REGISTERED NUMBER: |
STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
DATAQUEST (HEATHROW) LIMITED |
REGISTERED NUMBER: |
STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
DATAQUEST (HEATHROW) LIMITED |
DATAQUEST (HEATHROW) LIMITED (REGISTERED NUMBER: 01900317) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 6 |
Report of the Independent Auditors | 9 |
Income Statement | 13 |
Other Comprehensive Income | 14 |
Balance Sheet | 15 |
Statement of Changes in Equity | 16 |
Cash Flow Statement | 17 |
Notes to the Cash Flow Statement | 18 |
Notes to the Financial Statements | 19 |
DATAQUEST (HEATHROW) LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
Chartered Accountants and |
Statutory Auditors |
50 Seymour Street |
London |
W1H 7JG |
DATAQUEST (HEATHROW) LIMITED (REGISTERED NUMBER: 01900317) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 31 MARCH 2023 |
The directors present their strategic report for the year ended 31 March 2023. |
REVIEW OF BUSINESS |
Dataquest (Heathrow) Limited ("the Company") is a subsidiary of Dataquest Group Limited and part of the Dataquest Group ("the Group") and is a privately owned, independent technology business, that puts the needs and expectations of its clients at the centre of every decision made. |
The Group has developed a range of product offerings including managed print solutions, IT managed services, IT network services, cloud computing and telecommunication services available direct and through its partner channel offering. The principal activity for the company and the Group is to sell these solutions with a view of significantly reducing the customers IT expenditure and also improving the performance of their IT infrastructure and systems. |
The Company has circa 102 employees as at 31 March 2023 dedicated in helping our clients gain a competitive advantage by leveraging the solutions that the Group has to offer. |
RESULTS AND PERFORMANCE |
The Company's result for the year, as set out on pages thirteen to thirty three, show a profit on ordinary activities before tax of £71,555 (2022: Profit £1,315,208). The shareholders' funds of the Company at the year end shows a surplus of £361,097 (2022: £529,416). |
The directors review and monitor all aspects of the business but consider that turnover, gross margins, EBITDA and headcounts are the key performance indicators for the Company. The key indicators can be summarised as follows: |
2023 | 2022 | Change |
Turnover | £18,298,665 | £16,965,909 | 8% |
Gross profit margin | 32% | 37% | (5%) |
EBITDA | £654,369 | £87,055 | £567,314 |
EBITDA margin | 3.6% | 0.5% | 3.1% |
Number of staff | 102 | 124 | (22) |
The 2023 trading year results show progress towards pro covid trading performances with significant improvements to turnover and gross profit achieved. Changes to clients working practices that lead to offices being closed and homeworking being the norm have slowly started to change back to office use being preferred due to the collaborative benefits clients enjoy by being together. Whilst our results this year are significantly better than 2022 the full recovery to pre Covid levels of profit will take longer to achieve. |
Our trading performance resulted from increased spend from most client sectors including strong hospitality expansion and new business wins from several key clients. |
The challenges the group face include the impact of inflation that puts pressure on supplier negotiations and higher interest rates than were anticipated in 2019 and the impact that has on the economy in the foreseeable future. |
The directors of the company have experienced several recessions over the last twenty years and have a a suite of products and services that can assist clients to make efficiencies which whilst benefitting them offer opportunities to expand our products and services. |
BUSINESS ENVIRONMENT |
Technology is continually advancing and the group is keen to move with these advancements to ensure that our customers are receiving high quality products and services. |
DATAQUEST (HEATHROW) LIMITED (REGISTERED NUMBER: 01900317) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 31 MARCH 2023 |
STRATEGY |
We have built our reputation and success by delivering high-quality service, value and reliability. This is reflected in our choice of market-leading brands, the business improvements we provide to customers, our commitment to proactive maintenance and the response times we accomplish. |
Dataquest has a proven track record in re-engineering business processes to improve the way organisations deal with documents and information. The benefits are usually multifaceted as improvements to productivity are often accompanied by reduced overheads, lower environmental impact, increased security and a better user experience. |
The company has positioned itself as one of the UK's leading providers of IT services & support, managed cloud, telecommunications, managed print and business process automation. |
In ever changing market conditions and a challenging economic climate, we are committed to deliver industry leading service, technology and value to our clients in a way that meets the goals of their organisation, reflects the needs of their users and rewards Dataquest Group with long term customer loyalty. |
