Company registration number 13543826 (England and Wales)
ISQ HTEC HOLDCO LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
ISQ HTEC HOLDCO LIMITED
COMPANY INFORMATION
Directors
C L Walker
J Krynak
(Appointed 27 November 2024)
CSC CLS (UK) Limited
Secretary
CSC CLS (UK) Limited
Company number
13543826
Registered office
6 Chesterfield Gardens
Mayfair
London
United Kingdom
W1J 5BQ
ISQ HTEC HOLDCO LIMITED
CONTENTS
Page
Directors' report
1 - 2
Directors' responsibilities statement
3
Statement of comprehensive income
4
Statement of financial position
5
Statement of changes in equity
6
Statement of cash flows
7
Notes to the financial statements
8 - 17
ISQ HTEC HOLDCO LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 1 -
The directors present their annual report on the affairs of ISQ HTEC Holdco Limited (the "Company"), together with the unaudited financial statements for the year ended 30 September 2024.
Principal activities
The principal activity of the Company continued to be that of an intermediate holding company.
Results and dividends
The results for the financial year are set out on page 4. The Company generated a pre-tax loss of $8,965,570 (2023: loss of $921,787). Net assets at 30 September 2024 stood at $106,940,324 (2023: $115,825,894).
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Key performance indicators
The Company's primary role is of an intermediate holding company and as such it has no material trading activities and therefore there are no key performance indicators to be disclosed.
Going concern
After making appropriate enquiries, the Board of Directors have a reasonable expectation that the Company have adequate resources to continue in operational existence for the foreseeable future. For this reason, they have chosen to adopt the going concern basis in preparing the Company’s financial statements.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
C L Walker
R Schweizer
(Resigned 19 November 2024)
J Krynak
(Appointed 27 November 2024)
CSC CLS (UK) Limited
Qualifying third party indemnity provisions
The Company has not made qualifying third party indemnity provisions for the benefit of its Directors during the year end and up to the date of this report.
Political donations
The Company made no political and charitable donations during the financial year (2023: $nil).
Post reporting date events
The main features of the Company's future developments can be found in note 18.
Future outlook
The Company will continue to operate as a holding company in the future.
Substantial shareholdings
As at the date of this report, the Company did not receive any notifications under chapter 5 of the Disclosure Guidance and Transparency Rules.
Domicile and legal form
The company is limited by shares and registered in England and Wales. The Company is UK tax resident.
ISQ HTEC HOLDCO LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
Treasury policies
The objectives of the Company are to manage the Company's financial risk, secure cost effective funding for the Company's operations, and to minimise the adverse effects of fluctuations in the financial markets on the Company's financial assets and liabilities, on reported profitability and on the cash flows of the Company.
The Company finances its activities with a combination of shareholder loan arrangements and shareholders' equity. Other financial assets and liabilities such as trade debtors and trade creditors, arise directly from the Company's operating activities.
Principal risks and uncertainties
The principal risks are considered to be the wider global economic environment. These risks are reviewed and managed through the Company's business performance and risk management processes as disclosed in note 16.
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
J Krynak
Director
26 June 2025
ISQ HTEC HOLDCO LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
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 International Financial Reporting Standards (IFRSs) as adopted by the United Kingdom.
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 company and of the profit or loss of the company for that period. In preparing these financial statements, International Accounting Standard 1 requires that directors:
properly select and apply accounting policies;
present information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable information;
provide additional disclosures when compliance with the specific requirements in IFRSs are insufficient to enable users to understand the impact of particular transactions, other events and conditions on the entity's financial position and financial performance; and
make an assessment of the company's ability to continue as a going concern.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
ISQ HTEC HOLDCO LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -
2024
2023
Notes
$
$
Administrative expenses
4
(43,094)
(31,232)
Foreign exchange loss
(2,039)
(566)
Operating loss
(45,133)
(31,797)
Share of results of associates
(8,920,437)
(889,990)
Loss before taxation
(8,965,570)
(921,787)
Income tax expense
6
-
-
Loss and total comprehensive income for the year
12
(8,965,570)
(921,787)
There were no components of 'other comprehensive loss' which are required to be separately disclosed during the current period.
All of the amounts above are in respect of continuing operations.
The notes on pages 8 to 17 form part of these financial statements.
ISQ HTEC HOLDCO LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 SEPTEMBER 2024
30 September 2024
- 5 -
2024
2023
Notes
$
$
Non-current assets
Investment in associate
7
106,932,468
115,852,905
Current assets
Cash and cash equivalents
9
15,125
5,138
Current liabilities
Trade and other payables
10
7,269
32,149
Net assets
106,940,324
115,825,894
Equity
Called up share capital
11
121,075,700
120,995,700
Retained earnings
12
(14,135,376)
(5,169,806)
Total equity
106,940,324
115,825,894
The notes on pages 8 to 17 form part of these financial statements.
