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Registration number: 08352180

Quintessentially Ventures Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2023

 

Quintessentially Ventures Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 14

 

Quintessentially Ventures Limited

Company Information

Directors

Robert Walsh

Salah Sultan

Emil Sattarov

Gary Joseph Von Lehmden

Registered Number:

08352180

Registered office

29 Portland Place
London
W1B 1QB

Accountants

Ashton Allsop
Chartered Accountants
Thorncroft Manor
Thorncroft Drive
Leatherhead
Surrey
KT22 8JB

 

Quintessentially Ventures Limited

(Registration number: 08352180)
Balance Sheet as at 30 April 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

-

1,250

Tangible assets

5

9,012

2,391

Investments

6

100

100

Other financial assets

7

970,602

1,067,703

 

979,714

1,071,444

Current assets

 

Debtors

8

830,543

514,056

Cash at bank and in hand

 

475,342

1,070,231

 

1,305,885

1,584,287

Creditors: Amounts falling due within one year

9

(120,363)

(325,666)

Net current assets

 

1,185,522

1,258,621

Total assets less current liabilities

 

2,165,236

2,330,065

Creditors: Amounts falling due after more than one year

9

(27,142)

(37,514)

Net assets

 

2,138,094

2,292,551

Capital and reserves

 

Called up share capital

10

8,155

7,335

Share premium reserve

3,464,097

2,598,783

Revaluation reserve

212,387

288,675

Other reserves

339,440

660,282

Profit and loss account

(1,885,985)

(1,262,524)

Shareholders' funds

 

2,138,094

2,292,551

For the financial year ending 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

 

Quintessentially Ventures Limited

(Registration number: 08352180)
Balance Sheet as at 30 April 2023

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 23 October 2023 and signed on its behalf by:
 

.........................................
Robert Walsh
Director

 

Quintessentially Ventures Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
29 Portland Place
London
W1B 1QB

These financial statements were authorised for issue by the Board on 23 October 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Group accounts not prepared

The company is not required to prepare consolidated accounts given that the group in which it heads qualifies as small in accordance with section 383 of the Companies Act 2006.

 

Quintessentially Ventures Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Going concern

The Group had cash resources of £475,342 at 30 April 2023 (2022: £1,070,231). As at 30 September 2023 the Group had cash resources of £176,471 which does not include the £250,000 working capital facility, committed by a number of shareholders, for which a drawdown date of 4 October 2023 was defined in the loan documentation.

The directors have adopted the going concern basis in preparing these accounts after assessing the principal risks on the business. The directors considered the impact of the current economic environment on the business for the next 12 months. Scenario planning is difficult in these circumstances but we have considered the impact on sales, profits and cash flow. We have assumed that we will continue to be able to support our customers, sell to new clients and scale up our fund management offering.

We had planned for a material revenue decline in revenue and profitability for FY2023 however, we have seen positive signs in the market since the turn of the year, and this is reflected in the larger ticket sizes we have raised for two companies in FY2024, for £1.6m and 2.2m. Our base case budget anticipates a recovery from FY2023 with the group returning to profitability.

The directors believe that the Group is well placed to manage its financing and other business risks satisfactorily, and have a reasonable expectation that the Group will have adequate resources to continue in operation for at least 12 months from the signing date of these financial statements. They therefore consider it appropriate to adopt the going concern basis of accounting in preparing the financial statements.

Further information regarding the Company’s business activities, together with the factors likely to affect its future development, performance and position, is set out in the Directors' Report.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and 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.

Tax

The tax expense for the period comprises deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

 

Quintessentially Ventures Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Tangible assets

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

Office Equipment

3 years straight line

Intangible assets

Intangible assets are stated in the balance sheet at cost, less any subsequent accumualted amortisation and subsequent impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Intangible Assets

5 years straight line

Investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Investments in unlisted company shares, whose market value can be reliably determined, are remeasured to market value at each statement of financial position date. Gains and losses on remeasurement are included in the profit and loss for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or 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 effective 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.

 

Quintessentially Ventures Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Trade creditors

Trade creditors are obligations to pay for goods or 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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

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.

 

Quintessentially Ventures Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Financial instruments

Recognition and measurement
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised 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 trade and other debtors, amounts due from group undertakings 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 financial asset is measured at the present value of the future receipts discounted at a market rate of interest.

