Company registration number 03394234 (England and Wales)
CONCENTRIX CRM SERVICES UK LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE 8 MONTH PERIOD ENDED 30 NOVEMBER 2024
CONCENTRIX CRM SERVICES UK LIMITED
COMPANY INFORMATION
Directors
Jane Catherine Fogarty
Andrew Albert Farwig
Secretary
Jane Catherine Fogarty
Company number
03394234
Registered office
Pillsbury Winthrop Shaw Pittman LLP
Level 34
100 Bishopsgate
London
EC2N 4AG
Auditor
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
Bank of America Merrill Lynch
2 King Edward Street
London EC1A 1HQ
United Kingdom
CONCENTRIX CRM SERVICES UK LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 18
CONCENTRIX CRM SERVICES UK LIMITED
STRATEGIC REPORT
FOR THE 8 MONTH PERIOD ENDED 30 NOVEMBER 2024
- 1 -
Introduction
The directors present the strategic report for the 8 month period ended 30 November 2024.
Principal activities
The principal activity of the company in the 8 month period under review was that of the provision of personnel and related consultancy services.
Review of business
The profit for the year, after taxation, amounted to £409k (31 March 2024: £577k). The directors plan to continue with the management policies that have resulted in the company’s development and growth during the year.
Key performance indicators
The directors have determined that the following financial key performance indicators (KPI’s) are the most effective measures of progress towards achieving the company’s objectives:
| 8 Months to 30 November 2024 | Year end to 31 March 2024 |
| | |
| | |
| | |
Gross profit Gross profit margin | | |
| | |
On a constant like-for-like basis, turnover for the 8 month period to 30 November 2024 prorated to 12 months will have increased by 15% compared to the year to 31 March 2024, this is as a result of growth within existing clients. Accordingly, this growth flows into an increase in operating profits which have an increased margin due to favourable GBP:USD exchange rate movements. |
Other key performance indicators
There are no other KPI's which the Directors consider warranting disclosure in this report.
Risk management
The company’s strategy is to follow an appropriate risk policy, which effectively manages exposures related to the achievement of business objectives. The key risks which the company faces are detailed as follows:
Business performance risk
Business performance risk is the risk that the company may not perform as expected either due to internal factors or due to competitive pressures in the markets in which the company operates. This risk is managed through several measures: ensuring that the appropriate management team is in place; budget and business planning; monthly reporting and variance analysis; financial controls; key performance indicators and regular forecasting.
Business continuity risk
The company does ensure that there is adequate knowledge throughout the management team and sufficient IT support available should an unforeseen event occur. Management are in the process of identifying and implementing business continuity and IT disaster recovery plans to ensure that any increase in risk arising from future activities is managed.
Financial and business control
Strong financial and business controls are necessary to ensure the integrity and reliability of financial and other information on which the company relies for day-to-day operations, external reporting and for long term planning. The company exercises financial and business control through a combination of: qualified and experienced financial teams; performance analysis; budgeting and cash flow forecasting and clearly defined approval limits.
CONCENTRIX CRM SERVICES UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE 8 MONTH PERIOD ENDED 30 NOVEMBER 2024
- 2 -
Loss of key customers
Long-term growth of the business depends on the company’s ability to retain key customers. The risk of customer attrition is managed by developing and maintaining strong relationships with customers through regular contact and striving for continuous improvement.
Social, ethical and environmental risk
Due to the company’s nature and size no significant social, ethical or environmental risks have been identified by management.
Financial risk management policy
The company’s principal financial instruments comprise cash, trade debtors and creditors. The main risks associated with these financial assets and liabilities are set out below.
Foreign currency risk
Foreign exchange policy is managed at a group level by the ultimate parent company.
Credit risk
Credit risk arises principally on revenues. Company policy is aimed at minimising such risk and requires that deferred terms are granted only to customers who demonstrate an appropriate payment history and satisfy creditworthiness procedures. Individual exposures are monitored with customers subject to credit limits to ensure that the company’s exposure to bad debts is not significant.
