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Registered number: OC389653









QUADRUM REAL ESTATE LLP







AUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
QUADRUM REAL ESTATE LLP
 

INFORMATION




Designated Members

Oleg Pavlov (appointed 3 December 2013)
Quadrum Capital UK Limited (appointed 3 December 2013)
TREA Consultants Limited (appointed 1 July 2020)


LLP registered number

OC389653

Registered office

53/54 Grosvenor Street
London
W1K 3HU

Independent auditors

Gilchrists AB LLP
Registered Auditors
Grove House
2 Woodberry Grove
London
N12 0DR


 
QUADRUM REAL ESTATE LLP
 

CONTENTS



Page
Members' Report
1 - 2
Independent Auditors' Report
3 - 6
Statement of Comprehensive Income
7
Balance Sheet
8 - 9
Statement of Changes in Equity
10 - 11
Statement of Cash Flows
12 - 13
Notes to the Financial Statements
14 - 24


 
QUADRUM REAL ESTATE LLP
 
  
MEMBERS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The members present their annual report together with the audited financial statements of Quadrum Real Estate LLP (the "LLP") for the year ended 31 December 2023
 

Principal activities
 
 
The principal object of the LLP is to provide real estate advisory and management services.
 
 
Designated Members
 
 
Oleg Pavlov, Quadrum Capital UK Limited and TREA Consultants Limited were designated members of the LLP throughout the period.
 

 
Members' capital and interests
 
 
Members are remunerated from the profits of the LLP and are required to make their own provision for pensions and other benefits. Profits are allocated and divided between members after finalisation of the financial statements. Members draw a proportion of their profit shares monthly during the year in which it is made, with the balance of profits being distributed after the year, subject to the cash requirements of the business.
 

Members' responsibilities statement
 
 
The members are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
 
 
Company law, (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008), requires the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) the members 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 LLP and of the profit or loss of the LLP for that period.

In preparing these financial statements, the members are required to:
 
select suitable accounting policies and then apply them consistently;
 
make judgements and accounting estimates that are reasonable and prudent;
 
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the LLP will continue in business.
 

The members are responsible for keeping adequate accounting records that are sufficient to show and explain the LLP's transactions and disclose with reasonable accuracy at any time the financial position of the LLP and to enable them to ensure that the financial statements comply with the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of the Companies Act 2006) Regulations 2008)They are also responsible for safeguarding the assets of the LLP and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
 
Disclosure of information to auditors
 
 
Each of the persons who are members at the time when this Members' Report is approved has confirmed that:
Page 1

 
QUADRUM REAL ESTATE LLP
 
 
MEMBERS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
 
 

so far as that member is aware, there is no relevant audit information of which the LLP's auditors are unaware, and

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

This report was approved by the members and signed on their behalf by: 






___________________________
Quadrum Capital UK Limited
Designated member

Date: 6 August 2024
Page 2

 
QUADRUM REAL ESTATE LLP
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF QUADRUM REAL ESTATE LLP
 

Opinion
 

We have audited the financial statements of Quadrum Real Estate LLP (the 'LLP') for the year ended 31 December 2023, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, 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 LLP's affairs as at 31 December 2023 and of its profit 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, as applied to limited liability partnerships by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.


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 LLP 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 members' 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 LLP'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 members with respect to going concern are described in the relevant sections of this report.


Page 3

 
QUADRUM REAL ESTATE LLP
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF QUADRUM REAL ESTATE LLP (CONTINUED)


Other information
 

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The members are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and 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.


Matters on which we are required to report by exception
 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006, as applied to limited liability partnerships, 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
we have not received all the information and explanations we require for our audit; or
the members were not entitled to prepare the financial statements in accordance with the small limited liability partnerships regime.


Responsibilities of members
 

As explained more fully in the Members' Responsibilities Statement set out on page 1, the members 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 members 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 members are responsible for assessing the LLP'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 members either intend to liquidate the LLP or to cease operations, or have no realistic alternative but to do so.


