REGISTERED NUMBER: |
REPORT OF THE DIRECTORS AND |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023 |
FOR |
INTERQUARTZ (UK) LIMITED |
REGISTERED NUMBER: |
REPORT OF THE DIRECTORS AND |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023 |
FOR |
INTERQUARTZ (UK) LIMITED |
INTERQUARTZ (UK) LIMITED (REGISTERED NUMBER: 01538605) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31st December 2023 |
Page |
Company Information | 1 |
Report of the Directors | 2 |
Accountants' Report | 3 |
Income Statement | 4 |
Other Comprehensive Income | 5 |
Statement of Financial Position | 6 |
Statement of Changes in Equity | 7 |
Notes to the Financial Statements | 8 |
INTERQUARTZ (UK) LIMITED |
COMPANY INFORMATION |
for the Year Ended 31st December 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
100 Barbirolli Square |
Manchester |
M2 3BD |
INTERQUARTZ (UK) LIMITED (REGISTERED NUMBER: 01538605) |
REPORT OF THE DIRECTORS |
for the Year Ended 31st December 2023 |
The directors present their report with the financial statements of the company for the year ended 31st December 2023. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1st January 2023 to the date of this report. |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
ON BEHALF OF THE BOARD: |
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
INTERQUARTZ (UK) LIMITED |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Interquartz (UK) Limited for the year ended 31st December 2023 which comprise the Profit and Loss Account, Statement of Financial Position, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us. |
This report is made solely to the Board of Directors of Interquartz (UK) Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Interquartz (UK) Limited and state those matters that we have agreed to state to the Board of Directors of Interquartz (UK) Limited, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that Interquartz (UK) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Interquartz (UK) Limited. You consider that Interquartz (UK) Limited is exempt from the statutory audit requirement for the year. |
We have not been instructed to carry out an audit or a review of the financial statements of Interquartz (UK) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
100 Barbirolli Square |
Manchester |
M2 3BD |
INTERQUARTZ (UK) LIMITED (REGISTERED NUMBER: 01538605) |
INCOME STATEMENT |
for the Year Ended 31st December 2023 |
2023 | 2022 |
Notes | £ | £ |
REVENUE |
OPERATING PROFIT and |
PROFIT BEFORE TAXATION | 4 |
Tax on profit | 5 |
PROFIT FOR THE FINANCIAL YEAR |
INTERQUARTZ (UK) LIMITED (REGISTERED NUMBER: 01538605) |
OTHER COMPREHENSIVE INCOME |
for the Year Ended 31st December 2023 |
2023 | 2022 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
INTERQUARTZ (UK) LIMITED (REGISTERED NUMBER: 01538605) |
STATEMENT OF FINANCIAL POSITION |
31st December 2023 |
2023 | 2022 |
Notes | £ | £ |
ASSETS |
CURRENT ASSETS |
Receivables | 6 |
1 | 1 |
CAPITAL, RESERVES AND LIABILITIES |
CAPITAL AND RESERVES |
Share capital | 7 |
SHAREHOLDERS' FUNDS |
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. |
The financial statements were approved by the Board of Directors and authorised for issue on |
INTERQUARTZ (UK) LIMITED (REGISTERED NUMBER: 01538605) |
STATEMENT OF CHANGES IN EQUITY |
for the Year Ended 31st December 2023 |
Share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1st January 2022 |
Profit for the year | - | - | - |
Balance at 31st December 2022 |
Profit for the year | - | - | - |
Balance at 31st December 2023 |
INTERQUARTZ (UK) LIMITED (REGISTERED NUMBER: 01538605) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31st December 2023 |
1. | STATUTORY INFORMATION |
Interquartz (UK) Limited is a private company limited by share capital, incorporated in England and Wales, registration number 01538605. The address of the registered office and principal place of business is Midwich Limited, Vinces Road, Diss, IP22 4YT. |
2. | ACCOUNTING POLICIES |
Basis of preparation |
The Company maintains its books and records in sterling ("£") and presents its annual financial statements in conformity with United Kingdom laws and regulations. |
These annual financial statements have been prepared in accordance with Financial Reporting Standard FRS 101 and in accordance with applicable accounting standards, as adopted by the European Union and the Companies Act 2006. |
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 101 "Reduced Disclosure Framework": |
• | the requirements of paragraphs 62, B64(d), B64(e), B64(g), B64(h), B64(j) to B64(m), B64(n)(ii), B64(o)(ii), B64(p), B64(q)(ii), B66 and B67 of IFRS 3 Business Combinations; |
• | the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134 to 136 of IAS 1; |
