Company Registration No. 12217646 (England and Wales)
LIQUEO LIMITED
CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2024
Kings House
9-10 Haymarket
London
SW1Y 4BP
LIQUEO LIMITED
CONTENTS
Page
Company information
1
Strategic report
2
Directors' report
3 - 4
Independent auditor's report
5 - 8
Income statement
9
Group statement of comprehensive income
10
Group statement of financial position
11
Company statement of financial position
12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Company statement of cash flows
16
Notes to the financial statements
17 - 34
LIQUEO LIMITED
COMPANY INFORMATION
- 1 -
Directors
S Williams
A Proud
R Over
Company number
12217646
Registered office
27 Old Gloucester Street
Holborn
London
WC1N 3AX
Auditor
TC Group
Kings House
9-10 Haymarket
London
United Kingdom
SW1Y 4BP
Business address
27 Old Gloucester Street
Holborn
London
WC1N 3AX
LIQUEO LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -

The directors present the strategic report and financial statements of the company and the group for the year ended 31 December 2024.

Fair review of the business

Liqueo experienced a slower start to 2024 due to inflationary and economic pressures within the global economy, sales improved during the second half of the year. The board anticipate a continued upward trajectory for 2025.

The long-term objective of the business remains to be the best in class Asset and Wealth Management Consultancy business serving our employees and clients.

Principal risks and uncertainties

The performance of the group is subject to only limited risk in the short and medium term as the future pipeline of work is strong. The group continues to generate substantial cash. Management is mindful of the current uncertainty and recessionary environment, which include a lengthening sales cycle and higher levels of competition. Management continues to monitor the market and operate conservative cash management policies.

Development and performance

2024 has been a steady year for the group, despite a challenging economic environment sales have remained consistent year on year. There have been some significant hires which will help maintain the revenue income going into 2025 and beyond.

Key performance indicators

Highlights included:

Prospects for 2025

The board confidently expects revenues and EBIT to continue to grow in 2025. In order to continue the long-term development of the group, we are looking to identify new growth opportunities.

On behalf of the board

S Williams
Director
30 May 2025
LIQUEO LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

The directors present their annual report and financial statements of the company and the group for the year ended 31 December 2024.

Principal activities

The principal activity of the company and group continued to be that of asset and wealth management consultancy.

Results and dividends

The results for the year are set out on page 9.

Ordinary dividends were paid amounting to £540,000. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

S Williams
A Proud
R Over
Financial instruments

The group's principal financial instruments comprise bank balances, trade creditors and trade debtors. The main purpose of these instruments is to raise funds and to finance the group's operations.

 

Due to the nature of the financial instruments used by the group, there is no exposure to price risk. The group's approach to managing other risks applicable to the financial instruments is shown below.

 

In respect of bank balances, the liquidity risk is managed by maintaining a positive cash balance. The group makes use of bank deposit accounts facilities where funds are available.

 

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits.

 

Trade creditors and contractors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

Auditor

The auditor, TC Group, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

LIQUEO LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
Statement of directors' responsibilities

The directors are responsible for preparing the Annual Report and the 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Strategic Report

The truegroup has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of: fair review of the business, principal risks and uncertainties and development and performance.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
S Williams
Director
30 May 2025
LIQUEO LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF LIQUEO LIMITED
- 5 -
Opinion

We have audited the financial statements of Liqueo Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the group income statement, the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including significant accounting policies. The 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:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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 and 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.

LIQUEO LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF LIQUEO LIMITED
- 6 -

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our 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.

Opinions on other matters prescribed by the Companies Act 2006

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

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 their environment obtained in the course of the audit, we have not identified material misstatements in the 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:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 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 parent company or to cease operations, or have no realistic alternative but to do so.

LIQUEO LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF LIQUEO LIMITED
- 7 -
Auditor's 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 auditor's 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 financial statements.

 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Extent to which the audit was considered capable of detecting irregularities, including fraud

The objectives of our audit, in respect to fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and its management.

