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Registered number: 08751676









QUADRUM CAPITAL UK LIMITED







AUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
QUADRUM CAPITAL UK LIMITED
 
 
 
COMPANY INFORMATION


 
Director
Mohammed Ilyas Aslam (appointed 28 October 2013)




Registered number
08751676



Registered office
53/54 Grosvenor Street

London

England

W1K 3HU




Independent auditor
Gilchrists AB LLP
Registered Auditors

Grove House

2 Woodberry Grove

London

N12 0DR





 
QUADRUM CAPITAL UK LIMITED
 
 
 
CONTENTS



Page
Strategic Report
 
1 - 2
Director's Report
 
3 - 4
Independent Auditor's Report
 
5 - 8
Statement of Profit or Loss and Other Comprehensive Income
 
9
Statement of Financial Position
 
10 - 11
Statement of Changes in Equity
 
12 - 13
Statement of Cash Flows
 
14
Notes to the Financial Statements
 
15 - 33

 
QUADRUM CAPITAL UK LIMITED
 
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
Quadrum Capital UK Limited was incorporated on 28 October 2013 and it now heads a medium sized group. The group companies are engaged in diverse activities which compliment the company's growth and its ability to operate profitably in this competitive environment.

Business review
 
Despite the current economic challenges, 2023 was a successful year for the company  and it managed to hold its market share, delivering strong top and bottom results. The directors are optimistic about the company's growth and future prospects.   

The Outbreak of COVID-19 along with Russia's war against Ukraine has caused extensive disruption across the globe. The company has continually monitored its trading position and implemented measures to stabilise its trading activities.

Financial key performance indicators
 
The following KPIs are used to monitor the efficiency and profitability of the business and to optimise working capital:



2023
2022

£
£


Fees Receivable
28,590
54,466

Profit Share Allocations
1,065,473
688,823

Net Profit
619,256
487,052

Principal risks and uncertainties
 
The company's activities give rise to multiple financial risks, including the price risk, credit risk, liquidity risk and cash flow risk. The essential risk management policies are determined by the company directors. The most significant financial risks to which the company is exposed are described below:

Liquidity Risks
Liquidity risk is related to the company's need for sufficient financing of its operations and development. The relevant liquidity risks are the subject of management through the meticulous monitoring of debts, financial liabilities and payments made on a regular basis. The company ensures that there are sufficient available credit facilities to be able to cover its short-term business needs, after the calculation of cash flows arising from the operation as well as cash and cash equivalents which are held. The company can rely on its parent company and other group companies for long-term liquidity.
Credit Risks
The company does not exhibit any considerable concentration of credit risk in any one customer. Credit risk originates from available cash and cash equivalents, deposits with banks and financial institutions and clients with respect to trade receivables. To minimise credit risk on cash reserves and cash equivalents, the company specifies certain limits to its exposure on each individual financial institutions and only engages in transactions with creditworthy financial institutions of high credit rating. The company monitors its business claims and adopts policies and practices to ensure that such claims are collected. By way of example, such policies and practices include insuring credits where possible; pre-collection of the value of product sold, and receiving letters of guarantee.
Interest Rate Risks
The company does not have any overdrafts or term loans and therefore, no major risks ensue in this area.

Page 1

 
QUADRUM CAPITAL UK LIMITED
 
 
 
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Director's statement of compliance with duty to promote the success of the Company
 
The Board of Directors, in line with their duties under s172 of the Companies Act 206, act in a way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole. In doing so, the directors consider a range of matters when making decisions for the long term. Key decisions and matters that are of strategic importance to the company are appropriately informed by s172 factors.

The success of the company is dependent on the support of all stakeholders. Working with stakeholders that share our value is important to us, towards shared long-term goals for sustainable success.
The Board and senior leadership team make decisions with a long-term view in mind and with the highest of standards of conduct in line with our policies. Reports across all areas of the business are regularly made available to the board to allow key decisions to be made with proper consideration and to assess the impact of decisions on stakeholders.

We have built a strong relationship with our customers, with the focus being on their requirements. We strive to drive continuous improvements and innovation into our operations to derive long-term relationships across each area of the business. To achieve this, the Directors and senior management team take the time to understand the real and perceived needs of our customers.
The Board recognises that our suppliers are integral to the success of the business and it is therefore essential that we build strong relationships in an ethical manner whilst meeting stringent quality, performance and delivery requirements. The company has a senior procurement staff and managers who are experienced in supplier relationship management and procurement.
The company has relevant advisors to ensure that the Board is aware of, and the company aims to meet, all relevant obligations in regard to laws and regulations whilst identifying potential opportunities and risks for the business.


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




___________________________
Mohammed Ilyas Aslam
Director

Date: 6 August 2024

Page 2

 
QUADRUM CAPITAL UK LIMITED
 
 
 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The director presents his report and the financial statements for the year ended 31 December 2023.

Director's responsibilities statement

The director is responsible for preparing the Strategic Report, Director's Report and the financial statements, in accordance with applicable law.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with International Financial Reporting Standards (IFRS) as adopted by the UK.

