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REGISTERED NUMBER: 01900317 (England and Wales)




















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: D S Larkin
G Young



REGISTERED OFFICE: 24 Chiswell Street
London
EC1Y 4TY



REGISTERED NUMBER: 01900317 (England and Wales)



SENIOR STATUTORY
AUDITOR:
Aamir Kazi



AUDITORS: Orcom Civvals Audit Limited
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:





D S Larkin - Director


1 December 2023

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.

D S Larkin
G Young

Other changes in directors holding office are as follows:

G D Thorpe ceased to be a director after 31 March 2023 but prior to the date of this report.

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:





D S Larkin - Director


1 December 2023

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.




Aamir Kazi (Senior Statutory Auditor)
for and on behalf of Orcom Civvals Audit Limited
Chartered Accountants and
Statutory Auditors
50 Seymour Street
London
W1H 7JG

1 December 2023

DATAQUEST (HEATHROW) LIMITED (REGISTERED NUMBER: 01900317)

INCOME STATEMENT
FOR THE YEAR ENDED 31 MARCH 2023

2023 2022
Notes £    £   

TURNOVER 18,298,665 16,965,909

Cost of sales (12,383,070 ) (10,704,648 )
GROSS PROFIT 5,915,595 6,261,261

Administrative expenses (6,018,593 ) (6,878,162 )
(102,998 ) (616,901 )

Other operating income 173,848 62,692
OPERATING PROFIT/(LOSS) 5 70,850 (554,209 )

Intercompany loan written back 6 - 1,871,680
70,850 1,317,471

Interest receivable and similar income 2,726 -
73,576 1,317,471

Interest payable and similar expenses 7 (2,021 ) (2,263 )
PROFIT BEFORE TAXATION 71,555 1,315,208

Tax on profit 8 (111,857 ) -
(LOSS)/PROFIT FOR THE
FINANCIAL YEAR

(40,302

)

1,315,208

DATAQUEST (HEATHROW) LIMITED (REGISTERED NUMBER: 01900317)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2023

2023 2022
Notes £    £   

(LOSS)/PROFIT FOR THE YEAR (40,302 ) 1,315,208


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE
INCOME FOR THE YEAR

(40,302

)

1,315,208

DATAQUEST (HEATHROW) LIMITED (REGISTERED NUMBER: 01900317)

BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 809,455 1,295,001
Tangible assets 11 125,111 206,770
934,566 1,501,771

CURRENT ASSETS
Stocks 12 263,238 449,352
Debtors 13 4,004,946 4,111,690
Cash at bank 651,000 1,597,420
4,919,184 6,158,462
CREDITORS
Amounts falling due within one year 14 5,464,636 7,120,522
NET CURRENT LIABILITIES (545,452 ) (962,060 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

389,114

539,711

CREDITORS
Amounts falling due after more than
one year

15

-

10,295
NET ASSETS 389,114 529,416

CAPITAL AND RESERVES
Called up share capital 18 100,000 100,000
Retained earnings 19 289,114 429,416
SHAREHOLDERS' FUNDS 389,114 529,416

The financial statements were approved by the Board of Directors and authorised for issue on 1 December 2023 and were signed on its behalf by:





D S Larkin - Director


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 100,000 (885,792 ) (785,792 )

Changes in equity
Total comprehensive income - 1,315,208 1,315,208
Balance at 31 March 2022 100,000 429,416 529,416

Changes in equity
Dividends - (100,000 ) (100,000 )
Total comprehensive income - (40,302 ) (40,302 )
Balance at 31 March 2023 100,000 289,114 389,114

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 (404 ) (569,385 )
Interest element of finance lease
payments paid

(2,021

)

(2,263

)
Tax paid (59,103 ) -
Taxation refund 179,110 -
Net cash from operating activities 117,582 (571,648 )

Cash flows from investing activities
Purchase of tangible fixed assets (16,313 ) (116,526 )
Interest received 2,726 -
Net cash from investing activities (13,587 ) (116,526 )

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 (11,217 ) (19,669 )
Equity dividends paid (100,000 ) -
Net cash from financing activities (1,050,415 ) 1,021,543

