Tata Motors : Jaguar Land Rover Ireland (Services) Limited

Jaguar Land Rover Ireland

(Services) Limited

ANNUAL REPORT AND FINANCIAL STATEMENTS

Registered number: 608696

For the year ended 31 March 2024

DIRECTORS AND ADVISORS

Directors

P. M. Girr

R. Jones

R. J. Molyneux

Company secretary

Maple Secretaries Limited c/o LK Shields Solicitors 39/40 Upper Mount Street Dublin 2

Registered office

39/40 Upper Mount Street,

Dublin 2

D02 PR89

Republic of Ireland

Auditor

Forvis Mazars Chartered Accountants and Statutory Audit Firm

Block 3, Harcourt Centre

Harcourt Road

Dublin 2

Ireland

Jaguar Land Rover Ireland (Services) Limited Annual report and financial statements For the year ended 31 March 2024

	Jaguar Land Rover Ireland (Services) Limited
	Annual report and financial statements
CONTENTS	For the year ended 31 March 2024
DIRECTORS' REPORT	4
STATEMENT OF DIRECTORS' RESPONSIBILITIES	7
INDEPENDENT AUDITOR'S REPORT	8
INCOME STATEMENT	11
BALANCE SHEET	12
STATEMENT OF CHANGES IN EQUITY	13
NOTES TO THE FINANCIAL STATEMENTS	14

DIRECTORS' REPORT

Jaguar Land Rover Ireland (Services) Limited Annual report and financial statements For the year ended 31 March 2024

The directors present their directors' report for Jaguar Land Rover Ireland (Services) Limited ('the Company' or 'JLR Ireland') for the year ended 31 March 2024.

Results and dividends

The income statement shows a profit after tax for the financial period of €6,677,000 (2023: €5,025,000).

The directors do not recommend payment of a dividend in respect of the financial results for the year ended 31 March 2024 (2023: nil).

Principal activity

The Company's principal activity during the year under review was research and development activity related to the delivery of key components that enable the next generation of Jaguar Land Rover ("JLR") Electrical Vehicle Architecture to support Connected Car, Advanced Driver Assistance System ("ADAS") technologies and future Automated Driving features.

Review of the business and future developments

The Company is utilising a senior leadership team of experienced software developers to help develop roadmaps and architectures for ongoing R&D activity. This team bring a wealth of directly relevant automotive and software architecture/development experience and an established engineering network to support initial scale growth. With ongoing recruitment and this established team, JLR Ireland can become a central hub for the overall JLR global software strategy.

JLR Ireland collaborates with other JLR development teams worldwide to support the delivery of key technologies to maintain its recognised position of innovative excellence.

Future developments

The Company's objective is to bring certain software expertise and development capability in-house so that we can suitably cost optimise and scale solutions for next generation architectures. The Digital Development Centre hub will be part of a global team in JLR to deliver these solutions and to advance JLR's Autonomous Driving capabilities.

JLR Ireland will continue to explore further opportunities to deliver innovative technology advancements that contribute to the overall JLR global software and R&D strategy.

Key performance indicators

The key performance indicators used are set out below:

	KPI		Year ended 31		Year ended 31		Commentary
		March 2024		March 2023

Average number of employees

Cost base - total of employee costs and other expenses (€ thousands)

361

42,568

267 Headcount increase to support the continued growth of the Company

28,739	Increase year on year primarily driven by costs
associated with the increase in headcount

Risks and uncertainties

The key risks and uncertainties faced by the business are:

• Being unable to keep pace with development due to rapidly evolving technology areas and multiple possible technology and strategy approaches;
• Longer term retention of key staff and remuneration in line with the tech industry eco-system; and
• Exposure to changes in the global economic and geopolitical environment, as well as other external factors through trade with the immediate parent company Jaguar Land Rover Limited. Trade tensions, protectionism, wars, terrorism, natural disasters, humanitarian challenges and more recently global pandemics may adversely impact the Jaguar Land Rover Automotive PLC Group ('the Group').

