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Registered number: 14541081
Quidich Innovation Labs Limited
Financial statements
Information for filing with the registrar
For the Year Ended 31 March 2025
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Quidich Innovation Labs Limited
Company Information
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Chartered Accountants and Statutory Auditors
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Suite 207 Equitable House
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Quidich Innovation Labs Limited
Registered number: 14541081
Statement of financial position
As at 31 March 2025
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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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 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 on 12 June 2025.
The notes on pages 3 to 8 form part of these financial statements.
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Quidich Innovation Labs Limited
Statement of changes in equity
For the Year Ended 31 March 2025
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Comprehensive income for the period
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Other comprehensive income for the period
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Total comprehensive income for the period
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Contributions by and distributions to owners
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Shares issued during the period
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Total transactions with owners
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Comprehensive income for the year
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Other comprehensive income for the year
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Total comprehensive income for the year
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Total transactions with owners
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The notes on pages 3 to 8 form part of these financial statements.
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Quidich Innovation Labs Limited
Notes to the financial statements
For the Year Ended 31 March 2025
Quidich Innovation Labs Limited is a company, limited by shares, registered in England and Wales. The company's registration number is 14541081 and has its registered office address at 58 Wood Lane, Scale Space White City, Imperial College Campus, London, England, W12 7RZ.
2.Accounting policies
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Basis of preparation of financial statements
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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.
For the year ended 31 March 2024, the company qualified as small and the directors took advantage of the exemption in Companies Act 2006, section 477 and did not require the company to have its financial statements for the year then ended audited.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
At balance sheet date, the Company's total liabilities exceeded its total assets by £21,540 (2024: £22,962), which may indicate the uncertainties of the Company's ability to meet its obligations when they fall due.
The ability of the company to meet its obligation for the foreseeable future is dependent on the performance of the Company as well as continuous financial support from its parent Company. The Company is in early stage of its trading life and being supported from the parent Company since inception. The directors are confident that continuous support from its parent company will be available to enable the Company to continue its trade for the foreseeable future. Hence the directors consider it appropriate to prepare the financial statements on going concern basis.
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign
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Quidich Innovation Labs Limited
Notes to the financial statements
For the Year Ended 31 March 2025
2.Accounting policies (continued)
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Foreign currency translation (continued)
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currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company 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 Company 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.
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Operating leases: the Company as lessee
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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.
Interest income is recognised in profit or loss using the effective interest method.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
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.
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Quidich Innovation Labs Limited
Notes to the financial statements
For the Year Ended 31 March 2025
2.Accounting policies (continued)
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Cash and cash equivalents
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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.
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.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is
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Quidich Innovation Labs Limited
Notes to the financial statements
For the Year Ended 31 March 2025
2.Accounting policies (continued)
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Financial instruments (continued)
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due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
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Judgments in applying accounting policies and key sources of estimation uncertainty
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In preparing the financial statements, management are required to make estimates and judgments which may materially affect reported income, expenses, assets, liabilities or disclosure of contingent assets and liabilities, and the valuation of investment properties, which were based on open market transactions. The estimates and assumptions are reviewed on an on-going basis and are based on historical experience and other factors that are considered to be relevant. Revision to accounting estimates are recognised in the period in which the estimate is revised.
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The Company has no employees other than the directors, who did not receive any remuneration (2024 - £NIL).
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Amounts owed by group undertakings
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Prepayments and accrued income
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Cash and cash equivalents
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Quidich Innovation Labs Limited
Notes to the financial statements
For the Year Ended 31 March 2025
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Creditors: Amounts falling due within one year
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Accruals and deferred income
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Commitments under operating leases
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At 31 March 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Related party transactions
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The Company has taken advantage of the exemption available under FRS 102 for "Related party disclosures" not to disclose transactions with parent and wholly owned subsidiaries in the group which are eliminated on consolidation.
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The parent Company is Quidich Innovation Labs Private Ltd, a company incorporated in India which prepares consolidated financial statements. Copy of the consolidated financial statements can be obtained from Gala No. 5 and 6 Keytuo Industrial Estate, MIDC Kondivita, Andheri East, Mumbai, India, 400059.
The ultimate controlling parties are Mr Gaurav Mehta and Mr Rahat Kulshreshtha.
The Company has extended its previous accounting period from 31 December 2023 to 31 March 2024. Hence, the comparatives show the trading results covering 15 months period ending on 31 March 2024 as compared to current year's trading results for 12 months ending on 31 March 2025.
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Quidich Innovation Labs Limited
Notes to the financial statements
For the Year Ended 31 March 2025
The auditors' report on the financial statements for the year ended 31 March 2025 was unqualified.
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In their report, the auditors emphasised the following matter without qualifying their report:
We draw attention to note 2.2 in the financial statements, which states that, at the balance sheet date the Company's total liabilities exceeded its total assets by £21,540 (2024: £22,962). As stated in note 2.2, these events or conditions, along with the other matters as set forth in note 2.2, indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern.
The ability of the Company to meet its obligation for the foreseeable future is dependent on the performance of the Company as well as continuous financial support from its parent Company. The Company is in early stage of its trading life and being supported from the parent Company since inception. The directors are confident that continuous support from its parent company will be available to enable the Company to continue its trade for the foreseeable future. Hence the directors consider it appropriate to prepare the financial statements on going concern basis.
Our opinion is not modified in respect of this matter.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements, as explained in note 2.2, is appropriate.
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The audit report was signed on 12 June 2025 by Janak Raj Pokhrel (Senior statutory auditor) on behalf of Mantax Lynton.
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