Under company law the director 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 the financial statements, the director is required to:

select suitable accounting policies and then apply them consistently;

make judgements and estimates that are reasonable and prudent;

state whether they have been prepared in accordance with IFRS as adopted by the UK, subject to any material departures disclosed and explained in the financial statements;

assess the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and

use the going concern basis of accounting unless the director either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The director is 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. The director is responsible for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and has general responsibility for taking such steps as are reasonably open to the director to safeguard the assets of the Company and to prevent and detect fraud and other irregularities.

Principal activity and business review

The principal activity of the company in the year under review was that of capital asset advisory services.

 During the year, the company's profits increased by 33% compared with last year, despite the increase in administrative overheads. The net assets of the company has increased from £712.7k in 2022 to £932.0k in 2023. The increase in the net worth of the company was mainly due to an increase in company's share of profits in associates.

Results and dividends

The profit for the year, after taxation, amounted to £619,526 (2022 - £487,052).

During the year, dividends totalling £400,000 (2022 - £150,000) were authorised to be paid to the shareholders. Dividends are agreed via regular quorate board meetings throughout the reporting period. Proposed distributions are reviewed and appropriately authorised by the chairman. A final dividend of £675,000 is proposed by the board of directors based on financial performance and available distributable reserves.

Director

The director who served during the year was:

Mohammed Ilyas Aslam (appointed 28 October 2013)

Future developments

No material developments are expected in the coming 12 months.

Page 3

 
QUADRUM CAPITAL UK LIMITED
 
 
 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Financial instruments

The company uses only basic financial instruments and therefore, no material risks identified in this regard.

Disclosure of information to auditor

The director at the time when this Director's Report is approved has confirmed that:
 
so far as  is aware, there is no relevant audit information of which the Company's auditor is unaware, and

 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 auditor is aware of that information.

Auditor

The auditor, Gilchrists AB LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

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



___________________________
Mohammed Ilyas Aslam
Director

Date: 6 August 2024
Page 4

 
QUADRUM CAPITAL UK LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF QUADRUM CAPITAL UK LIMITED
 

Opinion


We have audited the financial statements of Quadrum Capital UK Limited for the year ended 31 December 2023 which comprise the Statement of Profit or Loss and Other Comprehensive Incomethe Statement of Financial Positionthe Statement of Cash Flowsthe Statement of Changes in Equity and the related notes, including a summary of significant accounting policies set out on pages 16 - 23. The financial reporting framework that has been applied in their preparation is applicable law and International Financial Reporting Standards (IFRSs) as adopted by the United Kingdom.

In our opinion the financial statements:

give a true and fair view of the state of the Company's affairs as at 31 December 2023 and of its profit for the year then ended;

have been properly prepared in accordance with IFRSs as adopted by the United Kingdom; 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 auditor's 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 director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Our evaluation of the director's assessment of the Company's ability to continue to adopt the going concern basis of accounting included:

-  Review and assess current and historical performance metrics for forming our own independent assessment
    of going concern.
-  Obtain and review company forecasts to assess expected future performance, review and assess company 
    budgets to compare against actual results to assess the reliability of forecasts.
-  Reviewing post year end documentation for signs of indications that going concern is inappropriate.
-  Obtain written representation from ownership attesting financial support of the audited entity for the period
    appropriate for going concern adoption.
-  Obtain and investigate any other relevant information that may indicate that going concern basis is
    inappropriate.

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 director with respect to going concern are described in the relevant sections of this report.

Page 5

 
QUADRUM CAPITAL UK LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF QUADRUM CAPITAL UK LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report, other than the financial statements and our auditor's 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.

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 Strategic Report and the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and the Director's Report has been prepared in accordance with applicable legal requirements.


Page 6

 
QUADRUM CAPITAL UK LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF QUADRUM CAPITAL UK LIMITED (CONTINUED)


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 Director's 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 director's 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 director's responsibilities statement on page 3, the director is 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 director determines 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 director is 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 director either intends to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 auditor's 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:

We considered the nature of the Company's industry and its control environment and reviewed the Company'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 Company 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 legislation, tax legislation, financial conduct authority 
   regulations, and
-  Do not have a direct effect on the financial statements, but compliance with which may be fundamental to the
   Company'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
Page 7

 
QUADRUM CAPITAL UK LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF QUADRUM CAPITAL UK LIMITED (CONTINUED)


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 non-
   compliance with laws and regulations, and 
-  Reading minutes of meetings of those charged with governance.
As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:
-  Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or
   error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is
   sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement
   resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery,
   intentional omissions, misrepresentations, or the override of internal control.
-  Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are 
   appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the
   Company's internal control. Evaluate the Appropriateness of accounting policies used, and whether
   accounting estimates and related disclosures made by the directors are reasonable.
-  Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on
   the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may
   cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material
   uncertainty exists, we are required to draw attention in our Auditors' report to the related disclosures in the
   financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based
   on the audit evidence obtained up to the date of our Auditors' report. However, future events or conditions 
   may cause the Company to cease to continue as a going concern.
-  Evaluate the overall presentation, structure, and content of the financial statements, including the disclosures,
   and whether the financial statements represent the underlying transactions and events in a manner that
   achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

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 auditor's report.





