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iso4217:GBP xbrli:shares xbrli:pure

Registered number: 13190075









QIG HOLDINGS LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
QIG HOLDINGS LIMITED
 
 
COMPANY INFORMATION


Directors
Colum Campion 
Thiago Da silva Ribeiro Hahn (appointed 2 May 2023)
Lior Eisenberg 
Idan Moskovich 
Andrew John Powell (appointed 2 May 2023)
Cristopher Mark Sykes (resigned 31 October 2023)




Registered number
13190075



Registered office
101 New Cavendish Street
1st Floor South

London

United Kingdom

W1W 6XH




Independent auditors
Harris & Trotter LLP
Chartered Accountants & Statutory Auditors

101 New Cavendish Street

1st Floor South

London

United Kingdom

W1W 6XH





 
QIG HOLDINGS LIMITED
 

CONTENTS



Page
Group Strategic Report
1 - 2
Directors' Report
3 - 4
Independent Auditors' Report
5 - 8
Consolidated Statement of Comprehensive Income
9
Consolidated Statement of Financial Position
10 - 11
Company Statement of Financial Position
12 - 13
Consolidated Statement of Changes in Equity
14
Company Statement of Changes in Equity
15
Consolidated Statement of Cash Flows
16
Consolidated Analysis of Net Debt
17
Notes to the Financial Statements
18 - 32


 
QIG HOLDINGS LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The directors present their report and financial statements for the year ended 31 December 2023.
The principal activity of the Group throughout the year was that of serviced property letting.

Business review
 
The directors believe that the Group is in a satisfactory financial position. During the financial year, the group has maintained adequate liquidity to continue operating and to provide support for its group activities. The  directors  do  not  expect  there  to  be  significant  future  developments  which  could adversely  impact  the business. 
We made a significant strategic investment in Homelike Internet Gmb, a Global prop-tech company. 
QIG identified Homelike as an ideal prop-tech company due to its advanced technology, market presence, and user experience. The goal is to drive the industry forward. With a significant investment from QIG, Homelike aims to dominate the global mid-to-long stay market.
The partnership began with a merger between Homelike and Q Global Network (QGN), leveraging Homelike's success in the B2C market and Q Global Network's strength in the B2B sector. Homelike's tech-driven approach and exceptional user journey set it apart in the industry. They are revolutionising the booking experience by addressing challenges such as complicated processes, availability transparency, and pricing clarity.
UK turnover increased in the year where we benefitted from a full year of operations at our prestigious Buckingham Palace residence along with other properties becoming operational. Other overseas turnover was down which reflects only 6 months of trading due to the merger.
We have seen the challenging economic environment and cost of living impact for both our customers and our own costs. Labour and Utility costs increased again in 2023,however in 2024 this has eased and fixed price contracts have seen utility costs reduce in the second half of 2024. 
As a group we recognise the important part we all play in creating an environmentally sustainable future. All our staff use green methods of transport when travelling for work purposes and we have introduced a paperless policy in our offices, cutting down on our carbon footprint.

Principal risks and uncertainties
 
The management of the business and the execution of the Group's strategy are subject to a number of risks. The senior management team meets on a regular basis and considers the nature and management of key risks faced by the business
The key business risks and uncertainties affecting the Group arise from challenging economic conditions, changes to working arrangements and wider political uncertainty, all of which are seen as key risks in the short-term. The Group mitigates these risks by building strong relationships with clients. The Group attracts and retains motivated and high quality personnel and enters into fixed price utility contracts to manage risk and provide certainty on costs.
The Group aims to share its exposure to market conditions and mitigate risk by entering into rent/revenue leases with landlords and aims to embrace the technological advances available to offer a more tech driven approach, improving both efficiency and customer experience.

Page 1

 
QIG HOLDINGS LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Financial key performance indicators
 
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This report was approved by the board and signed on its behalf.



Colum Campion
Director

Date: 12 November 2024

Page 2

 
QIG HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Directors

The directors who served during the year were:

Colum Campion 
Thiago Da silva Ribeiro Hahn (appointed 2 May 2023)
Lior Eisenberg 
Idan Moskovich 
Andrew John Powell (appointed 2 May 2023)
Cristopher Mark Sykes (resigned 31 October 2023)

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Page 3

 
QIG HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Auditors

The auditorsHarris & Trotter LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





Colum Campion
Director

Date: 12 November 2024

Page 4

 
QIG HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF QIG HOLDINGS LIMITED
 

Opinion


We have audited the financial statements of QIG Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2023, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 December 2023 and of the Group's loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 Group's or the parent 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.


