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REGISTERED NUMBER: NI666823 (Northern Ireland)















Unaudited Financial Statements for the Year Ended 31 January 2024

for

Sidequest Ltd

Sidequest Ltd (Registered number: NI666823)






Contents of the Financial Statements
for the Year Ended 31 January 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Sidequest Ltd

Company Information
for the Year Ended 31 January 2024







DIRECTORS: O Harris
S W Harris
S Seton Rogers
M G Siegler





REGISTERED OFFICE: 18 Ormeau Baths
18 Ormeau Avenue
Belfast
BT2 8HS





REGISTERED NUMBER: NI666823 (Northern Ireland)





ACCOUNTANTS: Dragon Argent Limited
63 Bermondsey Street
London
SE1 3XF

Sidequest Ltd (Registered number: NI666823)

Balance Sheet
31 January 2024

31.1.24 31.1.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 30,539 -
Tangible assets 5 44,083 42,525
Investments 6 1 1
74,623 42,526

CURRENT ASSETS
Debtors 7 730,951 370,825
Cash at bank 9,179,428 11,167,836
9,910,379 11,538,661
CREDITORS
Amounts falling due within one year 8 154,329 194,532
NET CURRENT ASSETS 9,756,050 11,344,129
TOTAL ASSETS LESS CURRENT
LIABILITIES

9,830,673

11,386,655

CAPITAL AND RESERVES
Called up share capital 41 41
Share premium 13,040,172 13,040,172
Retained earnings (3,209,540 ) (1,653,558 )
9,830,673 11,386,655

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Sidequest Ltd (Registered number: NI666823)

Balance Sheet - continued
31 January 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 August 2024 and were signed on its behalf by:





O Harris - Director


Sidequest Ltd (Registered number: NI666823)

Notes to the Financial Statements
for the Year Ended 31 January 2024

1. STATUTORY INFORMATION

Sidequest Ltd is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of nil years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Intangibles - 10 year straight line

Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of deprecation and any impairment losses.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost

At each reporting period end date, the group reviews the carrying amount of its tangible 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).

Recoverable amount is the higher of the fair value less costs to sell and the 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 estimate of the future cash flows have not been adjusted.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Sidequest Ltd (Registered number: NI666823)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2023 - 18 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
Additions 31,414
At 31 January 2024 31,414
AMORTISATION
Charge for year 875
At 31 January 2024 875
NET BOOK VALUE
At 31 January 2024 30,539

Sidequest Ltd (Registered number: NI666823)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 February 2023 66,424
Additions 26,348
At 31 January 2024 92,772
DEPRECIATION
At 1 February 2023 23,899
Charge for year 24,790
At 31 January 2024 48,689
NET BOOK VALUE
At 31 January 2024 44,083
At 31 January 2023 42,525

6. FIXED ASSET INVESTMENTS

Fixed asset investments are in relation to the cost of share capital in Sidequest VR Limited, a wholly owned subsidiary incorporated in the United States.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Trade debtors 2,118 3,566
Amounts owed by group undertakings 269,764 4,825
Other debtors 459,069 362,434
730,951 370,825

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Trade creditors 72,798 11,913
Amounts owed to group undertakings 23,245 32,189
Taxation and social security 31,317 28,214
Other creditors 26,969 122,216
154,329 194,532

9. RELATED PARTY DISCLOSURES

At the year end, the Company owes £23,245 (2023: £32,189) to Sidequest VR Ltd, a company registered in the US and under common control.

At the year end, the Company is owed £269,764 (2022: £4,825) from Sidequest VR Spain Sociedad Ltd, a company registered in Spain and under common control.