 
 
George Christodoulou (Senior Statutory Auditor)
  
for and on behalf of
Gilchrists AB LLP
 
Registered Auditors
  
Grove House
2 Woodberry Grove
London
N12 0DR

6 August 2024
Page 8

 
QUADRUM CAPITAL UK LIMITED
 
 
 
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023


2023
2022
Note
£
£

  

Revenue
 6 
28,590
54,466

Gross profit
  
28,590
54,466

  

Administrative expenses
  
(330,680)
(208,924)

Loss from operations
  
(302,090)
(154,458)

  

Share of post-tax profits of equity accounted associates
  
1,065,473
688,823

Fair value gains
  
-
54,222

Profit before tax
  
763,383
588,587

  

Tax expense
 10 
(144,127)
(101,535)

Profit for the year
  
619,256
487,052


Total comprehensive income
  
619,256
487,052

The notes on pages 16 to 33 form part of these financial statements.

Page 9

 
QUADRUM CAPITAL UK LIMITED
REGISTERED NUMBER: 08751676
 
 
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023


2023
2022
Note
£
£

Assets

Non-current assets
  

Property, plant and equipment
 12 
592
1,382

Intangible assets
 13 
20,180
26,906

Other non-current investments
 16 
165,640
165,640

  
186,412
193,928

Current assets
  

Trade and other receivables
 17 
968,454
566,216

Cash and cash equivalents
 23 
24,054
77,182

  
992,508
643,398

  

Total assets

  

1,178,920
837,326

Liabilities

Non-current liabilities
  

Current liabilities
  

Trade and other liabilities
 18 
246,950
124,613

  
246,950
124,613

  

Total liabilities
  
246,950
124,613

  

  

Net assets
  
931,970
712,713


Issued capital and reserves
  

Share capital
 19 
225,000
225,000

Revaluation reserve
  
54,222
54,222

Retained earnings
  
652,748
433,491

TOTAL EQUITY
  
931,970
712,713

The financial statements on pages 1 to 33 were approved and authorised for issue by the board of director and were signed on its behalf by:



Page 10

 
QUADRUM CAPITAL UK LIMITED
REGISTERED NUMBER: 08751676
 
 
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023



___________________________
Mohammed Ilyas Aslam
Director

Date: 6 August 2024

The notes on pages 16 to 33 form part of these financial statements.

Page 11

 
QUADRUM CAPITAL UK LIMITED

 
 
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023



Share capital
Revaluation reserve
Retained earnings
Total equity


£
£
£
£

At 1 January 2023
225,000
54,222
433,491
712,713

Comprehensive income for the year



Profit for the year
-
-
619,256
619,256

Total comprehensive income for the year
-
-
619,256
619,256

Contributions by and distributions to owners





Dividends
-
-
(400,000)
(400,000)

Total contributions by and distributions to owners
-
-
(400,000)
(400,000)

At 31 December 2023
225,000
54,222
652,747
931,969

The notes on pages 16 to 33 form part of these financial statements.

Page 12

 
QUADRUM CAPITAL UK LIMITED

 
 
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022



Share capital
Revaluation reserve
Retained earnings
Total equity


£
£
£
£

At 1 January 2022
225,000
-
150,661
375,661

Comprehensive income for the year



Profit for the year
-
-
487,052
487,052

Total comprehensive income for the year
-
-
487,052
487,052

Contributions by and distributions to owners





Dividends
-
-
(150,000)
(150,000)

Total contributions by and distributions to owners
-
54,222
(204,222)
(150,000)

At 31 December 2022
225,000
54,222
433,491
712,713

The notes on pages 16 to 33 form part of these financial statements.

Page 13

 
QUADRUM CAPITAL UK LIMITED

 
 
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023


2023
2022
Note
£
£

Cash flows from operating activities
  

Profit for the year
  
619,256
487,052

Adjustments for
  

Depreciation of property, plant and equipment
 12 
790
197

Amortisation of intangible fixed assets
 13 
6,726
6,726

Net foreign exchange loss/(gain)
  
8,373
(5,075)

Income tax expense
 10 
144,127
101,535

  
779,272
590,435

Movements in working capital:
  

Increase in trade and other receivables
  
(401,317)
(256,880)

Increase/(decrease) in trade and other payables
  
41,700
(21,527)

Cash generated from operations
  
419,655
312,028

  

Income taxes paid
  
(101,535)
(24,561)

Net cash from operating activities

  
318,120
287,467

Cash flows from investing activities
  

Acquisition of subsidiary, net of cash acquired
  
-
(70,830)

Purchases of property, plant and equipment
  
-
(1,579)

Amounts advanced to related parties
  
37,125
3,739

Net cash from/(used in) investing activities

  
37,125
(68,670)

Cash flows from financing activities
  

Dividends paid to the holders of the parent
 11 
(400,000)
(150,000)

Net cash used in financing activities
  
(400,000)
(150,000)

Net (decrease)/increase in cash and cash equivalents
  
(44,755)
68,797

  

Cash and cash equivalents at the beginning of year
  
77,182
3,310

Exchange (loss)/gains on cash and cash equivalents
  
(8,373)
5,075

Cash and cash equivalents at the end of the year
 23 
24,054
77,182

The notes on pages 16 to 33 form part of these financial statements.