For the financial year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 26 June 2025 and are signed on its behalf by:
J Krynak
Director
Company registration number 13543826 (England and Wales)
ISQ HTEC HOLDCO LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 6 -
Share capital
Retained earnings
Total
Notes
$
$
$
Balance at 1 October 2022
100
(4,248,019)
(4,247,919)
Year ended 30 September 2023:
Loss and total comprehensive income
-
(921,787)
(921,787)
Issue of share capital
11
120,995,600
-
120,995,600
Balance at 30 September 2023
120,995,700
(5,169,806)
115,825,894
Year ended 30 September 2024:
Loss and total comprehensive income
-
(8,965,570)
(8,965,570)
Issue of share capital
11
80,000
-
80,000
Balance at 30 September 2024
121,075,700
(14,135,376)
106,940,324
The notes on pages 8 to 17 form part of these financial statements.
ISQ HTEC HOLDCO LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 7 -
2024
2023
Notes
$
$
$
$
Cash flows from operating activities
Cash absorbed by operations
(70,013)
(120,996,095)
Net cash outflow from operating activities
(70,013)
(120,996,095)
Financing activities
Proceeds from issue of shares
80,000
120,995,600
Net cash generated from financing activities
80,000
120,995,600
Net increase/(decrease) in cash and cash equivalents
9,987
(495)
Cash and cash equivalents at beginning of year
5,138
5,633
Cash and cash equivalents at end of year
15,125
5,138
The notes on pages 8 to 17 form part of these financial statements.
ISQ HTEC HOLDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 8 -
1
Accounting policies
Company information
ISQ HTEC Holdco Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6 Chesterfield Gardens, Mayfair, London, United Kingdom, W1J 5BQ. .
The Company is a wholly-owned subsidiary of ISQ HTEC Aggregator LP, a company incorporated and registered in the Cayman Islands.
The Company's financial year starts 1 October and ends 30 September.
Accounting convention
The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted for use in the United Kingdom and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS, except as otherwise stated.
The Company’s financial statements are presented in USD ("$"), which is also the Company’s functional currency and all values are rounded to the USD, unless otherwise indicated. In addition these financial statements present the statement of cash flows using the indirect method.
The financial statements have been prepared on a going concern basis under the historical cost convention. The preparation of financial statements requires management to make estimates and assumptions that affect the amounts reported for assets and liabilities as at the reporting date and the amounts reported for revenues and expenses during the period. The nature of estimates means that actual outcomes could differ from those estimates.
The Company has not prepared consolidated financial statements as it is an investment entity. Under IFRS 10 "Consolidated Financial statements", an investment entity must account for its investments in subsidiaries at fair value through profit or loss.
The principal accounting policies adopted are set out below.
1.1
Going concern
The directors, after carrying out necessary enquiries, believe that the Company has adequate sources of funding to meet any future investments and pay its expenses, and is well placed to manage its business risk successfully.true
As a consequence of the above, the directors have a reasonable expectation that the Company has adequate resources and procedures in place to manage its business risks for the foreseeable future. Accordingly, the Company has adopted the going concern basis in the preparation of the financial statements.
1.2
Investments in associate
The results of the associate are incorporated in these financial statements using the equity method of accounting.
Under the equity method, the investment in associate is carried in the Statement of Financial Position at cost plus post acquisition changes in the Company's share of net assets of the associate, less distributions received and any impairment in value of the investment.
The Company assesses its investment in the associate for impairment whether events or changes in circumstances indicate that the carrying value may not be recoverable. If such indication of impairment exists, the carrying amount of the investment is compared with its recoverable amount, being the higher of its fair value less costs of disposal and value in use. If the carrying amount exceeds the recoverable amount, the investment is written down to its recoverable amount.
ISQ HTEC HOLDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 9 -
1.3
Cash and cash equivalents
Cash and cash equivalents comprise cash balances and call deposits.
1.4
Financial assets
Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Classification and measurement
The classification of financial assets at initial recognition depends on the financial asset's contractual cash flow characteristics and the Company's business model for managing the team. The Company initially measures a financial asset at its fair value, plus transaction costs.
Impairment of financial assets
For financial assets held at amortised cost, IFRS 9 requires the Company’s financial assets to be subject to a forward looking expected credit loss model ("ECL"). The expected loss rates are based upon the historical credit losses experienced within the period, adjusted for current and forward looking information on macroeconomic factors affecting the liability of the receivable to settle.
