary232024-01-012024-12-3111292287ns5:Subsidiary32024-01-012024-12-31112922875ns5:Subsidiary32024-01-012024-12-3111292287ns5:Subsidiary42024-01-012024-12-31112922877ns5:Subsidiary42024-01-012024-12-3111292287ns5:Subsidiary52024-01-012024-12-3111292287ns5:Subsidiary592024-01-012024-12-3111292287ns5:Subsidiary62024-01-012024-12-3111292287ns5:Subsidiary6112024-01-012024-12-3111292287ns5:Subsidiary72024-01-012024-12-311129228713ns5:Subsidiary72024-01-012024-12-3111292287ns5:Subsidiary92024-01-012024-12-311129228717ns5:Subsidiary92024-01-012024-12-3111292287ns5:WithinOneYearns5:CurrentFinancialInstruments2024-12-3111292287ns5:WithinOneYearns5:CurrentFinancialInstruments2023-12-3111292287ns5:BetweenOneTwoYearsns5:Non-currentFinancialInstruments2023-12-3111292287ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2024-12-3111292287ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-12-3111292287ns5:Secured2024-12-3111292287ns5:Secured2023-12-3111292287ns10:OrdinaryShareClass12024-12-3111292287ns10:OrdinaryShareClass22024-12-3111292287ns10:OrdinaryShareClass32024-12-3111292287ns10:OrdinaryShareClass42024-12-3111292287ns5:RetainedEarningsAccumulatedLosses2023-12-311129228712024-01-012024-12-31
REGISTERED NUMBER: 11292287 (England and Wales)















MU SIGMA INTERNATIONAL LIMITED

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024






MU SIGMA INTERNATIONAL LIMITED (REGISTERED NUMBER: 11292287)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024










Page

Company Information 1

Strategic Report 2

Report of the Directors 5

Report of the Independent Auditors 7

Income Statement 10

Other Comprehensive Income 11

Balance Sheet 12

Statement of Changes in Equity 13

Cash Flow Statement 14

Notes to the Cash Flow Statement 15

Notes to the Financial Statements 16


MU SIGMA INTERNATIONAL LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2024







DIRECTORS: Dhiraj Rajaram
Alokesh Das



REGISTERED OFFICE: 2 Churchill Court
58 Station Road
North Harrow
Middlesex
HA2 7SA



REGISTERED NUMBER: 11292287 (England and Wales)



AUDITORS: Albury Associates Limited
Chartered Accountants and Statutory Auditor
2nd Floor
1 Hobbs House Harrovian Business Village
Bessborough Road
Harrow
Middlesex
HA1 3EX



BANKERS: Citibank, N.A.
CGC Centre
Canary Wharf
E14 5LB



ACCOUNTANTS: Auctus Accountants Limited
2 Churchill Court
58 Station Road
North Harrow
HA2 7SA

MU SIGMA INTERNATIONAL LIMITED (REGISTERED NUMBER: 11292287)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024


The directors present their strategic report for the year ended 31 December 2024.

REVIEW OF BUSINESS
The company has been established as a holding company, holding investments in a number of subsidiaries located throughout the world, forming part of the Mu Sigma, Inc.

The company derived its income from dividends received during the year, with principal costs relating to foreign-exchange losses and interest payable on loans.

The company's net loss before tax amounted to $1,187,760 (2023: Profit $513,570).

PRINCIPAL RISKS AND UNCERTAINTIES
The company is a holding company and as such, is not actively trading. However, the principal risks comprise of the following:

- Foreign currency exchange risks associated to the holding of investments in subsidiaries trading internationally. This is mitigated by careful use of foreign currency contracts. The directors take a cautious approach to expanding into overseas markets.
- Finance risks relating to the cost of financing operations and investments through secured and unsecured debt. This is mitigated by a constant review of the loan facilities that the companies committed to with careful negotiation by the directors.