• | the requirements of IAS 7 Statement of Cash Flows; |
• | the requirements of paragraphs 88C and 88D of IAS 12 Income Taxes; |
• | the requirements of paragraph 74(b) of IAS 16; |
• | the requirements of paragraphs 17 and 18A of IAS 24 Related Party Disclosures; |
• | the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group. |
Taxation |
Current taxes are based on the results shown in the financial statements and are calculated according to local tax rules, using tax rates enacted or substantially enacted by the statement of financial position date. |
Trade and other receivables |
Trade and other receivables are financial assets recognised when the Company becomes party to the contractual provisions of the instrument. Included within trade and other receivables are vendor rebates. |
Trade and other receivables are initially measured at transaction price plus directly attributable transaction costs. Transaction price is equivalent to fair value for trade and other receivables that do not contain a significant financing component. Where trade and other receivables do contain a significant financing component the fair value is equivalent to the transaction price adjusted for the effects of discounting. The effects of discounting are not adjusted if it is expected at the inception of the contract that there will be a period of one year or less from when the goods or services are transferred to the customer to the payment date. |
Trade and other receivables are subsequently measured at amortised cost using the effective interest method less expected credit losses. Expected credit losses are calculated based on probability weighted amounts derived from a range of possible outcomes that are based on reasonable supporting information and discounted for the time value of money. The Company applies the simplified approach to measure the loss allowance at an amount equal to lifetime expected credit losses including where trade receivables contain a significant financing component. The effects of expected credit losses are omitted if immaterial. |
Cash and cash equivalents |
Cash and cash equivalents comprise cash on hand, deposits held at call with banks and other short-term highly liquid investments with original maturities of three months or less from inception. |
INTERQUARTZ (UK) LIMITED (REGISTERED NUMBER: 01538605) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31st December 2023 |
2. | ACCOUNTING POLICIES - continued |
Equity |
Equity comprises the following: |
- "Share capital" represents the nominal value of equity shares issued. |
- "Share premium" represents amounts subscribed for share capital, net of issue costs, in excess of nominal value. |
- "Retained earnings" represents the accumulated profits and losses attributable to equity shareholders. |
3. | EMPLOYEES AND DIRECTORS |
There were no staff costs for the year ended 31st December 2023 nor for the year ended 31st December 2022. |
The average number of employees during the year was NIL (2022 - NIL). |
2023 | 2022 |
£ | £ |
Directors' remuneration |
4. | PROFIT BEFORE TAXATION |
The profit before taxation is stated after charging: |
2023 | 2022 |
£ | £ |
5. | TAXATION |
Analysis of tax expense |
No liability to UK corporation tax arose for the year ended 31st December 2023 nor for the year ended 31st December 2022. |
6. | TRADE AND OTHER RECEIVABLES |
2023 | 2022 |
£ | £ |
Amounts owed by group undertakings |
7. | SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1.00 | 1 | 1 |
8. | RESERVES |
Retained |
earnings |
£ |
Profit for the year |
At 31st December 2023 |
INTERQUARTZ (UK) LIMITED (REGISTERED NUMBER: 01538605) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31st December 2023 |
9. | SECURED DEBTS |
The Company is party to a composite agreement with its bankers. There is a fixed and floating charge registered in favour of HSBC Corporate Trustee Company (UK) Limited dated 3 January 2023, covering all the property of the undertaking of the Company. |
The Company is party to a security accession deed with its bankers. There is a fixed and floating charge registered in favour of HSBC Corporate Trustee Company (UK) Limited dated 14 December 2022, covering all the property of the undertaking of the Company. |
10. | ULTIMATE CONTROLLING PARTY |
Midwich Group plc is the ultimate parent company. Midwich Group plc is incorporated in England and Wales and its registered office is Vinces Road, Diss, Norfolk, IP22 4YT. |
Midwich Group plc, is the parent undertaking of the largest group which prepares publicly available consolidated financial statements for the year ended 31 December 2023. Copies of the consolidated financial statements may be obtained from Companies House. |