Our approach was as follows:

 

 

 

 

LIQUEO LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF LIQUEO LIMITED
- 8 -

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included: testing manual journals; reviewing the financial statement disclosures and testing to supporting documentation; performing analytical procedures; and enquiring of management, and were designed to provide reasonable assurance that the financial statements were free from fraud or error.

 

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/Our-Work/Audit/Audit-and-assurance/Standards-and-guidance/Standards-and-guidance-for-auditors/Auditors-responsibilities-for-audit/Description-of-auditors-responsibilities-for-audit.aspx. This description forms part of our auditor’s report.

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 2006. Our 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 auditor's 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.

Philip Clark FCCA (Senior Statutory Auditor)
For and on behalf of TC Group
Statutory Auditor
2 June 2025
Office: London
LIQUEO LIMITED
GROUP INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
2024
2023
Notes
£
£
Turnover
3
18,879,794
18,843,314
Cost of sales
(11,656,914)
(11,881,334)
Gross profit
7,222,880
6,961,980
Administrative expenses
(5,880,140)
(5,418,030)
Exceptional items
4
19,740
-
0
Operating profit
5
1,362,480
1,543,950
Interest receivable and similar income
8
28,755
37,596
Interest payable and similar expenses
9
(11)
-
0
Amounts written off investments
10
(19,740)
-
Profit before taxation
1,371,484
1,581,546
Tax on profit
11
65,253
(172,297)
Profit for the financial year
1,436,737
1,409,249
Profit for the financial year is all attributable to the owners of the parent company.
LIQUEO LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
2024
2023
£
£
Profit for the year
1,436,737
1,409,249
Other comprehensive income
Currency translation gain/(loss) arising in the year
31,546
(57,028)
Total comprehensive income for the year
1,468,283
1,352,221
Total comprehensive income for the year is all attributable to the owners of the parent company.
LIQUEO LIMITED
GROUP STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2024
31 December 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
14
30,732
32,344
Current assets
Debtors
17
2,490,696
3,177,320
Cash at bank and in hand
4,088,395
2,193,151
6,579,091
5,370,471
Creditors: amounts falling due within one year
18
(2,596,059)
(2,317,334)
Net current assets
3,983,032
3,053,137
Total assets less current liabilities
4,013,764
3,085,481
Provisions for liabilities
Deferred tax liability
19
8,086
8,086
(8,086)
(8,086)
Net assets
4,005,678
3,077,395
Capital and reserves
Called up share capital
22
102
102
Other reserves
46,839
15,293
Profit and loss reserves
3,958,737
3,062,000
Total equity
4,005,678
3,077,395

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

 

The financial statements were approved by the board of directors and authorised for issue on 30 May 2025 and are signed on its behalf by:
30 May 2025
S Williams
Director
Company registration number 12217646 (England and Wales)
LIQUEO LIMITED
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
31 December 2024
- 12 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
14
30,732
32,344
Investments
15
-
0
19,740
30,732
52,084
Current assets
Debtors
17
1,904,714
2,259,477
Cash at bank and in hand
2,307,843
1,631,419
4,212,557
3,890,896
Creditors: amounts falling due within one year
18
(2,274,471)
(2,488,448)
Net current assets
1,938,086
1,402,448
Total assets less current liabilities
1,968,818
1,454,532
Provisions for liabilities
Deferred tax liability
19
8,086
8,086
(8,086)
(8,086)
Net assets
1,960,732
1,446,446
Capital and reserves
Called up share capital
22
102
102
Profit and loss reserves
1,960,630
1,446,344
Total equity
1,960,732
1,446,446

