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REGISTERED NUMBER: 09135896 (England and Wales)




FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

COLDQUANTA UK LIMITED

COLDQUANTA UK LIMITED (REGISTERED NUMBER: 09135896)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


COLDQUANTA UK LIMITED

COMPANY INFORMATION
for the year ended 31 December 2023







DIRECTOR: Mr D Z Anderson





SECRETARY: EBS Corporate Services Limited





REGISTERED OFFICE: Innovation Centre
Gallows Hill
Warwick
Warwickshire
CV34 6UW





REGISTERED NUMBER: 09135896 (England and Wales)





AUDITORS: Luckmans Duckett Parker Limited
Chartered Accountants
Statutory Auditors
1110 Elliott Court
Herald Avenue
Coventry Business Park
Coventry
West Midlands
CV5 6UB

COLDQUANTA UK LIMITED (REGISTERED NUMBER: 09135896)

BALANCE SHEET
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 248,647 403,937

CURRENT ASSETS
Debtors 5 720,404 237,991
Cash at bank 603,195 79,652
1,323,599 317,643
CREDITORS
Amounts falling due within one year 6 1,531,852 559,889
NET CURRENT LIABILITIES (208,253 ) (242,246 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

40,394

161,691

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 40,393 161,690
40,394 161,691

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 22 October 2024 and were signed by:





Mr D Z Anderson - Director


COLDQUANTA UK LIMITED (REGISTERED NUMBER: 09135896)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2023

1. STATUTORY INFORMATION

ColdQuanta UK Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
The financial statements have been prepared on a going concern basis, which assumes the company will continue to trade for the foreseeable future. The director considers it appropriate to prepare the financial statements on this basis since the company's parent undertaking, ColdQuanta Inc, will provide financial support to enable the company to meet its day to day working capital requirements. The financial statements do not include any adjustments that would result from a withdrawal of the support provided by the parent undertaking.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Sale of goods
Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods.

Rendering of services
When the outcome of a transaction can be estimated reliably, turnover from rendering of services is recognised by reference to the stage of completion at the balance sheet date.

Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 33% on cost
Computer equipment - 33% on cost

Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the accrual model


COLDQUANTA UK LIMITED (REGISTERED NUMBER: 09135896)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 27 (2022 - 18 ) .

COLDQUANTA UK LIMITED (REGISTERED NUMBER: 09135896)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

4. TANGIBLE FIXED ASSETS
Plant and Computer
machinery equipment Totals
£    £    £   
COST
At 1 January 2023 600,082 26,060 626,142
Additions 160,180 47,006 207,186
Disposals (268,320 ) (1,000 ) (269,320 )
At 31 December 2023 491,942 72,066 564,008
DEPRECIATION
At 1 January 2023 210,045 12,160 222,205
Charge for year 220,702 13,873 234,575
Eliminated on disposal (141,419 ) - (141,419 )
At 31 December 2023 289,328 26,033 315,361
NET BOOK VALUE
At 31 December 2023 202,614 46,033 248,647
At 31 December 2022 390,037 13,900 403,937

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 174,470 -
Other debtors 545,934 237,991
720,404 237,991

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 379,747 27,062
Amounts owed to group undertakings 909,596 490,072
Taxation and social security 162,371 36,949
Other creditors 80,138 5,806
1,531,852 559,889

7. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Mark Spafford (Senior Statutory Auditor)
for and on behalf of Luckmans Duckett Parker Limited

8. FINANCIAL COMMITMENTS

The total of future minimum lease payments under non-cancellable operating leases as at 31 December 2023 was £15,099 (2022: £42,035).

COLDQUANTA UK LIMITED (REGISTERED NUMBER: 09135896)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

9. ULTIMATE CONTROLLING PARTY

ColdQuanta inc is regarded by the director as being the company's ultimate parent undertaking.

The company's address is:
3030 Sterling Circle
Boulder Colorado
USA
80301