Company Registration No. 12951824 (England and Wales)
NQ64 HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
28 FEBRUARY 2024
28 February 2024
PM+M Solutions for Business LLP
Chartered Accountants
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
NQ64 HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mr M Robson
Mr P McCulloch
Mr A Haygarth
Secretary
Mr Z Round
Company number
12951824
Registered office
12 Hilton Street
Manchester
England
M1 1JF
Auditor
PM+M Solutions for Business LLP
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
NQ64 HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 9
Statement of income and retained earnings
10
Balance sheet
11
Notes to the financial statements
12 - 17
NQ64 HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 1 -

The directors present the strategic report for the year ended 28 February 2024.

Business review

The following business review relates to the NQ64 group of companies as a whole. NQ64 Holdings Limited is purely a holding company within the group.

Twelve month revenue for the year was £17.2m (2023: £12.8m). Adjusted earnings before interest, tax, depreciation and amortisation. (“EBITDA”), was a profit of £4.1m after adjusting for exceptional items of £1.3m relating to the pre-opening costs of new sites in the year and costs incurred in raising an additional £7.5m of bank funding.

The additional funding was used in part to complete the share buyback of the minority shareholding of Imbiba Private Equity, generating a six times multiple for the private equity firm in two years.

Three new sites were opened in the year in Bristol, Shoreditch and Manchester, bringing the total number of venues to 12. The board is pleased to report that all three locations are trading ahead of their pre-investment expectations. Excluding the consolidation adjustments the group made a profit after taxation for the 12 months ended 28 February 2024 was £0.5m (2023: £1.2m).

The Group continues to pursue its strategy to expand across the UK. At the time of filing the financial statements, the Group operates 13 venues in the UK after a recent opening in Leeds.

The Group continues to plan expansion in the coming years and has several sites with deals agreed for 2024-2025.

Principal risks and uncertainties

The directors believe that the principal risks and uncertainties that the Group faces are recruitment and consumer demand. Recruitment remains highly competitive and shortages across the hospitality industry are well documented. The Group has a business model that facilitates recruiting and retaining the best people and we are working hard to ensure that this remains at the heart of our business.

The industry continues to face significant inflationary cost pressures across drink, wages and energy cost lines. The Group has agreed distribution deals with drinks suppliers until 2026 and energy costs have been fixed until June 2027.

Analysis of development and performance

The Directors’ key decisions are made with due regards to the Group’s key stakeholders. Each Director ensures that they act in the best interests of the Group’s success when making decisions.

The Directors act to support employees to benefit from working for the Group. Employees are provided with regular communication on operational performance, new site openings and strategy of the business and staff are encouraged to provide feedback to management.

Key management decisions included new site openings to further improve profitability, grow the brand and enhance customer experience. Management continually reviews the offering of our sites and regularly refresh each site, through new drinks ranges and games line-up refreshes via feedback from both our customers and employees.

Key suppliers are managed through strong relationships with major suppliers many of which have been developed over several years. These range from our building contractors delivering our new sites, to those providing security services, to all of our drinks suppliers.

The Group is committed to minimising the environmental impact of our operations and looks to continuously improve its performance.

NQ64 HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 2 -
Financial key performance indicators

The principal KPIs for the Group are as follows:

Management continues to measure both financial and non-financial KPIs on an ongoing basis. Non-financial KPIs include customer feedback, staff engagement and site audit scores.

On behalf of the board

Mr P McCulloch
Director
23 September 2024
NQ64 HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 3 -

The directors present their annual report and financial statements for the year ended 28 February 2024.

Principal activities

The principal activity of the company continued to be that of a holding company.

Results and dividends

The results for the year are set out on page 10.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr M Robson
Mr P McCulloch
Mr A Haygarth
Auditor

The auditor, PM+M Solutions for Business LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

NQ64 HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 4 -
On behalf of the board
Mr P McCulloch
Director
23 September 2024
NQ64 HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF NQ64 HOLDINGS LIMITED
- 5 -
Opinion

We have audited the financial statements of NQ64 Holdings Limited (the 'company') for the year ended 28 February 2024 which comprise the statement of income and retained earnings, the balance sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

NQ64 HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF NQ64 HOLDINGS LIMITED (CONTINUED)
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Extent to which the audit was considered capable of detecting irregularities, including fraud

 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

 

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

NQ64 HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF NQ64 HOLDINGS LIMITED (CONTINUED)
- 7 -

Identifying and assessing potential risks related to irregularities

 

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we have considered the following:

 

 

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas: timing of recognition of commercial income, posting of unusual journals and complex transactions; and manipulating the Company's performance profit measures and other key performance indicators to meet remuneration targets and externally communicated targets. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

 

We also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included UK Companies Act, employment law, health and safety regulations, pensions legislation and tax legislation.

