IRIS Accounts Productionv25.1.4.4207113561Board of Directors1.1.2431.12.2431.12.24truefalsetruefalsefalsetruefalse iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh071135612023-12-31071135612024-12-31071135612024-01-012024-12-31071135612022-12-31071135612023-01-012023-12-31071135612023-12-3107113561ns15:EnglandWales2024-01-012024-12-3107113561ns14:Euro2024-01-012024-12-3107113561ns10:Director12024-01-012024-12-3107113561ns10:PrivateLimitedCompanyLtd2024-01-012024-12-3107113561ns10:SmallEntities2024-01-012024-12-3107113561ns10:AuditExempt-NoAccountantsReport2024-01-012024-12-3107113561ns10:SmallCompaniesRegimeForDirectorsReport2024-01-012024-12-3107113561ns10:SmallCompaniesRegimeForAccounts2024-01-012024-12-3107113561ns10:FullAccounts2024-01-012024-12-3107113561ns10:Director42024-01-012024-12-3107113561ns10:Director52024-01-012024-12-3107113561ns10:CompanySecretary12024-01-012024-12-3107113561ns10:RegisteredOffice2024-01-012024-12-3107113561ns5:CurrentFinancialInstruments2024-12-3107113561ns5:CurrentFinancialInstruments2023-12-3107113561ns5:ShareCapital2024-12-3107113561ns5:ShareCapital2023-12-3107113561ns5:RetainedEarningsAccumulatedLosses2024-12-3107113561ns5:RetainedEarningsAccumulatedLosses2023-12-3107113561ns5:PlantMachinery2024-01-012024-12-3107113561ns5:PlantMachinery2023-12-3107113561ns5:PlantMachinery2024-12-3107113561ns5:PlantMachinery2023-12-3107113561ns5:CostValuation2024-12-3107113561ns5:CostValuationns5:ListedExchangeTraded2023-12-3107113561ns5:AdditionsToInvestments2024-12-3107113561ns5:AdditionsToInvestmentsns5:ListedExchangeTraded2024-12-3107113561ns5:DisposalsRepaymentsInvestments2024-12-3107113561ns5:ListedExchangeTradedns5:DisposalsRepaymentsInvestments2024-12-3107113561ns5:RevaluationsIncreaseDecreaseInInvestments2024-12-3107113561ns5:RevaluationsIncreaseDecreaseInInvestmentsns5:ListedExchangeTraded2024-12-3107113561ns5:CostValuationns5:ListedExchangeTraded2024-12-3107113561ns5:ListedExchangeTraded2024-12-3107113561ns5:ListedExchangeTraded2023-12-3107113561ns5:Subsidiary22024-01-012024-12-3107113561ns5:Subsidiary232024-01-012024-12-3107113561ns5:Subsidiary22024-12-3107113561ns5:Subsidiary22023-12-3107113561ns5:Subsidiary22023-01-012023-12-3107113561ns5:Subsidiary62024-01-012024-12-3107113561ns5:Subsidiary6112024-01-012024-12-3107113561ns5:Subsidiary62024-12-3107113561ns5:Subsidiary62023-12-3107113561ns5:Subsidiary62023-01-012023-12-3107113561ns5:Subsidiary72024-01-012024-12-310711356113ns5:Subsidiary72024-01-012024-12-3107113561ns5:Subsidiary72024-12-3107113561ns5:WithinOneYearns5:CurrentFinancialInstruments2024-12-3107113561ns5:WithinOneYearns5:CurrentFinancialInstruments2023-12-31

REGISTERED NUMBER: 07113561 (England and Wales)
















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR


BQ (LONDON) LTD.



BQ (LONDON) LTD. (REGISTERED NUMBER: 07113561)








CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024





Page




Company Information  

1




Balance Sheet  

2




Notes to the Financial Statements  

3





BQ (LONDON) LTD.



