Silverfin false false 31/07/2024 01/08/2023 31/07/2024 C M Barrington 23/12/2022 C E Garrido 28/04/2022 K Humphreys 05/12/2023 02/05/2023 J E Nesbitt 11/03/2024 P Salaman P D Screen 20/03/2024 04 December 2024 The principal activity of the company during the financial year was the provision of energy accreditation services. 05665301 2024-07-31 05665301 bus:Director1 2024-07-31 05665301 bus:Director2 2024-07-31 05665301 bus:Director3 2024-07-31 05665301 bus:Director4 2024-07-31 05665301 bus:Director6 2024-07-31 05665301 2023-07-31 05665301 core:CurrentFinancialInstruments 2024-07-31 05665301 core:CurrentFinancialInstruments 2023-07-31 05665301 core:Non-currentFinancialInstruments 2024-07-31 05665301 core:Non-currentFinancialInstruments 2023-07-31 05665301 core:ShareCapital 2024-07-31 05665301 core:ShareCapital 2023-07-31 05665301 core:SharePremium 2024-07-31 05665301 core:SharePremium 2023-07-31 05665301 core:RetainedEarningsAccumulatedLosses 2024-07-31 05665301 core:RetainedEarningsAccumulatedLosses 2023-07-31 05665301 core:ComputerSoftware 2023-07-31 05665301 core:OtherResidualIntangibleAssets 2023-07-31 05665301 core:ComputerSoftware 2024-07-31 05665301 core:OtherResidualIntangibleAssets 2024-07-31 05665301 core:PlantMachinery 2023-07-31 05665301 core:Vehicles 2023-07-31 05665301 core:FurnitureFittings 2023-07-31 05665301 core:PlantMachinery 2024-07-31 05665301 core:Vehicles 2024-07-31 05665301 core:FurnitureFittings 2024-07-31 05665301 core:CostValuation 2023-07-31 05665301 core:DisposalsRepaymentsInvestments 2024-07-31 05665301 core:CostValuation 2024-07-31 05665301 core:UltimateParent core:CurrentFinancialInstruments 2024-07-31 05665301 core:UltimateParent core:CurrentFinancialInstruments 2023-07-31 05665301 core:ImmediateParent core:CurrentFinancialInstruments 2024-07-31 05665301 core:ImmediateParent core:CurrentFinancialInstruments 2023-07-31 05665301 2023-08-01 2024-07-31 05665301 bus:FilletedAccounts 2023-08-01 2024-07-31 05665301 bus:SmallEntities 2023-08-01 2024-07-31 05665301 bus:AuditExemptWithAccountantsReport 2023-08-01 2024-07-31 05665301 bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 05665301 bus:Director1 2023-08-01 2024-07-31 05665301 bus:Director2 2023-08-01 2024-07-31 05665301 bus:Director3 2023-08-01 2024-07-31 05665301 bus:Director4 2023-08-01 2024-07-31 05665301 bus:Director5 2023-08-01 2024-07-31 05665301 bus:Director6 2023-08-01 2024-07-31 05665301 core:ComputerSoftware core:TopRangeValue 2023-08-01 2024-07-31 05665301 core:OtherResidualIntangibleAssets core:TopRangeValue 2023-08-01 2024-07-31 05665301 core:OtherResidualIntangibleAssets 2023-08-01 2024-07-31 05665301 core:PlantMachinery core:TopRangeValue 2023-08-01 2024-07-31 05665301 core:Vehicles core:TopRangeValue 2023-08-01 2024-07-31 05665301 core:FurnitureFittings core:TopRangeValue 2023-08-01 2024-07-31 05665301 2022-08-01 2023-07-31 05665301 core:ComputerSoftware 2023-08-01 2024-07-31 05665301 core:PlantMachinery 2023-08-01 2024-07-31 05665301 core:Vehicles 2023-08-01 2024-07-31 05665301 core:FurnitureFittings 2023-08-01 2024-07-31 05665301 core:Non-currentFinancialInstruments 2023-08-01 2024-07-31 iso4217:GBP xbrli:pure

Company No: 05665301 (England and Wales)

QUIDOS LIMITED

Unaudited Financial Statements
For the financial year ended 31 July 2024
Pages for filing with the registrar

QUIDOS LIMITED

Unaudited Financial Statements

For the financial year ended 31 July 2024

Contents

QUIDOS LIMITED

BALANCE SHEET

As at 31 July 2024
QUIDOS LIMITED

BALANCE SHEET (continued)

As at 31 July 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 543,692 31,698
Tangible assets 4 89,088 114,242
Investments 5 0 7,780
632,780 153,720
Current assets
Stocks 6 6,063 8,131
Debtors 7 501,158 395,306
Cash at bank and in hand 69,027 39,236
576,248 442,673
Creditors: amounts falling due within one year 8 ( 239,535) ( 163,361)
Net current assets 336,713 279,312
Total assets less current liabilities 969,493 433,032
Creditors: amounts falling due after more than one year 9 ( 666,220) ( 101,877)
Net assets 303,273 331,155
Capital and reserves
Called-up share capital 100 100
Share premium account 356,053 356,053
Profit and loss account ( 52,880 ) ( 24,998 )
Total shareholder's funds 303,273 331,155

For the financial year ending 31 July 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Quidos Limited (registered number: 05665301) were approved and authorised for issue by the Board of Directors on 04 December 2024. They were signed on its behalf by:

P Salaman
Director
QUIDOS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2024
QUIDOS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2024
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

Quidos Limited (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 9-10 Bath Street, Bath, BA1 1SN, 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 £.