Page 14

 
QUADRUM CAPITAL UK LIMITED
 
 
 
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page



Page
1.
Accounting policies
16

11.
Subsidiaries
29
2.
Functional and presentation 
23

12.
Associates
30

currency


13.
Other non-current investments
30
3.
Accounting estimates and 
24

14.
Trade and other receivables

judgements


15.
Trade and other payables
4.
Revenue
24

16.
Share capital
32
5.
Auditors' remuneration
25

17.
Related party transactions
32
6.
Employee benefit expenses
25

18.
Controlling party
33
7.
Tax expense

19.
Notes supporting statement of 
33
8.
Dividends
27


cash flows
9.
Property, plant and equipment
27

20.
Capital management
33
10.
Intangible assets
28
















































































































































Page 15

 
QUADRUM CAPITAL UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies


1.1

Basis of preparation

These financial statements have been prepared in accordance with UK-adopted international accounting standards and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS. The financial statements have been prepared under the historical cost convention.
The preparation of financial statements in conformity with the IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company's accounting policies. There are no areas involving a higher degree of judgement or complexity, or areas where assumptions and estimations are significant to the financial statements.

The company is required not to prepare the consolidated financial statements in accordance with paragraph 4(a) of IFRS10. Therefore, these financial statements are prepared as a stand alone company. The results of this company are incorporated within the consolidated financial statements of its ultimate parent  company Quadrum Global Limited who prepares the accounts under IFRS and these accounts are available from it's registered office at:
c/o Catalyst Fund Services
P.O.Box 1096
Flagship Building
Suite 201
George Town, 
Grand Cayman KY1-1102
Cayman Islands


1.2

Going concern

The director has at the time of approving the financial statements, a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus he continues to adopt the going concern basis of accounting in preparing the financial statements.

 
1.3

Goodwill

Goodwill arising on an acquisition of a business is carried at cost as established at the date of acquisition of the business less accumulated impairment losses, if any.

For the purposes of impairment testing, goodwill is allocated to each of the Company's cash-generating units (or groups of cash-generating units) that is expected to benefit from the synergies of the combination.

A cash-generating unit to which goodwill has been allocated is tested for impairment 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 its carrying amount, 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 based on the carrying amount of each asset in the unit. Any impairment loss for goodwill is recognised directly in profit or loss. An impairment loss recognised for goodwill is not reversed in subsequent periods.

On disposal of the relevant cash-generating unit, the attributable amount of goodwill is included in the determination of the profit or loss on disposal.

The Company's policy for goodwill arising on the acquisition of an associate and a joint venture is described at note 1.4.

Page 16

 
QUADRUM CAPITAL UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies (continued)

 
1.4

Investments in associates and joint ventures

An associate is an entity over which the Company has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those policies.

A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint arrangement. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require unanimous consent of the parties sharing control.

The results and assets and liabilities of associates or joint ventures are incorporated in these consolidated financial statements using the equity method of accounting, except when the investment, or a portion thereof, is classified as held for sale, in which case it is accounted for in accordance with IFRS 5. Under the equity method, an investment in an associate or a joint venture is initially recognised in the consolidated statement of financial position at cost and adjusted thereafter to recognise the Company's share of the profit or loss and other comprehensive income of the associate or joint venture. When the Company's share of losses of an associate or a joint venture exceeds the Company's interest in that associate or joint venture (which includes any long-term interests that, in substance, form part of the Company's net investment in the associate or joint venture), the Company discontinues recognising its share of further losses. Additional losses are recognised only to the extent that the Company has incurred legal or constructive obligations or made payments on behalf of the associate or joint venture.

An investment in an associate or a joint venture is accounted for using the equity method from the date on which the investee becomes an associate or a joint venture. On acquisition of the investment in an associate or a joint venture, any excess of the cost of the investment over the Company's share of the net fair value of the identifiable assets and liabilities of the investee is recognised as goodwill, which is included within the carrying amount of the investment. Any excess of the Company's share of the net fair value of the identifiable assets and liabilities over the cost of the investment, after reassessment, is recognised immediately in profit or loss in the period in which the investment is acquired.

The requirements of IAS 39 are applied to determine whether it is necessary to recognise any impairment loss with respect to the Company's investment in an associate or joint venture. When necessary, the entire carrying amount of the investment (including goodwill) is tested fir impairment in accordance with IAS 36 Impairment of Assets as a single asset by comparing its recoverable amount (higher of value in use and fair value less costs of disposal) with its carrying amount. Any impairment loss recognised forms part of the carrying amount of the investment. Any reversal of that impairment loss is recognised in accordance with IAS 36 to the extent that the recoverable amount of the investment subsequently increases.