Our services are well positioned to help clients overcome the current challenges they face and our focus is on delivering technological efficiencies and successful contract negotiations producing mutual benefits to all industry sectors. |
DATAQUEST (HEATHROW) LIMITED (REGISTERED NUMBER: 01900317) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 31 MARCH 2023 |
PRINCIPAL RISKS AND UNCERTAINTIES |
The following risks have been identified as having the potential to have a significant effect on the performance of the Group and the Company: |
1) Market risks |
The Group continues to actively review and respond to risks and uncertainties that has affected the whole UK economy and the business environment from the Covid-19 pandemic, Brexit and the ever-changing political situation in the UK. |
The directors remain cautious given the unpredictable nature of the current market risks being faced but believe that the diversified product offering that it has and the strong client relationships it holds can mitigate the effects of these risks in the short term. The Group, like many other organisations, could be impacted by a recession in the UK, especially as a large proportion of the Group's focus is in the UK. |
2) Technology |
The Group operates in a rapidly changing industry sector due to the constant changes in technology. |
However, by supplying equipment from a variety of strategic partners and keeping up to date with their latest innovations, the Group continues to ensure that it is best able to supply and service its customers' requirements. |
3) Cyber and Information Security |
Cyber risk encompasses any risk of financial loss that could d damage the reputation of the Group from a potential failure of its information technology system, The Group maintains IT systems and infrastructure for several customers and is therefore potentially at risk of a cyberattack. Any cyber threat could lead to accidental exposure or deliberate theft of sensitive information, loss of service or system availability, significant system changes or upgrades and cybercrime. |
To mitigate this risk, dedicated IT personnel with appropriate technical expertise and support within the group implement best practice IT standards and oversee IT security. Cybersecurity reviews are performed regularly. The Group has accreditations in place in terms of ISO9001, ISO14001, ISO27001 and Cyber essentials which are regularly audited by 3rd party organisations for compliance. In addition, the Group maintains appropriate insurance to cover this risk, especially as no organisation can guarantee it is immune to this risk, which shows the importance that the directors place on mitigating this risk. |
4) Compliance with legal and ethical standards |
A material failure to comply with applicable legal and ethical standards could result in penalties, costs, reputational harm and damage to relationships with suppliers or customers. The group has detailed guidelines and policies for employees for key compliance risks. |
5) Financial risk management and policies: |
a) Credit risk |
The main financial risk arising from the group's activities is credit risk. This risk is limited as hardware sales to customers are normally financed by leasing companies especially for the sale of multifunctional printers. Also, potential customers are subject to appropriate verification procedures in advance of credit being granted and credit limits are regularly monitored. |
b) Liquidity risk |
The Group monitors cash flow as part of its day to day control procedures. The directors consider cash flow projections on a weekly basis for the following 3 months to ensure that sufficient funds are available for its ongoing operations and future growth. The Group regularly monitors its trade debts and the directors do not consider that it carries any material credit risks. |
c) Interest risk |
DATAQUEST (HEATHROW) LIMITED (REGISTERED NUMBER: 01900317) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 31 MARCH 2023 |
The Group is exposed to interest rate risk from bank borrowings at margin and SONIA, especially after its hedging product expires in April 2023. |
STRATEGIC OUTLOOK |
The Group has a focus to help clients navigate the challenges of high inflation and high interest rates. Whilst these challenges are outside of the control of us and our clients through new technologies including AI technologies and increased automation cost efficiencies help balance the new pressures on cashflows. |
Increased activity in all sectors is expected to continue with strong growth both in the UK and through our European entity Dataquest BV. Our ability to service the needs of clients in Europe will continue to increase in demand as clients use our capabilities to overcome the logistical challenges of Brexit. |
Further consideration of the going concern assessment is included within the Directors report and in note 3 to the financial statements. As a result of the uncertainty faced by the economic challenges and the threat of recession, the directors will still operate cautiously but are confident that the Group will continue to improve its profitability and the balance sheet position further over the next year. |
ON BEHALF OF THE BOARD: |
DATAQUEST (HEATHROW) LIMITED (REGISTERED NUMBER: 01900317) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 MARCH 2023 |
