Silverfin false 25 September 2024 25 September 2024 Nikinder Baller Praxis 133,115 53,126 false true 31/12/2023 01/01/2023 31/12/2023 Diana Anna Janczewska 01/05/2024 Simone Mr. Porzio 01/05/2024 05/03/2021 25 September 2024 The principal activity of the Company during the financial year was scientific and technical consulting activities. 13247511 2023-12-31 13247511 bus:Director1 2023-12-31 13247511 bus:Director2 2023-12-31 13247511 core:CurrentFinancialInstruments 2023-12-31 13247511 core:CurrentFinancialInstruments 2022-12-31 13247511 2022-12-31 13247511 core:ShareCapital 2023-12-31 13247511 core:ShareCapital 2022-12-31 13247511 core:RetainedEarningsAccumulatedLosses 2023-12-31 13247511 core:RetainedEarningsAccumulatedLosses 2022-12-31 13247511 core:ImmediateParent core:CurrentFinancialInstruments 2023-12-31 13247511 core:ImmediateParent core:CurrentFinancialInstruments 2022-12-31 13247511 bus:OrdinaryShareClass1 2023-12-31 13247511 2023-01-01 2023-12-31 13247511 bus:FilletedAccounts 2023-01-01 2023-12-31 13247511 bus:SmallEntities 2023-01-01 2023-12-31 13247511 bus:Audited 2023-01-01 2023-12-31 13247511 2022-01-01 2022-12-31 13247511 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 13247511 bus:Director1 2023-01-01 2023-12-31 13247511 bus:Director2 2023-01-01 2023-12-31 13247511 core:CurrentFinancialInstruments 2023-01-01 2023-12-31 13247511 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 13247511 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 13247511 1 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 13247511 (England and Wales)

PQE GROUP LTD

Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

PQE GROUP LTD

Financial Statements

For the financial year ended 31 December 2023

Contents

PQE GROUP LTD

COMPANY INFORMATION

For the financial year ended 31 December 2023
PQE GROUP LTD

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2023
DIRECTOR Diana Anna Janczewska (Appointed 01 May 2024)
Simone Mr. Porzio (Resigned 01 May 2024)
REGISTERED OFFICE 34 St. James's Street
First Floor
London
SW1A 1HD
England
United Kingdom
COMPANY NUMBER 13247511 (England and Wales)
AUDITOR Praxis
1 Poultry
London
EC2R 8EJ
United Kingdom
PQE GROUP LTD

BALANCE SHEET

As at 31 December 2023
PQE GROUP LTD

BALANCE SHEET (continued)

As at 31 December 2023
2023 2022
£ £
Current assets
Debtors 3 510,314 175,652
Cash at bank and in hand 301,427 14,488
811,741 190,140
Creditors: amounts falling due within one year 4 ( 707,435) ( 218,949)
Net current assets/(liabilities) 104,306 (28,809)
Total assets less current liabilities 104,306 (28,809)
Net assets/(liabilities) 104,306 ( 28,809)
Capital and reserves
Called-up share capital 5 20,000 20,000
Profit and loss account 84,306 ( 48,809 )
Total shareholders' funds/(deficit) 104,306 ( 28,809)

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of PQE Group Ltd (registered number: 13247511) were approved and authorised for issue by the Director on 25 September 2024. They were signed on its behalf by:

Diana Anna Janczewska
Director
PQE GROUP LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
PQE GROUP LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

PQE Group Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 34 St. James's Street, First Floor, London, SW1A 1HD, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable 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 company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 7 7

3. Debtors

2023 2022
£ £
Trade debtors 379,105 21,330
Amounts owed by Group undertakings 83,098 74,595
Corporation tax 0 1,997
Other debtors 48,111 77,730
510,314 175,652

4. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 32,321 8,730
Amounts owed to Group undertakings 51,742 3,254
Amounts owed to Parent undertakings 361,210 89,903
Taxation and social security 82,253 13,951
Other creditors 179,909 103,111
707,435 218,949

There are no amounts included above in respect of which any security has been given by the small entity.

Amounts owed to Group and parent undertakings are repayable on demand and do not bear interest.

5. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
20,000 Ordinary shares of £ 1.00 each 20,000 20,000

6. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2023 2022
£ £
within one year 0 10,650

Pensions

The Company operates a defined contribution pension scheme for the director and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

2023 2022
£ £
Unpaid contributions due to the fund (inc. in other creditors) 1,050 1,908

7. Events after the Balance Sheet date

There have been no events after the balance sheet date affecting the Company since the financial year.

8. Audit Opinion

The auditor's report on the accounts for the financial year ended 31 December 2023 was unqualified.

The audit report was signed by Nikinder Baller on behalf of Praxis.

9. Ultimate controlling party

Parent Company:

Pharma Quality Europe SRL
103/C Localita Prulli
Reggello
FI
Italy
50066