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £1,054,286 (2023: £784,949).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 30 May 2025 and are signed on its behalf by:
30 May 2025
S Williams
Director
Company registration number 12217646 (England and Wales)
LIQUEO LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
Share capital
Currency translation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2023
102
72,321
2,672,751
2,745,174
Year ended 31 December 2023:
Profit for the year
-
-
1,409,249
1,409,249
Other comprehensive income:
Currency translation differences
-
(57,028)
-
0
(57,028)
Total comprehensive income
-
(57,028)
1,409,249
1,352,221
Dividends
12
-
-
(1,020,000)
(1,020,000)
Balance at 31 December 2023
102
15,293
3,062,000
3,077,395
Year ended 31 December 2024:
Profit for the year
-
-
1,436,737
1,436,737
Other comprehensive income:
Currency translation differences
-
31,546
-
0
31,546
Total comprehensive income
-
31,546
1,436,737
1,468,283
Dividends
12
-
-
(540,000)
(540,000)
Balance at 31 December 2024
102
46,839
3,958,737
4,005,678
LIQUEO LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2023
102
1,681,395
1,681,497
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
784,949
784,949
Dividends
12
-
(1,020,000)
(1,020,000)
Balance at 31 December 2023
102
1,446,344
1,446,446
Year ended 31 December 2024:
Profit and total comprehensive income
-
1,054,286
1,054,286
Dividends
12
-
(540,000)
(540,000)
Balance at 31 December 2024
102
1,960,630
1,960,732
LIQUEO LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
23
1,817,493
77,246
Interest paid
(11)
-
0
Income taxes refunded/(paid)
600,665
(932,427)
Net cash inflow/(outflow) from operating activities
2,418,147
(855,181)
Investing activities
Purchase of tangible fixed assets
(23,595)
(18,645)
Proceeds from disposal of investments
(19,740)
-
Interest received
28,755
37,596
Net cash (used in)/generated from investing activities
(14,580)
18,951
Financing activities
Proceeds from issue of shares
131
(29)
Dividends paid to equity shareholders
(540,000)
(1,020,000)
Net cash used in financing activities
(539,869)
(1,020,029)
Net increase/(decrease) in cash and cash equivalents
1,863,698
(1,856,259)
Cash and cash equivalents at beginning of year
2,193,151
4,049,410
Effect of foreign exchange rates
31,546
-
0
Cash and cash equivalents at end of year
4,088,395
2,193,151
LIQUEO LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
24
478,597
(336,773)
Interest paid
(11)
-
0
Income taxes refunded/(paid)
733,099
(631,471)
Net cash inflow/(outflow) from operating activities
1,211,685
(968,244)
Investing activities
Purchase of tangible fixed assets
(23,595)
(18,645)
Proceeds from disposal of subsidiaries
19,740
-
0
Proceeds from disposal of investments
(19,740)
-
0
Interest received
28,203
36,718
Net cash generated from investing activities
4,608
18,073
Financing activities
Proceeds from issue of shares
131
(29)
Dividends paid to equity shareholders
(540,000)
(1,020,000)
Net cash used in financing activities
(539,869)
(1,020,029)
Net increase/(decrease) in cash and cash equivalents
676,424
(1,970,200)
Cash and cash equivalents at beginning of year
1,631,419
3,544,591
Effect of foreign exchange rates
-
0
57,028
Cash and cash equivalents at end of year
2,307,843
1,631,419
LIQUEO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 17 -
1
Accounting policies
Company information

Liqueo Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 27 Old Gloucester Street, London, United Kingdom, WC1N 3AX.

 

The group consists of Liqueo Limited and all of its subsidiaries.

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.

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
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Liqueo Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 December 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

LIQUEO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 18 -

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group statement of financial position at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
20% straight line
Computers
33% straight line

In previous periods the depreciation policy for fixtures and fittings, and computer equipment was 40% reducing balance method. From September 2024 for all new assets the policy changed to the bases noted above. All assets purchased before this time continue to be depreciated at 40% reducing balance.

LIQUEO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 19 -

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 recognised in the income statement.

1.7
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.8
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

LIQUEO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 20 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.9
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 current liabilities.

1.10
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ to all of its financial instruments.

 

Financial instruments are recognised in the group's statement of financial position when the group becomes party to the contractual provisions of the instrument.

 

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.

Basic financial assets

Basic financial assets, which include debtors and 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.

LIQUEO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 21 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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 profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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 group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies, 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.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

LIQUEO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 22 -
1.11
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.13
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.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.14
Retirement benefits

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

1.15
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in the statement of comprehensive income.