The Company discontinues the use of the equity method from the date when the investment ceases to be an associate or joint venture, or when the investment is classified as held for sale. When the Company retains an interest in the former associate or joint venture and the retained interest is a financial asset, the Company measures the retained interest at fair value at that date and the fair value is regarded as its fair value on initial recognition in accordance with IAS 39. The difference between the carrying amount of the associate or joint venture at the date the equity method was discontinued, and the fair value of any retained interest and any proceeds from disposing of a part interest in the associate or joint venture is included in the determination of the gain or loss on disposal of the associate or joint venture. In addition, the Company accounts for all amounts previously recognised in other comprehensive income in relation to that associate or joint venture on the same basis as would be required if that associate or joint venture had directly disposed of the related assets or liabilities. Therefore, if a gain or loss previously recognised in other comprehensive income by that associate or joint venture would be reclassified to profit or loss on the disposal of the related assets or liabilities, the Company reclassified the gain or loss from equity to profit or
Page 17

 
QUADRUM CAPITAL UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies (continued)


1.4
Investments in associates and joint ventures (continued)

loss (as a reclassification adjustment) when the equity method is discontinued.

The Company continues to use the equity method when an investment in an associate becomes an investment in a joint venture or an investment in a joint venture becomes an associate.There is no remeasurement to fair value upon such changes in ownership interests.

When the Company reduces its ownership interest in an associate or a joint venture but the Company continues to use the equity method, the Company reclassifies to profit or loss the proportion of the gain or loss that had previously been recognised in the other comprehensive income relating to that reduction in ownership interest if that gain or loss would be reclassified to profit or loss on the disposal of the related assets or liabilities.

When an entity transacts with an associate or a joint venture of the Company, profits and losses resulting from the transactions with the associate or joint ventures are recognised in the Company's consolidated financial statements only to the extent of interests in the associate or joint venture that are not related to the Company.

 
1.5

Revenue

Revenue is measured based on the consideration specified in a contract with a customer and excludes amounts collected on behalf of third parties. The Company recognises revenue when it transfers control over a product or service to a customer.

The Company does not expect to have any contracts where the period between the transfer of the promised goods or services to the customer and payment by the customer exceeds one year. As a consequence, the Company does not adjust any of the transaction prices for the time value of money.

Page 18

 
QUADRUM CAPITAL UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies (continued)

 
1.6

Foreign currency

In preparing the financial statements of each individual group entity, transactions in currencies other than the entity's functional currency (foreign currencies) are recognised at the rates of exchange prevailing at the dates of the transactions. At the end of each reporting period, monetary items denominated in foreign currencies are retranslated at the rates prevailing at that date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing at the date when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated.

Exchange differences on monetary items are recognised in profit or loss in the period in which they arise except for:
exchange differences on foreign currency borrowings relating to assets under construction for future productive use, which are included in the cost of those assets when they are regarded as an adjustment to interest costs on those foreign currency borrowings;
exchange differences on transactions entered into in order to hedge certain foreign currency risks (see  for hedging accounting policies); and
exchange differences on monetary items receivable from or payable to foreign operation for which settlement is neither planned nor likely to occur (therefore forming part of the net investment in the foreign operation), which are recognised initially in other comprehensive income and reclassified from equity to profit or loss on repayment of the monetary items.

For the purposes of presenting these financial statements, the assets and liabilities of the Company's foreign operations are translated into pounds using exchange rates prevailing at the end of each reporting period. Income and expense items are translated at the average exchange rates for the period, unless exchange rates fluctuate significantly during that period, in which case the exchange rates at the dates of the transactions are used. Exchange differences arising, if any, are recognised in other comprehensive income and accumulated in equity (and attributed to non-controlling interests as appropriate).

On the disposal of a foreign operation (i.e. a disposal of the Company's entire interest in a foreign operation, a disposal involving loss of control over a subsidiary that includes a foreign operation, or a partial disposal of an interest in a joint arrangement or an associate that includes a foreign operation of which the retained interest becomes a financial asset), all of the exchange differences accumulated in equity in respect of that operation attributable to the owners of the Company are reclassified to profit or loss.

In addition, in relation to a partial disposal of a subsidiary that includes a foreign operation that does not result in the Group losing control over the subsidiary, the proportionate share of accumulated exchange differences are re-attributed to non-controlling interests and are not recognised in profit or loss. For all other partial disposals (i.e. partial disposals of associates or joint arrangements that do not result in the Group losing significant influence or joint control), the proportionate share of the accumulated exchange differences is reclassified to profit or loss.

Goodwill and fair value adjustments to identifiable assets acquired and liabilities assumed through acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and translated at the rate of exchange prevailing at the end of each reporting period. Exchange differences arising are recognised in other comprehensive income.

Page 19

 
QUADRUM CAPITAL UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies (continued)

 
1.7

Taxation

 

Income tax expense represents the sum of the tax currently payable and deferred tax.

For the reporting period, there are no reportable deferred tax provisions required.


Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from ‘profit before tax’ as reported in the Statement of Profit or Loss and Other Comprehensive Income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

 
1.8

Property, plant and equipment

Items of property, plant and equipment are measured at cost less accumulated depreciation and any accumulated impairment losses.

If significant parts of an item of property, plant and equipment have different useful lives, then they are accounted for as separate items (major components) of property, plant and equipment. Any gain or loss on disposal of an item of property, plant and equipment is recognised in profit or loss. Subsequent expenditure is capitalised only if it is probable that the future economic benefits associated with the expenditure will flow to the Company.