The directors present their report with the financial statements of the company for the year ended 31 March 2023. |
DIVIDENDS |
£100,000 of dividends was paid for the year ended 31 March 2023. |
EVENTS SINCE THE END OF THE YEAR |
Information relating to events since the end of the year is given in the notes to the financial statements. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 April 2022 to the date of this report. |
Other changes in directors holding office are as follows: |
FINANCIAL INSTRUMENTS |
The company employs only basic financial instruments including cash, debtors and creditors. |
DATAQUEST (HEATHROW) LIMITED (REGISTERED NUMBER: 01900317) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 MARCH 2023 |
GOING CONCERN |
The directors consider the going concern basis of preparation of the financial statements to be appropriate, not withstanding the net current liabilities amounting to £545,452 as at the year end. The main reason for the net current liability situation is due to the current economic climate. However, the directors are happy that the net current liabilities have decreased from £962,060 to £545,452 as a result of reduction in creditors due to tighter controls. Price increases were being experienced across the board due to the double-digit inflation the country was experiencing and these were impacting across all businesses. The directors continue to take mitigating steps to counter these market conditions and are satisfied that the steps they have taken will ensure that the company will remain competitive. The directors anticipate results to continue to improve as the business environment they operate in is expected to be back to a more normal capacity. The company has the full financial support from the Group and the directors are confident the company will continue its strategic growth objectives. |
The company meets is day to day working capital through its own cash balances and funding from the Group. The company is part of the Group headed by Dataquest Group Limited ("The Group") and is party to a cross guarantee over the Group's funding facilities. The directors have therefore completed an assessment of the going concern based on the Group's position which is considered necessary as a result of the cross guarantee for a period of at least twelve months following the approval of each Group entity's financial statements (the going concern assessment period). |
In carrying out their duties in respect of going concern, the directors have reviewed the Group's cashflow forecasts, liquidity, borrowing facilities and related covenant requirements and the operational activities of the company and the Group. The company continues to have the backing of its shareholders and major stakeholders. The Group, due to the unexpected rises in interest rates, has breached its bank loan covenants, however, the bank continues to be supportive and as a consequence have not taken any action at present. However, the bank has stated that it reserves its rights to take any action in the future that it deems appropriate in respect of any relevant defaults. |
Subsequent to the year end, the bank has agreed to extend the current loan facilities to 29 October 2025. |
As such the directors anticipate that the company and the Group will have sufficient funds to meet their liabilities without compromising their working capital requirements for a period of 12 months from the date of signing these financial statements. |
The directors, therefore, consider that it is appropriate to prepare the accounts on a going concern basis. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
DATAQUEST (HEATHROW) LIMITED (REGISTERED NUMBER: 01900317) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 MARCH 2023 |
STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued |
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 AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) 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. |
AUDITORS |
The auditors, Orcom Civvals Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
DATAQUEST (HEATHROW) LIMITED |
Opinion |
We have audited the financial statements of Dataquest (Heathrow) Limited (the 'company') for the year ended 31 March 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of 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 31 March 2023 and of its loss for the year 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. |
Basis for opinion |
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 Auditors' 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. |
Material uncertainty related to going concern |
We draw attention to note 3 to the financial statements concerning the parent company and the Group's ability to continue as a going concern and that the Group relies on continued support of its bankers. |
Despite, the parent company and the Group breaching their bank loan covenants, the bank continues to be supportive and has not taken any action in respect of the breaches at present. However, the bank has stated that it reserves its rights to take any action in the future that it deems appropriate in respect of any relevant defaults. It is anticipated that due to the increase in interest rates, there are likely to be covenant breaches in the next 12 month period and the non waiver by the bank of its rights under the loan facility, indicates a potential material uncertainty that may cast a significant doubt on the parent company and the Group's ability to continue as a going concern. |
