Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312023-01-01falseProviding flexable funding to entrepreneurs and growning businesses in the speciality finance sector.44falsetrue 13610393 2023-01-01 2023-12-31 13610393 2021-09-08 2022-12-31 13610393 2023-12-31 13610393 2022-12-31 13610393 c:Director2 2023-01-01 2023-12-31 13610393 d:CurrentFinancialInstruments 2023-12-31 13610393 d:CurrentFinancialInstruments 2022-12-31 13610393 d:Non-currentFinancialInstruments 2023-12-31 13610393 d:Non-currentFinancialInstruments 2022-12-31 13610393 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 13610393 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 13610393 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 13610393 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 13610393 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-12-31 13610393 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-12-31 13610393 d:ShareCapital 2023-12-31 13610393 d:ShareCapital 2022-12-31 13610393 d:RetainedEarningsAccumulatedLosses 2023-12-31 13610393 d:RetainedEarningsAccumulatedLosses 2022-12-31 13610393 c:OrdinaryShareClass1 2023-01-01 2023-12-31 13610393 c:OrdinaryShareClass1 2023-12-31 13610393 c:OrdinaryShareClass1 2022-12-31 13610393 c:FRS102 2023-01-01 2023-12-31 13610393 c:Audited 2023-01-01 2023-12-31 13610393 c:FullAccounts 2023-01-01 2023-12-31 13610393 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 13610393 c:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 13610393 2 2023-01-01 2023-12-31 13610393 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 13610393









QUILAM SPECIAL OPPORTUNITIES 2 LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
QUILAM SPECIAL OPPORTUNITIES 2 LIMITED
REGISTERED NUMBER: 13610393

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

  

Current assets
  

Debtors due after more than 1 year
 4 
169,712,512
60,652,817

Debtors due within 1 year
 4 
2,432,268
744,697

Cash at bank and in hand
  
1,096,331
187,787

  
173,241,111
61,585,301

Creditors: amounts falling due within one year
 5 
(3,170,630)
(1,149,987)

Net current assets
  
 
 
170,070,481
 
 
60,435,314

Total assets less current liabilities
  
170,070,481
60,435,314

Creditors: amounts falling due after more than one year
 6 
(169,291,645)
(60,346,660)

  

Net assets
  
778,836
88,654


Capital and reserves
  

Called up share capital 
 8 
1
1

Profit and loss account
  
778,835
88,653

  
778,836
88,654


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 2 to 6 form part of these financial statements.

Page 1

 
QUILAM SPECIAL OPPORTUNITIES 2 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Quilam Specilal Oppertunities 2 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 Albermarle 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, the Financial Reporting Standard applicable in the UK and the Republic of Ireland ('FRS 102') and the Companies Act 2006.

The following principal accounting policies have been applied:

 
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

Interest income

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

 
2.5

Borrowing costs

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

Page 2

 
QUILAM SPECIAL OPPORTUNITIES 2 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

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.

 
2.7

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.

 
2.8

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.
(i) Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, 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.
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.
(ii) Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, 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.

 
Page 3

 
QUILAM SPECIAL OPPORTUNITIES 2 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.8
Financial instruments (continued)

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.

 
2.9

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2022 - 4).
 


4.


Debtors

2023
2022
£
£

Due after more than one year

Other debtors
168,963,724
60,069,465

Prepayments and accrued income
748,788
583,352

169,712,512
60,652,817

Due within one year

Other debtors
1
1

Prepayments and accrued income
2,432,267
744,696

172,144,780
61,397,514


Page 4

 
QUILAM SPECIAL OPPORTUNITIES 2 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
2,700
-

Corporation tax
379,803
20,840

Other creditors
486,036
486,035

Accruals and deferred income
2,302,091
643,112

3,170,630
1,149,987



6.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Other loans
168,807,571
60,044,063

Accruals and deferred income
484,074
302,597

169,291,645
60,346,660


The Company secured a credit faciity with Special Gbp Funding Opportunities Iv S.À R.L., which contained fixed and floating charges over all property or undertakings of the Company.


7.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£



Amounts falling due 2-5 years

Other loans
168,807,571
60,044,063

168,807,571
60,044,063




8.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £0.01 each
1
1


Page 5

 
QUILAM SPECIAL OPPORTUNITIES 2 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


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.
Expenses worth £17,119,821 (2022: £2,120,713) were incurred with associated companies during the year. The balance due to associated companies was £171,336,536 (2022: £61,054,258).


10.


Controlling party

The parent company is QSOL JV Holdings 2 Limited.
The registered office and principal place of business is Ground Floor Egerton House, 68 Baker Street, Weybridge, Surrey, United Kingdom, KT13 8AL.


11.


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 6