Page 5

 
QIG HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF QIG HOLDINGS LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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.


Opinion on other matters prescribed by the Companies Act 2006
 

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


the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Page 6

 
QIG HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF QIG HOLDINGS LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, 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 Group's and the parent 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Auditors' 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 Auditors' 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 Group financial statements.


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:

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
The objectives of our audit are to identify and assess the risks of material misstatement of the financial statements due to fraud or error; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud or error; and to respond appropriately to those risks. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK).
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, our procedures included the following:
• We obtained an understanding of the legal and regulatory frameworks applicable to the Group and the industry in which it operates. We determined that the following laws and regulations were most significant: FRS 102 and the Companies Act 2006.
• We obtained an understanding of how the Group is complying with those legal and regulatory frameworks by making enquiries of management.
• We challenged assumptions and judgments made by management in its significant accounting estimates;
We did not identify any key audit matters relating to irregularities, including fraud.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Page 7

 
QIG HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF QIG HOLDINGS LIMITED (CONTINUED)


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 2006Our 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 Auditors' 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.





Jamie Taylor (Senior Statutory Auditor)
  
for and on behalf of
Harris & Trotter LLP
 
Chartered Accountants & Statutory Auditors
  
101 New Cavendish Street
1st Floor South
London
United Kingdom
W1W 6XH

12 November 2024
Page 8

 
QIG HOLDINGS LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£


Turnover
20,976,724
20,747,024

Cost of sales
(16,913,287)
(16,190,547)

Gross profit
4,063,437
4,556,477

Administrative expenses
(3,743,759)
(4,455,401)

Operating profit
319,678
101,076

Share of loss in associates
(768,650)
-

Interest payable and similar expenses
(120,466)
(82,865)

(Loss)/profit before tax
(569,438)
18,211

(Loss)/profit for the financial year
(569,438)
18,211

(Loss)/profit for the year attributable to:
  

Owners of the parent company
  
(569,438)
18,211

  
569,438
(18,211)

Total comprehensive income attributable to:

There were no recognised gains and losses for 2023 or 2022 other than those included in the consolidated statement of comprehensive income.

There was no other comprehensive income for 2023 (2022:£NIL).

Page 9

 
QIG HOLDINGS LIMITED
REGISTERED NUMBER: 13190075

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 10 
295,733
379,807

Tangible assets
 11 
793,801
725,159

Investments
 12 
1,522,383
-

  
2,611,917
1,104,966

Current assets
  

Debtors: amounts falling due within one year
 13 
3,370,222
6,264,581

Cash at bank and in hand
 14 
870,584
1,655,817

  
4,240,806
7,920,398

Creditors: amounts falling due within one year
 15 
(3,876,382)
(6,215,589)

Net current assets
  
 
 
364,424
 
 
1,704,809

Total assets less current liabilities
  
2,976,341
2,809,775

Creditors: amounts falling due after more than one year
 16 
(2,264,584)
(1,528,580)

  

Net assets
  
711,757
1,281,195


Capital and reserves
  

Called up share capital 
 17 
5
5

Share premium account
  
1,999,991
1,999,991

Profit and loss account
  
(1,288,239)
(718,801)

  
711,757
1,281,195


Page 10

 
QIG HOLDINGS LIMITED
REGISTERED NUMBER: 13190075
    
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Colum Campion
Director

Date: 12 November 2024

The notes on pages 18 to 32 form part of these financial statements.

Page 11

 
QIG HOLDINGS LIMITED
REGISTERED NUMBER: 13190075

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 10 
295,733
379,807

Tangible assets
 11 
48,663
75,924

Investments
 12 
2,131,089
300

  
2,475,485
456,031

Current assets
  

Debtors: amounts falling due within one year
 13 
2,188,625
2,804,669

Cash at bank and in hand
 14 
51,332
17,559

  
2,239,957
2,822,228

Creditors: amounts falling due within one year
 15 
(771,823)
(65,787)

Net current assets
  
 
 
1,468,134
 
 
2,756,441

Total assets less current liabilities
  
3,943,619
3,212,472

  

Creditors: amounts falling due after more than one year
 16 
(2,264,584)
(1,528,580)

  

Net assets excluding pension asset
  
1,679,035
1,683,892

Net assets
  
1,679,035
1,683,892


Capital and reserves
  

Called up share capital 
 17 
5
5

Share premium account
 18 
1,999,991
1,999,991

Profit and loss account brought forward
  
(316,104)
(101,735)

Loss for the year
  
(4,857)
(214,369)

Profit and loss account carried forward
  
(320,961)
(316,104)

  
1,679,035
1,683,892


Page 12

 
QIG HOLDINGS LIMITED
REGISTERED NUMBER: 13190075
    
COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


Colum Campion
Director

Date: 12 November 2024

The notes on pages 18 to 32 form part of these financial statements.

