Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312023-01-01falsePrincipally engaged in providing flexible funding to entrepreneurs and growing businesses in the speciality finance sector.1511truetrue 10483974 2023-01-01 2023-12-31 10483974 2022-01-01 2022-12-31 10483974 2023-12-31 10483974 2022-12-31 10483974 c:CompanySecretary1 2023-01-01 2023-12-31 10483974 c:Director1 2023-01-01 2023-12-31 10483974 c:Director2 2023-01-01 2023-12-31 10483974 c:Director3 2023-01-01 2023-12-31 10483974 c:Director4 2023-01-01 2023-12-31 10483974 c:RegisteredOffice 2023-01-01 2023-12-31 10483974 d:Buildings d:LongLeaseholdAssets 2023-01-01 2023-12-31 10483974 d:Buildings d:LongLeaseholdAssets 2023-12-31 10483974 d:Buildings d:LongLeaseholdAssets 2022-12-31 10483974 d:OfficeEquipment 2023-01-01 2023-12-31 10483974 d:OfficeEquipment 2023-12-31 10483974 d:OfficeEquipment 2022-12-31 10483974 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 10483974 d:ComputerEquipment 2023-01-01 2023-12-31 10483974 d:ComputerEquipment 2023-12-31 10483974 d:ComputerEquipment 2022-12-31 10483974 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 10483974 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 10483974 d:CurrentFinancialInstruments 2023-12-31 10483974 d:CurrentFinancialInstruments 2022-12-31 10483974 d:Non-currentFinancialInstruments 2023-12-31 10483974 d:Non-currentFinancialInstruments 2022-12-31 10483974 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 10483974 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 10483974 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 10483974 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 10483974 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-12-31 10483974 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-12-31 10483974 d:ShareCapital 2023-12-31 10483974 d:ShareCapital 2022-12-31 10483974 d:RetainedEarningsAccumulatedLosses 2023-12-31 10483974 d:RetainedEarningsAccumulatedLosses 2022-12-31 10483974 c:OrdinaryShareClass1 2023-01-01 2023-12-31 10483974 c:OrdinaryShareClass1 2023-12-31 10483974 c:OrdinaryShareClass1 2022-12-31 10483974 c:FRS102 2023-01-01 2023-12-31 10483974 c:Audited 2023-01-01 2023-12-31 10483974 c:FullAccounts 2023-01-01 2023-12-31 10483974 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 10483974 c:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 10483974 2 2023-01-01 2023-12-31 10483974 e:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 10483974









QUILAM CAPITAL LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
QUILAM CAPITAL LIMITED
 
 
COMPANY INFORMATION


Directors
M D Sefton 
K J McSweeney 
S Curtis 
Quilam Capital Holdings Limited 




Company secretary
RJP Secretaries Limited



Registered number
10483974



Registered office
Ground Floor
Egerton House

68 Baker Street

Weybridge

Surrey

KT13 8AL




Independent auditors
BKL Audit LLP
Chartered Accountants & Statutory Auditor

35 Ballards Lane

London

N3 1XW





 
QUILAM CAPITAL LIMITED
REGISTERED NUMBER: 10483974

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
42,711
19,260

  
42,711
19,260

Current assets
  

Debtors: amounts falling due after more than one year
 5 
27,714,635
14,723,506

Debtors: amounts falling due within one year
 5 
2,994,684
16,105,504

Cash at bank and in hand
  
982,643
492,169

  
31,691,962
31,321,179

Creditors: amounts falling due within one year
 6 
(5,450,668)
(10,071,441)

Net current assets
  
 
 
26,241,294
 
 
21,249,738

Total assets less current liabilities
  
26,284,005
21,268,998

Creditors: amounts falling due after more than one year
 7 
(23,673,077)
(20,163,640)

  

Net assets
  
2,610,928
1,105,358


Capital and reserves
  

Called up share capital 
 9 
1
1

Profit and loss account
  
2,610,927
1,105,357

  
2,610,928
1,105,358


Page 1

 
QUILAM CAPITAL LIMITED
REGISTERED NUMBER: 10483974
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 






K J McSweeney
Director

Date: 26 April 2024

The notes on pages 3 to 9 form part of these financial statements.

Page 2

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

1.


General information

Quilam Capital Limited (the 'Company'), a private company, limited by shares, is principally engaged in providing flexible funding to entrepreneurs and growing businesses in the speciality finance sector. 
Its principal place of business is 2nd Floor, 49 Albemarle Street, London, W1S 4JR. The Company's registered number and registered address can be found on the Company Information 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 Section 1A of Financial Reporting Standard 102 ('FRS 102'), the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

 
2.2

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus, the directors adopt the going concern basis of accounting in preparing the financial statements,which the directors believe is appropriate based on the facts set out below. 
The directors of the Company have reviewed forecasts and budgets and are monitoring the portfolio of loans regularly as well asworking closely with the portfolio companies to manage their cashflows and are therefore confident of the Company's ability to continue trading as a going concern.
The directors, having considered the above and made due enquiries, continue to adopt the going concern basis in preparing the financial statements which assumes that the Company will continue inoperation for the foreseeable future.  

