Caseware UK (AP4) 2024.0.164 2024.0.164 2024-12-312024-12-312024-12-31true2024-01-01falseNo description of principal activity00trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 11388567 2024-01-01 2024-12-31 11388567 2023-01-01 2023-12-31 11388567 2024-12-31 11388567 2023-12-31 11388567 2023-01-01 11388567 1 2024-01-01 2024-12-31 11388567 1 2023-01-01 2023-12-31 11388567 d:Director2 2024-01-01 2024-12-31 11388567 e:OfficeEquipment 2024-01-01 2024-12-31 11388567 e:OfficeEquipment 2024-12-31 11388567 e:OfficeEquipment 2023-12-31 11388567 e:OfficeEquipment e:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 11388567 e:ComputerEquipment 2024-01-01 2024-12-31 11388567 e:CurrentFinancialInstruments 2024-12-31 11388567 e:CurrentFinancialInstruments 2023-12-31 11388567 e:CurrentFinancialInstruments e:WithinOneYear 2024-12-31 11388567 e:CurrentFinancialInstruments e:WithinOneYear 2023-12-31 11388567 e:ShareCapital 2024-01-01 2024-12-31 11388567 e:ShareCapital 2024-12-31 11388567 e:ShareCapital 2023-01-01 2023-12-31 11388567 e:ShareCapital 2023-12-31 11388567 e:ShareCapital 2023-01-01 11388567 e:SharePremium 2024-01-01 2024-12-31 11388567 e:SharePremium 2024-12-31 11388567 e:SharePremium 1 2024-01-01 2024-12-31 11388567 e:SharePremium 2023-01-01 2023-12-31 11388567 e:SharePremium 2023-12-31 11388567 e:SharePremium 2023-01-01 11388567 e:SharePremium 1 2023-01-01 2023-12-31 11388567 e:ForeignCurrencyTranslationReserve 2024-01-01 2024-12-31 11388567 e:OtherMiscellaneousReserve 2024-01-01 2024-12-31 11388567 e:OtherMiscellaneousReserve 2024-12-31 11388567 e:OtherMiscellaneousReserve 1 2024-01-01 2024-12-31 11388567 e:OtherMiscellaneousReserve 2023-12-31 11388567 e:OtherMiscellaneousReserve 2023-01-01 11388567 e:OtherMiscellaneousReserve 1 2023-01-01 2023-12-31 11388567 e:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 11388567 e:RetainedEarningsAccumulatedLosses 2024-12-31 11388567 e:RetainedEarningsAccumulatedLosses 1 2024-01-01 2024-12-31 11388567 e:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 11388567 e:RetainedEarningsAccumulatedLosses 2023-12-31 11388567 e:RetainedEarningsAccumulatedLosses 2023-01-01 11388567 e:RetainedEarningsAccumulatedLosses 1 2023-01-01 2023-12-31 11388567 d:OrdinaryShareClass1 2024-01-01 2024-12-31 11388567 d:OrdinaryShareClass1 2024-12-31 11388567 d:OrdinaryShareClass1 2023-12-31 11388567 d:OrdinaryShareClass2 2024-01-01 2024-12-31 11388567 d:OrdinaryShareClass2 2024-12-31 11388567 d:OrdinaryShareClass2 2023-12-31 11388567 d:OrdinaryShareClass3 2024-01-01 2024-12-31 11388567 d:OrdinaryShareClass3 2024-12-31 11388567 d:OrdinaryShareClass3 2023-12-31 11388567 d:OrdinaryShareClass4 2024-01-01 2024-12-31 11388567 d:OrdinaryShareClass4 2024-12-31 11388567 d:OrdinaryShareClass4 2023-12-31 11388567 d:OrdinaryShareClass5 2024-01-01 2024-12-31 11388567 d:OrdinaryShareClass5 2024-12-31 11388567 d:FRS102 2024-01-01 2024-12-31 11388567 d:AuditExempt-NoAccountantsReport 2024-01-01 2024-12-31 11388567 d:FullAccounts 2024-01-01 2024-12-31 11388567 d:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 11388567 e:Subsidiary1 2024-01-01 2024-12-31 11388567 e:Subsidiary1 1 2024-01-01 2024-12-31 11388567 e:Subsidiary2 2024-01-01 2024-12-31 11388567 e:Subsidiary2 1 2024-01-01 2024-12-31 11388567 e:Subsidiary3 2024-01-01 2024-12-31 11388567 e:Subsidiary3 1 2024-01-01 2024-12-31 11388567 d:Consolidated 2024-12-31 11388567 d:ConsolidatedGroupCompanyAccounts 2024-01-01 2024-12-31 11388567 2 2024-01-01 2024-12-31 11388567 6 2024-01-01 2024-12-31 11388567 e:ShareCapital 1 2024-01-01 2024-12-31 11388567 e:ShareCapital 1 2023-01-01 2023-12-31 11388567 f:PoundSterling 2024-01-01 2024-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 11388567