Page 13

 
QIG HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Share premium account
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£
£
£


At 1 January 2022
5
1,999,991
(737,012)
1,262,984
1,262,984



Profit for the year
-
-
18,211
18,211
18,211



At 1 January 2023
5
1,999,991
(718,801)
1,281,195
1,281,195



Loss for the year
-
-
(569,438)
(569,438)
(569,438)


At 31 December 2023
5
1,999,991
(1,288,239)
711,757
711,757


The notes on pages 18 to 32 form part of these financial statements.

Page 14

 
QIG HOLDINGS LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 January 2022
5
1,999,991
(101,735)
1,898,261



Loss for the year
-
-
(214,369)
(214,369)



At 1 January 2023
5
1,999,991
(316,104)
1,683,892



Loss for the year
-
-
(4,857)
(4,857)


At 31 December 2023
5
1,999,991
(320,961)
1,679,035


The notes on pages 18 to 32 form part of these financial statements.

Page 15

 
QIG HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities

(Loss)/profit for the financial year
(569,438)
18,211

Adjustments for:

Amortisation of intangible assets
99,000
103,787

Depreciation of tangible assets
213,579
160,783

Loss on disposal of tangible assets
15,415
-

Interest paid
120,466
82,865

Decrease/(increase) in debtors
2,894,484
(3,490,024)

(Decrease)/increase in creditors
(2,013,545)
4,035,871

Share of operating loss in associates
768,650
-

Net cash generated from operating activities

1,528,611
911,493


Cash flows from investing activities

Purchase of intangible fixed assets
(14,927)
(462,605)

Purchase of tangible fixed assets
(297,637)
(496,292)

Purchase of share in associates
(2,291,033)
-

Net cash from investing activities

(2,603,597)
(958,897)

Cash flows from financing activities

Other new loans
762,403
1,028,587

Interest paid
(146,863)
(82,865)

Net cash used in financing activities
615,540
945,722

Net (decrease)/increase in cash and cash equivalents
(459,446)
898,318

Cash and cash equivalents at beginning of year
1,330,010
431,692

Cash and cash equivalents at the end of year
870,564
1,330,010


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
870,584
1,655,817

Bank overdrafts
(20)
(325,807)

870,564
1,330,010


The notes on pages 18 to 32 form part of these financial statements.

Page 16

 
QIG HOLDINGS LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023





At 1 January 2023
Cash flows
Other non-cash changes
At 31 December 2023
£

£

£

£

Cash at bank and in hand

1,655,817

(785,233)

-

870,584

Bank overdrafts

(325,807)

325,787

-

(20)

Debt due after 1 year

(1,528,580)

(615,546)

(120,458)

(2,264,584)

Debt due within 1 year

(17,995)

17,995

-

-


(216,565)
(1,056,997)
(120,458)
(1,394,020)

The notes on pages 18 to 32 form part of these financial statements.

Page 17

 
QIG HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

QIG Holdings Limited is a private company limited by shares and incorporated in England & Wales (registered number 13190075). The registered office is 101 New Cavendish Street, 1st Floor South, London, W1W 6XH.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies.

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 09 February 2021.

 
2.3

Going concern

In assessing the ability of the Group to operate as a going concern, management have evaluated current and forecasted operational results, and the solvency of the Group. As a result, the directors consider it appropriate to prepare the financial statements on a going concern basis.

Page 18

 
QIG HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group 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. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 19

 
QIG HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that 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.

 
2.7

Borrowing costs

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

 
2.8

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Group in independently administered funds.

 
2.9

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Statement of Comprehensive Income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 20

 
QIG HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.10
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Short-term leasehold property
-
Over the life of the lease
Fixtures and fittings
-
25%
Straight-line method
Office equipment
-
25%
Straight-line method
Computer equipment
-
20%
Straight-line method

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Consolidated Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.12

Associates and joint ventures

An entity is treated as a joint venture where the Group is a party to a contractual agreement with one or more parties from outside the Group to undertake an economic activity that is subject to joint control.