NQ64 HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF NQ64 HOLDINGS LIMITED (CONTINUED)
- 8 -

Identifying and assessing potential risks related to irregularities

 

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we have considered the following:

 

 

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas: timing of recognition of commercial income, posting of unusual journals and complex transactions; and manipulating the Company's performance profit measures and other key performance indicators to meet remuneration targets and externally communicated targets. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

 

We also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included UK Companies Act, employment law, health and safety regulations, pensions legislation and tax legislation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Ceri Dixon BSc (Hons) FCA
Senior Statutory Auditor
For and on behalf of PM+M Solutions for Business LLP
24 September 2024
Chartered Accountants
Statutory Auditor
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
NQ64 HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF NQ64 HOLDINGS LIMITED (CONTINUED)
- 9 -
BB1 5QB
NQ64 HOLDINGS LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 10 -
2024
2023
as restated
Notes
£
£
Interest payable and similar expenses
4
(1,144,698)
(129,184)
Loss before taxation
(1,144,698)
(129,184)
Tax on loss
5
-
0
-
0
Loss for the financial year
(1,144,698)
(129,184)
Retained earnings brought forward
-
-
Retained earnings carried forward
(1,273,882)
(129,184)

The profit and loss account has been prepared on the basis that all operations are continuing operations.

NQ64 HOLDINGS LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2024
28 February 2024
- 11 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Investments
6
1,300
1,300
Current assets
Debtors
8
8,694,708
2,588,576
Creditors: amounts falling due within one year
9
(1,300)
(1,300)
Net current assets
8,693,408
2,587,276
Total assets less current liabilities
8,694,708
2,588,576
Creditors: amounts falling due after more than one year
10
(9,584,590)
(2,333,760)
Net (liabilities)/assets
(889,882)
254,816
Capital and reserves
Called up share capital
12
384,000
384,000
Profit and loss reserves
(1,273,882)
(129,184)
Total equity
(889,882)
254,816

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 23 September 2024 and are signed on its behalf by:
Mr P McCulloch
Director
Company registration number 12951824 (England and Wales)
NQ64 HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 12 -
1
Accounting policies
Company information

NQ64 Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is 12 Hilton Street, Manchester, England, M1 1JF.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

 

The financial statements of the company are consolidated in the financial statements of NQ64 Topco Limited. These consolidated financial statements are available from its registered office, 12 Hilton Street, Manchester, England, M1 1JF.

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

 

NQ64 Holdings Limited is a wholly owned subsidiary of NQ64 Topco Limited and the results of NQ64 Holdings Limited are included in the consolidated financial statements of NQ64 Topco Limited which are available from 12 Hilton Street, Manchester, England, M1 1JF.

1.2
Prior period error

In the prior period, the bank loan was incorrectly recorded within a subsidiary, NQ64 Arcade Bars Ltd, when the legal obligation was with the company. A restatement journal has been made to move the bank loan into the company and reclassify the creditor in NQ64 Arcade Bars Ltd to amounts due to the company. All bank interest and loan arrangement fees have also been moved which has adjusted the retained earnings in the prior period.

1.3
Going concern

Atruet 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 continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

NQ64 HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
1
Accounting policies
(Continued)
- 13 -

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and 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.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with 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.

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.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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.

NQ64 HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
1
Accounting policies
(Continued)
- 14 -
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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2
Judgements and key sources of estimation uncertainty

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 estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

NQ64 HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 15 -
3
Employees

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

2024
2023
Number
Number
Total
3
3
4
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
1,144,698
129,184
5
Taxation

On 1 April 2023, the corporation tax rate changed to 25% from 19%. This resulted in an effective tax rate for the period 24.49%.