MU SIGMA INTERNATIONAL LIMITED (REGISTERED NUMBER: 11292287)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

SECTION 172(1) STATEMENT
Strategic Report for the Year Ended 31 December 2024
This Strategic Report is prepared in accordance with Section 414C of the Companies Act 2006 and reflects the Directors' commitment to promoting the long-term success of Mu Sigma International Limited in line with their duties under Section 172(1) of the Act.

Compliance with Section 172(1) of the Companies Act 2006
The Directors confirm that throughout the year ended 31 December 2024, they have acted in good faith to promote the success of the company for the benefit of its members as a whole. In discharging their duties under Section 172(1), they have had regard, amongst other matters, to:
* the likely consequences of any decision in the long term,
* the interests of the company's employees,
* the need to foster business relationships with suppliers, customers, and others,
* the impact of the company's operations on the community and the environment,
* the desirability of maintaining a reputation for high standards of business conduct, and
* the need to act fairly between members of the company.

The Board ensured that these principles were embedded in all decision-making processes throughout the reporting period. Below is a summary of how key Section 172 considerations were addressed:

1. Long-Term Strategic Planning

Following the group's earlier restructuring, the company continued to implement and monitor its long-term strategy. Strategic priorities included:

* Improving operational efficiency through digital optimisation and process integration.
* Strengthening the company's position in key markets through service differentiation and client retention.
* Ensuring sustainable growth by aligning internal capabilities with future market demands.

These efforts were regularly reviewed at board level to ensure alignment with stakeholders' expectations and long-term value creation.

2. Financial Management and Sustainability

Robust financial governance was a central focus of the year:

* The Board implemented stringent budgetary controls to monitor performance across all business units.

*
Strategic use of debt financing enabled investment in core operations while maintaining a prudent risk
appetite.

*
A framework for sustainable cash flow management and debt reduction was introduced to support long-term
solvency.

Additionally, key financial decisions were subjected to risk assessments and sensitivity analysis to protect stakeholder value.

3. Employee Engagement and Workforce Development

Employees are integral to the company's performance. During 2024, the Board took several steps to improve workforce outcomes:

* Maintained competitive remuneration structures benchmarked to industry standards.
* Reinforced policies supporting physical and mental wellbeing.

*
Encouraged a culture of collaboration, inclusion, and continuous professional development through structured
feedback and training.

The company also complied with health and safety obligations under the Health and Safety at Work etc. Act 1974 and, where required, consulted employees or their representatives in accordance with Information and Consultation of Employees Regulations 2004.

MU SIGMA INTERNATIONAL LIMITED (REGISTERED NUMBER: 11292287)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024


4. Stakeholder and Business Relationships

The company recognises that constructive relationships with suppliers, customers, lenders, and other business partners are key to its success. Key initiatives included:

* Periodic client feedback loops to inform service delivery improvements.
* Establishment of supplier review frameworks focused on quality, reliability, and ethical practices.
* Engagement with financial partners to support liquidity and investment goals.

These interactions helped the company remain responsive to commercial changes while reinforcing its reputation.

5. Corporate Governance and Ethical Conduct

The company maintained a strong governance framework consistent with the principles of the UK Corporate Governance Code (as appropriate for its size and structure):


*
The Board ensured compliance with all statutory and regulatory obligations, including tax, employment, data
protection, and anti-bribery legislation.

*
Internal policies addressing conflicts of interest, whistleblowing, anti-corruption, and ethical conduct were
reviewed and reinforced.

*
Directors undertook training and external briefings to stay informed on governance developments and
stakeholder expectations.

6. Environmental and Social Impact

Although the company's environmental footprint is modest, it recognises the importance of operating responsibly. Steps taken in 2024 included:

* Initiatives to reduce paper usage and energy consumption in office operations.
* Encouraging remote collaboration tools to reduce business travel.
* Promoting social value through charitable contributions and community engagement.

Future plans include further integration of environmental considerations into procurement and vendor selection.

Looking Forward

The Board remains committed to aligning its decision-making with the interests of shareholders and the broader stakeholder ecosystem. Continuous efforts will be made to:

* Monitor the evolving regulatory landscape and adapt the company's governance accordingly.
* Enhance stakeholder engagement strategies.
* Promote sustainable business practices that create long-term value.

