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COMPANY REGISTRATION NUMBER: 13730372
Q.I.P SP6 UK Holdco Limited
Filleted Unaudited Financial Statements
31 December 2023
Q.I.P SP6 UK Holdco Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Non-current assets
Investment in subsidiary
5
67,932,864
66,238,753
Current assets
Debtors
6
4,954,651
4,090,957
Cash at bank and in hand
55,465
5,278,225
------------
------------
5,010,116
9,369,182
Creditors: amounts falling due within one year
7
( 7,836,570)
( 11,465,585)
------------
-------------
Net current liabilities
( 2,826,454)
( 2,096,403)
-------------
-------------
Total assets less current liabilities
65,106,410
64,142,350
-------------
-------------
Net assets
65,106,410
64,142,350
-------------
-------------
Capital and reserves
Called up share capital
8
51,916,667
53,516,667
Other reserves
10,669,457
10,669,457
Profit and loss account
2,520,286
( 43,774)
-------------
-------------
Shareholders funds
65,106,410
64,142,350
-------------
-------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Q.I.P SP6 UK Holdco Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 1 July 2024 , and are signed on behalf of the board by:
Mr Peter Vincent Young
Director
Company registration number: 13730372
Q.I.P SP6 UK Holdco Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 10 Orange Street, Haymarket, London, WC2H 7DQ, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying small entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under section 1A of FRS 102: (a) No cash flow statement has been presented for the company. (b) Disclosures in respect of financial instruments have not been presented.
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.
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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Investment property
Investment in subsidiaries is initially recorded at cost, which includes purchase price and any directly attributable expenditure.
Investment in subsidiaries is subsequently revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest rate method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
4. Employees
The entity did not have any employees, including the directors and key management person under contracts of employment in the current or prior year.
5. Investment in subsidiary
Investment in subsidiary
£
Cost
At 1 January 2023
66,238,753
Additions
80,799
Disposals
( 1,108,741)
Revaluations
2,722,053
-------------
At 31 December 2023
67,932,864
-------------
Impairment
At 1 January 2023 and 31 December 2023
-------------
Carrying amount
At 31 December 2023
67,932,864
-------------
At 31 December 2022
66,238,753
-------------
As at 31 December 2023, the company had investments in the following subsidiary undertakings :
Q.I.P. Real Estate Limited,
Q.I.P. Real Estate 2 Limited,
Edinburgh(London Road)SPV Limted,
HQ Egham Limited,
HG 65 London Road Limited,
QIP Merrion Street Limited
6. Debtors
2023
2022
£
£
Trade debtors
11,719
51,923
Amounts owed by group undertakings and undertakings in which the company has a participating interest
4,849,840
3,951,476
Other debtors
93,092
87,558
------------
------------
4,954,651
4,090,957
------------
------------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
7,685,447
9,671,759
Accruals
151,123
1,793,826
------------
-------------
7,836,570
11,465,585
------------
-------------
8. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
51,916,667
51,916,667
53,516,667
53,516,667
-------------
-------------
-------------
-------------
During the financial year there was a share capital reduction of £1,600,000 leading to a share capital decrease from £53,516,667 in 2022 to £51,916,667 in 2023.
9. Controlling party
The ultimate controlling party is considered to be Q Investment Partners Holdings Limited.