Depreciation is provided on all other items of property, plant and equipment so as to write off their carrying value over their expected useful economic lives. It is provided at the following rates:

Plant and machinery
50%

 
1.9

Intangible assets


Intangible assets acquired in a business combination

Intangible assets acquired in a business combination and recognised separately from goodwill are initially recognised at their fair value at the acquisition date (which is regarded as their cost).

Subsequent to initial recognition, intangible assets acquired in a business combination are reported at cost less accumulated amortisation and accumulated impairment losses, on the same basis as intangible assets that are acquired separately.

Page 20

 
QUADRUM CAPITAL UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies (continued)

  
1.10

Impairment of tangible and intangible assets other than goodwill

At the end of each reporting period, the Company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). When it is not possible to estimate the recoverable amount of an individual asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs. When a reasonable and consistent basis of allocation can be identified, corporate assets are also allocated to individual cash-generating units, or otherwise they are allocated to the smallest group of cash-generating units for which a reasonable and consistent allocation basis can be identified.

Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment at least annually, and whenever there is an indication that the asset may be impaired.

Recoverable amount is the higher of fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease (see note 1.8).

When an impairment loss subsequently reverses, the carrying amount of the asset (or a cash generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase (see note 1.8).


1.11

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and demand deposits, together with other short-term, highly liquid investments maturing within 90 days from the date of acquisition that are readily convertible into known amounts of cash and which are subject to an insignificant risk of changes in value.

 
1.12

Financial instruments

Financial assets and financial liabilities are recognised when an entity becomes a party to the contractual provisions of the instruments.

Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognised immediately in profit or loss.

Page 21

 
QUADRUM CAPITAL UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies (continued)

 
1.13

Financial assets

All regular way purchases or sales of financial assets are recognised and derecognised on a trade date basis. Regular way purchases or sales are purchases or sales of financial assets that require delivery of assets within the time frame established by regulation or convention in the marketplace.

All recognised financial assets are subsequently measured in their entirety at either amortised cost or fair value, depending on the classification of the financial assets.


Derecognition of financial assets

The Company derecognises a financial asset when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another party. If the Company neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the transferred asset, the Company recognises its retained interest in the asset and an associated liability for amounts it may have to pay. If the Company retains substantially all the risks and rewards of ownership of a transferred financial asset, the Company continues to recognise the financial asset and also recognises a collateralised borrowing for the proceeds received.

On derecognition of a financial asset measured at amortised cost, the difference between the asset's carrying amount and the sum of the consideration received and receivable is recognised in profit or loss. In addition, on derecognition of an investment in a debt instrument classified as at FVOCI, the cumulative gain or loss previously accumulated in the investments revaluation reserve is reclassified to profit or loss. In contrast, on derecognition of an investment in an equity instrument which the Company has elected on initial recognition to measure at FVOCI, the cumulative gain or loss previously accumulated in the investments revaluation reserve is not reclassified to profit or loss, but is transferred to retained earnings.

 
1.14

Financial liabilities and equity instruments


(i) Classification as debt or equity

Debt and equity instruments issued by an entity are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument.


(ii) Financial liabilities

All financial liabilities are subsequently measured at amortised cost using the effective interest method or at FVTPL.

However, financial liabilities that arise when a transfer of a financial asset does not qualify for derecognition or when the continuing involvement approach applies, financial guarantee contracts issued by the Company, and commitments issued by the Company to provide a loan at below-market interest rate are measured in accordance with the specific accounting policies set out below.

Derecognition of financial liabilities

The Company derecognises financial liabilities when, and only when, the Company's obligations are discharged, cancelled or have expired. The difference between the carrying amount of the financial liability derecognised and the consideration paid and payable, including any non-cash assets transferred or liabilities assumed, is recognised in profit or loss.

Page 22

 
QUADRUM CAPITAL UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies (continued)

  
1.15

Defined contribution schemes

Contributions to defined contribution pension schemes are charged to the statement of comprehensive income in the year to which they relate.

 
1.16

Dividends

Dividends are recognised when they become legally payable. In the case of interim dividends to equity shareholders, this is when declared by the directors. In the case of final dividends, this is when approved by the shareholders at the AGM.


2.


Reporting entity

Quadrum Capital UK Limited (the 'Company') is a limited company incorporated in England. The Company's registered office is at 53/54 Grosvenor Street, London, W1K 3HU. The Company's principal activity is provision of capital asset advisory services..


3.


Basis of preparation

The financial statements have been prepared in accordance with International Financial Reporting Standards, International Accounting Standards and Interpretations as adopted by the UK (collectively IFRSs). They were authorised for issue by the Company's board of directors on 06 August 2024.

Details of the Company's accounting policies, including changes during the year, are included in note 1.

In preparing these financial statements, management has made judgements, estimates and assumptions that affect the application of the Company accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised prospectively.

The areas where judgements and estimates have been made in preparing the financial statements and their effects are disclosed in note 5.


3.1 Basis of measurement

The financial statements have been prepared on the historical cost basis except for the following items, which are measured on an alternative basis on each reporting date.