(Decrease)/increase in cash and cash equivalents (946,420 ) 333,369
Cash and cash equivalents at
beginning of year

2

1,597,420

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 71,555 1,315,208
Depreciation charges 583,519 641,265
Intercompany loan written back - (1,871,680 )
Finance costs 2,021 2,263
Finance income (2,726 ) -
654,369 87,056
Decrease in stocks 186,114 25,362
Decrease/(increase) in trade and other debtors 469,298 (57,790 )
Decrease in trade and other creditors (1,310,185 ) (624,013 )
Cash generated from operations (404 ) (569,385 )

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 (946,420 ) 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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

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 equipment25% 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 4,204,155 4,919,151
Social security costs 479,579 536,627
Other pension costs 80,356 68,187
4,764,090 5,523,965

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
102 124

2023 2022
£    £   
Directors' remuneration - 70,846
Directors' pension contributions to money purchase schemes - (14,013 )

5. OPERATING PROFIT/(LOSS)

The operating profit (2022 - operating loss) is stated after charging:

2023 2022
£    £   
Other operating leases 263,083 308,203
Depreciation - owned assets 97,972 155,719
Goodwill amortisation 448,000 448,000
Software Development amortisation 37,546 37,546
Auditors' remuneration 15,000 15,000
Auditors' remuneration for non-audit work - Other services - 25,000

6. EXCEPTIONAL ITEMS
2023 2022
£    £   
Intercompany loan written back - 1,871,680

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 2,021 2,263

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 111,857 -
Tax on profit 111,857 -

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 71,555 1,315,208
Profit multiplied by the standard rate of corporation tax in the
UK of 19% (2022 - 19%)

13,595

249,890

Effects of:
Expenses not deductible for tax purposes 489 4,908
Capital allowances in excess of depreciation - (10,253 )
Depreciation in excess of capital allowances 5,519 -
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 100,000 -

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 2,240,000 187,729 2,427,729
AMORTISATION
At 1 April 2022 1,082,667 50,061 1,132,728
Amortisation for year 448,000 37,546 485,546
At 31 March 2023 1,530,667 87,607 1,618,274
NET BOOK VALUE
At 31 March 2023 709,333 100,122 809,455
At 31 March 2022 1,157,333 137,668 1,295,001

11. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 April 2022 448,850 842,197 1,291,047
Additions 16,313 - 16,313
At 31 March 2023 465,163 842,197 1,307,360
DEPRECIATION
At 1 April 2022 382,127 702,150 1,084,277
Charge for year 22,043 75,929 97,972
At 31 March 2023 404,170 778,079 1,182,249
NET BOOK VALUE
At 31 March 2023 60,993 64,118 125,111
At 31 March 2022 66,723 140,047 206,770

12. STOCKS
2023 2022
£    £   
Stocks 263,238 449,352

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 2,082,506 2,336,538
Amounts owed by group undertakings 593,579 51,914
Other debtors 11,031 2,600
Corporation tax recoverable - 179,111
Prepayments 1,150,560 1,496,611
Accrued income 167,270 44,916
4,004,946 4,111,690

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) 10,295 11,217
Trade creditors 1,339,663 1,152,260
Amounts owed to group undertakings 73,328 470,861
Tax 111,863 59,110
Social security and other taxes 148,548 175,120
VAT 387,183 581,954
Other creditors 55,916 108,893
Accruals and deferred income 3,337,840 4,561,107
5,464,636 7,120,522

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) - 10,295

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 12,134 13,238
Between one and five years - 12,134
12,134 25,372

Finance charges repayable:
Within one year 1,839 2,021
Between one and five years - 1,839
1,839 3,860

Net obligations repayable:
Within one year 10,295 11,217
Between one and five years - 10,295
10,295 21,512

Non-cancellable operating leases
2023 2022
£    £   
Within one year 195,947 245,417
Between one and five years 112,000 307,947
307,947 553,364

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: £    £   
100,000 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 429,416
Deficit for the year (40,302 )
Dividends (100,000 )
At 31 March 2023 289,114

DATAQUEST (HEATHROW) LIMITED (REGISTERED NUMBER: 01900317)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


20. PENSION COMMITMENTS

20232022
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.