LIQUEO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 23 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

In the opinion of the directors there are no significant judgements or areas of estimation uncertainty.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Management consultancy services
18,879,794
18,843,314
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
13,618,122
13,606,244
United States of America
5,261,672
5,237,070
18,879,794
18,843,314
2024
2023
£
£
Other revenue
Interest income
28,755
37,596
4
Exceptional item
2024
2023
£
£
Income
Inter company account write off
(19,740)
-
LIQUEO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 24 -
5
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses/(gains)
16,160
(22,071)
Fees payable to the group's auditor for the audit of the group's financial statements
29,375
28,000
Depreciation of owned tangible fixed assets
17,089
14,178
Loss on disposal of tangible fixed assets
8,118
461
6
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Consultants, office and management (incl directors)
99
94
84
78

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
12,927,986
12,021,876
9,648,708
9,296,892
Social security costs
929,355
1,004,076
929,355
1,004,076
Pension costs
759,824
771,466
593,277
604,302
14,617,165
13,797,418
11,171,340
10,905,270
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
60,000
65,093
Company pension contributions to defined contribution schemes
105,000
201,000
165,000
266,093
LIQUEO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
7
Directors' remuneration
(Continued)
- 25 -

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2023 - 3).

8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
13,597
26,098
Other interest income
15,158
11,498
Total income
28,755
37,596
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
13,597
26,098
9
Interest payable and similar expenses
2024
2023
£
£
Other finance costs:
Other interest
11
-
10
Amounts written off investments
2024
2023
£
£
Other gains and losses
(19,740)
-
LIQUEO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 26 -
11
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
248,167
179,152
Adjustments in respect of prior periods
(345,593)
(310,513)
Total UK current tax
(97,426)
(131,361)
Foreign current tax on profits for the current period
39,563
300,956
Total current tax
(57,863)
169,595
Deferred tax
Origination and reversal of timing differences
(7,390)
2,702
Total tax (credit)/charge
(65,253)
172,297

The actual (credit)/charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
1,371,484
1,581,546
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.52%)
342,871
371,980
Tax effect of expenses that are not deductible in determining taxable profit
10,280
2,944
Adjustments in respect of prior years
-
0
18,889
Permanent capital allowances in excess of depreciation
(1,627)
(1,161)
Research and development tax credit
(345,593)
(329,398)
Effect of overseas tax rates
(65,788)
83,335
Deferred tax
(7,390)
2,702
Pension provision
1,994
23,006
Taxation (credit)/charge
(65,253)
172,297
LIQUEO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 27 -
12
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
540,000
1,020,000
13
Impairments

Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:

2024
2023
Notes
£
£
In respect of:
Fixed asset investments
15
19,740
-
Recognised in:
Amounts written off investments
19,740
-

The impairment losses in respect of financial assets are recognised in other gains and losses in the income statement.

LIQUEO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 28 -
14
Tangible fixed assets
Group
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 January 2024
2,899
57,075
59,974
Additions
5,995
17,600
23,595
Disposals
(2,899)
(21,267)
(24,166)
At 31 December 2024
5,995
53,408
59,403
Depreciation and impairment
At 1 January 2024
1,194
26,436
27,630
Depreciation charged in the year
3,752
13,337
17,089
Eliminated in respect of disposals
(2,861)
(13,187)
(16,048)
At 31 December 2024
2,085
26,586
28,671
Carrying amount
At 31 December 2024
3,910
26,822
30,732
At 31 December 2023
1,705
30,639
32,344
LIQUEO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
14
Tangible fixed assets
(Continued)
- 29 -
Company
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 January 2024
2,899
57,075
59,974
Additions
5,995
17,600
23,595
Disposals
(2,899)
(21,267)
(24,166)
At 31 December 2024
5,995
53,408
59,403
Depreciation and impairment
At 1 January 2024
1,194
26,436
27,630
Depreciation charged in the year
3,752
13,337
17,089
Eliminated in respect of disposals
(2,861)
(13,187)
(16,048)
At 31 December 2024
2,085
26,586
28,671
Carrying amount
At 31 December 2024
3,910
26,822
30,732
At 31 December 2023
1,705
30,639
32,344
15
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
16
-
0
-
0
-
0
19,740
LIQUEO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
15
Fixed asset investments
(Continued)
- 30 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024
19,740
Disposals
(19,740)
At 31 December 2024
-
Carrying amount
At 31 December 2024
-
At 31 December 2023
19,740
16
Subsidiaries

