Company Registration No. 12044066 (England and Wales)
OLD QUEEN STREET VENTURES LTD
(PREVIOUSLY KNOWN AS UNHERD VENTURES LTD)
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
OLD QUEEN STREET VENTURES LTD
(PREVIOUSLY KNOWN AS UNHERD VENTURES LTD)
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
OLD QUEEN STREET VENTURES LTD
(PREVIOUSLY KNOWN AS UNHERD VENTURES LTD)
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
3
106
102
Current assets
Debtors
5
2,083,030
847,580
Cash at bank and in hand
718,907
128,621
2,801,937
976,201
Creditors: amounts falling due within one year
6
(305,565)
(2,304,333)
Net current assets/(liabilities)
2,496,372
(1,328,132)
Total assets less current liabilities
2,496,478
(1,328,030)
Creditors: amounts falling due after more than one year
7
(6,676,833)
-
0
Net liabilities
(4,180,355)
(1,328,030)
Capital and reserves
Called up share capital
3
3
Profit and loss reserves
(4,180,358)
(1,328,033)
Total equity
(4,180,355)
(1,328,030)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 25 March 2025 and are signed on its behalf by:
Mr  Frederick Sayers
Director
Company Registration No. 12044066
OLD QUEEN STREET VENTURES LTD
(PREVIOUSLY KNOWN AS UNHERD VENTURES LTD)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information

Old Queen Street Ventures Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 6 Old Queen Street, London, United Kingdom, SW1H 9HP.

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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.The principal accounting policies adopted are set out below.

1.2
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. The validity of this assumption is on the basis of that the company will continue to be supported by the directors. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Fixed asset investments

Interests in subsidiaries 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.

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.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets, includes cash in hand and deposits held at call with banks.

1.5
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 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.

OLD QUEEN STREET VENTURES LTD
(PREVIOUSLY KNOWN AS UNHERD VENTURES LTD)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
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.

Basic financial liabilities

Basic financial liabilities, including creditors, 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.

 

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.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.

1.7
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.

1.8
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.9

Comparative figures

The accounts relate to year ended 31 March 2024. The comparative figures relates to 9 months from 1 July 2022 to 31 March 2023.

2
Employees

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

2024
2023
Number
Number
Total
2
2
OLD QUEEN STREET VENTURES LTD
(PREVIOUSLY KNOWN AS UNHERD VENTURES LTD)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
3
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
106
102
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 April 2023
102
Additions
4
At 31 March 2024
106
Carrying amount
At 31 March 2024
106
At 31 March 2023
102
4
Subsidiaries

Details of the company's subsidiaries at 31 March 2024 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
2-4 OQS Ltd
UK
Hospitality
Ordinary
100.00
-
Unherd Limited
UK
Media
Ordinary
100.00
-
Internation Media Acquisitions Limited
UK
Dormant
Ordinary
100.00
-
Unherd (US) LLC
USA
Media
Ordinary
-
100.00
Areopagus Ventures Limited
UK
Dormant
Ordinary
100.00
-
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
1,823,843
648,089
Other debtors
259,187
199,491
2,083,030
847,580
OLD QUEEN STREET VENTURES LTD
(PREVIOUSLY KNOWN AS UNHERD VENTURES LTD)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
288,744
2,657
Amounts owed to group undertakings
4
-
0
Taxation and social security
7,717
11,206
Other creditors
514
2,287,333
Accruals
8,586
3,137
305,565
2,304,333
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
6,676,833
-
0
8
Related party transactions

Included in other creditors is an amount of £6,676,833 (2023: £2,286,312) due to a director of the company, it is payable on

demand.

 

9
Events after the reporting date

Post year-end Old Queen Street Ventures Ltd acquired 100% of the share capital of Spectator (1828) Limited (The).

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