13 1 June 2025 false false false false false false false false false false true false false false false true false No description of principal activity 2024-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 495,907 495,907 xbrli:pure xbrli:shares iso4217:GBP 07252267 2024-01-01 2024-12-31 07252267 2024-12-31 07252267 2023-12-31 07252267 2023-01-01 2023-12-31 07252267 2023-12-31 07252267 2022-12-31 07252267 core:FurnitureFittings 2024-01-01 2024-12-31 07252267 bus:Director1 2024-01-01 2024-12-31 07252267 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-12-31 07252267 core:FurnitureFittings 2023-12-31 07252267 core:FurnitureFittings 2024-12-31 07252267 core:WithinOneYear 2024-12-31 07252267 core:WithinOneYear 2023-12-31 07252267 core:ShareCapital 2024-12-31 07252267 core:ShareCapital 2023-12-31 07252267 core:RetainedEarningsAccumulatedLosses 2024-12-31 07252267 core:RetainedEarningsAccumulatedLosses 2023-12-31 07252267 core:FurnitureFittings 2023-12-31 07252267 bus:SmallEntities 2024-01-01 2024-12-31 07252267 bus:Audited 2024-01-01 2024-12-31 07252267 bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 07252267 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 07252267 bus:FullAccounts 2024-01-01 2024-12-31 07252267 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-01-01 2024-12-31
COMPANY REGISTRATION NUMBER: 07252267
QUINTAS ENERGY UK LTD
FILLETED FINANCIAL STATEMENTS
31 December 2024
QUINTAS ENERGY UK LTD
STATEMENT OF FINANCIAL POSITION
31 December 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
6
9,972
11,398
Current assets
Debtors
7
4,094,693
3,829,290
Cash at bank and in hand
1,157,622
898,014
-------------
-------------
5,252,315
4,727,304
Creditors: amounts falling due within one year
8
729,419
782,168
-------------
-------------
Net current assets
4,522,896
3,945,136
-------------
-------------
Total assets less current liabilities
4,532,868
3,956,534
Provisions
Taxation including deferred tax
2,493
2,850
-------------
-------------
Net assets
4,530,375
3,953,684
-------------
-------------
Capital and reserves
Called up share capital
80,000
80,000
Profit and loss account
4,450,375
3,873,684
-------------
-------------
Shareholders funds
4,530,375
3,953,684
-------------
-------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the board of directors and authorised for issue on 1 June 2025 , and are signed on behalf of the board by:
Mr D O'Halloran
Director
Company registration number: 07252267
QUINTAS ENERGY UK LTD
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 168 Church Road, Hove, East Sussex, BN3 2DL.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
No material uncertainties that may cast significant doubt about the ability of the company to continue as a going concern have been identified by the directors.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102 Section 1A. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: - No cash flow statement has been presented for the company.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. When providing day services, turnover is usually recognised on completion of the service and, for monthly engagements, it is recognised by reference to the stage of completion at the balance sheet date.
Income tax
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Development costs
-
25% - 33% Sraight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Research and development
Research expenditure is written off in the period in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
20% straight line
Equipment
-
15% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 13 (2023: 13 ).
5. Intangible assets
Development costs
£
Cost
At 1 January 2024 and 31 December 2024
495,907
----------
Amortisation
At 1 January 2024 and 31 December 2024
495,907
----------
Carrying amount
At 31 December 2024
----------
At 31 December 2023
----------
6. Tangible assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 January 2024
50,917
76,542
127,459
Additions
4,117
4,117
---------
---------
----------
At 31 December 2024
50,917
80,659
131,576
---------
---------
----------
Depreciation
At 1 January 2024
44,368
71,693
116,061
Charge for the year
3,747
1,796
5,543
---------
---------
----------
At 31 December 2024
48,115
73,489
121,604
---------
---------
----------
Carrying amount
At 31 December 2024
2,802
7,170
9,972
---------
---------
----------
At 31 December 2023
6,549
4,849
11,398
---------
---------
----------
7. Debtors
2024
2023
£
£
Trade debtors
1,057,449
747,649
Amounts owed by group undertakings and undertakings in which the company has a participating interest
2,957,766
3,059,848
Other debtors
79,478
21,793
-------------
-------------
4,094,693
3,829,290
-------------
-------------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
12,910
19,493
Amounts owed to group undertakings and undertakings in which the company has a participating interest
172,362
Corporation tax
116,598
85,030
Social security and other taxes
349,765
324,727
Other creditors
250,146
180,556
----------
----------
729,419
782,168
----------
----------
9. Summary audit opinion
The auditor's report dated 1 June 2025 was unqualified .
The senior statutory auditor was Christopher Kyffin-Walton FCCA , for and on behalf of UHY Hacker Young (S.E.) Limited .