Page 4

 
QUADRUM REAL ESTATE LLP
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF QUADRUM REAL ESTATE LLP (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:

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 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,
 
Page 5

 
QUADRUM REAL ESTATE LLP
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF QUADRUM REAL ESTATE LLP (CONTINUED)


   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 Auditors' Report.


Use of our report
 

This report is made solely to the LLP's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, as applied by Part 12 of The Limited Liability Partnerships (Accounts and Audit) (Applications of Companies Act 2006) Regulations 2008Our audit work has been undertaken so that we might state to the LLP'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 LLP and the LLP's members, as a body, for our audit work, for this report, or for the opinions we have formed.





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 6

 
QUADRUM REAL ESTATE LLP
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
  
2,272,578
1,652,804

Cost of sales
  
(259,841)
(250,135)

Gross profit
  
 
2,012,737
 
1,402,669

Administrative expenses
  
(448,934)
(318,398)

Other operating income
  
32,321
-

Operating profit
  
 
1,596,124
 
1,084,271

Interest receivable and similar income
  
1,204
302

Interest payable and similar expenses
  
(61,855)
-

Profit before tax
  
 
1,535,473
 
1,084,573

Profit for the year before members' remuneration and profit shares available for discretionary division among members
  
 
1,535,473
 
1,084,573

There were no recognised gains and losses for 2023 or 2022 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2023(2022:£NIL).

The notes on pages 14 to 24 form part of these financial statements.

Page 7

 
QUADRUM REAL ESTATE LLP
REGISTERED NUMBER: OC389653

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 6 
1,402,148
78,970

  
1,402,148
78,970

Current assets
  

Debtors: amounts falling due after more than one year
 7 
99,450
106,380

Debtors: amounts falling due within one year
 7 
891,008
717,367

Cash at bank and in hand
 8 
255,713
67,884

  
1,246,171
891,631

Creditors: Amounts Falling Due Within One Year
 9 
(742,909)
(406,778)

Net current assets
  
 
 
503,262
 
 
484,853

Total assets less current liabilities
  
1,905,410
563,823

Creditors: amounts falling due after more than one year
 10 
(970,845)
-

  
934,565
563,823

  

Net assets
  
934,565
563,823


Represented by:
  

Loans and other debts due to members within one year
  

Other amounts
 12 
934,565
563,823

  
934,565
563,823

  

  
934,565
563,823


Total members' interests
  

Loans and other debts due to members
 12 
934,565
563,823

  
934,565
563,823


The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small LLPs regime.

The financial statements were approved and authorised for issue by the members and were signed on their
Page 8

 
QUADRUM REAL ESTATE LLP
REGISTERED NUMBER: OC389653
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

behalf by: 




___________________________
Quadrum Capital UK Limited
Designated member

Date: 6 August 2024

The notes on pages 14 to 24 form part of these financial statements.

Page 9

 
QUADRUM REAL ESTATE LLP
 

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


Other reserves
Total equity

£
£


Comprehensive income for the year

Profit for year for discretionary division among members
1,535,473
1,535,473

Allocated profit
(1,535,473)
(1,535,473)


At 31 December 2023
-
-

The notes on pages 14 to 24 form part of these financial statements.

Page 10

 
QUADRUM REAL ESTATE LLP
 

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


Other reserves
Total equity

£
£


Comprehensive income for the year

Profit for year for discretionary division among members
1,084,573
1,084,573

Allocated profit
(1,084,573)
(1,084,573)


At 31 December 2022
-
-


The notes on pages 14 to 24 form part of these financial statements.

