| REGISTERED NUMBER: |
| FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
| FOR |
| QUADRANTE UK LIMITED |
| REGISTERED NUMBER: |
| FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
| FOR |
| QUADRANTE UK LIMITED |
| QUADRANTE UK LIMITED (REGISTERED NUMBER: 11059662) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| for the year ended 31 December 2023 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| QUADRANTE UK LIMITED |
| COMPANY INFORMATION |
| for the year ended 31 December 2023 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Chartered Accountants & Statutory Auditors |
| Avebury House |
| St Peter Street |
| Winchester |
| Hampshire |
| SO23 8BN |
| QUADRANTE UK LIMITED (REGISTERED NUMBER: 11059662) |
| BALANCE SHEET |
| 31 December 2023 |
| 31.12.23 | 31.12.22 |
| as restated |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Investments | 5 |
| CURRENT ASSETS |
| Debtors | 6 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| QUADRANTE UK LIMITED (REGISTERED NUMBER: 11059662) |
| NOTES TO THE FINANCIAL STATEMENTS |
| for the year ended 31 December 2023 |
| 1. | STATUTORY INFORMATION |
| Quadrante UK Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Preparation of consolidated financial statements |
| The financial statements contain information about Quadrante UK Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Quadrante, Investimentos, S.A, Edificio Torre Burgo, Avenida da Boavista, 1773 2.º, andar, B2.5, 4100-133 Porto, Portugal. |
| Revenue recognition |
| Revenue is measured at the fair value of the consideration received or receivable for the provision of |
| construction design services. |
| Revenue is recognised on the services provided, once the agreed services have been approved and signed off by the client, at which time the significant risks and rewards associated with the work undertaken transfer to the client. |
| Profit is recognised on long term projects when the final outcome can be assessed with reasonable certainty by including turnover and related costs within the profit and loss account dependent upon the stage of completion at the balance sheet date. |
| Investments in associates |
| Investments in associate undertakings are recognised at cost. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| QUADRANTE UK LIMITED (REGISTERED NUMBER: 11059662) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 December 2023 |
| 2. | ACCOUNTING POLICIES - continued |
| Debtors |
| Debtors do not carry any interest and are stated at their nominal value. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and Loss account where there is objective evidence that the asset has been impaired. |
| Cash at bank and in hand |
| These comprise cash at bank and other short term highly liquid deposits. |
| Creditors |
| Creditors are not interest bearing and are stated at their nominal value. |
| Going concern |
| The financial statements have been prepared on a going concern basis, which assumes that the company will continue in existence for the foreseeable future. |
| The parent company has declared its intention to continue to support the company for the foreseeable future and will not require repayment of its loans within a period of 12 months following the date of signing these accounts, unless its cash flow permits such a payment to be made without impacting upon its ability to continue to trade. |
| The directors' consider that in preparing the financial statements they have taken into account all information that could reasonably be expected to be available. On this basis they consider that it is appropriate to prepare the financial statements on a going concern basis. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was NIL (2022 - NIL). |
| 4. | PRIOR YEAR ADJUSTMENT |
| A discrepancy was identified between the Group and UK accounts in relation to the valuation of a receivables balance. The UK accounts incorrectly valued the balance in Ghanian Cedi while the Group's valuation is based on the actual cash received in Euros. The directors of the company have therefore made a prior year adjustment to correct the material currency revaluation error relating to the intercompany balance as at 31 December 2022, which reflects the reversal of exchange rate losses previously reported in the UK accounts. The adjustment has reduced the company's administrative expenses for that period by £55,536 and increased the intercompany debtor and net assets by the same amount. |
| 5. | FIXED ASSET INVESTMENTS |
| Interest |
| in |
| associate |
| £ |
| COST |
| At 1 January 2023 | 34 |
| Additions |
| At 31 December 2023 |
| NET BOOK VALUE |
| At 31 December 2023 |
| At 31 December 2022 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.12.23 | 31.12.22 |
| as restated |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| QUADRANTE UK LIMITED (REGISTERED NUMBER: 11059662) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 December 2023 |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.12.23 | 31.12.22 |
| as restated |
| £ | £ |
| Trade creditors |
| Amounts owed to group undertakings |
| Taxation and social security |
| Other creditors |
| 8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| We draw attention to note 4 to the financial statements which explains a prior year adjustment made in respect of the valuation of an intercompany loan. Our opinion is not modified in respect of this matter. |
| for and on behalf of |