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 trade and other creditors and convertible loans, 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.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 12 (2022 - 11).

 

Quintessentially Ventures Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 May 2022

15,000

15,000

At 30 April 2023

15,000

15,000

Amortisation

At 1 May 2022

13,750

13,750

Amortisation charge

1,250

1,250

At 30 April 2023

15,000

15,000

Carrying amount

At 30 April 2023

-

-

At 30 April 2022

1,250

1,250

5

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 May 2022

7,301

7,301

Additions

10,588

10,588

At 30 April 2023

17,889

17,889

Depreciation

At 1 May 2022

4,910

4,910

Charge for the year

3,967

3,967

At 30 April 2023

8,877

8,877

Carrying amount

At 30 April 2023

9,012

9,012

At 30 April 2022

2,391

2,391

 

Quintessentially Ventures Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

6

Investments

2023
£

2022
£

Investments in subsidiaries

100

100

Subsidiaries

£

Cost or valuation

At 1 May 2022

100

Provision

Carrying amount

At 30 April 2023

100

At 30 April 2022

100

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

Quintessentially Ventures Fundraising Limited

29 Portland Place
London W1B 1QB

United Kingdom

Ordinary

100%

100%

Subsidiary undertakings

Quintessentially Ventures Fundraising Limited

The principal activity of Quintessentially Ventures Fundraising Limited is dormant.

 

Quintessentially Ventures Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

7

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 May 2022

1,067,703

1,067,703

Revaluations

(101,717)

(101,717)

Additions

8,749

8,749

Disposals

(4,133)

(4,133)

At 30 April 2023

970,602

970,602

Impairment

Carrying amount

At 30 April 2023

970,602

970,602

Other Financial Assets are portfolio investments in unlisted securities in which there is some external third party investment, i.e. the company has sought to raise equity investment beyond the original founder capital. Where relevant, the carrying value of these investments has been revalued by reference to the equity value ascribed to the company on a subsequent fundraising round. No other adjustments have been applied except where in the opinion of the directors it is necessary to recognise an impairment.

The net movement on reserves is shown after an attributable deferred tax movement of £(25,429) (2022: £43,326).

 

Quintessentially Ventures Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

8

Debtors

2023
£

2022
£

Trade debtors

269,973

269,272

Prepayments

16,688

9,769

Deferred tax asset

533,692

221,431

Other debtors

10,190

13,584

 

830,543

514,056

Less non-current portion

(533,692)

(221,431)

296,851

292,625

Details of non-current trade and other receivables

£533,692 (2022 -£221,431) of Deferred Tax Asset is classified as non current. The brought forward deferred tax asset has been adjusted to reflect the increase in the UK coporation tax rate from 19% to 25%. This increases the value of the brought forward balance by £69,926. The full effect of this has been recognised in the 2023 financial statements.

 

Quintessentially Ventures Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

9

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

11

11,231

11,564

Trade creditors

 

22,059

16,878

Amounts owed to associates

100

100

PAYE and NIC

 

40,335

15,746

Accruals and deferred income

 

41,444

130,121

Other creditors

 

5,194

151,257

 

120,363

325,666

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

11

27,142

37,514

10

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Shares of £0.10 each

81,554

8,155.40

73,351

7,335.10

         
 

Quintessentially Ventures Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

11

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

27,142

37,514

2023
£

2022
£

Current loans and borrowings

Bank borrowings

11,231

9,986

Other borrowings

-

1,578

11,231

11,564

12

Other Reserves

The company introduced an EMI scheme during the accounting period ended 30 April 2017. The fair value of the EMI options has been calculated using the Black Scholes model in accordance with FRS102 Section 26. Employment costs include a charge to the Profit and Loss account of £39,340 representing the accrued option value at 30 April 2023, of which £32,545 relates to prior years. The cumulative accrued option value at 30 April 2023 is included in Other Reserves.

13

Non adjusting events after the financial period

The company has issued the following shares since the balance sheet date:

10 August 2023: 2,439 £0.10 preference shares for cash consideration of £300,000.

29 September 2023: EMI options over 27 £0.10 Ordinary Shares were exercised for a cash consideration of £283.50.