Company registration number 09919243 (England and Wales)
QUAI INVESTMENT SERVICES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
QUAI INVESTMENT SERVICES LIMITED
COMPANY INFORMATION
Directors
A E Webb
K Stimson
T Sargisson
(Appointed 1 January 2025)
Company number
09919243
Registered office
16 Tesla Court
Innovation Way
Lynchwood
Peterborough
PE2 6FL
Auditor
Price Bailey LLP
36 Tyndall Court
Commerce Road
Lynchwood
Peterborough
PE2 6LR
Business address
16 Tesla Court
Innovation Way
Lynchwood
Peterborough
PE2 6FL
QUAI INVESTMENT SERVICES LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Profit and loss account
9
Statement of comprehensive income
10
Balance sheet
11
Statement of changes in equity
12
Statement of cash flows
13
Notes to the financial statements
14 - 19
QUAI INVESTMENT SERVICES LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 1 -

The directors present the strategic report for the period ended 31 December 2024.

Review of the business

Quai Investment Services Limited began offering regulated services in February 2022 and migrated a book of business in March 2023. During the year the company, with its parent migrated a book of business called Intelligent Money. This acquisition has now been successfully integrated into the existing business. The company now has 10 contracted clients and a strong pipeline of both contracted and prospective new business for the 2025 Financial Year.

Principal risks and uncertainties

Liquidity Risk – there is a risk that cashflow is insufficient to meet our ongoing overheads. The company holds deposits with banks. Should further funding be required the parent would provide this support. Cashflow plans and financial forecasts are prepared and reviewed by the board.

Regulatory Risk – the company operates in a highly regulated environment and there is risk associated with the activities undertaken in the provision of savings and investment products, in particular in the governance of the products, the documentation supporting the products and in monitoring activities in relation to the distributor of the products and the underlying retail customers.

To mitigate this risk the company employs suitably qualified senior managers with wide-ranging financial sector expertise in other regulated businesses. In addition third party systems and third party consulting expertise is utilised as and when required. Regulatory change is routinely monitored and planned for where it impacts the business.

 

Operational Risk – The company outsources the administration of its products and services to Quai Administration Services Limited (QASL), a group company. An Outsource Agreement and Service Level Agreement are in place. The company ensures adequate oversight of the services performed by QASL in line with its regulatory responsibility and continues to assess the appropriateness of the relationship.

Development and performance

In May 2024 the parent company bought a book of business from another regulated business (Intelligent Money) just prior to that company going into administration and QISL picked up all the regulatory business emanating from the purchase. The directors are pleased to report that the acquired business, based in Nottingham has been successfully embedded within the existing business.

Throughout 2024 Quai has partnered with a new strategic tech partner, to help the business offer new solutions to the Wealth Market, the integration of some of the tech will be ongoing throughout 2025.

Quai also refined its pension offering throughout 2024, ensuring it provided flexibility to its clients within the operating model and the this has been reflected in the pipeline of pension customers.

As at the year end the company held £708,791 in (immediate access) bank deposits.

Key performance indicators

The key performance indicators used by the business are revenue, gross margin, cash resources and EBITDA. These are complemented by KPIs associated with AuA growth, number of investor accounts supported, and target operational performance linked to customer Service Level Agreements.

 

QISL began trading in 2023 with 2024 representing it’s first full year and a year where it began to gain a critical mass of clients and end customers as well as on-boarding the business from the purchase of the Intelligent Money book of business. The company made a small loss of £5,267 (year to 31st October 2023: loss of £42,023). As the period included the transformational transaction of acquiring Intelligent Money and developing the company’s customer base, the directors are satisfied with the company’s overall financial performance.

 

AuA grew to over £2bn from £413m as at 31st December 2024.

 

The company held both capital and liquidity resources in excess of its regulatory requirement.

QUAI INVESTMENT SERVICES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 2 -
Other information and explanations

There are no significant events since the year end to report.

Future developments

The company continues to develop new products in the financial services space and will continue to improve these products with different features and efficiency projects to ensure that its clients get best of breed services. Efficiency projects will in addition look to continue to improve the service to the underlying customer and ensure good customer outcomes in line with the Consumer Duty. IT development will add simpler integration for clients as well as providing more scalability as the company continues to grow. Further partnerships will also continue to help grow the business.

Streamlined Energy and Carbon Reporting

As an online and paperless company with a small office footprint, the company falls under the definition of a low energy user and is therefore exempt from the reporting requirement under SECR.

