QC PRIVATE EQUITY SERVICES LIMITED

Company Registration Number:
03787318 (England and Wales)

Unaudited statutory accounts for the year ended 31 December 2022

Period of accounts

Start date: 1 January 2022

End date: 31 December 2022

QC PRIVATE EQUITY SERVICES LIMITED

Contents of the Financial Statements

for the Period Ended 31 December 2022

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes

QC PRIVATE EQUITY SERVICES LIMITED

Directors' report period ended 31 December 2022

The directors present their report with the financial statements of the company for the period ended 31 December 2022

Principal activities of the company

The principal activity of the Company is the provision of investment advice to its associated companies. The Company provides investment advice to Quadriga Capital IIIa GP Limited, Quadriga Capital IV GP Limited, Quadriga Capital GP Limited, Quadriga Capital V GP Limited and Quadriga Capital VI GP Limited.

Additional information

INCORPORATIONThe Company is a private limited company incorporated in the United Kingdom and commenced trading on 10 June 1999 and its registered office to 31 May 2023 was at 120 New Cavendish Street, London, W1W 6XX. On 1 June 2023 the Company moved its registered office to 60-62 Margaret Street, London, W1W 8TF.RESULTS AND DIVIDENDThe operating results and state of affairs of the Company are fully set out in the attached Financial Statements and the notes thereto. The Company made a profit of EUR 14,134 (2021: profit of EUR 12,854).No dividends were proposed or declared during the year under review (2021: Nil).As at 31 December 2022, the Company is in a net current asset position of EUR 1,392,332. As disclosed in note 5 and in accordance with Investment Advisory Agreement, the Company receives investment advice from Quadriga Capital Eigenkapitalberatung GmbH and in turn provide investment advice to its associated companies, including Quadriga Capital IIIa GP Limited, Quadriga Capital IV GP Limited, Quadriga Capital GP Limited, Quadriga Capital V GP Limited and Quadriga Capital VI GP Limited. For its services, the Company receives investment advisory fees income. The total Investment Advisory Fee Income during the year amounted to EUR 4,078,797 (2021: EUR 6,939,697).The Directors of the Company have reviewed the financial statements of the associated companies and have assessed the current liquidity position of the Company taking into consideration the future expected cash flows including:- Cash flow emanating from the investment advisory fee Income from its associated companies;- Increase in the management and associated investment advisory fees emanating from the additional closings of Quadriga Capital Private Equity Fund VI LP following the agreed extension of the final close period to the 31 December 2023;- Income from the realisation of an investment in Quadriga Capital Private Equity IIIa LP. The sale is in advance stages which will result in management fees of EUR 3.0m and associated advisory fees of up to EUR 3.0m; and - A deal has been agreed for Quadriga Capital Private Equity Fund IV LP to sell its assets to a continuation vehicle, with a resulting advisory fee income of up to EUR 0.8m per annum from the continuation vehicle.Based on the above, the Directors conclude that no uncertainty exists that may cast significant doubt about the ability of the Company to continue as a going concern for the next 18 months following the approval of the financial statement, therefore the Directors have adopted the going concern basis of preparation for the Financial Statements.The Directors have assessed the current situation regarding the Russian invasion of Ukraine and subsequent high inflation and energy prices. The Directors have come to the conclusion that due to the Company's lack of exposure to Russian or Ukrainian business as well as the Company's limited energy use the Company is still able to function with minimal effect to business. Due to this assessment the Directors have concluded that there is no material impact to the Company’s going concern. The Directors will continue to monitor the situation closely and adjust their outlook for the Company if they deem it necessary.DIRECTORS AND INTERESTSThe Directors of the Company during the year and to the date of this report are listed below:Stephan Jaax (resigned 31 December 2022)William Nigel Campion-SmithJonathan WildPeter Besthof (appointed 1 January 2023)The Directors have no undisclosed beneficial interests in the Company.SMALL COMPANY PROVISIONS'This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.OWNERSHIP OF THE COMPANYAs at 31 December 2022 the shares are held by:Quadriga Capital IIIa GP Limited - 1 shareQuadriga Capital IV GP Limited - 1 shareQuadriga Capital GP Limited - 1 shareQuadriga Capital V GP Limited - 1 shareQuadriga Capital VI GP Limited - 1 shareULTIMATE CONTROLLING PARTYAs of 21 June 2023 the Directors consider the Chariot Charitable Trust Limited, to be the ultimate controlling party of the Company.SECRETARYThe secretary of the Company at 31 December 2022 and to the date of this report was Nicole Henriques.INDEPENDENT AUDITORSThe Directors have reappointed PricewaterhouseCoopers CI LLP as independent auditors for the Financial Statements for the year ended 31 December 2022. PricewaterhouseCoopers CI LLP have indicated their willingness to continue in office.DIRECTORS' RESPONSIBILITIESThe Directors are responsible for preparing the Financial Statements in accordance with applicable law and United Kingdom Accounting Standards comprising Financial Reporting Standard 102 Section 1A, "The Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland - Small Entities" ("FRS 102 Section 1A").The Companies Act 2006 requires the Directors to prepare Financial Statements for each financial year which give a true and fair view of the state of the affairs of the Company and of the profit or loss of the Company for that year. In preparing those 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 including FRS 102 Section 1A have been followed, subject to any material departures disclosed and explained in the Financial Statements; 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 proper accounting records which disclose with reasonable accuracy at any time the financial position of the Company and to 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.The Directors confirm that they have complied with the above requirements in preparing the Financial Statements.So far as the Directors are aware, there is no relevant audit information 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.