Liquidity risk
The company’s liquidity risk is managed by the company’s directors through daily assessment of required cash levels and resultant utilisation of various available facilities if required. The directors do not believe that the company has significant exposures arising from liquidity risks.
Interest rate and price risk
The directors do not believe that the company has significant exposures arising from interest rate or price risks.
Jane Catherine Fogarty
Director
22 August 2025
CONCENTRIX CRM SERVICES UK LIMITED
DIRECTORS' REPORT
FOR THE 8 MONTH PERIOD ENDED 30 NOVEMBER 2024
- 3 -
The directors present their annual report and financial statements for the 8 month period ended 30 November 2024.
Change in accounting reference date
During the period the accounting reference date was shortened from 31 March 2025 to 30 November 2024.
Principal activities
The principal activity of the company in the 8 month period under review was that of the provision of personnel and related consultancy services.
Results and dividends
No dividend has been paid during the period (31 March 2024: £nil).
Directors
The directors who held office during the 8 month period and up to the date of signature of the financial statements were as follows:
Jane Catherine Fogarty
Andrew Albert Farwig
Political contributions
The company did not make any political contributions during the current or previous period.
Going concern
These financial statements have been drawn up on the going concern basis. If the going concern basis were not appropriate, adjustments would have been made to reduce assets to recoverable amounts, to provide for any further liabilities that might arise, and to re-classify fixed assets as current assets and long term liabilities as current liabilities.
Future developments
The directors do not anticipate any changes to the nature of the business in the foreseeable future.
Auditor
In accordance with the company's articles, a resolution proposing that Ormerod Rutter Limited be reappointed as auditor of the company will be put at a General Meeting.
Statement of directors' responsibilities
The directors are responsible for preparing the annual report 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; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
CONCENTRIX CRM SERVICES UK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE 8 MONTH PERIOD ENDED 30 NOVEMBER 2024
- 4 -
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.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
On behalf of the board
Jane Catherine Fogarty
Director
22 August 2025
CONCENTRIX CRM SERVICES UK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CONCENTRIX CRM SERVICES UK LIMITED
- 5 -
Opinion
We have audited the financial statements of Concentrix CRM Services UK Limited (the 'company') for the 8 month period ended 30 November 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including 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 30 November 2024 and of its profit for the 8 month period 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.
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 Auditor's 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.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:
the information given in the strategic report and the directors' report for the financial 8 month period for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
CONCENTRIX CRM SERVICES UK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CONCENTRIX CRM SERVICES UK LIMITED (CONTINUED)
- 6 -
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 directors' report.
We have nothing to report in respect of the following matters in relation to which 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 directors' responsibilities statement, 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 is 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.
Auditor's 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 an auditor's report 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.
Based on our understanding of the company and the industry, we identified that the principal risks of non-compliance with laws and regulations including those that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, and the extent to which non-compliance might have a material effect on the financial statements. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to revenue and management bias in accounting estimates and judgemental areas of the financial statements. Audit procedures performed included:
Discussions with management, including consideration of known or suspected instances of non compliance with laws and regulation and fraud;
Reviewing relevant meeting minutes;
Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations; entries posted containing unusual account descriptions, and entries posted with unusual amounts;
Designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing; and
Challenging assumptions and judgements made by management in relation to accounting estimates.
There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
CONCENTRIX CRM SERVICES UK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CONCENTRIX CRM SERVICES UK LIMITED (CONTINUED)
- 7 -
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 an auditor's report 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.