Financial assets are written off when there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include, among others, the probability of insolvency or significant financial difficulties of the debtor. Impaired debts are derecognised when they are assessed as uncollectible.
All impairment losses are recognised in the statement of comprehensive income. An impairment loss is reversed if the reversal can be related objectively to an event occurring after the impairment loss was recognised.
1.5
Financial liabilities
The company recognises financial debt when the company becomes a party to the contractual provisions of the instruments. All financial liabilities are recognised initially at fair value and, in the case of trade and other payables, net of directly attributable transaction costs.
The Company’s financial liabilities include trade and other payables.
1.6
Share capital
Share capital consists of ordinary shares which are classified as equity when there is no obligation to transfer cash or other assets.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
Current income tax assets and liabilities are measured at the reporting date at the amount expected to be recovered from or paid to taxation authorities using the tax rates and laws that have been enacted or substantively enacted by the date of the statement of financial position.
ISQ HTEC HOLDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 10 -
Deferred tax
Deferred tax is provided using the liability method on temporary differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes at the reporting date, whereas the deferred tax assets will be recognised to the extent that they do not exceed the deferred tax liability.
Deferred tax liabilities are recognised for all taxable temporary differences, except in respect of taxable temporary differences associated with investments in subsidiaries, associates and interests in joint arrangements, when the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future.
Deferred tax assets are recognised for all deductible temporary differences, the carry forward of unused tax credits and any unused tax losses. Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilised.
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised. Unrecognised deferred tax assets are re‐assessed at each reporting date and are recognised to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date.
1.8
Provisions
Provisions are recognised when the Company has a present legal or constructive obligation as a result of a past event for which, it is more likely than not that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated.
Provisions are recognised as the present value of the expenditures expected to be required to settle the obligation. No provision is recognised for future operating losses.
Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligation as a whole. A provision may be recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.
1.9
Foreign exchange
Transactions in foreign currencies are translated at the foreign exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the date of the statement of financial position are translated at the foreign exchange rate ruling at that date. Foreign exchange differences are recognised in the statement of comprehensive income within ‘Finance income’ or ‘Finance costs’.
Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction.
1.10
Expenses are recognised in the statement of comprehensive income in the period in which they are incurred and include administration expenses such as marketing expenses, leasing fees, professional fees, service charge expenses, legal fees, management fees, advisory fees and other operating expenses.
ISQ HTEC HOLDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 11 -
2
Adoption of new and revised standards and changes in accounting policies
Amendments to IFRSs that are mandatorily effective for the current period
In the current year, the Company has applied a number of new standards and amendments to existing IFRSs issued by the International Accounting Standards Board (IASB) that are mandatorily effective for an accounting period that begins on or after 1 January 2024. Their adoption has not had any material impact on the disclosures or on the amounts reported in these financial statements.
Lease liability in a Sale and Leaseback (Amendments to IFRS 16) (Effective 1 January 2024)
Non-current Liabilities with Covenants and Classification of Liabilities as Current or Non-current (Amendments to IAS 1) (Effective 1 January 2024)
Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7) (Effective 1 January 2024)
IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information and IFRS S2 Climate related disclosures (Effective 1 January 2024)
All of the amendments listed above did not have any impact on the amounts recognised in current period and are not expected to significantly affect future periods.
There are no other IFRSs or IFRS IC interpretations that are effective for the first time for the financial year beginning on or after 1 January 2024 that would be expected to have a material impact on the Company.
Standards which are in issue but not yet effective
As at the date of authorisation of these financial statements, the following key standards and amendments were in issue but not yet effective. The Company has not applied these standards and interpretations in the preparation of these financial statements.
Lack of Exchangeability (Amendments to IAS 21) (Effective 1 January 2025)
Amendments to the Classification and Measurement of Financial Instruments) (Amendments to IFRS 9 and IFRS 7) (Effective 1 January 2026)
Annual Improvements to IFRS Accounting Standards (Volume 11) (Effective 1 January 2026)
Contracts referencing Nature-dependent Electricity (Amendments to IFRS 9 and IFRS 7) (Effective 1 January 2026)
Presentation and Disclosure in Financial Statements (IFRS 18) (Effective 1 January 2027)
Subsidiaries without Public Accountability: Disclosures (IFRS 19) (Effective 1 January 2027)
None of the IFRSs or IFRS IC interpretations that are in issue but not yet effective are expected to have a material impact on the Company.