This Strategic Report was approved by the Board on 22 July 2025 and signed on its behalf by:

ON BEHALF OF THE BOARD:





Alokesh Das - Director


22 July 2025

MU SIGMA INTERNATIONAL LIMITED (REGISTERED NUMBER: 11292287)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2024


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

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of a holding company.

DIVIDENDS
No dividends will be distributed for the year ended 31 December 2024.

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS
Dhiraj Rajaram has held office during the whole of the period from 1 January 2024 to the date of this report.

Other changes in directors holding office are as follows:

Deepa Subbalakshmy Mahesh - resigned 15 April 2024
Alokesh Das - appointed 15 April 2024



STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make 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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

MU SIGMA INTERNATIONAL LIMITED (REGISTERED NUMBER: 11292287)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2024


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 company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





Alokesh Das - Director


22 July 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MU SIGMA INTERNATIONAL LIMITED


Opinion
We have audited the financial statements of Mu Sigma International Limited (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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 company's affairs as at 31 December 2024 and of its loss 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 company 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 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 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.

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

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MU SIGMA INTERNATIONAL LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the 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, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page five, 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 company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

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:

The board of directors of Mu Sigma International Limited consider, both individually and together, that they have acted in a way that they consider, in good faith, would be most likely to promote the success of the company for the benefit of the members as a whole in the decisions taken during the year ended 31 December 2024. In particular, by reference to the management of the progress of the reorganisation following the restructuring of the group a few years ago, and its impact on the current market.

The reorganisation and restructuring plan undertaken several years ago was designed to have a long-term beneficial impact on the company and to contribute to its success in delivering a better quality, more reliable service for its customers. The success of the plans enabled the directors to obtain debt financing to put their growth plans into practice. The directors will continue to manage the business with tight budgetary controls and in-line with current legislation and ensure that financing and operating decisions continue to be made to ensure continued growth through dynamic marketing and client acquisitions, thus improving cash flow and enabling the directors to follow a strategic plan to reduce the level of borrowings over the longer term.

The employees of all group companies are fundamental to its business. The directors aim to be responsible employers in their approach to the pay and benefits that the employees receive. The health, safety and well-being of all employees is one of our primary considerations in the way business is conducted.

The intention of the board of directors is to behave responsibly and ensure that management operate the business in a responsible manner, operating within the high standards of business conduct and good governance expected of a business of its size and structure.

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
MU SIGMA INTERNATIONAL 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.




Kiran Patel BA BFP FCA (Senior Statutory Auditor)
for and on behalf of Albury Associates Limited
Chartered Accountants and Statutory Auditor
2nd Floor
1 Hobbs House Harrovian Business Village
Bessborough Road
Harrow
Middlesex
HA1 3EX

22 July 2025

MU SIGMA INTERNATIONAL LIMITED (REGISTERED NUMBER: 11292287)

INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024

31.12.24 31.12.23
Notes $    $   

TURNOVER - -

Administrative expenses (17,394 ) (50,519 )
OPERATING LOSS 4 (17,394 ) (50,519 )

Income from fixed asset investments 4,760,289 6,617,080
4,742,895 6,566,561

Interest payable and similar expenses 5 (5,928,655 ) (6,052,992 )
(LOSS)/PROFIT BEFORE TAXATION (1,185,760 ) 513,569

Tax on (loss)/profit 6 - -
(LOSS)/PROFIT FOR THE FINANCIAL
YEAR

(1,185,760

)

513,569

MU SIGMA INTERNATIONAL LIMITED (REGISTERED NUMBER: 11292287)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

31.12.24 31.12.23
Notes $    $   

(LOSS)/PROFIT FOR THE YEAR (1,185,760 ) 513,569


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

(1,185,760

)

513,569

MU SIGMA INTERNATIONAL LIMITED (REGISTERED NUMBER: 11292287)