PQSHIELD LTD








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2024

 
PQSHIELD LTD
REGISTERED NUMBER: 11388567

CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
342,482
178,571

  
342,482
178,571

Current assets
  

Debtors: amounts falling due within one year
 6 
2,762,625
2,008,994

Cash at bank and in hand
 7 
25,894,585
5,659,702

  
28,657,210
7,668,696

Creditors: amounts falling due within one year
 8 
(826,696)
(689,621)

Net current assets
  
 
 
27,830,514
 
 
6,979,075

Total assets less current liabilities
  
28,172,996
7,157,646

  

Net assets
  
28,172,996
7,157,646


Capital and reserves
  

Called up share capital 
 9 
582
371

Share premium account
 10 
48,374,465
19,464,936

Foreign exchange reserve
 10 
(23,593)
14,473

Share based payment reserve
 10 
4,141,278
3,753,529

Profit and loss account
 10 
(24,319,736)
(16,075,663)

  
28,172,996
7,157,646


Page 1

 
PQSHIELD LTD
REGISTERED NUMBER: 11388567

CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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

The Company has opted not to file the consolidated statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




A El-Kaafarani
Director

Date: 6 June 2025

The notes on pages 7 to 14 form part of these financial statements.

Page 2

 
PQSHIELD LTD
REGISTERED NUMBER: 11388567

COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
317,255
162,711

Investments
 5 
1,816
1,816

  
319,071
164,527

Current assets
  

Debtors: amounts falling due within one year
 6 
2,989,503
2,059,711

Cash at bank and in hand
 7 
25,411,499
5,298,763

  
28,401,002
7,358,474

Creditors: amounts falling due within one year
 8 
(1,286,341)
(975,686)

Net current assets
  
 
 
27,114,661
 
 
6,382,788

Total assets less current liabilities
  
27,433,732
6,547,315

Net assets
  
27,433,732
6,547,315


Capital and reserves
  

Called up share capital 
 9 
582
371

Share premium account
 10 
48,374,465
19,464,936

Other reserves
 10 
4,141,278
3,753,529

Profit and loss account brought forward
  
(16,671,521)
(9,621,860)

Loss for the year

  

(8,528,892)
(7,049,661)

Other changes in the profit and loss account

  

117,820
-

Profit and loss account carried forward
  
(25,082,593)
(16,671,521)

  
27,433,732
6,547,315


Page 3

 
PQSHIELD LTD
REGISTERED NUMBER: 11388567

COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024

The directors consider that the Company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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

The Company has opted not to file the consolidated statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




A El-Kaafarani
Director

Date: 6 June 2025

The notes on pages 7 to 14 form part of these financial statements.

Page 4

 
PQSHIELD LTD
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Share premium account
Foreign exchange reserve
Share based payment reserve
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£
£
£
£
£

At 1 January 2024
371
19,464,936
14,473
3,753,529
(16,075,663)
7,157,646
7,157,646



Loss for the year
-
-
-
-
(8,361,893)
(8,361,893)
(8,361,893)

Currency translation differences
-
-
(38,066)
-
-
(38,066)
(38,066)

Share based payment charge
-
-
-
505,569
-
505,569
505,569

Shares issued during the year
211
28,909,529
-
-
-
28,909,740
28,909,740

Share based payment charge
-
-
-
(117,820)
117,820
-
-


At 31 December 2024
582
48,374,465
(23,593)
4,141,278
(24,319,736)
28,172,996
28,172,996


The notes on pages 7 to 14 form part of these financial statements.


CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Share premium account
Foreign exchange reserve
Share based payment reserve
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£
£
£
£
£

At 1 January 2023
369
19,423,480
8,035
3,017,065
(9,401,516)
13,047,433
13,047,433



Loss for the year
-
-
-
-
(6,674,147)
(6,674,147)
(6,674,147)

Currency translation differences
-
-
6,438
-
-
6,438
6,438

Share based payment charge
-
-
-
736,464
-
736,464
736,464

Shares issued during the year
2
41,456
-
-
-
41,458
41,458


At 31 December 2023
371
19,464,936
14,473
3,753,529
(16,075,663)
7,157,646
7,157,646


The notes on pages 7 to 14 form part of these financial statements.

Page 5

 
PQSHIELD LTD
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Share premium account
Share based payment reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 January 2024
371
19,464,936
3,753,529
(16,671,521)
6,547,315



Loss for the year
-
-
-
(8,528,892)
(8,528,892)

Share based payment charge
-
-
505,569
-
505,569

Shares issued during the year
211
28,909,529
-
-
28,909,740

Transfer to/from profit and loss account
-
-
(117,820)
117,820
-


At 31 December 2024
582
48,374,465
4,141,278
(25,082,593)
27,433,732


The notes on pages 7 to 14 form part of these financial statements.


COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Share premium account
Other reserves
Profit and loss account
Total equity

£
£
£
£
£

At 1 January 2023
369
19,423,480
3,017,065
(9,621,860)
12,819,054



Loss for the year
-
-
-
(7,049,661)
(7,049,661)

Share based payment charge
-
-
736,464
-
736,464

Shares issued during the year
2
41,456
-
-
41,458


At 31 December 2023
371
19,464,936
3,753,529
(16,671,521)
6,547,315


The notes on pages 7 to 14 form part of these financial statements.