William Jonathan Roberts FCCA (Senior Statutory Auditor)
For and on behalf of Ormerod Rutter Limited, Statutory Auditor
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
27 August 2025
CONCENTRIX CRM SERVICES UK LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE 8 MONTH PERIOD ENDED 30 NOVEMBER 2024
- 8 -
Period
Year
ended
ended
30 November
31 March
2024
2024
Notes
£
£
Turnover
3
801,101
1,194,198
Cost of sales
(426,125)
(655,375)
Gross profit
374,976
538,823
Administrative expenses
(11,511)
(5,299)
Operating profit
4
363,465
533,524
Interest receivable and similar income
5
186,914
236,102
Interest payable and similar expenses
6
(3,639)
Profit before taxation
546,740
769,626
Tax on profit
8
(137,727)
(192,330)
Profit for the financial 8 month period
409,013
577,296
The profit and loss account has been prepared on the basis that all operations are continuing operations.
CONCENTRIX CRM SERVICES UK LIMITED
BALANCE SHEET
AS AT 30 NOVEMBER 2024
30 November 2024
- 9 -
30 November 2024
31 March 2024
Notes
£
£
£
£
Current assets
Debtors
9
4,763,752
4,435,870
Cash at bank and in hand
110,113
46,203
4,873,865
4,482,073
Creditors: amounts falling due within one year
10
(369,673)
(386,894)
Net current assets
4,504,192
4,095,179
Capital and reserves
Called up share capital
11
18,967
18,967
Share premium account
12
1,145,206
1,145,206
Profit and loss reserves
3,340,019
2,931,006
Total equity
4,504,192
4,095,179
The financial statements were approved by the board of directors and authorised for issue on 22 August 2025 and are signed on its behalf by:
Jane Catherine Fogarty
Director
Company registration number 03394234 (England and Wales)
CONCENTRIX CRM SERVICES UK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE 8 MONTH PERIOD ENDED 30 NOVEMBER 2024
- 10 -
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
Balance at 1 April 2023
18,967
1,145,206
2,353,710
3,517,883
Year ended 31 March 2024:
Profit and total comprehensive income
-
-
577,296
577,296
Balance at 31 March 2024
18,967
1,145,206
2,931,006
4,095,179
Period ended 30 November 2024:
Profit and total comprehensive income
-
-
409,013
409,013
Balance at 30 November 2024
18,967
1,145,206
3,340,019
4,504,192
CONCENTRIX CRM SERVICES UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 8 MONTH PERIOD ENDED 30 NOVEMBER 2024
- 11 -
1
Accounting policies
Company information
Concentrix CRM Services UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is Pillsbury Winthrop Shaw Pittman LLP, Level 34, 100 Bishopsgate, London, United Kingdom, EC2N 4AG.
1.1
Reporting period
To align the period end with that of Concentrix Corporation, the accounting reference period originally ending on 31 March 2025 has been shortened to end on 30 November 2024.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 4 ‘Statement of Financial Position’: Reconciliation of the opening and closing number of shares;
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’: Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of Concentrix Corporation. These consolidated financial statements are available from the U.S Securities and Exchange Commission.
1.3
Going concern
These financial statements have been drawn up on the going concern basis. If the going concern basis were not appropriate, adjustments would have been made to reduce assets to recoverable amounts, to provide for any further liabilities that might arise, and to re-classify fixed assets as current assets and long term liabilities as current liabilities.true
CONCENTRIX CRM SERVICES UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE 8 MONTH PERIOD ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 12 -
1.4
Turnover
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax, and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will received the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
CONCENTRIX CRM SERVICES UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE 8 MONTH PERIOD ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 13 -
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
CONCENTRIX CRM SERVICES UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE 8 MONTH PERIOD ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 14 -
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.10
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
CONCENTRIX CRM SERVICES UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE 8 MONTH PERIOD ENDED 30 NOVEMBER 2024
- 15 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The Directors do not consider there to be any judgements or estimates which would materially affect the financial statements.