Items


Initial valuation of subsidiary investments

Initial valuation of goodwill


4.


Functional and presentation currency

These financial statements are presented in pound sterling, which is the Company's functional currency. All amounts have been rounded to the nearest pound, unless otherwise indicated.

Page 23

 
QUADRUM CAPITAL UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Accounting estimates and judgements


5.1 Estimates and assumptions

Tangible fixed assets

It is assumed that industry standards for assets with relevant categorisations is sufficient to determine appropriate depreciation rate and methods.

Subsidiary investment valuation

Valuation of subsidiary investment is determined by the net asset value of the entity as at the acquisition
date apportioned by the shareholding. Subsequently these investments are accounted of on a historical
cost basis.

Goodwill

Useful life as a basis for amortisation is determined by the current financial position and projections of the company at the date of acquisition. As a non-monetary asset, annual charge is translated at acquisition date for goodwil arising on investments paid for in foreign currencies, as is complaint with FRS102.30.9.


6.


Revenue


The following is an analysis of the Company's revenue for the year from continuing operations:


2023
2022
£
£


Fees receivable
28,590
54,340

Other income
-
126

28,590
54,466


7.


Loss after charging the following expenses/(income)

2023
2022
£
£


Goodwill - amortisation charge
6,727
6,726

Difference on foreign exchange
8,356
(3,526)

Auditor's remuneration
6,980
6,220

Page 24

 
QUADRUM CAPITAL UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Auditor's remuneration

During the year, the Company obtained the following services from the Company's auditor and its associates:


2023
2022
£
£

Auditors' remuneration
3,740
3,100

Fees payable to the Company's auditor and its associates in respect of:

Auditors' remuneration - non-audit
3,240
3,120


9.


Employee benefit expenses

2023
2022
£
£

Employee benefit expenses (including director) comprise:

Wages and salaries
168,985
113,500

Social security costs
13,596
15,099

Short-term non-monetary benefits
-
1,698

Defined contribution pension cost
3,960
3,600

186,541
133,897


The monthly average number of persons, including the director, employed by the Company during the year was as follows:


2023
2022
No.
No.

Staff
1
1

Directors
1
1

2
2

Page 25

 
QUADRUM CAPITAL UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Tax expense

10.1 Income tax recognised in profit or loss



2023
2022
£
£

Current tax

Current tax on profits for the year
144,127
101,535

Total current tax
144,127
101,535


Deferred tax expense


144,127
101,535


Total tax expense

Tax expense excluding tax on sale of discontinued operation and share of tax of equity accounted associates and joint ventures
144,127
101,535

144,127
101,535

The reasons for the difference between the actual tax charge for the year and the standard rate of corporation tax in the United Kingdom applied to profits for the year are as follows:


2023
2022
£
£


Profit for the year
619,257
487,052

Income tax expense (including income tax on associate, joint venture and discontinued operations)
144,127
101,535

Profit before income taxes
763,384
588,587


Tax using the Company's domestic tax rate of 25% (2022:19%)
190,846
111,832

Non-tax deductible amortisation of goodwill and impairment
1,879
925

Expenses not deductible for tax purposes, other than goodwill, amortisation and impairment
287
124

Short-term timing difference leading to an increase/(decrease) in taxation
(9,066)
-

Non-taxable income
-
(10,302)

Special factors affecting joint-ventures and associates leading to an increase/(decrease) in the tax charge
(39,819)
(1,044)

Total tax expense
144,127
101,535

10.2 Current tax assets and liabilities

2023
2022
Page 26

 
QUADRUM CAPITAL UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.Tax expense (continued)

£
£

Current tax assets


Current tax liabilities

Corporation tax payable
144,127
101,535

144,127
101,535


11.


Dividends

2023
2022
£
£


Final dividend of 178 pence (2022: 67 pence) per Ordinary share proposed and paid during the year relating to the previous year's results
400,000
150,000

400,000
150,000

The directors are proposing a final dividend of 300.00 pence (2022:177.78 pence) per share totalling £675,000.00 (2022:£400,000.00). The dividend has not been accrued in the statement of financial position.


12.


Property, plant and equipment





Plant and machinery

£



Cost or valuation



Additions
1,579



At 31 December 2022
1,579



At 31 December 2023
1,579

Page 27

 
QUADRUM CAPITAL UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.Property, plant and equipment (continued)


Plant and machinery

£



Accumulated depreciation and impairment



Charge owned for the year
197



At 31 December 2022
197


Charge owned for the year
789



At 31 December 2023
986



Net book value


At 1 January 2022
-


At 31 December 2022
1,382


At 31 December 2023
593


13.


Intangible assets





Goodwill

£



Cost



At 1 January 2022
67,265



At 31 December 2022
67,265



At 31 December 2023
67,265


Goodwill

£



Accumulated amortisation and impairment



At 1 January 2022
33,632


Charge for the year - owned
6,726



At 31 December 2022
40,358


Charge for the year - owned
6,727


At 31 December 2023
47,085
Page 28

 
QUADRUM CAPITAL UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.Intangible assets (continued)




Net book value


At 1 January 2022
33,633


At 31 December 2022
26,907


At 31 December 2023
20,180


14.


