Acorah Software Products - Accounts Production 16.2.850 false true true 31 December 2023 1 January 2023 false 9 April 2025 1 January 2024 31 December 2024 31 December 2024 08981458 E O Fjellborg D Ersmarker Quinyx AB Vattugatan 17, 111 52 Stockholm, Sweden true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 08981458 2023-12-31 08981458 2024-12-31 08981458 2024-01-01 2024-12-31 08981458 frs-core:CurrentFinancialInstruments 2024-12-31 08981458 frs-core:Non-currentFinancialInstruments 2024-12-31 08981458 frs-core:BetweenOneFiveYears 2024-12-31 08981458 frs-core:ComputerEquipment 2024-12-31 08981458 frs-core:ComputerEquipment 2024-01-01 2024-12-31 08981458 frs-core:ComputerEquipment 2023-12-31 08981458 frs-core:FurnitureFittings 2024-12-31 08981458 frs-core:FurnitureFittings 2024-01-01 2024-12-31 08981458 frs-core:FurnitureFittings 2023-12-31 08981458 frs-core:WithinOneYear 2024-12-31 08981458 frs-core:OtherReservesSubtotal 2024-12-31 08981458 frs-core:ShareCapital 2024-12-31 08981458 frs-core:RetainedEarningsAccumulatedLosses 2024-12-31 08981458 frs-bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 08981458 frs-bus:FilletedAccounts 2024-01-01 2024-12-31 08981458 frs-bus:SmallEntities 2024-01-01 2024-12-31 08981458 frs-bus:Audited 2024-01-01 2024-12-31 08981458 frs-bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 08981458 1 2024-01-01 2024-12-31 08981458 frs-bus:Director1 2024-01-01 2024-12-31 08981458 frs-bus:Director2 2024-01-01 2024-12-31 08981458 frs-countries:EnglandWales 2024-01-01 2024-12-31 08981458 2022-12-31 08981458 2023-12-31 08981458 2023-01-01 2023-12-31 08981458 frs-core:CurrentFinancialInstruments 2023-12-31 08981458 frs-core:Non-currentFinancialInstruments 2023-12-31 08981458 frs-core:BetweenOneFiveYears 2023-12-31 08981458 frs-core:WithinOneYear 2023-12-31 08981458 frs-core:OtherReservesSubtotal 2023-12-31 08981458 frs-core:ShareCapital 2023-12-31 08981458 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31
Registered number: 08981458
Quinyx UK Limited
Financial Statements
For The Year Ended 31 December 2024
Contents
Page
Balance Sheet 1
Notes to the Financial Statements 2—6
Page 1
Balance Sheet
Registered number: 08981458
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 70,795 76,674
70,795 76,674
CURRENT ASSETS
Debtors 5 809,897 854,622
Cash at bank and in hand 520,090 185,380
1,329,987 1,040,002
Creditors: Amounts Falling Due Within One Year 6 (312,092 ) (301,680 )
NET CURRENT ASSETS (LIABILITIES) 1,017,895 738,322
TOTAL ASSETS LESS CURRENT LIABILITIES 1,088,690 814,996
NET ASSETS 1,088,690 814,996
CAPITAL AND RESERVES
Called up share capital 7 1 1
Other reserves 221,779 123,504
Profit and Loss Account 866,910 691,491
SHAREHOLDERS' FUNDS 1,088,690 814,996
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
E O Fjellborg
Director
09/04/2025
The notes on pages 2 to 6 form part of these financial statements.
Page 1
Page 2
Notes to the Financial Statements
1. General Information
Quinyx UK Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08981458 . The registered office is 1 Cottesbrooke Park, Heartlands Business Park, Daventry, NN11 8YL.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The company is dependent on the support from the parent company to continue as a going concern.
The financial statements have been prepared on a going concern basis that assumes further funding will be obtained.

2.3. Turnover
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the
ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and
discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings Straight line over the term of the lease
Computer Equipment Straight line over three years
2.5. Leasing and Hire Purchase Contracts
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
2.6. Financial Instruments
Financial instruments held by the company include trade debtors, trade creditors and loans from related parties. The company does not consider there to be any other class of financial instruments.
2.7. Foreign Currencies
Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of
the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the
respective funcional currency of the entity at the rates prevailing on the reporting period date. Non-monetary
items carried forward at fair value that are denominated in foreign currencies are retranslated at the rates
prevailing on the initial transaction dates.
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2.8. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
2.9. Pensions
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.


2.10. Trade Debtors
Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

2.11. Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
2.12. Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. 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.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
2.13. Share options
The cost and corresponding increase in equity in respect of equity-settled share-based payment transactions with employees are measured by reference to the fair value of equity instruments issued at the date of grant. Amounts are expensed on a straight line basis over the vesting period based on the estimate of shares that will eventually vest and adjusted for the effect of non market-based vesting conditions. The corresponding credit is recognised in other reserves as a component of equity for company employees. Where equity instruments are granted to subsidiary employees, the relevant credit is recognised in other reserves and the corresponding debit as an increase in the cost of investment in subsidiaries.
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Page 4
3. Average Number of Employees
Average number of employees, including directors, during the year was: 35 (2023: 29)
35 29
4. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 January 2024 19,078 108,772 127,850
Additions 17,387 15,512 32,899
Disposals - (23,440 ) (23,440 )
As at 31 December 2024 36,465 100,844 137,309
Depreciation
As at 1 January 2024 2,544 48,632 51,176
Provided during the period 6,538 32,240 38,778
Disposals - (23,440 ) (23,440 )
As at 31 December 2024 9,082 57,432 66,514
Net Book Value
As at 31 December 2024 27,383 43,412 70,795
As at 1 January 2024 16,534 60,140 76,674
5. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 87,764 52,591
Corporation tax recoverable assets - 16,570
Deferred tax current asset 6,869 4,707
VAT 12,638 25,515
Amounts owed by group undertakings 504,218 548,268
611,489 647,651
Due after more than one year
Other debtors 198,408 206,971
809,897 854,622
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 2,170 61,156
Other taxes and social security 135,881 93,812
Other creditors 174,041 146,712
312,092 301,680
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Page 5
7. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
8. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 85,850 -
Later than one year and not later than five years 207,470 121,621
293,320 121,621
9. Dividends
2024 2023
£ £
On equity shares:
Interim dividend paid - 300,000
10. Ultimate Parent Undertaking and Controlling Party
The company's immediate parent is Quinyx AB, incorporated in Sweden.
The registered addresss for Quinyx AB is as follows:
Vattugatan 17
S-111 52 Stockholm
Sweden
The parent of the smallest group in which these financial statements are consolidated is Quinyx Holding AB,
incorporated in Sweden.
The address of Quinyx Holding AB is:
Vattugatan 17
111 52 Stockholm
Sweden
11. Judgements
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the Directors' opinion there are significant judgements and estimation for depreciation and share based payments
The depreciation for the year is:
Fixtures and fittings - £6,538
Computer Equipment - £32,240
And the Net book value of each of these are:
Fixtures and fittings - £27,383
Computer Equipment - £43,412
The share based payments for the year totalled - £98,275
Page 5
Page 6
12. Audit Information
The auditor's report on the accounts of Quinyx UK Limited for the year ended 31 December 2024 was unqualified.
The auditor's report was signed by Hannah Fowlie (Senior Statutory Auditor) for and on behalf of Bourner Bullock Chartered Accountants , Statutory Auditor.
Bourner Bullock Chartered Accountants
114 St Martin's Lane
Covent Garden
London
WC2N 4BE
Page 6