Notwithstanding the loan covenants breaches, the bank has signalled its ongoing support of the Group by extending the current loan facilities to 29 October 2025. |
Based on their assessment, the directors conclude that the company and the Group will have continued support from the bank and will have sufficient funds to meet their liabilities without compromising its working capital requirements during the going concern assessment period. |
In our evaluation of the directors' conclusion, subject to any potential effect of the matters identified above, we consider that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Our opinion is not modified in respect of this matter. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
DATAQUEST (HEATHROW) LIMITED |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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. |
In connection with our audit of the financial statements, 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 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 the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
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 Report of the Directors. |
We have nothing to report in respect of the following matters where 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 Statement of Directors' Responsibilities set out on pages seven and eight, 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 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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
DATAQUEST (HEATHROW) LIMITED |
Auditors' 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 a Report of the Auditors 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 industry, we identified that the principal risks of non-compliance with laws and regulations related to UK taxation, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the financial statements such as the Companies Act 2006. 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 management override of controls. Audit procedures performed by the engagement team included: |
- Reviewing minutes of meetings of those charged with governance |
- Enquiry of management and those charged with governance around actual and potential litigation and claims; |
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations, and |
- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness and testing accounting estimates (because of the risk of management bias). |
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 for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
DATAQUEST (HEATHROW) LIMITED |
Use of our report |
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 a Report of the Auditors 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. |
for and on behalf of |
Chartered Accountants and |
Statutory Auditors |
50 Seymour Street |
London |
W1H 7JG |
DATAQUEST (HEATHROW) LIMITED (REGISTERED NUMBER: 01900317) |
INCOME STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2023 |
2023 | 2022 |
Notes | £ | £ |
TURNOVER |
Cost of sales | ( |
) | ( |
) |
GROSS PROFIT |
Administrative expenses | ( |
) | ( |
) |
(102,998 | ) | (616,901 | ) |
Other operating income |
OPERATING PROFIT/(LOSS) | 5 | ( |
) |
Intercompany loan written back | 6 |
70,850 | 1,317,471 |
Interest receivable and similar income |
73,576 | 1,317,471 |
Interest payable and similar expenses | 7 | ( |
) | ( |
) |
PROFIT BEFORE TAXATION |
Tax on profit | 8 | ( |
) |
(LOSS)/PROFIT FOR THE FINANCIAL YEAR |
( |
) |
DATAQUEST (HEATHROW) LIMITED (REGISTERED NUMBER: 01900317) |
OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 MARCH 2023 |
2023 | 2022 |
Notes | £ | £ |
(LOSS)/PROFIT FOR THE YEAR | ( |
) |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
( |
) |
DATAQUEST (HEATHROW) LIMITED (REGISTERED NUMBER: 01900317) |
BALANCE SHEET |
31 MARCH 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 |
Tangible assets | 11 |
CURRENT ASSETS |
Stocks | 12 |
Debtors | 13 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 14 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
15 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 18 |
Retained earnings | 19 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
DATAQUEST (HEATHROW) LIMITED (REGISTERED NUMBER: 01900317) |
STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 MARCH 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 April 2021 | ( |
) | ( |
) |
Changes in equity |
Total comprehensive income | - |
Balance at 31 March 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 31 March 2023 |
DATAQUEST (HEATHROW) LIMITED (REGISTERED NUMBER: 01900317) |
CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2023 |
2023 | 2022 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | ( |
) | ( |
) |
Interest element of finance lease payments paid |
( |
) |
( |
) |
Tax paid | ( |
) |
Taxation refund |
Net cash from operating activities | ( |
) |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Interest received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
Loan from/(to) group company | (939,198 | ) | 1,349,212 |