10. Related party transactions
Quintas Energy SL (Spain) During the year the company's parent company, Quintas Energy SL, charged the company management fees and fees to support customer installations in the sum of £4,923,152 (2023: £4,873,165). At the Balance Sheet date the company was owed £653,564 (2023: was owed £1,035,969) by Quintas Energy SL. Quintas Cleantech SL During the year fees were recharged to Quintas Cleantech SL for costs and services provided the sum of £nil (2023: £197,775). At the Balance Sheet date the company was owed £825,664 (2023: £1,007,257) by Quintas Cleantech SL, a company in which D O'Halloran is also a director. Quintas Energy Australia (Australia) At the Balance Sheet date the company was owed £545,921 (2023: £545,921) by Quintas Energy Australia, a company in which D O'Halloran is also a director. Quintas Energy Italia SRL (Italy) During the year no fees were recharged from Italy to support customer installations (2023: £nil). At the Balance Sheet date the company owed £nil (2023: £172,362) to Quintas Energy Italia SRL, a company in which D O'Halloran is also a director. QC Aymaro Limited During the year fees were recharged to QC Aymaro Limited for costs and services provided the sum of £125,917 (2023: £93,408). At the Balance Sheet date the company was owed £108,927 (2023: £99,644) by QC Aymaro Limited, a company in which D O'Halloran is also a director. QC Canice Limited During the year fees were recharged to QC Canice Limited for costs and services provided the sum of £30,957 (2023: £nil). At the Balance Sheet date the company was owed £37,649 (2023: £nil) by QC Canice Limited, a company in which D O'Halloran is also a director. QC Columcille Limited During the year fees were recharged to QC Columcille Limited for costs and services provided the sum of £1,386 (2023: £nil). At the Balance Sheet date the company was owed £1,663 (2023: £nil) by QC Columcille Limited, a company in which D O'Halloran is also a director. QC Cronan Limited During the year fees were recharged to QC Cronan Limited for costs and services provided the sum of £40,250 (2023: £nil). At the Balance Sheet date the company was owed £48,959 (2023: £nil) by QC Cronan Limited, a company in which D O'Halloran is also a director. QC Dervla Limited During the year fees were recharged to QC Dervla Limited for costs and services provided the sum of £35,181 (2023: £nil). At the Balance Sheet date the company was owed £42,790 (2023: £nil) by QC Dervla Limited, a company in which D O'Halloran is also a director. QC Magnus Limited During the year fees were recharged to QC Magnus Limited for costs and services provided the sum of £33,854 (2023: £1,392). At the Balance Sheet date the company was owed £43,218 (2023: £1,671) by QC Magnus Limited, a company in which D O'Halloran is also a director. QC Montferrat Limited During the year fees were recharged to QC Montferrat Limited for costs and services provided the sum of £32,165 (2023: £1,392). At the Balance Sheet date the company was owed £40,742 (2023: £1,671) by QC Montferrat Limited, a company in which D O'Halloran is also a director. QC Morimondo Limited During the year fees were recharged to QC Morimondo Limited for costs and services provided the sum of £32,308 (2023: £3,452). At the Balance Sheet date the company was owed £44,805 (2023: £16,142) by QC Morimondo Limited, a company in which D O'Halloran is also a director. QC Otranto Limited During the year fees were recharged to QC Otranto Limited for costs and services provided the sum of £59,201 (2023: £1,392). At the Balance Sheet date the company was owed £73,644 (2023: £1,671) by QC Otranto Limited, a company in which D O'Halloran is also a director. QC Pacifius Limited During the year fees were recharged to QC Pacifius Limited for costs and services provided the sum of £149,290 (2023: £117,702). At the Balance Sheet date the company was owed £121,108 (2023: £122,164) by QC Pacifius Limited, a company in which D O'Halloran is also a director. QC Senan Limited During the year fees were recharged to QC Senan Limited for costs and services provided the sum of £56,303 (2023: £nil). At the Balance Sheet date the company was owed £68,495 (2023: £nil) by QC Senan Limited, a company in which D O'Halloran is also a director. QC Ubertino Limited During the year fees were recharged to QC Ubertino Limited for costs and services provided the sum of £150,442 (2023: £117,702). At the Balance Sheet date the company was owed £121,264 (2023: £120,985) by QC Ubertino Limited, a company in which D O'Halloran is also a director. QC Waldo Limited During the year fees were recharged to QC Waldo Limited for costs and services provided the sum of £59,495 (2023: £4,329). At the Balance Sheet date the company was owed £79,678 (2023: £6,933) by QC Waldo Limited, a company in which D O'Halloran is also a director. QC Whepstead Limited During the year fees were recharged to QC Whepstead Limited for costs and services provided the sum of £122,377 (2023: £96,929). At the Balance Sheet date the company was owed £99,572 (2023: £99,818) by QC Whepstead Limited, a company in which D O'Halloran is also a director.
11. Controlling party
Quintas Energy UK Limited is a 100% owned subsidiary of Quintas Energy SL (Spain), the ultimate parent company. The ultimate controlling party is D O'Halloran.