The actual charge for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Loss before taxation
(1,144,698)
(129,184)
Expected tax credit based on the standard rate of corporation tax in the UK of 24.49% (2023: 19.00%)
(280,337)
(24,545)
Group relief
280,337
-
0
Restatement of prior period
-
24,545
Taxation charge for the year
-
-
6
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
7
1,300
1,300
7
Subsidiaries

Details of the company's subsidiaries at 28 February 2024 are as follows:

NQ64 HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
7
Subsidiaries
(Continued)
- 16 -
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Retro Arcade Rentals Limited
12 Hilton Street, Manchester, England, M1 1JF
Ordinary
-
100.00
NQ64 Manchester NQ Ltd
12 Hilton Street, Manchester, England, M1 1JF
Ordinary
-
100.00
NQ64 Digbeth Ltd
12 Hilton Street, Manchester, England, M1 1JF
Ordinary
-
100.00
NQ64 Liverpool Ltd
12 Hilton Street, Manchester, England, M1 1JF
Ordinary
-
100.00
NQ64 Peter Street Ltd
12 Hilton Street, Manchester, England, M1 1JF
Ordinary
-
100.00
NQ64 Edinburgh Ltd
12 Hilton Street, Manchester, England, M1 1JF
Ordinary
-
100.00
NQ64 Cardiff Ltd
12 Hilton Street, Manchester, England, M1 1JF
Ordinary
-
100.00
NQ64 Glasgow Ltd
12 Hilton Street, Manchester, England, M1 1JF
Ordinary
-
100.00
NQ64 Newcastle Ltd
12 Hilton Street, Manchester, England, M1 1JF
Ordinary
-
100.00
NQ64 Soho Ltd
12 Hilton Street, Manchester, England, M1 1JF
Ordinary
-
100.00
NQ64 NQ2 Ltd
12 Hilton Street, Manchester, England, M1 1JF
Ordinary
-
100.00
NQ64 Arcade Bars Ltd
12 Hilton Street, Manchester, England, M1 1JF
Ordinary
100.00
-
NQ64 Leeds Ltd
12 Hilton Street, Manchester, England, M1 1JF
Ordinary
-
100.00
NQ54 Bristol Ltd
12 Hilton Street, Manchester, England, M1 1JF
Ordinary
-
100.00
NQ64 Shoreditch Ltd
12 Hilton Street, Manchester, England, M1 1JF
Ordinary
-
100.00
NQ64 Nottingham Ltd
12 Hilton Street, Manchester, England, M1 1JF
Ordinary
-
100.00
Black Dog (Holdings) Ltd
Suite 302, Barclay House, Manchester, England, M1 5NG
Ordinary
-
100.00
Blackdog Bars Limited
Arch 57, Whitworth Street West, Manchester, England, M1 5WW
Ordinary
-
100.00
Dog Bowl Ltd
12 Hilton Street, Manchester, England, M1 1JF
Ordinary
-
100.00

NQ64 Nottingham Ltd and NQ64 Leeds Ltd are dormant as at 28 February 2024.

The investments in subsidiaries are all stated at cost.

8
Debtors
2024
2023
Amounts falling due within one year:
£
£
Unpaid share capital
384,000
384,000
Amounts owed by group undertakings
8,310,708
2,204,576
8,694,708
2,588,576

Amounts owed by group undertakings are interest free and repayable on demand.

9
Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
1,300
1,300
NQ64 HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 17 -
10
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
11
9,584,590
2,333,760
11
Loans and overdrafts
2024
2023
£
£
Bank loans
9,584,590
2,333,760
Payable after one year
9,584,590
2,333,760

The long-term loans are secured by fixed and floating charges over all assets of the company.

On 1 May 2023 the company refinanced the borrowings with TC Loans Limited.

 

On this date the company borrowed £10,000,000, which was subject to an interest rate of 7.75% plus base rate. The capital element of the borrowing is repayable in full 60 months after the drawdown date. Of the total loan. £5,500,000 is subject to an additional interest of 5%. All interest accrued is repayable immediately.

12
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and not fully paid
Ordinary shares of £1 each
384,000
384,000
384,000
384,000

 

13
Events after the reporting date

On 24 July 2024 the company secured further funding of £500,000. This is subject to the same terms as the existing borrowings.

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