Repayment of deferred consideration | - | (308,000 | ) |
Capital repayments in year | ( |
) | ( |
) |
Equity dividends paid | ( |
) |
Net cash from financing activities | ( |
) |
(Decrease)/increase in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
1,264,051 |
Cash and cash equivalents at end of year |
2 |
651,000 |
1,597,420 |
DATAQUEST (HEATHROW) LIMITED (REGISTERED NUMBER: 01900317) |
NOTES TO THE CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2023 | 2022 |
£ | £ |
Profit before taxation |
Depreciation charges |
Intercompany loan written back | - | (1,871,680 | ) |
Finance costs | 2,021 | 2,263 |
Finance income | (2,726 | ) | - |
654,369 | 87,056 |
Decrease in stocks |
Decrease/(increase) in trade and other debtors | ( |
) |
Decrease in trade and other creditors | ( |
) | ( |
) |
Cash generated from operations | ( |
) | ( |
) |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 March 2023 |
31/3/23 | 1/4/22 |
£ | £ |
Cash and cash equivalents | 651,000 | 1,597,420 |
Year ended 31 March 2022 |
31/3/22 | 1/4/21 |
£ | £ |
Cash and cash equivalents | 1,597,420 | 1,264,051 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1/4/22 | Cash flow | At 31/3/23 |
£ | £ | £ |
Net cash |
Cash at bank | 1,597,420 | (946,420 | ) | 651,000 |
1,597,420 | ( |
) | 651,000 |
Debt |
Finance leases | (21,512 | ) | 11,217 | (10,295 | ) |
(21,512 | ) | 11,217 | (10,295 | ) |
Total | 1,575,908 | (935,203 | ) | 640,705 |
DATAQUEST (HEATHROW) LIMITED (REGISTERED NUMBER: 01900317) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
1. | STATUTORY INFORMATION |
Dataquest (Heathrow) Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared on a going concern basis, under the historical cost convention, as modified by the recognition of certain financial assets and liabilities measured at fair value. |
Going concern |
The directors consider the going concern basis of preparation of the financial statements to be appropriate, not withstanding the net current liabilities amounting to £545,452 as at the year end. The main reason for the net current liability situation is due to the current economic climate. However, the directors are happy that the net current liabilities have decreased from £962,060 to £545,452 as a result of reduction in creditors due to tighter controls. Price increases were being experienced across the board due to the double-digit inflation the country was experiencing and these were impacting across all businesses. The directors continue to take mitigating steps to counter these market conditions and are satisfied that the steps they have taken will ensure that the company will remain competitive. The directors anticipate results to continue to improve as the business environment they operate in is expected to be back to a more normal capacity. The company has the full financial support from the Group and the directors are confident the company will continue its strategic growth objectives. |
The company meets is day to day working capital through its own cash balances and funding from the Group. The company is part of the Group headed by Dataquest Group Limited ("The Group") and is party to a cross guarantee over the Group's funding facilities. The directors have therefore completed an assessment of the going concern based on the Group's position which is considered necessary as a result of the cross guarantee for a period of at least twelve months following the approval of each Group entity's financial statements (the going concern assessment period). |
In carrying out their duties in respect of going concern, the directors have reviewed the Group's cashflow forecasts, liquidity, borrowing facilities and related covenant requirements and the operational activities of the company and the Group. The company continues to have the backing of its shareholders and major stakeholders. The Group, due to the unexpected rises in interest rates, has breached its bank loan covenants, however, the bank continues to be supportive and as a consequence have not taken any action at present. However, the bank has stated that it reserves its rights to take any action in the future that it deems appropriate in respect of any relevant defaults. |
Subsequent to the year end, the bank has agreed to extend the current loan facilities to 29 October 2025. |
DATAQUEST (HEATHROW) LIMITED (REGISTERED NUMBER: 01900317) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
As such the directors anticipate that the company and the Group will have sufficient funds to meet their liabilities without compromising their working capital requirements for a period of 12 months from the date of signing these financial statements. |
The directors, therefore, consider that it is appropriate to prepare the accounts on a going concern basis. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Significant judgements and estimates |
The preparation of financial statements in conformity with FRS 102 requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The notes to the financial statements set out areas involving a higher degree of judgement, or areas where assumptions are significant to the reporting entity and its financial report such as: |
- useful economic lives of tangible assets |
- the impairment of goodwill and other identifiable intangible assets |