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DIRECTORS' REPORT (CONTINUED)

Jaguar Land Rover Ireland (Services) Limited Annual report and financial statements For the year ended 31 March 2024

Directors and secretary

The directors and secretary who served at any time during the financial year and to the date of this report were as follows:

Directors

J. Cormican (resigned 31 October 2023)

P. M. Girr

R. Jones

R. J. Molyneux

Secretary

Maple Secretaries Limited

The directors are not required to retire by rotation.

Directors' and secretary's interests

The directors and secretary in office at 31 March 2024 did not have any interest in the share capital of the Company or any group undertaking as at 31 March 2024 and 31 March 2023.

Events subsequent to the financial year end

There have been no subsequent events since the end of the financial year.

Going concern

The financial statements have been prepared on a going concern basis which the directors consider to be appropriate for the following reasons.

The directors have completed a going concern assessment for the Company for a period of 12 months from the date of approval of these financial statements which indicate that, taking account of reasonably possible downsides, the Company will have sufficient funds through funding from its intermediate parent company, Jaguar Land Rover Automotive PLC, to meet its liabilities as they fall due for that period.

The going concern assessment for the Company is dependent on Jaguar Land Rover Automotive PLC not seeking repayment of the amounts currently due, directly or indirectly, to the Group and providing additional financial support during that period.

Jaguar Land Rover Automotive PLC has indicated its intention to continue to make available such funds as are needed by the Company, and that it does not intend to seek repayment of the amounts due at the balance sheet date where the entity has insufficient liquidity to make such payments, for the period covered by the forecasts. As with any company placing reliance on other group entities for financial support, the directors acknowledge that there can be no certainty that this support will continue although, at the date of approval of these financial statements, they have no reason to believe that it will not do so.

Consequently, the directors are confident that the Company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis.

Accounting records

The measures that the directors have taken to secure compliance with the requirements of sections 281 to 285 of the Companies Act 2014 with regard to the keeping of accounting records, are the employment of appropriately qualified accounting personnel and the maintenance of computerised accounting systems. The Company's accounting records are maintained at Abbey Road, Whitley, Coventry CV3 4LF, England, United Kingdom.

Political and charitable contributions

The company made no political or charitable contributions during the year ended 31 March 2024 (2023: €nil).

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DIRECTORS' REPORT (CONTINUED)

Jaguar Land Rover Ireland (Services) Limited Annual report and financial statements For the year ended 31 March 2024

Directors' compliance statement

Each of the persons who is a director at the date of approval of this report acknowledges that they are responsible for securing the Company's compliance with its relevant obligations. Additionally, they confirm the following has taken place:

• A 'Compliance Policy Statement' was prepared, setting out the Company's policies in relation to compliance with relevant obligations;
• Arrangements and structures were put in place to secure material compliance with relevant obligations; and
• A review was conducted of such arrangement and structures during the financial year ended 31 March 2024.

Relevant audit information

Each of the persons who is a director at the date of approval of this report confirms that:

1. So far as the director is aware, there is no relevant audit information of which the Company's statutory auditors are unaware; and
2. the director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the Company's statutory auditors are aware of that information.

This confirmation is given and should be interpreted in accordance with the provisions of section 330 of the Companies Act 2014.

Independent auditor

The auditors, Forvis Mazars, Chartered Accountants and Statutory Audit Firm, will continue in office in accordance with the provisions of Section 383(2) of the Companies Act 2014.

Approved by the Board and signed on its behalf by:

P. Girr	R. J. Molyneux
Director	Director
10 June 2024	10 June 2024

6

STATEMENT OF DIRECTORS' RESPONSIBILITIES

Jaguar Land Rover Ireland (Services) Limited Annual report and financial statements For the year ended 31 March 2024

The directors are responsible for preparing the directors' 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 they have elected to prepare the financial statements in accordance with FRS 101 Reduced Disclosure Framework.