Directors

The directors shown below have held office during the whole of the period from
1 January 2022 to 31 December 2022

William Nigel Campion-Smith
Jonathan David Wild


The director shown below has held office during the whole of the period from
1 January 2022 to 31 December 2022

Stephan Jaax


Secretary Nicole Henriques

The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
13 November 2023

And signed on behalf of the board by:
Name: Jonathan David Wild
Status: Director

QC PRIVATE EQUITY SERVICES LIMITED

Profit And Loss Account

for the Period Ended 31 December 2022

2022 2021


£

£
Turnover: 4,078,797 6,939,697
Cost of sales: ( 3,770,000 ) ( 6,410,000 )
Gross profit(or loss): 308,797 529,697
Distribution costs: 0 0
Administrative expenses: ( 291,351 ) ( 510,988 )
Other operating income: 0 0
Operating profit(or loss): 17,446 18,709
Interest receivable and similar income: 4 0
Interest payable and similar charges: 0 0
Profit(or loss) before tax: 17,450 18,709
Tax: ( 3,316 ) ( 5,855 )
Profit(or loss) for the financial year: 14,134 12,854

QC PRIVATE EQUITY SERVICES LIMITED

Balance sheet

As at 31 December 2022

Notes 2022 2021


£

£
Called up share capital not paid: 0 0
Fixed assets
Intangible assets:   0 0
Tangible assets: 3 0 150
Investments:   0 0
Total fixed assets: 0 150
Current assets
Stocks:   0 0
Debtors: 4 1,710,929 1,666,067
Cash at bank and in hand: 294,133 52,070
Investments:   0 0
Total current assets: 2,005,062 1,718,137
Prepayments and accrued income: 0 0
Creditors: amounts falling due within one year: 5 ( 1,392,332 ) ( 1,119,691 )
Net current assets (liabilities): 612,730 598,446
Total assets less current liabilities: 612,730 598,596
Creditors: amounts falling due after more than one year:   0 0
Provision for liabilities: 0 0
Accruals and deferred income: 0 0
Total net assets (liabilities): 612,730 598,596
Capital and reserves
Called up share capital: 5 5
Share premium account: 0 0
Other reserves: 0 0
Profit and loss account: 612,725 598,591
Total Shareholders' funds: 612,730 598,596

The notes form part of these financial statements

QC PRIVATE EQUITY SERVICES LIMITED

Balance sheet statements

For the year ending 31 December 2022 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

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

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 13 November 2023
and signed on behalf of the board by:

Name: Jonathan David Wild
Status: Director

The notes form part of these financial statements

QC PRIVATE EQUITY SERVICES LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    Investment Advisory fee income comprises the fair value of the consideration received or receivable for services in the ordinary course of the Company's activities. Investment Advisory fee income is calculated as the cost of the Company to provide its services plus a margin agreed between the parties from time to time.

    Tangible fixed assets depreciation policy

    Fixed assetsAll fixed assets are initially recorded at cost and subsequently measured at cost less accumulated depreciation.DepreciationDepreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:Furniture and fittings - 20% straight line per annumComputer equipment - 33% straight line per annumThe carrying values of tangible fixed assets are reviewed for impairment at each period end if events or changes in circumstances indicate the carrying value may not be recoverable.