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 Profit and Loss Account 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 stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Balance Sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Balance Sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Dividend income

Dividend income from investments is recognised when the shareholders' rights to receive payment have been established (provided that it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably).

Employee benefits

Defined benefit schemes
For defined benefit schemes the amounts charged to operating profit are the costs arising from employee services rendered during the period and the cost of plan introductions, benefit changes, settlements and curtailments. They are included as part of staff costs. The net interest cost on the net defined benefit liability is charged to the Profit and Loss Account and included within finance costs. Remeasurement comprising actuarial gains and losses and the return on scheme assets (excluding amounts included in net interest on the net defined benefit liability) are recognised immediately in the Statement of Comprehensive Income.

Defined benefit schemes are funded, with the assets of the scheme held separately from those of the Company, in separate trustee administered funds. Pension scheme assets are measured at fair value and liabilities are measured on an actuarial basis using the projected unit credit method. Actuarial valuations are obtained at least triennially and are updated at each Balance Sheet date.

The cost of providing benefits under defined benefit plans is determined separately for each plan using the projected unit credit method, and is based on actuarial valuations.

The change in the net defined benefit liability arising from employee service during the year is recognised as an employee cost. The cost of plan introductions, benefit changes, settlements and curtailments are recognised as an expense in measuring profit or loss in the period in which they arise.

The net defined benefit pension asset or liability in the balance sheet comprises the total for each plan of the present value of the defined benefit obligation (using a discount rate based on high quality corporate bonds), less the fair value of plan assets out of which the obligations are to be settled directly. Fair value is based on market price information, and in the case of quoted securities is the published bid price. The value of a net pension benefit asset is limited to the amount that may be recovered either through reduced contributions or agreed refunds from the scheme.

Finance costs

Finance costs are charged to the Profit and Loss Account 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. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Computer software 5 years straight line
Other intangible assets 5 years straight line
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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 5 years straight line
Vehicles 5 years straight line
Fixtures and fittings 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

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.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

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.

Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through the Profit and Loss Account. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 26 20

3. Intangible assets

Computer software Other intangible assets Total
£ £ £
Cost
At 01 August 2023 31,404 13,700 45,104
Additions 571,183 0 571,183
At 31 July 2024 602,587 13,700 616,287
Accumulated amortisation
At 01 August 2023 9,316 4,090 13,406
Charge for the financial year 56,449 2,740 59,189
At 31 July 2024 65,765 6,830 72,595
Net book value
At 31 July 2024 536,822 6,870 543,692
At 31 July 2023 22,088 9,610 31,698

4. Tangible assets

Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £
Cost
At 01 August 2023 100,969 117,135 1,528 219,632
Additions 7,315 0 11,956 19,271
Disposals 0 ( 39,730) 0 ( 39,730)
At 31 July 2024 108,284 77,405 13,484 199,173
Accumulated depreciation
At 01 August 2023 80,280 24,363 747 105,390
Charge for the financial year 6,964 15,481 1,453 23,898
Disposals 0 ( 19,203) 0 ( 19,203)
At 31 July 2024 87,244 20,641 2,200 110,085
Net book value
At 31 July 2024 21,040 56,764 11,284 89,088
At 31 July 2023 20,689 92,772 781 114,242

5. Fixed asset investments

Listed investments Total
£ £
Cost or valuation before impairment
At 01 August 2023 7,780 7,780
Disposals ( 7,780) ( 7,780)
At 31 July 2024 0 0
Carrying value at 31 July 2024 0 0
Carrying value at 31 July 2023 7,780 7,780

6. Stocks

2024 2023
£ £
Stocks 6,063 8,131

7. Debtors

2024 2023
£ £
Trade debtors 175,676 139,116
Amounts owed by Group undertakings 11,368 41,000
Amounts owed by Ultimate Parent undertakings 0 164,282
Amounts owed by directors 0 19,876
Prepayments 177,842 9,478
Deferred tax asset 124,272 0
Other debtors 12,000 21,554
501,158 395,306

8. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 10,000 10,000
Trade creditors 50,699 42,834
Amounts owed to Parent undertakings 88,186 0
Other taxation and social security 59,711 72,022
Obligations under finance leases and hire purchase contracts 8,741 8,576
Other creditors 22,198 29,929
239,535 163,361

9. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 8,333 18,333
Obligations under finance leases and hire purchase contracts 53,088 83,544
Other creditors 604,799 0
666,220 101,877

Other creditors consists of amounts advanced to the company by an unrelated individual.

10. Financial commitments

Commitments

2024 2023
£ £
Total future minimum lease payments under non-cancellable operating lease 254,000 0

11. Related party transactions

Transactions with the entity's directors

Advances

At 1 August 2023 the balance owed from the director was £19,876. During the year, £0 was advanced and £19,876 was repaid. The balance due to the director as at 31 July 2024 was £1,799.

At 1 August 2022 the balance owed to the director was £312. During the year, £20,188 was advanced and £312 was repaid. The balance due by the director as at 31 July 2023 was £19,876.

The Directors loan accounts are repayable on demand and interest has been charged on overdrawn balances exceeding £10,000 at the official HMRC rates.