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Registered number: 12290011









QUADRUM BELGRAVE LIMITED







AUDITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2023

 
QUADRUM BELGRAVE LIMITED
 
 
COMPANY INFORMATION


Directors
Mohammed Ilyas Aslam 
Oleg Pavlov 




Registered number
12290011



Registered office
Grove House
2 Woodberry Grove

London

N12 0DR




Independent auditors
Gilchrists AB LLP
Chartered Certified Accountants & Registered Auditors

Grove House

2 Woodberry Grove

London

N12 0DR





 
QUADRUM BELGRAVE LIMITED
 

CONTENTS



Page
Directors' report
1 - 2
Independent auditors' report
3 - 7
Profit and loss account
8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11 - 12
Notes to the financial statements
13 - 23


 
QUADRUM BELGRAVE LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 5 APRIL 2023

The directors present their report and the financial statements for the year ended 5 April 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently;

make judgments 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.

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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Directors

The directors who served during the year were:

Mohammed Ilyas Aslam 
Oleg Pavlov 

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Auditors

Under section 487(2) of the Companies Act 2006Gilchrists AB LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

Page 1

 
QUADRUM BELGRAVE LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2023

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





Mohammed Ilyas Aslam
Director

Date: 9 January 2024

Page 2

 
QUADRUM BELGRAVE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF QUADRUM BELGRAVE LIMITED
 

Opinion


We have audited the financial statements of QUADRUM BELGRAVE LIMITED (the 'Company') for the year ended 5 April 2023, which comprise the Profit and loss account, the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe 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 5 April 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 United Kingdom, including the Financial Reporting Council'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.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 3

 
QUADRUM BELGRAVE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF QUADRUM BELGRAVE LIMITED (CONTINUED)


Our approach to the audit


As part of our audit planning procedures, we have identified the following matters which are considered to be
the key audit matters.


Key Audit Matter
How our scope addressed this matter
The company's investment property represents the
largest asset on its balance sheet. The property is going
through a major construction work and therefore the
valuation of the property was considered to be the key
audit risk by us.
Our audit procedures to address the risk of
material misstatement relating to the valuation of the
investment property, which was a significant risk,
included:
• Testing a large sample of costs to the backup
documents: and
• Reviewing the valuation report prepared by the
valuers and the assumptions used by them to value
the property.
Going concern
Our audit procedures to address the going concern issue included: 
• Reviewing the cashflow forecasts and discussing the going concern implications with the directors.
• Reviewing the loan terms to ensure that the company has enough cashflow to keep going for at least 12 months from the date of signing the accounts.
• Reviewing the post balance sheet cashbook.
• Obtaining assurances from the company’s lender that it will provide finance to enable the completion of the project.


Our application of materiality


Being an asset based company the overall materialy was based on gross assets of the company and therefore,
the overall materiality was set at £1.17m. The performance materiality was set at £0.9m.


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether 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.


Page 4

 
QUADRUM BELGRAVE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF QUADRUM BELGRAVE LIMITED (CONTINUED)


Opinion 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 Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Directors' report has 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 Directors' report.


We have nothing to report in respect of the following matters in relation to which 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; or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' report and from the requirement to prepare a Strategic report.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 1, 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 is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 5

 
QUADRUM BELGRAVE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF QUADRUM BELGRAVE LIMITED (CONTINUED)


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 an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (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.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Extent to which the audit considered capable of detecting irregularities, including fraud
IIrregularities, including fraud, are instances of non-compliance with laws and regulations. We design
procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of
irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities,
including fraud, is detailed below.
We considered the nature of the Group's industry and its control environment and reviewed the Group's
documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We
are enquired of management about their own identification and assessment of the risks of irregularities. We
obtained an understanding of the legal and regulatory framework that the Group operates in and identified the
key laws and regulations that:
* had a direct effect on the determination of the material amounts and disclosures in the financial statements.
These included UK Companies Act, pensions legislations, tax legislations, financial conduct authority
regulations: and * do not have a direct effect on the financial statements, but compliance with which may be
fundamental to the Group's ability to operate or to avoid a material penalty.
We discussed among the audit engagement team regarding the opportunities and incentives that may exist
within the organisation for fraud, and how and where fraud might occur in the financial statements. In common
with all audits under the ISAs (UK), we are also required to perform specific procedures to respond to the risk of
management override. In addressing the risk of fraud through management override of controls, we tested the
appropriateness of journal entries and other adjustments: assessed whether the judgements made in making
accounting estimates are indicative of a potential bias: and evaluated the business rationale of any significant
transactions that are unusual or outside the normal course of business. In addition to the above, our procedures
to respond to the risks identified included the following:
* reviewing financial statement disclosures by testing to supporting documentation to assess compliance with
provisions of relevant laws and regulations described as having direct effect on the financial statements:
* Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of
material misstatement due to fraud:
* Enquiring of management, concerning actual and potential litigation and claims, and instances of noncompliances
with laws and regulations: and
* Reading minutes of meetings of those charged with governance.
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 Independent Auditors.
.


