Company registration number 14463415 (England and Wales)
QE DEVELOPMENT HOLDCO LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
QE DEVELOPMENT HOLDCO LTD
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 6
QE DEVELOPMENT HOLDCO LTD
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
Notes
£
Non-current assets
Investments
4
131,688
Current assets
Trade and other receivables
6
254,085
Cash and cash equivalents
296,979
551,064
Current liabilities
Trade and other payables
8
237,719
Net current assets
313,345
Non-current liabilities
Borrowings
7
817,639
Net liabilities
(372,606)
Equity
Called up share capital
9
340,000
Retained earnings
(712,606)
Total equity
(372,606)

The directors of the company have elected not to include a copy of the income statement within the financial statements.

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

The financial statements were approved by the board of directors and authorised for issue on 5 September 2024 and are signed on its behalf by:
A Ciruelos
Director
Company registration number 14463415
QE DEVELOPMENT HOLDCO LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

QE Development Holdco Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 58 Marylebone High Street, London, W1U 5HT. The company's principal activities and nature of its operations are disclosed in the directors' report.

1.1
Reporting period

The company changed its accounting reference date to 31 December, to align with group companies. Therefore these financial statements cover the period from incorporation on 4 November 2022 to 31 December 2023.

1.2
Accounting convention

The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted for use in the United Kingdom and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS, except as otherwise stated.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.3
Going concern

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

1.4
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
Financial assets

Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.

 

At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs.

Financial assets held at amortised cost

Financial instruments are classified as financial assets measured at amortised cost where the objective is to hold these assets in order to collect contractual cash flows, and the contractual cash flows are solely payments of principal and interest. They arise principally from the provision of goods and services to customers (eg trade receivables). They are initially recognised at fair value plus transaction costs directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment where necessary.

QE DEVELOPMENT HOLDCO LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
Impairment of financial assets

Financial assets carried at amortised cost are assessed for indicators of impairment at each reporting end date.

 

The expected credit losses associated with these assets are estimated on a forward-looking basis. A broad range of information is considered when assessing credit risk and measuring expected credit losses, including past events, current conditions, and reasonable and supportable forecasts that affect the expected collectability of the future cash flows of the instrument.

Derecognition of financial assets

Financial assets are derecognised only 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 to another entity.

1.6
Financial liabilities

The company recognises financial debt when the company becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'.

Other financial liabilities

Other financial liabilities, including borrowings, trade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.

Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

2
Critical accounting estimates and judgements

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The Company makes judgements in considering whether the carrying amounts of the project work in progress is recoverable and estimates their recoverable amounts where there are indicators of impairment.

QE DEVELOPMENT HOLDCO LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 4 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2023
Number
Total
-
0
4
Investments
Current
Non-current
2023
2023
£
£
Investments in subsidiaries
-
0
131,688
Fair value of financial assets carried at amortised cost

The directors believe that the carrying amounts of financial assets carried at amortised cost in the financial statements approximate to their fair values.

5
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Ferndale QE BESS 1 Limited
England and Wales
Ordinary
100.00
6
Trade and other receivables
2023
£
VAT recoverable
150,516
Project work in progress
103,569
254,085
7
Borrowings
Non-current
2023
£
Borrowings held at amortised cost:
Loans from related parties
817,639
QE DEVELOPMENT HOLDCO LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
7
Borrowings
(Continued)
- 5 -

The directors consider that the carrying amount of trade and other payables is approximately equal to their fair

value.

 

All financial instruments held by the group in the current period are carried at amortised cost.

 

The company's main liquidity risk exposure is with its parent undertaking, which at the reporting date was £817,639. The amounts payable are unsecured, repayable after more than 5 years, and bear interest a rate of 11%. Management deems liquidity risk to be low, given that these loans do not expire within 5 years.

8
Trade and other payables
2023
£
Trade payables
15,428
Amounts owed to fellow group undertakings
216,891
Accruals
5,400
237,719
9
Share capital
2023
2023
Ordinary share capital
Number
£
Issued and fully paid
A Ordinary shares of £1 each
5
5
B Ordinary shares of £1 each
5
5
C Ordinary shares of £1 each
5
5
D Ordinary shares of £1 each
5
5
E Ordinary shares of £1 each
5
5
F Ordinary shares of £1 each
5
5
Deferred shares of 1p each
33,997,000
339,970
33,997,030
340,000
Reconciliation of movements during the period:
Ordinary
Deferred
Number
Number
Issue of fully paid shares
10,000
33,000,000
Subdivision to £0.01 shares
990,000
-
Re-designation of shares
(997,000)
997,000
Consolidation of £0.01 shares
(2,970)
-
At 31 December 2023
30
33,997,000
QE DEVELOPMENT HOLDCO LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
9
Share capital
(Continued)
- 6 -

On incorporation, 10,000 £1 shares were issued at par.

 

On 2 February 2023, a further 330,000 £1 shares were issued at par.

 

On 1 December 2023, the company filed a notice of consolidation of its Ordinary 1p share capital. The company consolidated 3,000 Ordinary 1p shares into 30 Ordinary £1 shares, and reclassified the shares from 33,970,000 ordinary shares to the structure shown above.

10
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified, and signed on 5 September 202405 September 2024.

The senior statutory auditor was David Lawrence BSc (Hons) FCA and the auditor was Azets Audit Services.
11
Capital risk management

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

12
Related party transactions

During the period the company entered into the following transactions with related parties:

Receipt of services
2023
£
Other related parties
55,050
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