Page 11

 
QUADRUM REAL ESTATE LLP
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
1,535,473
1,084,573

Adjustments for:

Depreciation of tangible assets
180,712
16,230

Interest paid
(61,855)
-

Interest received
(1,204)
(302)

(Increase) in debtors
(104,786)
(44,916)

(Increase) in amounts owed by groups
(23,879)
(399,272)

(Increase)/decrease in amounts owed by associates
(38,046)
58,260

Increase in creditors
174,279
202,482

Increase/(decrease)) in amounts owed to groups
39,220
(1,220)

Foreign exchange
20,174
(32,134)

Net cash generated from operating activities before transactions with members

1,720,088
883,701


Cash flows from investing activities

Purchase of tangible fixed assets
(1,503,891)
(33,181)

Interest received
1,204
302

Net cash from investing activities

(1,502,687)
(32,879)

Cash flows from financing activities

Repayment of/new finance leases
1,093,478
-

Interest paid
61,855
-

Distribution paid to members
(1,061,582)
(867,300)

Other transactions with members
(103,149)
-

Net cash used in financing activities
(9,398)
(867,300)

Net increase/(decrease) in cash and cash equivalents
208,003
(16,478)

Cash and cash equivalents at beginning of year
67,884
52,228

Foreign exchange gains and losses
(20,174)
32,134

Cash and cash equivalents at the end of year
255,713
67,884


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
255,713
67,884

255,713
67,884


Page 12

 
QUADRUM REAL ESTATE LLP
 
The notes on pages 14 to 24 form part of these financial statements.

Page 13

 
QUADRUM REAL ESTATE LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Quadrum Real Estate LLP is a limited  liability partnership registered in England and Wales. The LLP's registered number and registered office address can be found on the cover page.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the LLP's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

The members have a reasonable expectation that the LLP has adequate resources to continue in operational existence for the foreseeable future. The LLP therefore continues to adopt the going concern basis in preparing its consolidated financial statements.

 
2.3

Foreign currency translation

Functional and presentation currency

The LLP'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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Page 14

 
QUADRUM REAL ESTATE LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 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 LLP 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 LLP 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

Leased assets: the LLP as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
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

Pensions

Defined contribution pension plan

The LLP operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the LLP pays fixed contributions into a separate entity. Once the contributions have been paid the LLP has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the LLP in independently administered funds.

Page 15

 
QUADRUM REAL ESTATE LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

Division and distribution of profits

A division of profits is the mechanism by which the profits of an LLP become a debt due to members. A division may be automatic or discretionary, may relate to some or all of the profits for a financial period and may take place during or after the end of a financial period.

An automatic division of profits is one where the LLP does not have an unconditional right to avoid making a division of an amount of profits based on the members' agreement in force at the time, whereas a discretionary division of profits requires a decision to be made by the LLP, which it has the unconditional right to avoid making.

The LLP divides profits discretionarily. Discretionary divisions of profits are recognised as amounts due to members, although may be used to offset amounts which have been drawn by members, which are recognised as loan assets repayable.

The LLP classifies distributions of profits as financing cash flows in the Statement of Cash Flows.

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

The estimated useful lives range as follows:

Motor vehicles
-
4
years (£12.5k residual value)
Fixtures and fittings
-
10
years (determined by office lease)
Office equipment
-
2
years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

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.

Page 16

 
QUADRUM REAL ESTATE LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.12

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.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the LLP's cash management.

 
2.13

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.

 
2.14

Financial instruments

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

The LLP 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 LLP's Balance Sheet when the LLP 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 LLP'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.

Page 17

 
QUADRUM REAL ESTATE LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.14
Financial instruments (continued)

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 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 LLP 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.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the LLP transfers the asset and substantially all the risks and rewards of ownership
Page 18

 
QUADRUM REAL ESTATE LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.14
Financial instruments (continued)

to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the LLP 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 LLP's contractual obligations expire or are discharged or cancelled.


3.


Auditors' remuneration

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


2023
2022
£
£

Fees payable to the LLP's auditors for the audit of the LLP's financial statements
4,900
4,200


4.


Employees

The average monthly number of employees, including directors, during the year was 3 (2022 - 3).


5.