- fair value of assets and liabilities |
- recoverability of tax receivables, deferred tax assets and measurement of current and deferred tax liabilities can require significant judgement, particularly where the recoverability of such tax balances relies on the estimation of future taxable profits and management's determination of the likelihood that uncertain tax positions will be accepted by the relevant taxation authority |
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including reasonable expectations of future events. Management believes that the estimates used in preparing this financial statements are reasonable. Actual results in the future may differ from those reported and it is therefore reasonably possible, on the basis of existing knowledge, that outcomes within the next financial year that are different from management's assumptions and estimates could require an adjustment to the carrying amounts of the reported assets and liabilities in future reporting periods. |
DATAQUEST (HEATHROW) LIMITED (REGISTERED NUMBER: 01900317) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
3. | ACCOUNTING POLICIES - continued |
Revenue recognition |
Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods supplied or services rendered, net of returns, discounts and rebates allowed by the company and value added taxes. |
The company recognises revenue when : |
a) the significant risks and rewards of ownership have been transferred to the buyer; |
b) the company retains no continuing involvement or control over the goods; |
c) the amount of revenue can be measured reliably; |
d) it is probable that future economic benefits will flow to the entity and |
e) when the specific criteria relating to each of the company’s sales channels have been met, as described below. |
Revenue is generally recognised as contract activity progresses so that for incomplete contracts it reflects the partial performance of the contractual obligations. |
Revenue earned from the provision of hardware maintenance contracts is recognised on a timely basis in equal proportions over the period the contracts cover. Income relating to future periods is included within deferred income. |
Revenue earned from the sale of maintenance vouchers is recognised as 50% at point of invoice and 50% the vouchers are redeemed and the company meets its contractual obligation by providing a service in return for each voucher. As the vouchers are invoiced in advance, revenue in respect of unused vouchers is included within deferred income. |
Goodwill |
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years. |
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. |
DATAQUEST (HEATHROW) LIMITED (REGISTERED NUMBER: 01900317) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
3. | ACCOUNTING POLICIES - continued |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Software Development is being amortised evenly over its estimated useful life of 5 years. |
Where factors, such as technological advancement or changes in market price, indicate that the residual value or useful life have changed, the residual value, useful life or amortisation rate are amended prospectively to reflect the new circumstances. |
The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired. |
Costs associated with maintaining computer software are recognised as an expense as incurred. Development costs that are directly attributable to the design and testing of identifiable and unique software products controlled by the company are recognised as intangible assets when the following criteria are met: |
- it is technically feasible to complete the software so that it will be available for use; |
- management intends to complete the software and use or sell it; |
- there is an ability to use or sell the software; |
- it can be demonstrated how the software will generate probable future economic benefits; |
- adequate technical, financial and other resources to complete the development and to use or sell the software are available; |
- the expenditure attributable to the software during its development can be reliably measured. |
Other development expenditures that do not meet these criteria are recognised as an expense as incurred. Development costs previously recognised as an expense are not recognised as an asset in a subsequent period. |
DATAQUEST (HEATHROW) LIMITED (REGISTERED NUMBER: 01900317) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
3. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Tangible fixed assets are stated at cost (or deemed cost) less accumulated depreciation and any accumulated impairment losses.Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration costs. |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Fixtures and fittings | 25% on cost |
Computer equipment | 25% on cost |
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss. |
If an impairment loss subsequently reverses, the carry amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss. |
Tangible assets are derecognised on disposal or when no future economic benefits are expected. On disposal, the difference between the net disposal proceeds and the carrying amount is recognised in profit or loss. |
Stocks |