 

 

QUAI INVESTMENT SERVICES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 3 -
Section 172 (1) Statement and statement of engagement with other stakeholders

The directors provide the following statement pursuant to the Companies Act 2006 (as amended by Companies (Miscellaneous Reporting) Regulations 2018) (the “Act”) to describe how they have acted in accordance with their duty under Section 172 of the Act (“Section 172”) to promote the success of the company for the benefit of its member(s) as a whole, and in so doing, how they have had regard to those factors set out in Section 172, (1) (a) to (f) during the financial year.

Furthermore, in compliance with the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 (as amended by the Companies (Miscellaneous Reporting) Regulations 2018), the directors provide the statement which follows to describe how they have engaged with employees, and how they have had regard to employee interests and the need to foster the company’s business relationships with suppliers, customers and others, and in each case, the effect of that regard, including on the principal decisions taken by the company during the financial year.

Section 172 requires a director to have regard to the following matters, among others, when discharging their duty;

 

The board directors of the company (“the board”) is collectively responsible for managing the affairs of the company to achieve its long-term prosperity by making important decisions, monitoring the underlying performance of the company, as well as being a means for establishing ethical standards. Understanding the interests of key stakeholders is an important part of the company’s strategy and helps inform the directors’ decision making throughout the year.

Board meetings are held quarterly where the directors will consider the company’s principal activities and make decisions. Board and ad-hoc Meetings, for the company and the group, are scheduled to provide adequate time for consideration and discussion by the directors of the interests of stakeholders, and for the directors to seek further information from management, as required. As a part of those meetings, the directors receive information in a range of different formats to assist them in discharging their responsibilities under Section 172 when making relevant decisions. This information may include, among other things, reports and presentations on financial and operational performance, business updates, budget planning and forecasts, HR matters, as well as specific areas of engagement, such as employee opinion surveys. When making decisions, the board seeks to understand the impact on each of its stakeholders, including the likely consequences of a decision in the long term, whilst acknowledging that a decision will not necessarily be favourable for all stakeholders, as there may be competing interests between them.

The company follows a range of policies in place to protect employees and provide a safe working environment, to ensure compliance with all regulatory requirements and adherence to the highest professional and ethical standards in dealing with customers, suppliers and colleagues. In doing so, and by balancing the interests of the company’s stakeholders when making decisions, the board seeks to maintain a reputation for high standards of business conduct. The directors seek to engage directly with stakeholders wherever possible on certain issues.

 

On behalf of the board

A E Webb
Director
8 July 2025
QUAI INVESTMENT SERVICES LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 4 -

The directors present their annual report and financial statements for the period ended 31 December 2024.

Principal activities

The principal activities of the business throughout the year was the provision and administration of a range of Investment & Savings products including Pensions, Individual Savings Accounts and General Investment Accounts.

Results and dividends

The results for the period are set out on page 9.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the period and up to the date of signature of the financial statements were as follows:

A E Webb
K Stimson
T Sargisson
(Appointed 1 January 2025)
Auditor

Price Bailey LLP were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
A E Webb
Director
8 July 2025
QUAI INVESTMENT SERVICES LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 5 -

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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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, the directors are required to:

 

 

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.

QUAI INVESTMENT SERVICES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF QUAI INVESTMENT SERVICES LIMITED
- 6 -
Opinion

We have audited the financial statements of Quai Investment Services Limited (the 'company') for the period ended 31 December 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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 is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

QUAI INVESTMENT SERVICES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF QUAI INVESTMENT SERVICES LIMITED
- 7 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

QUAI INVESTMENT SERVICES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF QUAI INVESTMENT SERVICES LIMITED
- 8 -
Kerry Hilliard ACA FCCA CTA
Senior Statutory Auditor
For and on behalf of Price Bailey LLP
9 July 2025
Chartered Accountants
Statutory Auditor
36 Tyndall Court
Commerce Road
Lynchwood
Peterborough
PE2 6LR
QUAI INVESTMENT SERVICES LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 9 -
Period
Year
ended
ended
31 December
31 October
2024
2023
Notes
£
£
Turnover
3
2,244,547
57,520
Cost of sales
(1,988,331)
(41,510)
Gross profit
256,216
16,010
Administrative expenses
(261,483)
(58,033)
Loss before taxation
(5,267)
(42,023)
Tax on loss
6
-
0
-
0
Loss for the financial period
(5,267)
(42,023)

The profit and loss account has been prepared on the basis that all operations are continuing operations.