    Other accounting policies

    A summary of the principal policies is set out below. These accounting policies have been consistently applied by the Company for all the years presented, unless stated otherwise.Basis of preparationThese financial statements are prepared on a going concern basis, under the historical cost convention. The preparation of financial statements in conformity with FRS 102 Section 1A requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company’s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed in Note 4.As at 31 December 2022, the Company is in a net current asset position of EUR 1,392,332. As disclosed in note 5 and in accordance with Investment Advisory Agreement, the Company receives investment advice from Quadriga Capital Eigenkapitalberatung GmbH and in turn provide investment advice to its associated companies, including Quadriga Capital IIIa GP Limited, Quadriga Capital IV GP Limited, Quadriga Capital GP Limited, Quadriga Capital V GP Limited and Quadriga Capital VI GP Limited. For its services, the Company receives investment advisory fees income. The total Investment Advisory Fee Income during the year amounted to EUR 4,078,797 (2021: EUR 6,939,697).The Directors of the Company have reviewed the financial statements of the associated companies and have assessed the current liquidity position of the Company taking into consideration the future expected cash flows including:- Cash flow emanating from the investment advisory fee Income from its associated companies;- Increase in the management and associated investment advisory fees emanating from the additional closings of Quadriga Capital Private Equity Fund VI LP following the agreed extension of the final close period to the 31 December 2023;- Income from the realisation of an investment in Quadriga Capital Private Equity IIIa LP. The sale is in advance stages which will result in management fees of EUR 3.0m and associated advisory fees of up to EUR 3.0m; and- A deal has been agreed for Quadriga Capital Private Equity Fund IV LP to sell its assets to a continuation vehicle, with a resulting advisory fee income of up to EUR 0.8m per annum from the continuation vehicle.Based on the above, the Directors conclude that no uncertainty exists that may cast significant doubt about the ability of the Company to continue as a going concern for the next 18 months following the approval of the financial statement, therefore the Directors have adopted the going concern basis of preparation for the Financial Statements.Operating lease agreementsRentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.Cash and cash equivalentsCash and cash equivalents include cash in hand and other deposits held at call with banks having original maturities of three months or less.Share capitalOrdinary shares are classified as equity.ExpensesExpenses are recognised on an accruals basis.Functional and presentation currencyThe functional and presentation currency of the Company is the Euro (the "functional currency"). The performance of the Company is measured and reported in Euro. The Company provides investment advice to entities whose functional currencies are Euro, additionally the majority of income and expense items are denominated in Euro, as such the Directors consider the Euro as the currency that most faithfully represents the economic effects of the underlying transactions, events and conditions.Foreign currency transactions and balancesTransactions denominated in foreign currencies are recorded at actual exchange rates prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the year end are reported at the rate of exchange prevailing at year end. Any gain or loss arising from a change in exchange rates subsequent to the date of the transaction is recognised in the Statement of Comprehensive Income.

QC PRIVATE EQUITY SERVICES LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

  • 2. Employees

    2022 2021
    Average number of employees during the period 1 2

QC PRIVATE EQUITY SERVICES LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 January 2022 4,706 11,566 16,272
Additions
Disposals
Revaluations
Transfers
At 31 December 2022 4,706 11,566 16,272
Depreciation
At 1 January 2022 4,556 11,566 16,122
Charge for year 150 150
On disposals
Other adjustments
At 31 December 2022 4,706 11,566 16,272
Net book value
At 31 December 2022 0 0 0
At 31 December 2021 150 0 150

QC PRIVATE EQUITY SERVICES LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

4. Debtors

2022 2021
£ £
Trade debtors 1,710,929 1,657,343
Prepayments and accrued income 0 0
Other debtors 0 8,724
Total 1,710,929 1,666,067
Debtors due after more than one year: 0 0

QC PRIVATE EQUITY SERVICES LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

5. Creditors: amounts falling due within one year note

2022 2021
£ £
Bank loans and overdrafts 0 0
Amounts due under finance leases and hire purchase contracts 0 0
Trade creditors 919,474 619,812
Taxation and social security 0 0
Accruals and deferred income 0 0
Other creditors 472,858 499,879
Total 1,392,332 1,119,691

QC PRIVATE EQUITY SERVICES LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

6. Financial Commitments

At 31 December the future aggregate minimum lease payments under operating leases are as follows:Operating leases which expire- Within 1 year: EUR 54,172 (2022) EUR 54,353 (2021)- Later than 1 year and no later than 5 years: EUR 0 (2022) EUR 0 (2021)A new lease was signed on 28 July 2022 covering the period 1 November 2022 to 30 April 2023 giving rise to a further commitment of EUR 33,606.