Stocks are valued at the lower of cost and estimated selling price less costs to sell. They are recognised as an expense in the period in which the related revenue is recognised. |
The cost of these stock are measured by using the first-in, first-out (FIFO) cost formula and the same cost formula has been used for all stock items having a similar nature and use.Cost includes the purchase price, including taxes and duties and transport and handling directly attributable to bringing the inventory to its present location and condition. |
At the end of each reporting period, stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account. |
DATAQUEST (HEATHROW) LIMITED (REGISTERED NUMBER: 01900317) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
3. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments. |
i) Financial assets |
Basic financial assets, including trade and other receivables, cash and bank balances and investments in commercial paper, are initially recognised at transaction price, 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. |
Such assets are subsequently carried at amortised cost using the effective interest method. |
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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. |
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. |
Financial assets are derecognised when: |
(a) the contractual rights to the cash flows from the asset expire or are settled; or |
(b) substantially all the risks and rewards of the ownership of the asset are transferred to another party; or |
(c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. |
ii) Financial liabilities |
Basic financial liabilities, including trade and other payables, 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. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
DATAQUEST (HEATHROW) LIMITED (REGISTERED NUMBER: 01900317) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
3. | ACCOUNTING POLICIES - continued |
Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be |
drawn down, the fee is capitalised as a pre-payment for liquidity services and amortised over the period of the facility to which it relates. |
Trade payables 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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at |
transaction price and subsequently measured at amortised cost using the effective interest method. |
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
DATAQUEST (HEATHROW) LIMITED (REGISTERED NUMBER: 01900317) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
3. | ACCOUNTING POLICIES - continued |
Leases |
At inception the company assesses agreements that transfer the right to use assets. The assessment considers whether the arrangement is, or contains, a lease based on the substance of the arrangement. |
i) Financed leased assets |
Leases of assets that transfer substantially all the risks and rewards incidental to ownership are classified as finance leases. |
Finance leases are capitalised at the commencement of the lease as assets at the fair value of the leased asset, or, if lower ,the present value of the minimum lease payments. Assets are depreciated over the shorter of the lease term and the estimated useful life of the asset. Assets are assessed for impairment at each reporting date. |
The capital element of the lease obligations is recorded as a liability on inception of the arrangement. Lease payments are apportioned capital repayment and finance charge.The interest is charged to profit or loss so as to produce a constant periodic rate of charge on the balance of the capital repayments outstanding.. |
ii) Operating leased assets |
Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Payments under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease. |
iii) Lease incentives |
Incentives received to enter into a finance lease reduce the fair value of the asset and are included in the calculation of present value of minimum lease payments. |
Incentives received to enter into an operating lease are credited to the profit and loss account, to reduce the lease expense, on a straight-line basis over the period of the lease. |
Employees benefits |
The company operates a defined contribution plans for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense when they are due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds. |
Debtors |
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. |
Creditors |
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
Cash and cash equivalents |
Cash and cash equivalents includes cash in hand, deposits held at call with banks. Bank overdrafts, when applicable, are shown within borrowings in current liabilities. |
DATAQUEST (HEATHROW) LIMITED (REGISTERED NUMBER: 01900317) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
4. | EMPLOYEES AND DIRECTORS |
2023 | 2022 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2023 | 2022 |
Head office | 16 | 17 |
Sales | 13 | 15 |
IT | 62 | 79 |
Service | 11 | 13 |
2023 | 2022 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes | ( |
) |
5. | OPERATING PROFIT/(LOSS) |
The operating profit (2022 - operating loss) is stated after charging: |
2023 | 2022 |
£ | £ |
Other operating leases |
Depreciation - owned assets |
Goodwill amortisation |
Software Development amortisation |
Auditors' remuneration |
Auditors' remuneration for non-audit work - Other services |