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company 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.
Revenue in respect of interest income and monitoring fees are recognised over the period to which they relate.

 
2.4

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.

Page 3

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

2.Accounting policies (continued)


2.4
Tangible fixed assets (continued)

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.

Depreciation is provided on the following basis:

Office equipment
-
25%
Straight line
Computer equipment
-
25%
Straight line

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.

 
2.5

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.

 
2.6

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 and loans to related parties. 

(i) Financial assets
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, 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.
Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings Income.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.


 
Page 4

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

2.Accounting policies (continued)


2.6
Financial instruments (continued)


(ii) Financial liabilities
Basic financial liabilities, including trade and other creditors and amounts owed to group undertaking, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
(iii) Offsetting
Financial assets and liabilities are offset and 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.

 
2.7

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company 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 Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.10

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 5

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

2.Accounting policies (continued)

 
2.11

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.


3.


Employees

The average monthly number of employees, including directors, during the year was 15 (2022 - 11).


4.


Tangible fixed assets





Long-term leasehold property
Office equipment
Computer equipment
Total

£
£
£
£



Cost 


At 1 January 2023
3,418
690
27,889
31,997


Additions
14,881
13,699
9,883
38,463


Disposals
(3,418)
-
-
(3,418)



At 31 December 2023

14,881
14,389
37,772
67,042



Depreciation


At 1 January 2023
-
-
12,737
12,737


Charge for the year on owned assets
4,134
3,651
3,809
11,594



At 31 December 2023

4,134
3,651
16,546
24,331



Net book value



At 31 December 2023
10,747
10,738
21,226
42,711



At 31 December 2022
3,418
690
15,152
19,260

Page 6

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

5.


Debtors

2023
2022
£
£

Due after more than one year

Other debtors
27,661,835
14,723,506

Rent deposit
52,800
-

27,714,635
14,723,506


2023
2022
£
£

Due within one year

Amounts owed by group undertakings
37,428
1,200

Other debtors
2,331,377
15,561,599

Prepayments and accrued income
625,879
542,705

2,994,684
16,105,504


The amounts owed by group undertakings are unsecured, repayable on demand and are interest-free.


6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
1,747,706
-

Trade creditors
4,403
29,515

Amounts owed to group undertakings
2,481,377
9,561,562

Corporation tax
463,159
58,711

Other taxation and social security
61,063
38,492

Other creditors
8,122
21,944

Accruals and deferred income
684,838
361,217

5,450,668
10,071,441


The Company secured a credit facility with National Westminster Bank Plc which contained fixed and floating charges over all property or understakings of the Company.
Amounts owed to group undertakings are secured by way of a fixed and floating charge against all property and undertaking of the Company.

Page 7

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

7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
-
6,350,000

Amounts owed to group undertakings
23,673,077
13,813,640

23,673,077
20,163,640


Amounts owed to group undertakings are secured by way of a fixed and floating charge against all property and undertakings of the Company.


8.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
1,747,706
-

Amounts falling due 1-2 years

Bank loans
-
6,349,999



1,747,706
6,349,999



9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1 (2022 - 1) Ordinary share of £1.00
1
1



10.


Pension commitments

The  Company operates a  defined contributions pension scheme. The  assets of  the  scheme are  heldseparately from those of  the  Company in  an  independently administered fund. Contributions totalling £8,122 (2022: £10,860) were payable to the fund at the reporting date and are included in creditors.

Page 8

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

11.


Related party transactions

Where possible the Company has taken advantage of the exemption conferred by FRS 102 section 33.1A from the requirement to disclose transactions with other wholly owned group undertakings.
Included within other creditors in Note 6 are amounts due to directors amounting to £NIL (2022: £11,082). This balance was unsecured, interest free and repayable on demand.
Included in other debtors in Note 5 is an amount of £12,667,551 (2022: £3,690,993) due from associated companies. Interest income from these associated companies included in income for the year is £4,227,032 (2022: £2,265,603).
Included in creditors in Note 6 is an amount of £2,803,041 (2022: £9.629,902) due to associated companies.
Included in amounts owed to group in Note 7 is an amount of £23,673,077 (2022: £13,813,640) due to associated companies. Interest expense paid to these associated companies included in cost of sales for the year is £2,570,167 (2022: £1,645,071).


12.


Controlling party

The Company is a subsidiary undertaking of Quilam Capital Holdings Limited.  
The registered office and principal place of business is Ground Floor Egerton House, 68 Baker Street, Weybridge, Surrey, United Kingdom, KT13 8AL.


13.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 26 April 2024 by Nick Bishop FCA (Senior Statutory Auditor) on behalf of BKL Audit LLP.

 
Page 9