COMPANY INFORMATION

FOR THE YEAR ENDED 31 DECEMBER 2024









DIRECTORS:

C Photi


Baltic Sea Trading Limited


Baltic Sea Enterprising Limited







SECRETARY:

Aggredior Trustees Ltd







REGISTERED OFFICE:

46 Dorset Street


London


W1U 7NB







REGISTERED NUMBER:

07113561 (England and Wales)







ACCOUNTANTS:

Macalvins Limited


Chartered Accountants


7 St John's Road


Harrow


Middlesex


HA1 2EY



BQ (LONDON) LTD. (REGISTERED NUMBER: 07113561)



BALANCE SHEET

31 DECEMBER 2024



2024

2023



Notes

€   

€   

€   

€   


FIXED ASSETS

Tangible assets

4

1,752,119


1,958,254



Investments

5

515,043


443,707



2,267,162


2,401,961




CURRENT ASSETS

Debtors

6

3,836,574


3,450,023



Cash at bank

64,383


46,190



3,900,957


3,496,213



CREDITORS

Amounts falling due within one year

7

6,541,019


5,970,822



NET CURRENT LIABILITIES

(2,640,062

)

(2,474,609

)


TOTAL ASSETS LESS CURRENT

LIABILITIES

(372,900

)

(72,648

)



CAPITAL AND RESERVES

Called up share capital

1,113


1,113



Retained earnings

(374,013

)

(73,761

)


SHAREHOLDERS' FUNDS

(372,900

)

(72,648

)



The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.  


The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.  


The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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


In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.


The financial statements were approved by the Board of Directors and authorised for issue on 5 August 2025 and were signed on its behalf by:






C Photi - Director




BQ (LONDON) LTD. (REGISTERED NUMBER: 07113561)



NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024


1.

STATUTORY INFORMATION



BQ (London) Ltd. is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.


The presentation currency of the financial statements is the Euro (€).



The company was incorporated on 29 December 2009 as Wehr (London) Ltd and on 11 April 2023 the company changed its name to BQ (London) Ltd.


2.

ACCOUNTING POLICIES



Basis of preparing the financial statements


These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.    



Going Concern


The financial statements have been prepared on a going concern basis notwithstanding the company's net current liabilities position as at the year end. The directors of the company have provided with an undertaking that they will continue to support financially for the foreseeable future and that they will not seek repayment of the amounts currently owing to them in the twelve months from the date of signing the financial statements.



Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.


Tangible fixed assets


Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.


Plant and machinery etc

-

10% on cost



Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.


Foreign currencies

The financial statements are prepared in Euros, the functional currency of the company.

Monetary assets and liabilities denominated in foreign currencies are translated into euros at rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into euros at the rate ruling on the date of the transaction. Exchange gains and losses are recognised in the profit and loss account.


Fixed asset investments


Investments in subsidiary undertakings are recognised at cost.


Listed investments are recognised initially at cost and revalued to open market values.



BQ (LONDON) LTD. (REGISTERED NUMBER: 07113561)



NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024


3.

EMPLOYEES AND DIRECTORS



The average number of employees during the year was 1 (2023 - 1 ) .


4.

TANGIBLE FIXED ASSETS


Plant and


machinery

€   



COST


At 1 January 2024


and 31 December 2024

2,061,350




DEPRECIATION


At 1 January 2024

103,096




Charge for year

206,135




At 31 December 2024

309,231




NET BOOK VALUE


At 31 December 2024

1,752,119




At 31 December 2023

1,958,254




5.