6. | EXCEPTIONAL ITEMS |
2023 | 2022 |
£ | £ |
Intercompany loan written back |
In the prior year as part of the group's review of its intercompany loans, the ultimate parent undertaking waived an intercompany balance of £1,871,680 owed to it.There were no such transactions in the current year. |
DATAQUEST (HEATHROW) LIMITED (REGISTERED NUMBER: 01900317) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2023 | 2022 |
£ | £ |
Leasing |
8. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2023 | 2022 |
£ | £ |
Current tax: |
UK corporation tax |
Tax on profit |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2023 | 2022 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes |
Capital allowances in excess of depreciation | - | ( |
) |
Depreciation in excess of capital allowances | - |
Amortisation on assets not qualifying for tax allowances | 92,254 | 92,254 |
Non trade deficits | - | (355,619 | ) |
Group relief | - | 18,820 |
Total tax charge | 111,857 | - |
9. | DIVIDENDS |
2023 | 2022 |
£ | £ |
Ordinary shares of £1 each |
Final |
DATAQUEST (HEATHROW) LIMITED (REGISTERED NUMBER: 01900317) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
10. | INTANGIBLE FIXED ASSETS |
Software |
Goodwill | Development | Totals |
£ | £ | £ |
COST |
At 1 April 2022 |
and 31 March 2023 |
AMORTISATION |
At 1 April 2022 |
Amortisation for year |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
11. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1 April 2022 |
Additions |
At 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
12. | STOCKS |
2023 | 2022 |
£ | £ |
Stocks |
DATAQUEST (HEATHROW) LIMITED (REGISTERED NUMBER: 01900317) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Corporation tax recoverable |
Prepayments |
Accrued income | 167,270 | 44,916 |
Amounts owed from group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand. |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Finance leases (see note 16) |
Trade creditors |
Amounts owed to group undertakings |
Tax |
Social security and other taxes |
VAT | 387,183 | 581,954 |
Other creditors |
Accruals and deferred income |
Amounts owed to group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand. |
15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Finance leases (see note 16) |
DATAQUEST (HEATHROW) LIMITED (REGISTERED NUMBER: 01900317) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
16. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Finance leases |
2023 | 2022 |
£ | £ |
Gross obligations repayable: |
Within one year |
Between one and five years |
Finance charges repayable: |
Within one year |
Between one and five years |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable | operating leases |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
DATAQUEST (HEATHROW) LIMITED (REGISTERED NUMBER: 01900317) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
17. | FINANCIAL INSTRUMENTS |
The company has the following financial instruments: |
Note | 2023 | 2022 |
£ | £ |
Financial assets at fair value through profit or loss |
Financial assets that are debt instruments measured at amortised |
- Trade receivables | 13 | 2,082,506 | 2,,336,538 |
- Amounts owed by group undertakings | 13 | 593,579 | 51,914 |
- Other debtors | 13 | 11,031 | 2,600 |
2,687,116 | 2,391,052 |
Financial liabilities measured at fair value through profit or loss |
Financial liabilities measured at amortised cost |
- Trade creditors | 14 | 1,339,663 | 1,152,260 |
- Amounts owed to group undertakings | 14 | 73,328 | 470,861 |
- Other creditors | 14 | 55,916 | 108,893 |
- Finance leases | 14 | 10,295 | 21,512 |
1,479,202 | 1,753,526 |
18. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 100,000 | 100,000 |
The company has one class of ordinary shares. Ordinary shares have full rights in the company with respect to voting, dividend and capital distribution. |
19. | RESERVES |
Retained |
earnings |
£ |
At 1 April 2022 |
Deficit for the year | ( |
) |
Dividends | ( |
) |
At 31 March 2023 |
DATAQUEST (HEATHROW) LIMITED (REGISTERED NUMBER: 01900317) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
20. | PENSION COMMITMENTS |
2023 | 2022 |
Defined contribution schemes | £ | £ |
Charge to profit or loss in respect of defined contribution schemes | 91,675 | 83,400 |
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. |
21. | RELATED PARTY DISCLOSURES |
During the year, rent of £178,667 (2022: £192,000) was paid to a company which is owned by G D Thorpe, a director of the company. |
Fixed and floating charges over the company's assets have been used as security over the interest bearing bank loan and deferred consideration taken by the ultimate parent undertaking. |
22. | POST BALANCE SHEET EVENTS |
No other significant events have happened between 31 March 2023 and the date of signing the financial statements. |
23. | ULTIMATE CONTROLLING PARTY |
The immediate parent undertaking is Dataquest (Technology) Limited. |
The ultimate parent undertaking and the smallest and largest group to consolidate these financial statements is Dataquest Group Limited. Copies of the Dataquest Group Limited consolidated financial statements can be obtained from Companies House. |
The ultimate controlling party is G Young by virtue of his majority shareholding in Dataquest Group Limited. |