Subsidiaries

Details of the Company's material subsidiaries at the end of the reporting period are as follows:

Name of subsidiary

Principal activity
Place of incorporation and operation
Proportion of ownership interest and voting power held by the Company (%)



2023
2022








1Quadrum Capital US Corp

Advisory services

USA
 
100

100

2Quadrum Capital Europe s.r.o

Advisory services

Slovakia
 
95

95


1) Quadrum Capital US Corp

Registered office: C T Corporation System, 1200 South Pine Island Road, Plantation, FL 33324
The subsidiary was acquired by way of a formal purchase of the company for $200,000. The consideration was determined by use of the net asset value of the subsidiary's consolidated accounts as a basis. The investment in the above named subsidiary has been accounted for using the 'acquisition method'. Please refer to accounting policies and accounting estimates for more detail regarding the recognition of goodwill and investments.
The primary reason for the business combination was that of a reorganisation of the group. 

2) Quadrum Capital Europe s.r.o

Registered office: Pribinova 30, Bratislava 811 09, Slovakia
The subsidiary was acquired by way of a formal purchase of the conrolling share interest for €19,000. The investment in the subsidiary is accounted for at historical cost, the consideration was determined by the nominal value of the shares purchased. Investment valuation was in excess of consideration resulting in a bargain subsidiary purchase. The ensuing fair value gain has been recognised in the profit and loss, carried forward in the revaluation reserve as non-ditributable equity.
The primary reason for the business combination was that of a reorganisation of the group. 

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QUADRUM CAPITAL UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

15.


Associates

The following entity has been included in the financial statements using the equity method:

Name of associate

Country of incorporation principal place of business
Relationship to the entity



1Quadrum Real Estate LLP

United Kingdom

Designated partner
 

1) Quadrum Real Estate LLP

While the company does not own any capital in this entity, it is entitled to receive a share of profit in accordance with its partnership agreement.

(i) Summarised financial information (material associates)

Quadrum Real Estate LLP

2023
2022
£
£

As at 31 December 2023

Current assets
942,904
565,358

Period ended 31 December 2023


Profit from continuing operations
1,085,473
691,309

Total comprehensive income
1,085,473
691,309



16.

Other non-current investments

2023
2022
Note
£
£

Investments in subsidiary companies
 14 
165,640
165,640

  
165,640
165,640


17.


Trade and other receivables


2023
2022
£
£

Non-current

Total non-current trade and other receivables

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QUADRUM CAPITAL UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

17.Trade and other receivables (continued)


Current

Trade receivables
952,052
562,521

Trade receivables - net
952,052
562,521

Receivables from related parties
921
-

Total financial assets other than cash and cash equivalents classified as loans and receivables
952,973
562,521

Prepayments and accrued income
-
520

Other receivables
15,481
3,175

Total current trade and other receivables
968,454
566,216


18.


Trade and other payables


2023
2022
£
£

Non-current

Total non-current trade and other payables


Current

Trade payables
748
576

Payables to participating interests
47,868
9,823

Other payables
300
600

Accruals
43,558
7,960

Total financial liabilities, excluding loans and borrowings, classified as financial liabilities measured at amortised cost
92,474
18,959

Other payables - tax and social security payments
154,477
105,654

Total current trade and other payables
246,951
124,613

Page 31

 
QUADRUM CAPITAL UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
19.


Share capital

Authorised

2023
2023
2022
2022
Number
£
Number
£

Shares treated as equity
Ordinary shares of £1.00 each

225,000

225,000

225,000
 
225,000
 
225,000

225,000

225,000
 
225,000
 

Issued and fully paid


2023
2023
2022
2022
Number
£
Number
£

Ordinary shares of £1.00 each

At 1 January and 31 December
225,000

225,000

225,000
 
225,000
 


20.


Related party transactions

Details of transactions between the Company and its related parties are disclosed below.

20.1 Other related party transactions

Other related party transactions are as follows:

Related party relationship
Type of transaction
Transaction amount
Balance owed


2023
2022
2023
2022

        £
        £
        £
        £


Quadrum Real Estate LLP

Share of profit

(1,065,473)
 
(688,823)
 
921,369

563,823

Quadrum Real Estate LLP

Reimbursable expenses

81,966
 
25,489
 
(47,869)

(9,823)



21.


Transactions with group companies

The company has taken exemption from disclosing the transactions with group companies on the grounds that its' results are included in the group accounts prepared by the parent company.

Page 32

 
QUADRUM CAPITAL UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

22.


Controlling party

The controlling party is Quadrum Capital Management Limited (Guernsey) and the ultimate controlling party is Abacus (Nominees) Limited as the trustees of Maximus Holdings Trust (Cyprus), the sole beneficiary of which is Oleg Pavlov.


23.

Notes supporting statement of cash flows

2023
2022
£
£


Cash at bank available on demand
24,054
77,182

Cash and cash equivalents in the statement of financial position

24,054
77,182


Cash and cash equivalents in the statement of cash flows
24,054
77,182


24.


Capital management

The Company is not subject to any externally imposed capital requirements.

Page 33