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

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Liqueo Inc
USA
Ordinary shares
100.00
17
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,879,260
1,930,426
1,411,273
1,060,263
Unpaid share capital
-
0
131
-
0
131
Corporation tax recoverable
92,871
387,506
-
0
387,506
Amounts owed by group undertakings
-
-
59,504
-
Other debtors
62,726
23,812
62,726
23,812
Prepayments and accrued income
448,449
835,445
371,211
787,765
2,483,306
3,177,320
1,904,714
2,259,477
Deferred tax asset (note 19)
7,390
-
0
-
0
-
0
2,490,696
3,177,320
1,904,714
2,259,477
LIQUEO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 31 -
18
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Trade creditors
121,305
164,996
94,300
52,368
Amounts owed to group undertakings
-
0
-
0
-
0
641,953
Corporation tax payable
248,167
-
0
248,167
-
0
Other taxation and social security
556,204
635,183
548,399
515,574
Deferred income
20
18,000
-
0
18,000
-
0
Other creditors
126,353
111,397
121,334
101,980
Accruals and deferred income
1,526,030
1,405,758
1,244,271
1,176,573
2,596,059
2,317,334
2,274,471
2,488,448
19
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Group
£
£
£
£
Accelerated capital allowances
8,086
8,086
-
-
Accrued vacation
-
-
7,390
-
8,086
8,086
7,390
-
Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Company
£
£
£
£
Accelerated capital allowances
8,086
8,086
-
-
LIQUEO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
19
Deferred taxation
(Continued)
- 32 -
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 January 2024
8,086
8,086
Credit to profit or loss
(7,390)
-
Liability at 31 December 2024
696
8,086

The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

20
Deferred income
Group
Company
2024
2023
2024
2023
£
£
£
£
Other deferred income
18,000
-
18,000
-
21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
759,824
771,466

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

22
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
102
102
102
102
LIQUEO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 33 -
23
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
1,436,737
1,409,249
Adjustments for:
Taxation (credited)/charged
(65,253)
172,297
Finance costs
11
-
0
Investment income
(28,755)
(37,596)
Loss on disposal of tangible fixed assets
8,118
461
Depreciation and impairment of tangible fixed assets
17,089
14,178
Foreign exchange gains on cash equivalents
-
(57,028)
Other gains and losses
19,740
-
Movements in working capital:
Decrease/(increase) in debtors
399,248
(851,044)
Increase/(decrease) in creditors
12,558
(573,271)
Increase in deferred income
18,000
-
Cash generated from operations
1,817,493
77,246
24
Cash generated from/(absorbed by) operations - company
2024
2023
£
£
Profit for the year after tax
1,054,286
784,949
Adjustments for:
Taxation credited
(97,426)
(128,659)
Finance costs
11
-
0
Investment income
(28,203)
(36,718)
Loss on disposal of tangible fixed assets
8,118
461
Depreciation and impairment of tangible fixed assets
17,089
14,178
Foreign exchange gains on cash equivalents
-
(57,028)
Other gains and losses
19,740
-
Movements in working capital:
Increase in debtors
(32,874)
(321,708)
Decrease in creditors
(480,144)
(592,248)
Increase in deferred income
18,000
-
Cash generated from/(absorbed by) operations
478,597
(336,773)
LIQUEO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 34 -
25
Analysis of changes in net funds - group
1 January 2024
Cash flows
Exchange rate movements
31 December 2024
£
£
£
£
Cash at bank and in hand
2,193,151
1,863,698
31,546
4,088,395
26
Analysis of changes in net funds - company
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
1,631,419
676,424
2,307,843
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