BALANCE SHEET
31 DECEMBER 2024

31.12.24 31.12.23
Notes $    $    $    $   
FIXED ASSETS
Investments 7 400,100,000 400,100,000

CURRENT ASSETS
Debtors 8 46,288,320 43,867,564
Cash at bank 78,598 118,124
46,366,918 43,985,688
CREDITORS
Amounts falling due within one year 9 21,516,529 13,949,540
NET CURRENT ASSETS 24,850,389 30,036,148
TOTAL ASSETS LESS CURRENT
LIABILITIES

424,950,389

430,136,148

CREDITORS
Amounts falling due after more than one
year

10

111,904,383

115,904,382
NET ASSETS 313,046,006 314,231,766

CAPITAL AND RESERVES
Called up share capital 13 315,890,755 315,890,755
Retained earnings 14 (2,844,749 ) (1,658,989 )
SHAREHOLDERS' FUNDS 313,046,006 314,231,766

The financial statements were approved by the Board of Directors and authorised for issue on 22 July 2025 and were signed on its behalf by:





Alokesh Das - Director


MU SIGMA INTERNATIONAL LIMITED (REGISTERED NUMBER: 11292287)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024

Called up
share Retained Total
capital earnings equity
$    $    $   
Balance at 1 January 2023 315,890,755 (2,172,558 ) 313,718,197

Changes in equity
Total comprehensive income - 513,569 513,569
Balance at 31 December 2023 315,890,755 (1,658,989 ) 314,231,766

Changes in equity
Total comprehensive income - (1,185,760 ) (1,185,760 )
Balance at 31 December 2024 315,890,755 (2,844,749 ) 313,046,006

MU SIGMA INTERNATIONAL LIMITED (REGISTERED NUMBER: 11292287)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024

31.12.24 31.12.23
Notes $    $   
Cash flows from operating activities
Cash generated from operations 1 1,344,237 (726,516 )
Interest paid (5,945,615 ) (6,043,176 )
Finance costs paid (198,437 ) -
Net cash from operating activities (4,799,815 ) (6,769,692 )

Cash flows from investing activities
Purchase of fixed asset investments - (100,000 )
Dividends received 4,760,289 6,617,080
Net cash from investing activities 4,760,289 6,517,080

Decrease in cash and cash equivalents (39,526 ) (252,612 )
Cash and cash equivalents at beginning of
year

2

118,124

370,736

Cash and cash equivalents at end of year 2 78,598 118,124

MU SIGMA INTERNATIONAL LIMITED (REGISTERED NUMBER: 11292287)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024


1. RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

31.12.24 31.12.23
$    $   
(Loss)/profit before taxation (1,185,760 ) 513,569
Finance costs 5,928,655 6,052,992
Finance income (4,760,289 ) (6,617,080 )
(17,394 ) (50,519 )
Decrease in trade and other debtors 508,354 132,738
Increase/(decrease) in trade and other creditors 853,277 (808,735 )
Cash generated from operations 1,344,237 (726,516 )

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 December 2024
31.12.24 1.1.24
$    $   
Cash and cash equivalents 78,598 118,124
Year ended 31 December 2023
31.12.23 1.1.23
$    $   
Cash and cash equivalents 118,124 370,736


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.1.24 Cash flow At 31.12.24
$    $    $   
Net cash
Cash at bank 118,124 (39,526 ) 78,598
118,124 (39,526 ) 78,598
Debt
Debts falling due within 1 year (2,159,568 ) (1,840,432 ) (4,000,000 )
Debts falling due after 1 year (115,904,382 ) 3,999,999 (111,904,383 )
(118,063,950 ) 2,159,567 (115,904,383 )
Total (117,945,826 ) 2,120,041 (115,825,785 )

MU SIGMA INTERNATIONAL LIMITED (REGISTERED NUMBER: 11292287)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024


1. STATUTORY INFORMATION

Mu Sigma International 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.

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.