3
Turnover and other revenue
2024
2024
£
£
Turnover analysed by class of business
Service income
801,101
1,194,198
2024
2024
£
£
Other revenue
Interest income
186,914
236,102
4
Operating profit
2024
2024
Operating profit for the period is stated after charging/(crediting):
£
£
Exchange gains
(172)
(9,806)
Fees payable to the company's auditor for the audit of the company's financial statements
6,670
6,355
Fees payable to the company's auditor for non-audit services
625
595
5
Interest receivable and similar income
2024
2024
£
£
Interest income
Other interest income
186,914
236,102
6
Interest payable and similar expenses
2024
2024
£
£
Interest payable to group undertakings
3,639
CONCENTRIX CRM SERVICES UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE 8 MONTH PERIOD ENDED 30 NOVEMBER 2024
- 16 -
7
Employees
The Directors’ total emoluments for the year were paid by various companies within Concentrix Corporation. The Directors do not believe that it is practicable to apportion this amount between their services as Directors of the company and their services as employees and Directors of other companies within the Group. The Company has no employees other than the Directors.
8
Taxation
2024
2024
£
£
Current tax
UK corporation tax on profits for the current period
137,595
192,406
Tax relating to prior year adjustments recognised in profit or loss
132
(76)
Total current tax
137,727
192,330
The actual charge for the 8 month period can be reconciled to the expected charge for the 8 month period based on the profit or loss and the standard rate of tax as follows:
2024
2024
£
£
Profit before taxation
546,740
769,626
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
136,685
192,407
Under/(over) provided in prior years
1,042
(77)
Taxation charge for the period
137,727
192,330
9
Debtors
2024
2024
Amounts falling due within one year:
£
£
Trade debtors
99,406
116,996
Corporation tax recoverable
16,561
Amounts owed by group undertakings
4,646,150
4,317,226
Prepayments and accrued income
1,635
1,648
4,763,752
4,435,870
CONCENTRIX CRM SERVICES UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE 8 MONTH PERIOD ENDED 30 NOVEMBER 2024
- 17 -
10
Creditors: amounts falling due within one year
2024
2024
£
£
Trade creditors
1,836
Amounts owed to group undertakings
293,860
302,318
Corporation tax
52,753
Other taxation and social security
53,603
18,872
Accruals and deferred income
22,210
11,115
369,673
386,894
Amounts owed to group undertakings of £293k (31st March 2024: £302k) are interest free, unsecured and payable on demand.
11
Share capital
2024
2024
Ordinary share capital
£
£
Issued and fully paid
75,866 Ordinary shares of 25p each
18,967
18,967
12
Reserves
Share premium account
This reserve includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from the share premium.
Profit and loss account
This reserve includes all current and prior period retained profits and losses which are considered distributable.
13
Related party transactions
The company has taken advantage of the exemption available under FRS 102 "Related Party Disclosures" as a 100% owned subsidiary to not separately disclose transactions with other companies that are owned 100% by the group. Group accounts are not required as consolidated accounts are produced at a higher level in the group.
14
Ultimate controlling party
The immediate parent undertaking is Concentrix Services UK Limited, a company incorporated in the United Kingdom.
The ultimate parent undertaking, and the only company within the group of undertakings to consolidate these financial statements up to 31 March 2024, was Concentrix Corporation, a publicly listed company (NASDAQ: CNXC) incorporated in the United States of America, and with its registered office situated at 39899 Balentine Drive, Newark, California 94560, United States. Copies of these group financial statements are available from www.concentrix.com.
CONCENTRIX CRM SERVICES UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE 8 MONTH PERIOD ENDED 30 NOVEMBER 2024
- 18 -
15
Events after the reporting date
Subsequent to the period end and in agreement with all involved parties the company has novated a selection of its client contracts to a related group company for the purpose of administration and trading consolidation of companies in the Concentrix Group within the UK. As a result of the novation there is expectation that the trading activity of the company will reduce significantly during 2025, however, the Directors believe there is no impact on the going concern status of the company due to the net asset position shown in the statement of financial position.
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