Information in relation to members

2023
2022
Number
Number
2023
2022
£
£







The amount of profit attributable to the member with the largest entitlement was
1,085,473
688,823


Page 19

 
QUADRUM REAL ESTATE LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Tangible fixed assets





Long-term leasehold property
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 January 2023
-
62,429
28,339
7,911
98,679


Additions
1,165,953
-
289,924
48,013
1,503,890



At 31 December 2023

1,165,953
62,429
318,263
55,924
1,602,569



Depreciation


At 1 January 2023
-
14,563
2,610
2,536
19,709


Charge for the year on owned assets
-
12,482
27,165
14,756
54,403


Charge for the year on financed assets
126,309
-
-
-
126,309



At 31 December 2023

126,309
27,045
29,775
17,292
200,421



Net book value



At 31 December 2023
1,039,644
35,384
288,488
38,632
1,402,148



At 31 December 2022
-
47,866
25,729
5,375
78,970


7.


Debtors

2023
2022
£
£

Due after more than one year

Other debtors
99,450
106,380

99,450
106,380


2023
2022
£
£

Due within one year

Amounts owed by group undertakings
499,809
475,930

Amounts owed by joint ventures and associated undertakings
47,869
9,824

Other debtors
143
50,450
Page 20

 
QUADRUM REAL ESTATE LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.Debtors (continued)


Prepayments and accrued income
343,186
181,163

891,007
717,367



8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
255,713
67,884

255,713
67,884



9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
14,096
41,920

Amounts owed to group undertakings
39,219
-

Other taxation and social security
108,768
74,621

Obligations under finance lease and hire purchase contracts
122,633
-

Other creditors
120,431
102,405

Accruals and deferred income
337,762
187,832

742,909
406,778



10.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Net obligations under finance leases and hire purchase contracts
970,845
-

970,845
-


Page 21

 
QUADRUM REAL ESTATE LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
122,633
-

Between 1-5 years
490,532
-

Over 5 years
480,313
-

1,093,478
-


12.


Loans and other debts due to members


2023
2022
£
£



Other amounts due to members
934,565
563,823

934,565
563,823

Loans and other debts due to members may be further analysed as follows:

2023
2022
£
£



Falling due within one year
934,565
563,823

934,565
563,823

Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.

Page 22

 
QUADRUM REAL ESTATE LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Reconciliation of members' interests 






EQUITY
Members' other interests
DEBT
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Other reserves
Total
Other amounts
Total
Total

£
£
£
£
£

Amounts due to members
563,823
563,823

Prior year adjustment
 
-
-
13,196
13,196
13,196

Balance at 31 December 2022 (as restated)
-
-
577,019
577,019
577,019

Profit for the year available for discretionary division among members
 
1,535,473
1,535,473
-
-
1,535,473

Members' interests after profit for the year
1,535,473
1,535,473
577,019
577,019
2,112,492

Other division of profits
(1,535,473)
(1,535,473)
1,535,473
1,535,473
-

Drawings on account and distribution of profit
-
-
(1,061,582)
(1,061,582)
(1,061,582)

Tax payments
-
-
(116,345)
(116,345)
(116,345)

Amounts due to members
934,565
934,565

Balance at 31 December 2023 
-
-
934,565
934,565
934,565

There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests.

Page 23

 
QUADRUM REAL ESTATE LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Analysis of net debt






At 1 January 2023
Arising from cash flows
New finance leases
Other non-cash changes
At 31 December 2023
£

£

£

£

£

Cash at bank and in hand

67,884

187,829

-

-

255,713

Finance leases

-

72,475

(1,165,953)

-

(1,093,478)

Net debt (before members' debt)
67,884
260,304
(1,165,953)
-
(837,765)

Loans and other debts due to members






Other amounts due to members
(563,823)

(357,546)

-

(13,196)

(934,565)

Net debt


(495,939)
(97,242)
(1,165,953)
(13,196)
(1,772,330)


15.


Contingent liabilities

The LLP had no contingent liabilities as at 31 December 2023 and 31 December 2022.


16.


Pension commitments

There was nothing owed at the balance sheet date (2022 - £nil).


17.


Related party transactions

The LLP has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.


18.


Controlling party

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

 
Page 24