FIXED ASSET INVESTMENTS


Investment



in



Subsidiary


Listed



Compa ny


investments


Totals

€   

€   

€   



COST OR VALUATION


At 1 January 2024

13,202


430,505


443,707




Additions

1,000


30,272


31,272




Disposals

(2

)

(25,149

)

(25,151

)



Revaluations

-


65,215


65,215




At 31 December 2024

14,200


500,843


515,043




NET BOOK VALUE


At 31 December 2024

14,200


500,843


515,043




At 31 December 2023

13,202


430,505


443,707





Cost or valuation at 31 December 2024 is represented by:



Investment



in



Subsidiary


Listed



Compa ny


investments


Totals

€   

€   

€   



Valuation in 2024

-


65,046


65,046




Valuation in 2023

-


46,728


46,728




Valuation in 2022

-


(96,074

)

(96,074

)



Valuation in 2021

-


74,288


74,288




Valuation in 2020

-


45,400


45,400




Valuation in 2019

-


64,168


64,168




Cost

14,200


301,287


315,487



14,200


500,843


515,043





BQ (LONDON) LTD. (REGISTERED NUMBER: 07113561)



NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024


5.

FIXED ASSET INVESTMENTS - continued



If other investments had not been revalued they would have been included at the following historical cost:


2024

2023


€   

€   



Cost

301,287


295,995





Other investments were valued on an open market basis on 31 December 2024 by reference to market prices .



The company's investments at the Balance Sheet date in the share capital of companies include the following:




MAT Mobile Aviation & Trade SARL


Registered office: Luxembourg


Nature of business: Interest earning activities


%


Class of shares:

holding



Ordinary

100.00


2024

2023


€   

€   



Aggregate capital and reserves

(1,133,220

)

(1,117,139

)



Loss for the year

(16,081

)

(760,165

)




Sea Spirit Marine S.L.


Registered office: Spain


Nature of business: Interest earning activities


%


Class of shares:

holding



Ordinary

100.00


2024

2023


€   

€   



Aggregate capital and reserves

299,919


814,802




Loss for the year

(597,402

)

(427,020

)




MAT MOBILE & AVIATION TRADE LTD


Registered office: Cyprus


Nature of business: Purchase and sale of aircrafts.


%


Class of shares:

holding



Ordinary

1000


2024



€   




Aggregate capital and reserves

730,000




Loss for the year

(48,687

)



6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR


2024

2023


€   

€   



Amounts owed by group undertakings

3,781,651


3,414,099




Other debtors

54,923


35,924



3,836,574


3,450,023





BQ (LONDON) LTD. (REGISTERED NUMBER: 07113561)



NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024


7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR


2024

2023


€   

€   



Trade creditors

2,320


1,216




Amounts owed to group undertakings

6,512,639


5,962,639




Taxation and social security

20,160


1,491




Other creditors

5,900


5,476



6,541,019


5,970,822




8.

RELATED PARTY DISCLOSURES



The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.



As at 31 December 2024, €2,980,000 (2023: €Nil) was due to  GEKO Trade GmbH Co. KG, a company incorporated in Germany..



During the year the company has given an advance of €2,610,000 to GEKO Trade GmbH & Co Ltd. At 31 December 2024, €180,000 (2023: €2,430,000) was due from GEKO Trade GmbH & Co Ltd, a company incorporated in Germany, the parent company.



The above loans are interest free and repayable on demand.


9.

IMMEDIATE AND ULTIMATE PARENT UNDERTAKING AND CONTROLLING PARTY



The immediate and ultimate parent undertaking is GEKO Trade GmbH , a company incorporated in the Germany.



The ultimate controlling party is Mr J Wehr.


10.

GOING CONCERN



The financial statements have been prepared on a going concern basis notwithstanding the fact that the company had net current liabilities of €2,640,062 at 31 December 2024 (2023: €2,474,609).



Within creditors is a loan from the parent company of €2,800,000 (2023: €2,430,000). Whilst the loan is repayable on demand, the parent company has provided a commitment that it will not seek repayment of all or part of the loan within the next twelve months. The parent company has also provided a commitment to provide the company with adequate financial assistance to continue its operations. These commitments, however, may not be legally binding.



The directors are of the opinion that the parent will not seek repayment of all or part of its loan and will continue to provide the company with adequate financial assistance to continue operations. Accordingly, the directors consider that it is appropriate to prepare the financial statements on a going concern basis.