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 Auditors' report.


Page 6

 
QUADRUM BELGRAVE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF QUADRUM BELGRAVE LIMITED (CONTINUED)


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 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





George Christodoulou BA (Hons).FCCA (Senior statutory auditor)
  
for and on behalf of
Gilchrists AB LLP
 
Chartered Certified Accountants
Registered Auditors
  
Grove House
2 Woodberry Grove
London
N12 0DR

9 January 2024
Page 7

 
QUADRUM BELGRAVE LIMITED
 
 
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 5 APRIL 2023

2023
2022
Note
£
£

Turnover
  
-
2,849

Gross loss
  
-
2,849

Administrative expenses
  
(398,662)
(292,213)

Income from other fixed assets investments
  
209,341
-

Other interest receivable and similar income
  
-
25

Loss on disposal of investments
  
(209,341)
-

Interest payable and similar expenses
  
(7,044,137)
(5,322,254)

Loss before taxation
  
(7,442,799)
(5,611,593)

Loss for the year
  
(7,442,799)
(5,611,593)

The notes on pages 13 to 23 form part of these financial statements.

Page 8

 
QUADRUM BELGRAVE LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 5 APRIL 2023

2023
2022
Note
£
£


Loss for the financial year

  

(7,442,799)
(5,611,593)

Other comprehensive income
  

Total comprehensive income for the year
  
(7,442,799)
(5,611,593)

The notes on pages 13 to 23 form part of these financial statements.

Page 9

 
QUADRUM BELGRAVE LIMITED
REGISTERED NUMBER: 12290011

BALANCE SHEET
AS AT 5 APRIL 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 7 
99,938,727
80,825,649

Investments
 9 
5,000,000
2,709,341

  
104,938,727
83,534,990

Current assets
  

Debtors
 10 
412,547
727,730

Cash at bank and in hand
 11 
11,370,244
114,433

  
11,782,791
842,163

Creditors: amounts falling due within one year
 12 
(20,225,909)
(12,603,745)

Net current liabilities
  
 
 
(8,443,118)
 
 
(11,761,582)

Total assets less current liabilities
  
96,495,609
71,773,408

Creditors: amounts falling due after more than one year
 13 
(96,920,000)
(64,755,000)

Net (liabilities)/assets
  
(424,391)
7,018,408


Capital and reserves
  

Called up share capital 
  
1,806
1,806

Share premium account
  
16,058,394
16,058,394

Profit and loss account
  
(16,484,591)
(9,041,792)

  
(424,391)
7,018,408


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



Mohammed Ilyas Aslam
Director

Date: 9 January 2024

The notes on pages 13 to 23 form part of these financial statements.

Page 10

 
QUADRUM BELGRAVE LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 5 APRIL 2023


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£

At 6 April 2022
1,806
16,058,394
(9,041,792)
7,018,408


Comprehensive income for the year

Loss for the year

-
-
(7,442,799)
(7,442,799)


Other comprehensive income for the year
-
-
-
-


Total comprehensive income for the year
-
-
(7,442,799)
(7,442,799)


Total transactions with owners
-
-
-
-


At 5 April 2023
1,806
16,058,394
(16,484,591)
(424,391)


The notes on pages 13 to 23 form part of these financial statements.

Page 11

 
QUADRUM BELGRAVE LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 5 APRIL 2022


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£

At 1 April 2021
1,806
16,058,394
(3,430,199)
12,630,001


Comprehensive income for the year

Loss for the year

-
-
(5,611,593)
(5,611,593)


Other comprehensive income for the year
-
-
-
-


Total comprehensive income for the year
-
-
(5,611,593)
(5,611,593)


Total transactions with owners
-
-
-
-


At 5 April 2022
1,806
16,058,394
(9,041,792)
7,018,408


The notes on pages 13 to 23 form part of these financial statements.

Page 12

 
QUADRUM BELGRAVE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2023

1.


General information

Quadrum Belgrave Limited (registered number: 12290011) is a company limited by shares and
registered in England & Wales. Its registered office is: Grove House, 2 Woodberry Grove, London, N12
0DR

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A) of the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

Although the company has net liabilities on its balance sheet, the directors feel confident that the company has adequate funds available to continue in its operational existence for as least 12 months from the date of signing these accounts. 

