KNAV SERVICES LIMITED

REPORT OF THE DIRECTORS AND

ABRIDGED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 DECEMBER 2024

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

Mr A Deshmukh

Mr R C Khairajani

Ms N Sharma

Mr A Singh

REGISTERED OFFICE:

Hygeia Building

66-68 College Road

Harrow

HA1 1BE

REGISTERED NUMBER:

12574865 (England and Wales)

AUDITORS:

ADAMS MOORHOUSE LIMITED, Chartered Accountants

Statutory Auditors

4 Churchill Court

Station Road

Harrow

Middlesex

HA2 7ST

FIXED ASSETS

Tangible assets

4

1,479

923

CURRENT ASSETS

Debtors

5

383,715

76,055

Cash and cash equivalents

441,486

370,878

825,201

446,933

CREDITORS

Amounts falling due within one year

6

565,005

274,984

NET CURRENT ASSETS

260,196

171,949

TOTAL ASSETS LESS CURRENT LIABILITIES

261,675

172,872

CAPITAL AND RESERVES

Called up share capital

200

200

Retained earnings

261,475

172,672

SHAREHOLDERS' FUNDS

261,675

172,872

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

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

The financial statements were approved by the Board of Directors and authorised for issue on 23 December 2025 and were signed on its behalf by:

Mr A Deshmukh - Director

1.	GENERAL INFORMATION

KNAV Services Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparation

These financial statements are prepared on a going concern basis, under the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional and presentational currency is GBP Sterling (E), being the currency of the primary economic environment in which the Company operates in. The amounts are presented rounded to the nearest pound.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the Company's activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The Company recognises revenue when:

-

The amount of revenue can be reliably measured;

-

it is probable that future economic benefits will flow to the entity; and

-

specific criteria have been met for each of the Company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures, fittings & office equipment

25% p.a. - Reducing balance basis

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Foreign currencies

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

Pension costs and other post-retirement benefits

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are shown as current liabilities.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2023 - 7 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

Cost

At 1 January 2024

1,641

Additions

840

At 31 December 2024

2,481

Depreciation

At 1 January 2024

718

Charge for year

284

At 31 December 2024

1,002

Net book value

At 31 December 2024

1,479

At 31 December 2023

923

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

323,260

69,628

Other debtors

60,455

6,427

383,715

76,055

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

33,652

141,205

Taxation and social security

128,737

75,495

Other creditors

402,616

58,284

565,005

274,984

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

The Report of the Auditors was unqualified.

S R Mamdani, FCA (Senior Statutory Auditor)

for and on behalf of ADAMS MOORHOUSE LIMITED, Chartered Accountants

8.	CONTINGENT LIABILITIES

Group Guarantees

The Company has provided a guarantee for the liabilities (the "Secured Obligations") of other Group entities, including the Borrower, KNAV Advisory Inc., under the terms of a Credit Agreement.

The Company's maximum liability under this arrangement is equivalent to the total amount of the Secured Obligations outstanding.

To secure this commitment, the Company executed a Debenture on 4 April 2025 in favour of JPMorgan Chase Bank, N.A. (the "Lender"), granting the Lender a fixed charge over specific assets and a floating charge over all of the Company's undertaking and assets . Management does not anticipate that any loss will arise from this guarantee.

9.	RELATED PARTY DISCLOSURES

Included in costs is a sum of £5,337 (2023 - Nil) paid to a company in which the directors have a controlling interest.Management fees charged to group companies amounted to £289,229 (2023 - £144689)

96% (2023 - 100%) of trade creditors related to amounts owed to group companies.

83% (2023 - 100%) of trade debtors related to amounts due from group companies.

79% (2023 - 76%) of turnover related to amounts invoiced to group companies.

10.	POST BALANCE SHEET EVENTS

On 4 April 2025, the Company executed a Debenture in favour of J PMorgan Chase Bank, N.A. (the "Lender") to secure the financial obligations of the Group under a Credit Agreement.

The Debenture created a fixed charge over specified assets and a floating charge over all of the Company's business, undertaking, and assets . This material event is a non-adjusting post-balance sheet event as the condition (the creation of the security) did not exist at 31 December 2024.

11.	ULTIMATE CONTROLLING PARTY

The Company's immediate parent as well as the ultimate parent is KNAV Advisory Inc. incorporated in the state of Delaware in the United States of America.