| REGISTERED NUMBER: |
| MU SIGMA INTERNATIONAL LIMITED |
| STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
| FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 |
| REGISTERED NUMBER: |
| 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: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Chartered Accountants and Statutory Auditor |
| 2nd Floor |
| 1 Hobbs House Harrovian Business Village |
| Bessborough Road |
| Harrow |
| Middlesex |
| HA1 3EX |
| BANKERS: |
| CGC Centre |
| Canary Wharf |
| E14 5LB |
| ACCOUNTANTS: |
| 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: |
| 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 |
| Other changes in directors holding office are as follows: |
| 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: |
| 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. |
| for and on behalf of |
| Chartered Accountants and Statutory Auditor |
| 2nd Floor |
| 1 Hobbs House Harrovian Business Village |
| Bessborough Road |
| Harrow |
| Middlesex |
| HA1 3EX |
| 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 | ( |
) | ( |
) |
| OPERATING LOSS | 4 | ( |
) | ( |
) |
| Income from fixed asset investments |
| 4,742,895 | 6,566,561 |
| Interest payable and similar expenses | 5 | ( |
) | ( |
) |
| (LOSS)/PROFIT BEFORE TAXATION | ( |
) |
| Tax on (loss)/profit | 6 |
| (LOSS)/PROFIT FOR THE FINANCIAL YEAR |
( |
) |
| 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 | ( |
) |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
( |
) |
| MU SIGMA INTERNATIONAL LIMITED (REGISTERED NUMBER: 11292287) |
| BALANCE SHEET |
| 31 DECEMBER 2024 |
| 31.12.24 | 31.12.23 |
| Notes | $ | $ | $ | $ |
| FIXED ASSETS |
| Investments | 7 |
| CURRENT ASSETS |
| Debtors | 8 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 9 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
10 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 13 |
| Retained earnings | 14 | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| 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 | ( |
) |
| Changes in equity |
| Total comprehensive income | - |
| Balance at 31 December 2023 | ( |
) |
| Changes in equity |
| Total comprehensive income | - | ( |
) | ( |
) |
| Balance at 31 December 2024 | ( |
) |
| 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 | ( |
) |
| Interest paid | ( |
) | ( |
) |
| Finance costs paid | (198,437 | ) | - |
| Net cash from operating activities | ( |
) | ( |
) |
| Cash flows from investing activities |
| Purchase of fixed asset investments | - | (100,000 | ) |
| Dividends received |
| Net cash from investing activities |
| Decrease in cash and cash equivalents | ( |
) | ( |
) |
| Cash and cash equivalents at beginning of year |
2 |
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 | ( |
) |
| 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 |
| Increase/(decrease) in trade and other creditors | ( |
) |
| Cash generated from operations | ( |
) |
| 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 | ( |
) | 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 |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| 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 |
| Foreign exchange differences |
| 5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 31.12.24 | 31.12.23 |
| $ | $ |
| Bank loan interest |
| Debt cost |
| Other loan interest |
| 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 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| 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: |
| Registered office: Level 8/1, O’Connell Street, Sydney NSW 2000, Australia |
| Nature of business: |
| % |
| Class of shares: | holding |
| Registered office: Suite 1500 – 45 O’Connor Street, Ottawa ON K1P 1A4, Canada |
| Nature of business: |
| % |
| Class of shares: | holding |
| Registered office: Seifhennersdorfer Straße 10, 01099 Dresden, Germany |
| Nature of business: |
| % |
| Class of shares: | holding |
| Registered office: Kasumigaseki Building 5F, 2-5, Kasumigaseki 3-chome,Chiyoda-ku, Tokyo, Japan |
| Nature of business: |
| % |
| Class of shares: | holding |
| Registered office: 8 Marina Boulevard, 05-02 Marina Bay Financial Centre Tower 1, Singapore 01 8981 |
| Nature of business: |
| % |
| Class of shares: | holding |
| Registered office: 2 Churchill Court, 58 Station Road, North Harrow, HA2 7SA, United Kingdom |
| Nature of business: |
| % |
| Class of shares: | holding |
| Registered office: 1004-12, No. 6, Wei De Road, Yang Pu District, Shanghai 200433, P.R.China |
| Nature of business: |
| % |
| Class of shares: | holding |
| 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 |
| Registered office: 3400 Dundee Rd Suite 160 Northbrook IL 60062 USA |
| Nature of business: |
| % |
| Class of shares: | holding |
| 8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.12.24 | 31.12.23 |
| $ | $ |
| Amounts owed by group undertakings |
| Prepayments |
| 9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.12.24 | 31.12.23 |
| $ | $ |
| Bank loans and overdrafts (see note 11) |
| Amounts owed to group undertakings |
| Other creditors |
| Interest payable on bank loan | 6,635 | 23,595 |
| Accrued expenses |
| 10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 31.12.24 | 31.12.23 |
| $ | $ |
| Bank loans (see note 11) |
| Other loans (see note 11) |
| 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 |
| Amounts falling due between one and two years: |
| Other loans more than 1 year | 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 |
| 12. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 31.12.24 | 31.12.23 |
| $ | $ |
| Bank loans |
| 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: | $ | $ |
| Ordinary | $1.00 | 159,501,280 | 159,501,280 |
| Preference share | $1.00 | 130,500,000 | 130,500,000 |
| B Ordinary | $.93 | 15,889,475 | 15,889,475 |
| 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 | ( |
) |
| Deficit for the year | ( |
) |
| At 31 December 2024 | ( |
) |
| 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. |