Investment in subsidiaries and associates
We evaluate the reconcilability of property and equipment and finite-lived intangible assets for possible impairment whenever events or circumstances indicate that the carrying amount of such assets may not be recoverable. The evaluation is performed at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. Reconcilability of these assets is measured by a comparison of the carrying amounts to the future undiscounted cash flows the assets are expected to generate. If such review indicates that the carrying amount of property and equipment and intangible assets is not recoverable, the carrying amount of such assets is reduced to fair value.

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.

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.

Foreign currencies
The Company determines the functional currency for its subsidiaries by reviewing the currencies in which their respective operating activities occur. The functional currency for foreign subsidiaries is their respective local currency.
The assets and liabilities of the subsidiaries are translated into U.S. dollars at the exchange rate in
effect at the balance sheet date.

Finance costs
Finance costs directly attributable to the acquisition or construction of qualifying assets are capitalised. Qualifying assets are those that necessarily take a substantial period of time to prepare for their intended use. All other borrowing costs are recognised in the income statement in finance costs, excluding those arising from financial services, in the period in which they occur. Finance cost on financial liabilities is determined using the effective interest rate method and is recognised in income statement.

MU SIGMA INTERNATIONAL LIMITED (REGISTERED NUMBER: 11292287)

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


3. EMPLOYEES AND DIRECTORS


31.12.24 31.12.23
$    $   
Directors' remuneration - -

4. OPERATING LOSS

The operating loss is stated after charging:

31.12.24 31.12.23
$    $   
Audit remuneration 9,172 13,162
Foreign exchange differences 654 874

5. INTEREST PAYABLE AND SIMILAR EXPENSES
31.12.24 31.12.23
$    $   
Bank loan interest 2,805,757 2,949,666
Debt cost 88,089 86,611
Other loan interest 3,034,809 3,016,715
5,928,655 6,052,992

6. TAXATION

Analysis of the tax charge
No liability to UK corporation tax arose for the year ended 31 December 2024 nor for the year ended 31 December 2023.

7. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
$   
COST
At 1 January 2024
and 31 December 2024 400,100,000
NET BOOK VALUE
At 31 December 2024 400,100,000
At 31 December 2023 400,100,000

MU SIGMA INTERNATIONAL LIMITED (REGISTERED NUMBER: 11292287)

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


7. FIXED ASSET INVESTMENTS - continued

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

Mu Sigma Australia Pty Limited
Registered office: Level 8/1, O’Connell Street, Sydney NSW 2000, Australia
Nature of business: Business Data Analytics
%
Class of shares: holding
Ordinary 100.00

Mu Sigma Canada Limited
Registered office: Suite 1500 – 45 O’Connor Street, Ottawa ON K1P 1A4, Canada
Nature of business: Business Data Analytics
%
Class of shares: holding
Ordinary 100.00

Mu Sigma GmbH
Registered office: Seifhennersdorfer Straße 10, 01099 Dresden, Germany
Nature of business: Business Data Analytics
%
Class of shares: holding
Ordinary 100.00

Mu Sigma Japan Limited
Registered office: Kasumigaseki Building 5F, 2-5, Kasumigaseki 3-chome,Chiyoda-ku, Tokyo, Japan
Nature of business: Business Data Analytics
%
Class of shares: holding
Ordinary 100.00

Mu Sigma Singapore Pte Limited
Registered office: 8 Marina Boulevard, 05-02 Marina Bay Financial Centre Tower 1, Singapore 01 8981
Nature of business: Business Data Analytics
%
Class of shares: holding
Ordinary 100.00

Mu Sigma Limited
Registered office: 2 Churchill Court, 58 Station Road, North Harrow, HA2 7SA, United Kingdom
Nature of business: Business Data Analytics
%
Class of shares: holding
Ordinary 100.00

Shanghai Mu Sigma Business Solutions Co., Ltd
Registered office: 1004-12, No. 6, Wei De Road, Yang Pu District, Shanghai 200433, P.R.China
Nature of business: Business Data Analytics
%
Class of shares: holding
Ordinary 100.00

MU SIGMA INTERNATIONAL LIMITED (REGISTERED NUMBER: 11292287)

