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Company No: 09198133 (England and Wales)

QUEUECO LIMITED

Unaudited Financial Statements
For the financial year ended 30 September 2024
Pages for filing with the registrar

QUEUECO LIMITED

Unaudited Financial Statements

For the financial year ended 30 September 2024

Contents

QUEUECO LIMITED

BALANCE SHEET

As at 30 September 2024
QUEUECO LIMITED

BALANCE SHEET (continued)

As at 30 September 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 39,176,213 19,131,848
Tangible assets 4 11,502 12,624
Investments 5 179,707 179,707
39,367,422 19,324,179
Current assets
Stocks 6 2,795,345 2,767,912
Debtors 7 55,197 68,779
Cash at bank and in hand 31,902 44,628
2,882,444 2,881,319
Creditors: amounts falling due within one year 8 ( 378,813) ( 195,824)
Net current assets 2,503,631 2,685,495
Total assets less current liabilities 41,871,053 22,009,674
Net assets 41,871,053 22,009,674
Capital and reserves
Called-up share capital 9 2 2
Revaluation reserve 34,737,079 15,062,172
Profit and loss account 7,133,972 6,947,500
Total shareholders' funds 41,871,053 22,009,674

For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Queueco Limited (registered number: 09198133) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

Dr A Dienst
Director

04 April 2025

QUEUECO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2024
QUEUECO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 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

Queueco 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 71-75 Shelton Street, London, WC2H 9JQ, 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 £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

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 Income Statement 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.

Employee benefits

Defined contribution schemes
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.

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.

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 average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. 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.

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:

Other intangible assets not amortised
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. 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 etc. 3 years straight line
25 % reducing balance

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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Income Statement as described below.

Stocks

Stocks are valued at fair value.

Financial instruments

Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method. At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Income Statement.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method. At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Income Statement.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, 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 receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and 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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the company during the year, including directors 12 10

3. Intangible assets

Other intangible assets Total
£ £
Cost/Valuation
At 01 October 2023 19,131,848 19,131,848
Additions 359,077 359,077
Revaluations 19,674,907 19,674,907
Revaluation relating to prior period through profit and loss 10,381 10,381
At 30 September 2024 39,176,213 39,176,213
Accumulated amortisation
At 01 October 2023 0 0
At 30 September 2024 0 0
Net book value
At 30 September 2024 39,176,213 39,176,213
At 30 September 2023 19,131,848 19,131,848

Revaluation of intangible assets

Cost or valuation at 30 September 2024 is represented by:

2024 2023
£ £
Historical cost 4,439,136 4,080,059
Carrying value 4,439,136 4,080,059

4. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 October 2023 47,010 47,010
Additions 5,510 5,510
Disposals ( 24,568) ( 24,568)
At 30 September 2024 27,952 27,952
Accumulated depreciation
At 01 October 2023 34,386 34,386
Charge for the financial year 6,632 6,632
Disposals ( 24,568) ( 24,568)
At 30 September 2024 16,450 16,450
Net book value
At 30 September 2024 11,502 11,502
At 30 September 2023 12,624 12,624

5. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 01 October 2023 179,707 179,707
At 30 September 2024 179,707 179,707
Carrying value at 30 September 2024 179,707 179,707
Carrying value at 30 September 2023 179,707 179,707

6. Stocks

2024 2023
£ £
Stocks 2,795,345 2,767,912

Stocks represents intangible assets held for the purposes of trading.

7. Debtors

2024 2023
£ £
Other debtors 55,197 68,779

8. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 16,525 8,574
Amounts owed to directors 133,794 238
Accruals 182,114 131,935
Corporation tax 0 19,099
Other taxation and social security 40,375 31,115
Other creditors 6,005 4,863
378,813 195,824

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
2 Ordinary shares of £ 1.00 each 2 2

10. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 23,368 93,472
between one and five years 0 23,368
23,368 116,840

Pensions

The company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

2024 2023
£ £
Unpaid contributions due to the fund (inc. in other creditors) 2,064 1,714

11. Related party transactions

Included within other creditors is a balance of £69,428 owed to Dr J Heusser, one of the directors (2023: £238). This balance is unsecured and repayable on demand. No interest was charged on the overdrawn balance during the year.

Included within other creditors is a balance of £64,366 owed to Dr A Dienst, one of the directors (2023: £4,868 owed by). This balance is unsecured and repayable on demand. No interest was charged on the overdrawn balance during the year.