3
Critical accounting estimates and judgements
In the application of the Company’s accounting policies, which are described in note 2, the Directors are required to make judgements, estimates and assumptions about the carrying amounts 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
ISQ HTEC HOLDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 12 -
4
Operating loss
Operating loss for the year is stated after charging:
2024
2023
$
$
Legal and professional fees
37,310
26,211
Bank charges
5,784
5,020
43,094
31,231
5
Employees
The Company has no employees and services required are contracted from third parties. The Directors received no remuneration from the Company in respect of qualifying services rendered during the period under review.
6
Income tax expense
Analysis of the tax charge
The tax charge on the loss on ordinary activities for the period were as follows:
2024
2023
$
$
Current tax
Total tax charge
-
-
The charge for the year can be reconciled to the loss per the income statement as follows:
2024
2023
$
$
Loss before taxation
(8,965,570)
(921,787)
Expected tax credit based on a corporation tax rate of 25.00% (2023: 22.00%)
(2,241,393)
(202,793)
Non-recognised deferred tax assets
2,241,393
202,793
Taxation charge for the year
-
-
7
Investment in associate
2024
2023
$
$
Investments in associates
106,932,468
115,852,905
On 13 August 2021, the Company acquired a 34.1% interest in HTEC Hydrogen Technology & Energy Corporation for a total consideration of $120,961,819. The Company's interest in HTEC Hydrogen Technology & Energy Corporation is accounted for as an associate using the equity method in the financial statements, due to the size of the shareholding and significant influence over the business.
ISQ HTEC HOLDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
7
Investment in associate
(Continued)
- 13 -
Movements in non-current investments
Shares in associates
$
Cost or valuation
At 1 October 2023
115,852,905
Company's share of losses
(8,920,437)
At 30 September 2024
106,932,468
Carrying amount
At 30 September 2024
106,932,468
At 30 September 2023
115,852,905
The Company has no contingent liabilities or capital commitments relating to its interests in the associate at 30 September 2024 (2023: $nil).
8
Associates
Details of the company's associate at 30 September 2024 are as follows:
Name of undertaking
Registered office
Principal activities
Class of
% Held
shares held
Direct
HTEC Hydrogen Technology & Energy Corporation
Canada
Manufacturer of liquefaction and cryogenic equipment
Ordinary shares
34.10
The associate is accounted for using the equity method in these financial statements as set out in the Company's statement of accounting policies in note 1.2.
9
Cash and cash equivalents
1 October 2023
Cash flows
30 September 2024
$
$
$
Cash at bank and in hand
5,138
9,987
15,125
1 October 2022
Cash flows
30 September 2023
Prior year:
$
$
$
Cash at bank and in hand
5,633
(495)
5,138
ISQ HTEC HOLDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 14 -
10
Trade and other payables
2024
2023
$
$
Trade payables
1,311
26,192
Amount owed to parent undertaking
5,958
5,958
7,269
32,149
The Directors consider that the carrying amount of trade and other payables approximates to their fair value.
11
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
$
$
Issued and fully paid
Ordinary shares of $1 each
121,075,700
120,995,700
121,075,700
120,995,700
On 22 December 2023, the Company issued 80,000 ordinary shares for a total consideration of $80,000 to ISQ HTEC Aggregator LP.
The Company has one class of ordinary shares which carry no right to fixed income.
12
Retained earnings
2024
2023
$
$
At the beginning of the year
(5,169,806)
(4,248,019)
Loss for the year
(8,965,570)
(921,787)
At the end of the year
(14,135,376)
(5,169,806)
13
Capital commitments
The Company does not have any capital commitments or contingent liabilities that have not been included in these financial statements.
14
Related party transactions
During the financial period the company entered into transactions, in the ordinary course of business, with related parties. Transactions entered into, and trading balances outstanding at 30 September 2024 with other related parties, are as follows:
2024
2023
$
$
Parent company
-
120,989,642
ISQ HTEC HOLDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
14
Related party transactions
(Continued)
- 15 -
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due to related parties
$
$
Parent company
5,958
5,958
Other information
There were no transactions with key management personnel during the year under review.
Transactions with related parties does not include accrued interest on balances due from/to group undertakings.
The amounts outstanding are unsecured and will be settled in cash. No guarantees have been given or received. No provisions have been made for doubtful debts in respect of the amounts owed by related parties.
15
Financial instruments
The narrative disclosures required by IFRS 9 in relation to the nature of the financial instruments used during the period by the Company.
The Company’s principal financial assets and liabilities comprise of trade and other receivables and trade and other payables. The main purpose of these financial liabilities is to finance the Company’s operations.