An entity is treated as an associated undertaking where the Group exercises significant influence in that it has the power to participate in the operating and financial policy decisions.
In the consolidated accounts, interests in associated undertakings are accounted for using the equity method of accounting. Under this method an equity investment is initially recognised at the transaction price (including transaction costs) and is subsequently adjusted to reflect the investors share of the profit or loss, other comprehensive income and equity of the associate. The Consolidated Statement of Comprehensive Income includes the Group's share of the operating results, interest, pre-tax results and attributable taxation of such undertakings applying accounting policies consistent with those of the Group. In the Consolidated Statement of Financial Position, the interests in associated undertakings are shown as the Group's share of the identifiable net assets, including any unamortised premium paid on acquisition.
Any premium on acquisition is dealt with in accordance with the goodwill policy.

Page 21

 
QIG HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.13

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.14

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.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.15

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Serviced property letting
20,976,724
20,747,024

20,976,724
20,747,024


Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
18,316,354
14,753,522

Rest of Europe
1,530,435
3,936,602

Rest of the world
1,129,935
2,056,900

20,976,724
20,747,024


Page 22

 
QIG HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Exchange differences
22,480
(58,530)


5.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors:


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
85,000
-


6.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
2023
2022
£
£


Wages and salaries
2,392,920
2,772,594

Social security costs
261,232
234,636

Cost of defined contribution scheme
44,829
25,466

2,698,981
3,032,696


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Employees
75
67


7.


Directors' remuneration



The highest paid director received remuneration of £190,320 (2022 - £203,167).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £8,376 (2022 - £1,321).

Page 23

 
QIG HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
8
49,911

Other loan interest payable
120,458
32,954

120,466
82,865


9.


Taxation



Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - lower than) the standard rate of corporation tax in the UK of 25% (2022 - 19%). The differences are explained below:

2023
2022
£
£


(Loss)/profit on ordinary activities before tax
(569,438)
18,211


(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2022 - 19%)
(142,360)
3,460

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
72,938
50,554

Capital allowances for year in excess of depreciation
(32,363)
(63,181)

Utilisation of tax losses
(72,655)
-

Special factors affecting joint-ventures and associates leading to an increase (decrease) in the tax charge
174,440
-

Unrelieved tax losses carried forward
-
9,167

Total tax charge for the year
-
-


Factors that may affect future tax charges

There are no factors that may affect future tax charges.

Page 24

 
QIG HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Intangible assets

Group





Computer software
Goodwill
Total

£
£
£



Cost


At 1 January 2023
117,877
366,228
484,105


Additions
14,927
-
14,927



At 31 December 2023

132,804
366,228
499,032



Amortisation


At 1 January 2023
4,243
100,056
104,299


Charge for the year on owned assets
62,377
36,623
99,000



At 31 December 2023

66,620
136,679
203,299



Net book value



At 31 December 2023
66,184
229,549
295,733



At 31 December 2022
113,635
266,172
379,807



Page 25

 
QIG HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
           10.Intangible assets (continued)

Company




Computer software
Goodwill
Total

£
£
£



Cost


At 1 January 2023
117,877
366,228
484,105


Additions
14,927
-
14,927



At 31 December 2023

132,804
366,228
499,032



Amortisation


At 1 January 2023
4,243
100,056
104,299


Charge for the year
62,377
36,623
99,000



At 31 December 2023

66,620
136,679
203,299



Net book value



At 31 December 2023
66,184
229,549
295,733



At 31 December 2022
113,635
266,172
379,807

Page 26

 
QIG HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Tangible fixed assets

Group






Short-term leasehold property
Fixtures and fittings
Office equipment
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 January 2023
340,734
364,419
1,091
206,476
912,720


Additions
155,426
126,308
-
3,186
284,920


Disposals
(5,925)
(150)
-
-
(6,075)



At 31 December 2023

490,235
490,577
1,091
209,662
1,191,565



Depreciation


At 1 January 2023
54,160
99,607
242
33,551
187,560


Charge for the year on owned assets
57,733
109,787
364
41,932
209,816


Charge for the year on financed assets
-
3,765
-
-
3,765


Disposals
(3,300)
(77)
-
-
(3,377)



At 31 December 2023

108,593
213,082
606
75,483
397,764



Net book value



At 31 December 2023
381,642
277,495
485
134,179
793,801



At 31 December 2022
286,574
264,812
849
172,924
725,159




The net book value of land and buildings may be further analysed as follows:


2023
2022
£
£

Short-term leasehold property
381,642
286,573

381,642
286,573


Page 27

 
QIG HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

           11.Tangible fixed assets (continued)


Company






Fixtures and fittings

£

Cost or valuation


At 1 January 2023
109,045



At 31 December 2023

109,045



Depreciation


At 1 January 2023
33,121


Charge for the year on owned assets
27,261



At 31 December 2023

60,382



Net book value



At 31 December 2023
48,663



At 31 December 2022
75,924





The net book value of land and buildings may be further analysed as follows:





12.