Page 6

 
PQSHIELD LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

PQShield Ltd is a private company limited by share capital and incorporated in England and Wales.
The registered office is at: 267 (Prama House) Banbury Road, Summertown, Oxford, OX2 7HT.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 January 2015.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 7

 
PQSHIELD LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.4

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Government grants

Grants are accounted for under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Consolidated statement of comprehensive income in the same period as the related expenditure.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Group in independently administered funds.

 
2.8

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.


 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 8

 
PQSHIELD LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.9
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
33%
Computer equipment
-
33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Consolidated statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Employees
62
44

Page 9

 
PQSHIELD LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


Tangible fixed assets

Group






Office equipment
Computer equipment
Total

£
£
£



Cost or valuation


At 1 January 2024
289,261
21,788
311,049


Additions
286,933
18,085
305,018



At 31 December 2024

576,194
39,873
616,067



Depreciation


At 1 January 2024
126,550
5,927
132,477


Charge for the year on owned assets
132,389
8,719
141,108



At 31 December 2024

258,939
14,646
273,585



Net book value



At 31 December 2024
317,255
25,227
342,482



At 31 December 2023
162,711
15,861
178,572

Page 10

 
PQSHIELD LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

           4.Tangible fixed assets (continued)


Company






Office equipment

£

Cost or valuation


At 1 January 2024
289,261


Additions
286,933



At 31 December 2024

576,194



Depreciation


At 1 January 2024
126,550


Charge for the year on owned assets
132,389



At 31 December 2024

258,939



Net book value



At 31 December 2024
317,255



At 31 December 2023
162,711







5.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2024
1,816



At 31 December 2024
1,816




Page 11

 
PQSHIELD LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

PQShield Inc
Corporation Trust Center, 1209 Orange Street, Wilmington, New Castle County, DE 19801
Ordinary
100%
PQShield SAS
259 rue Saint Honoré, Paris, 75001
Ordinary
100%
PQShield B.V
Keizersgracht 62, Amsterdam, 1015CS
Ordinary
100%


6.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Trade debtors
147,931
7,855
29,169
-

Amounts owed by group undertakings
-
-
883,982
397,314

Other debtors
253,776
220,012
201,623
175,034

Prepayments and accrued income
360,020
297,516
356,485
290,612

Tax recoverable
2,000,898
1,483,611
1,518,244
1,196,751

2,762,625
2,008,994
2,989,503
2,059,711



7.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
25,894,585
5,659,702
25,411,499
5,298,763

Less: Credit Card
(3,404)
(7,090)
-
-

25,891,181
5,652,612
25,411,499
5,298,763


Page 12

 
PQSHIELD LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

8.


Creditors: amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank overdrafts
3,404
7,090
-
-

Trade creditors
178,718
162,380
171,843
155,388

Amounts owed to group undertakings
-
-
783,264
524,908

Corporation tax
7,703
2,940
-
-

Other taxation and social security
210,613
197,436
163,777
148,104

Other creditors
67,634
38,780
(3,112)
(642)

Accruals and deferred income
358,624
280,995
170,569
147,928

826,696
689,621
1,286,341
975,686



9.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



67,778 (2023 - 63,025) Ordinary shares of £0.001 each
68
63
46,263 (2023 - 46,263) Series Seed I shares of £0.001 each
46
46
120,223 (2023 - 120,223) Series Seed II shares of £0.001 each
120
120
141,536 (2023 - 141,536) Series A shares of £0.001 each
142
142
206,151 (2023 - nil) Series B shares of £0.001 each
206
-

582

371


During the year, 210,904 Ordinary shares of £0.001 each were issued during the year for a total consideration of £29,106,145. Costs of £196,405 directly attributable to the share issue have been posted against share premium. 

Page 13

 
PQSHIELD LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

10.


Reserves

Share premium account

The share premium account represents premiums received on the initial issuance of share capital. Incremental costs directly attributable to the new share capital are shown as a deduction, net of tax, from the share premium account.

Foreign exchange reserve

The foreign exchange reserve is the accumulated exchange gains or losses on translation of foreign subsidiaries during consolidation at the year end date.

Share based payment reserve

The share based payment reserve represents the cumulative amount which has been expensed in the Statement of Comprehensive Income in connrection with equity settled share based payments, less any amounts transferred to the retained earnings on the exercise of share options.

Profit and loss account

The profit and loss account includes all current and prior results disclosed in the Statement of Comprehensive Income.


11.


Share-based payments

During the year 16,687 (2023: 4,235) EMI and unapproved share options were granted. Included within the profit and loss is an amount of £505,569 (2023: £736,464) as an estimation of the share based payment charge.


12.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £167,808 during the accounting year (2023: £134,822). 


13.


Controlling party

The company is controlled by the sole director.

Page 14