ISQ HTEC HOLDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 16 -
16
Financial Risk Management
Principal risks and uncertainties
The Company’s activities expose it to a variety of financial risks: market risk (including interest rate risk, credit risk, foreign currency risk and liquidity risk.
Risk management is carried out by applied policies approved from the Board of Directors of the Company. The Board of Directors of the Company provided principles for overall risk management as well as policies covering specific areas such as interest rate risks, credit risk and investment of excess liquidity.
Market risk
Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and equity prices will affect the Company’s income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return.
i) Foreign currency risk
Foreign exchange risk is the risk that that the fair value of future cash flows of a financial instrument will fluctuate because of changes in foreign exchanges rates. The Company is exposed to an immaterial level of currency risk as all of the Company’s financial assets and liabilities are denominated in euro.
ii) Interest rate risk
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company’s exposure to the risk of changes in market interest is very limited.
Credit risk
The Company is exposed to credit risk, which is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge an obligation. The Company's maximum exposure to credit risk is the total carrying amount of the financial assets as set out in the statement of financial position.
Liquidity risk
Liquidity risk is the risk that the Company may not be able to generate sufficient cash resources to settle its obligations in full as they fall due or can only do so on terms that are materially disadvantageous. When funds are required capital contributions are called from the shareholders.
The table below summarises the company’s non-derivative financial liabilities as per IFRS 7.39 into relevant maturity profiles, based on the remaining period at the balance sheet date to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows.
| | Between 3 months and 1 year | | | |
| | | | | |
| | | | | |
| | | | | |
| | Between 3 months and 1 year | | | |
| | | | | |
| | | | | |
| | | | | |
ISQ HTEC HOLDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 17 -
17
Controlling party
The Company is a wholly-owned subsidiary of ISQ HTEC Aggregator LP, a company incorporated and registered in the Cayman Islands at Ugland House, PO Box 309, Grand Cayman, KY1-1104. ISQ Global fund III GP LLC, a company incorporated and registered in the United States at 251 Little Falls Drive, Wilmington, New Castle, DE 19808, is the ultimate parent company.
18
Events after the reporting date
On 19 May 2025, the Company cancelled 121,075,699 ordinary shares of $1 each, reducing its share capital from $121,075,700 to $1.00. The purpose of the Capital Reduction was to create distributable reserves.
2024-09-302023-10-01falseCCH SoftwareCCH Accounts Production 2024.100C L WalkerR SchweizerJ KrynakCSC CLS (UK) LimitedDominic SpiriCSC CLS (UK) Limited135438262023-10-012024-09-3013543826bus:Director12023-10-012024-09-3013543826bus:Director32023-10-012024-09-3013543826bus:CompanySecretaryDirector12023-10-012024-09-3013543826bus:CompanySecretary12023-10-012024-09-3013543826bus:Director22023-10-012024-09-3013543826bus:Director42023-10-012024-09-3013543826bus:Director52023-10-012024-09-3013543826bus:RegisteredOffice2023-10-012024-09-3013543826core:ContinuingOperations2023-10-012024-09-30135438262022-10-012023-09-3013543826core:ContinuingOperations2022-10-012023-09-3013543826core:RetainedEarningsAccumulatedLosses2023-10-012024-09-3013543826core:RetainedEarningsAccumulatedLosses2022-10-012023-09-30135438262024-09-3013543826core:Non-currentFinancialInstruments2024-09-3013543826core:Non-currentFinancialInstruments2023-09-3013543826core:CurrentFinancialInstruments2024-09-3013543826core:ShareCapital2024-09-3013543826core:ShareCapital2023-09-3013543826core:RetainedEarningsAccumulatedLosses2024-09-3013543826core:RetainedEarningsAccumulatedLosses2023-09-3013543826core:OtherMiscellaneousReserve2022-09-30135438262023-09-3013543826core:ShareCapital2022-10-012023-09-3013543826core:ShareCapital2023-10-012024-09-301354382612023-10-012024-09-301354382612022-10-012023-09-301354382612023-10-012024-09-3013543826core:CurrentFinancialInstruments2023-09-3013543826core:ParentEntities2024-09-3013543826core:ParentEntities2023-09-301354382612023-10-012024-09-3013543826bus:PrivateLimitedCompanyLtd2023-10-012024-09-3013543826bus:AuditExempt-NoAccountantsReport2023-10-012024-09-3013543826bus:FullIFRS2023-10-012024-09-3013543826bus:FullAccounts2023-10-012024-09-30xbrli:purexbrli:sharesiso4217:GBP