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 assets, liabilities and financial position of the Company and of its profit or loss for that year. In preparing these financial statements, the directors are required to:

• select suitable accounting policies and then apply them consistently;
• make judgements and estimates that are reasonable and prudent;
• state whether applicable Accounting Standards, comprising FRS 101 have been followed, subject to any material departures disclosed and explained in the financial statements;
• assess the Company's ability to continue as a going concern, disclosing as applicable, matters related to going concern; and
• 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 which disclose with reasonable accuracy at any time the assets, liabilities, financial position and profit or loss of the Company and enable them to ensure that the financial statements comply with the Companies Act 2014. They are responsible for such internal controls as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Company and to prevent and detect fraud and other irregularities. The directors are also responsible for preparing a directors' report that complies with the requirements of the Companies Act 2014.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website. Legislation in the Republic of Ireland governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Approved by the Board and signed on its behalf by:

P. Girr	R. J. Molyneux
Director	Director
10 June 2024	10 June 2024

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INDEPENDENT AUDITOR'S REPORT

TO THE MEMBERS OF

JAGUAR LAND ROVER IRELAND (SERVICES) LIMITED

Report on the audit of the financial statements

Opinion

We have audited the financial statements of Jaguar Land Rover Ireland (Services) Limited ('the Company'), for the year ended 31 March 2024, which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity, and notes to the Company financial statements, including the summary of significant accounting policies set out in note 2. The financial reporting framework that has been applied in their preparation is the Companies Act of 2014 and FRS 101, Reduced Disclosure Framework applicable in the UK and Republic of Ireland issued by the Financial Reporting Council and promulgated by the Institute of Chartered Accountants in Ireland.

In our opinion, the accompanying financial statements:

• give a true and fair view of the assets, liabilities and financial position of the Company as at 31 March 2024, and of its profit for the year then ended;
• have been properly prepared in accordance with FRS 101, Reduced Disclosure Framework; and
• have been properly prepared in accordance with the requirements of the Companies Act 2014.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (Ireland) (ISAs (Ireland)) 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 financial statements in Ireland, including the Ethical Standard for Auditors (Ireland) issued by the Irish Auditing and Accounting Supervisory Authority (IAASA), 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 the date 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.

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INDEPENDENT AUDITOR'S REPORT

TO THE MEMBERS OF

JAGUAR LAND ROVER IRELAND (SERVICES) LIMITED

(continued)

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report than the financial statements and our auditor's report 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.

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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 2014

In our opinion, based on the work undertaken in the course of the audit, we report that:

• the information given in the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements;
• the directors' report has been prepared in accordance with applicable legal requirements;
• the accounting records of the Company were sufficient to permit the financial statements to be readily and properly audited; and
• the financial statements are in agreement with the accounting records.

We have obtained all the information and explanations which, to the best of our knowledge and belief, are necessary for the purposes of our audit.

Matters on which we are required to report by exception

Based on the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified any material misstatements in the directors' report.

The Companies Act 2014 requires us to report to you if, in our opinion, the requirements of any of Sections 305 to 312 of the Act, which relate to disclosures of directors' remuneration and transactions are not complied with by the Company. We have nothing to report in this regard.

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INDEPENDENT AUDITOR'S REPORT

TO THE MEMBERS OF

JAGUAR LAND ROVER IRELAND (SERVICES) LIMITED

(continued)

Respective responsibilities

Responsibilities of directors for the financial statements

As explained more fully in the directors' responsibilities statement set out on page 7, the directors are responsible for the preparation of the financial statements in accordance with the applicable financial reporting framework that give a true and fair view, and for such internal control as management determines 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 management either intends to liquidate the Company or to cease operations, or has 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 (Ireland) 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.

A further description of our responsibilities for the audit of the financial statements is located on the Irish Auditing and Accounting Supervisory Authority's website at: http://www.iaasa.ie/getmedia/b2389013-1cf6-458b-9b8f-a98202dc9c3a/Description_of_auditors_responsibilities_for_audit.pdf. This description forms part of our auditor's report.

The purpose of our audit work and to whom we owe our responsibilities

Our report is made solely to the Company's members, as a body, in accordance with Section 391 of the Companies Act 2014. 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.

…………………….

Brian Cormack

For and on behalf of Forvis Mazars

Chartered Accountants & Statutory Audit Firm

Harcourt Centre, Block 3

Harcourt Road

Dublin 2

10 June 2024

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