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Page 13

 
QUADRUM BELGRAVE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2023

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Operating leases: the Company as lessor

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 14

 
QUADRUM BELGRAVE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2023

2.Accounting policies (continued)

 
2.9

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Company can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.10

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.12

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.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 15

 
QUADRUM BELGRAVE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2023

2.Accounting policies (continued)

 
2.14

Creditors

Short-term 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.

 
2.15

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the
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QUADRUM BELGRAVE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2023

2.Accounting policies (continued)


2.15
Financial instruments (continued)

impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Operating loss

The operating loss is stated after charging:

2023
2022
£
£

Exchange differences
507
106

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QUADRUM BELGRAVE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2023

4.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
5,000
5,000

5.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).


6.


Taxation


2023
2022
£
£



Total current tax
-
-

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - lower than) the standard rate of corporation tax in the UK of 19% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Loss on ordinary activities before tax
(7,442,799)
(5,611,593)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2022 - 19%)
(1,414,132)
(1,066,203)

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
436,924
668,516

Capital allowances for year in excess of depreciation
(21,723)
(23,110)

Non-taxable income less expenses not deductible for tax purposes, other than goodwill and impairment
(39,775)
-

Unrelieved property losses carried forward
53,782
40,796

Unrelieved tax losses from loans relationships carried forward
984,924
380,001

Total tax charge for the year
-
-


Factors that may affect future tax charges

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QUADRUM BELGRAVE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2023
 
6.Taxation (continued)

As at 5th April 2023, the Grooup has property losses of £653,431 available to offset against future taxable
profits. In addition, at 5th April 2023, the group has un-utilised loan interest of £11,000,40 being carried
forward.


7.


Tangible fixed assets





Freehold property

£



Cost or valuation


At 6 April 2022
80,825,649


Additions
19,113,078



At 5 April 2023

99,938,727






Net book value



At 5 April 2023
99,938,727



At 5 April 2022
80,825,649


8.


Freehold






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QUADRUM BELGRAVE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2023

9.


Fixed asset investments





Investments in subsidiary companies
Other fixed asset investments
Total

£
£
£



Cost or valuation


At 6 April 2022
209,341
2,500,000
2,709,341


Additions
-
2,500,000
2,500,000


Disposals
(209,341)
-
(209,341)



At 5 April 2023
-
5,000,000
5,000,000





10.


Debtors

2023
2022
£
£


Other debtors
59,922
260,526

Prepayments and accrued income
352,625
467,204

412,547
727,730



11.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
11,370,244
114,433

11,370,244
114,433


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QUADRUM BELGRAVE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2023

12.


Creditors: Amounts falling due within one year

2023
2022
£
£

Other loans
18,703,804
11,659,667

Trade creditors
1,315,687
702,064

Other creditors
179,923
204,469

Accruals and deferred income
26,495
37,545

20,225,909
12,603,745


The following liabilities were secured:

2023
2022
£
£

Other loans


Interest on loan notes
18,703,804
11,659,667

18,703,804
11,659,667

Details of security provided:

Other loans were related to the accumulated loan interest repayable within one year. The loan interest
was also secured over the investment property.

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QUADRUM BELGRAVE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2023

13.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Other loans
96,920,000
64,755,000

Euro Bonds
96,920,000
64,755,000


The following liabilities were secured:

2023
2022
£
£

Other loans


Euro Bonds
96,920,000
64,755,000

Total- Euro Bonds and interest
96,920,000
64,755,000

Details of security provided:

Loan notes are secured over the company's investment property. The principal loan amount of £96,920,000 is repayable as a lump sum on 31st December 2024. Interest is payable on the loan notes at 8% per annum. 


14.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Other loans
18,703,804
11,659,667

Interest on security bonds

18,703,804
11,659,667

Amounts falling due 1-2 years

Other loans
96,920,000
64,755,000

Loan notes

96,920,000
64,755,000



Total-Euro Bonds and interest
115,623,804
76,414,667


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QUADRUM BELGRAVE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2023

15.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
16,370,244
2,823,774


Financial liabilities


Other financial liabilities measured at fair value through profit or loss
116,939,491
77,116,731


16.


Contingent liabilities

 The company has entered into a loan agreement whereby it has given an undertaking to its foreign
lenders to pay loan interest without the deduction of UK taxes. If the company does not comply with the
relevant loan conditions, there is a probability that it will have to indemnify the lenders. The potential
impact of this liability is in the region of £3.74m (2022- £2.33m).


17.


Post balance sheet events

The company issued additional loan notes worth £11,490,000 at an interest rate of 8% per annum. The loan is repayable by the end of December 2025.


18.


Audit report

The auditor's report was not qualified.

 
Page 23