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


7. FIXED ASSET INVESTMENTS - continued

Mu Sigma Business Solutions LLC
Registered office: 3400 Dundee Rd Suite 160 Northbrook IL 60062 USA
Nature of business: Business Data Analytics
%
Class of shares: holding
Ordinary 89.42

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
$    $   
Amounts owed by group undertakings 46,089,883 43,671,471
Prepayments 198,437 196,093
46,288,320 43,867,564

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
$    $   
Bank loans and overdrafts (see note 11) 4,000,000 2,159,568
Amounts owed to group undertakings 14,802,270 9,912,030
Other creditors 2,679,948 1,830,181
Interest payable on bank loan 6,635 23,595
Accrued expenses 27,676 24,166
21,516,529 13,949,540

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.24 31.12.23
$    $   
Bank loans (see note 11) 26,904,383 30,904,382
Other loans (see note 11) 85,000,000 85,000,000
111,904,383 115,904,382

11. LOANS

An analysis of the maturity of loans is given below:

31.12.24 31.12.23
$    $   
Amounts falling due within one year or on demand:
Bank loans 4,000,000 2,159,568

Amounts falling due between one and two years:
Other loans more than 1 year 85,000,000 85,000,000

MU SIGMA INTERNATIONAL LIMITED (REGISTERED NUMBER: 11292287)

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


11. LOANS - continued
31.12.24 31.12.23
$    $   
Amounts falling due between two and five years:
Bank loans more than 1 year 26,904,383 30,904,382

12. SECURED DEBTS

The following secured debts are included within creditors:

31.12.24 31.12.23
$    $   
Bank loans 30,904,383 33,063,950

All property and entities of Mu Sigma International Limited are secured by way of three Debentures dated 29 March 2022 that contain a fixed and floating charge in favour of BMO Harris Bank N.A.

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.24 31.12.23
value: $    $   
1,000 Ordinary $1.00 159,501,280 159,501,280
130,500,000 Preference share $1.00 130,500,000 130,500,000
17,085,457 B Ordinary $.93 15,889,475 15,889,475
9,708,738 B Convertible preference $1.03 10,000,000 10,000,000
315,890,755 315,890,755

Ordinary and "B" Ordinary share capital hold equal voting rights, full equity and full dividend rights, and shall remain as irredeemable.

Preference share capital holds non-voting rights, non-equity rights, preferential rights on winding up, dividend rights at the option of the company, convertible (after the expiry of 12 years from the date of the issue of the said shares), and shall remain as irredeemable.

14. RESERVES
Retained
earnings
$   

At 1 January 2024 (1,658,989 )
Deficit for the year (1,185,760 )
At 31 December 2024 (2,844,749 )

MU SIGMA INTERNATIONAL LIMITED (REGISTERED NUMBER: 11292287)

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


15. ULTIMATE HOLDING COMPANY

Mu Sigma, Inc. (incorporated in the United States) is regarded by the directors as being the company's ultimate parent company Mu Sigma, Inc. registered office address is: 3400 Dundee Road, Suite 160, Northbrook, IL 60062

Musigma Business Solutions Private Limited (a company registered in India) is the immediate parent company, which in turn is a 100% subsidiary of Mu Sigma, Inc.

16. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with other group members and wholly owned subsidiaries within the group.

17. POST BALANCE SHEET EVENTS

No matters or circumstances have arisen since the year-end date that significantly affect, or are likely to affect the operations, results or state of affairs of the Company for the foreseeable future.

18. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Dhiraj Rajaram by virtue of his shareholdings in the ultimate holding company. Musigma Business Solutions Private Limited (a company registered in India) is the immediate holding company and Mu Sigma, Inc. (a company registered in USA) is the ultimate holding company.

19. CONSOLIDATION

The company is utilising the exemption under s401 of the Companies Act 2006 from preparing consolidated accounts as the company's ultimate holding company, Mu sigma, Inc.(established outside the EEA territory), is preparing consolidated accounts.