Fixed asset investments

Group





Investments in associates

£



Cost or valuation


Additions
2,291,033


Share of profit/(loss)
(768,650)



At 31 December 2023
1,522,383




Page 28

 
QIG HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Company





Investments in subsidiary companies
Investments in associates
Total

£
£
£



Cost or valuation


At 1 January 2023
300
-
300


Additions
-
2,130,789
2,130,789



At 31 December 2023
300
2,130,789
2,131,089





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Class of shares

Holding

Q Management Services Limited
Ordinary
100%
Q Apartments (UK) Ltd
Ordinary
100%
QIG (Corporate) Ltd
Ordinary
100%
Q P1 Limited
Ordinary
100%
Q P4 Limited
Ordinary
100%
Q P5 Limited
Ordinary
100%
Q P6 (Bow Lane) Limited
Ordinary
100%
Q P7 (Reading) Limited
Ordinary
100%
Q P9 (Garrick Mansion) Limited
Ordinary
100%
Q P10 (Charing Cross) Limited
Ordinary
100%
Q P11 (Hope House) Limited
Ordinary
100%
Q P12 (Southwark Street) Limited
Ordinary
100%
Q P13 (Whitfield Street) Limited
Ordinary
100%
Q P14 (Cleveland Street) Limited
Ordinary
100%
Q P15 (B Palace) Limited
Ordinary
100%
Q P (Grays Inn) Limited
Ordinary
100%
Q P (Green Street) Limited
Ordinary
100%
Q P (Wells CT) Limited
Ordinary
100%

Page 29

 
QIG HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Subsidiary undertakings (continued)

The aggregate of the share capital and reserves as at 31 December 2023 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)
£
£

Q Management Services Limited
28,839
16,937

Q Apartments (UK) Ltd
703,608
510,175

QIG (Corporate) Ltd
495,915
345,173

Q P1 Limited
(790,726)
(427,826)

Q P4 Limited
(299,754)
(170,108)

Q P5 Limited
72,346
20,680

Q P6 (Bow Lane) Limited
(13,718)
(6,159)

Q P7 (Reading) Limited
(216,508)
(114,328)

Q P9 (Garrick Mansion) Limited
21,748
6,425

Q P10 (Charing Cross) Limited
1,094
(9,404)

Q P11 (Hope House) Limited
(97,436)
18,483

Q P12 (Southwark Street) Limited
43,728
10,338

Q P13 (Whitfield Street) Limited
47,935
19,859

Q P14 (Cleveland Street) Limited
3,321
1,446

Q P15 (B Palace) Limited
(114,022)
(61,244)

Q P (Grays Inn) Limited
100
-

Q P (Green Street) Limited
100
-

Q P (Wells CT) Limited
100
-


13.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Trade debtors
1,231,931
3,592,209
301,213
-

Amounts owed by group undertakings
-
-
1,855,935
2,774,683

Other debtors
1,366,101
1,611,741
23,484
23,115

Prepayments and accrued income
772,190
1,060,631
7,993
6,871

3,370,222
6,264,581
2,188,625
2,804,669


Page 30

 
QIG HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Cash and cash equivalents

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Cash at bank and in hand
870,584
1,655,817
51,332
17,559

Less: bank overdrafts
(20)
(325,807)
-
-

870,564
1,330,010
51,332
17,559



15.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Bank overdrafts
20
325,807
-
-

Trade creditors
1,658,619
2,224,785
1,075
64,287

Amounts owed to group undertakings
-
-
715,748
-

Other taxation and social security
630,439
660,708
-
-

Other creditors
51,792
1,074,010
-
-

Accruals and deferred income
1,535,512
1,930,279
55,000
1,500

3,876,382
6,215,589
771,823
65,787



16.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Other loans
2,264,584
1,528,580
2,264,584
1,528,580

2,264,584
1,528,580
2,264,584
1,528,580




Page 31

 
QIG HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

17.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



300 (2022 - 300) Ordinary A Shares of £0.01 each
3
3
200 (2022 - 200) Ordinary B Shares of £0.01 each
2
2

5

5



18.


Reserves

Share premium account

Includes the consideration received above the par value for the issued share capital.

Profit and loss account

Includes all current and prior period retained profits and losses.

Page 32