QUAI INVESTMENT SERVICES LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 10 -
Period
Year
ended
ended
31 December
31 October
2024
2023
£
£
Loss for the period
(5,267)
(42,023)
Other comprehensive income
-
-
Total comprehensive income for the period
(5,267)
(42,023)
QUAI INVESTMENT SERVICES LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 11 -
31 December 2024
31 October 2023
Notes
£
£
£
£
Current assets
Debtors
7
273,839
22,548
Cash at bank and in hand
708,791
533,497
982,630
556,045
Creditors: amounts falling due within one year
8
(590,470)
(158,618)
Net current assets
392,160
397,427
Capital and reserves
Called up share capital
9
4,901
4,901
Share premium account
485,100
485,100
Profit and loss reserves
(97,841)
(92,574)
Total equity
392,160
397,427
The financial statements were approved by the board of directors and authorised for issue on 8 July 2025 and are signed on its behalf by:
A E Webb
Director
Company registration number 09919243 (England and Wales)
QUAI INVESTMENT SERVICES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 12 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 November 2022
2,201
217,800
(50,551)
169,450
Year ended 31 October 2023:
Loss and total comprehensive income for the year
-
-
(42,023)
(42,023)
Issue of share capital
9
2,700
267,300
-
270,000
Balance at 31 October 2023
4,901
485,100
(92,574)
397,427
Period ended 31 December 2024:
Loss and total comprehensive income for the period
-
-
(5,267)
(5,267)
Balance at 31 December 2024
4,901
485,100
(97,841)
392,160
QUAI INVESTMENT SERVICES LIMITED
STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
11
105,594
160,706
Financing activities
Proceeds from issue of shares
-
0
270,000
Repayment of connected loan
69,700
-
0
Net cash generated from financing activities
69,700
270,000
Net increase in cash and cash equivalents
175,294
430,706
Cash and cash equivalents at beginning of period
533,497
102,791
Cash and cash equivalents at end of period
708,791
533,497
QUAI INVESTMENT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 14 -
1
Accounting policies
Company information

Quai Investment Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is 16 Tesla Court, Innovation Way, Lynchwood, Peterborough, PE2 6FL.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.The directors have considered the company's existing cash balances together with recent trading results for the company and forecasts for the group. They have also considered the impact of new business pipelines and ongoing cost management together with the support of the parent undertaking when making this assessment. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Reporting period

The financial statements cover an extended reporting period of 14 months, from 1 November 2023 to 31 December 2024, rather than the standard 12-month period. This extended period was adopted to align the company's financial year-end with that of its parent company Quai Administration Services Limited. As a result, the amounts presented in the financial statements, and the related notes are not directly comparable.

1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts and settlement discounts if applicable.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Turnover in respect of set up fees is recognised in line with the individual agreement and is chargeable once the account is set up. Management fees are recognised in line with the period to which the service provision relates.

 

Fees collected and distributed on behalf of corporate clients are not recognised in turnover. Any fees collected on this basis, that have not been distributed at the accounting date, are reflected in cash at bank with a corresponding entry representing the distributable amount within other creditors.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

QUAI INVESTMENT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -
1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets and liabilities

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

QUAI INVESTMENT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 16 -
1.8
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.9
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount 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.

 

Key judgements and estimates are address below:

 

Deferred income on acquisition of Intelligent Money

 

During the period, the company assumed the responsibility to deliver a number of customer contractual obligations following the acquisition of part of the business and assets of Intelligent Money Ltd by its parent undertaking. The fair value of the deferred income relating to this obligation is measured based on the 'build up' approach. When applying this basis the directors have estimated the fair value to be equivalent to the amount originally charged under the contracts adjusted on a time basis to reflect the pattern of delivery of the services.

 

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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Turnover
2024
2023
£
£
Turnover analysed by class of business
Set up fees
6,000
6,000
Recurring fees
1,884,908
51,520
Other
353,639
-
2,244,547
57,520
QUAI INVESTMENT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 17 -
4
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
10,875
3,500
For other services
Other assurance services
10,000
4,000
5
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2024
2023
Number
Number
2
2
6
Taxation

The actual charge for the period can be reconciled to the expected credit for the period based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Loss before taxation
(5,267)
(42,023)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2023: 22.50%)
(1,317)
(9,455)
Unutilised tax losses carried forward
1,317
9,455
Taxation charge for the period
-
-

The company has cumulative unused tax losses carried forward at 31 December 2024 of £97,841 (2023: £92,574)

QUAI INVESTMENT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 18 -
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
31,140
-
0
Other debtors
-
0
9,814
Prepayments and accrued income
242,699
12,734
273,839
22,548
8
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
3,618
3,675
Amounts owed to group undertakings
-
0
11,458
Taxation and social security
36,580
-
0
Deferred income
347,892
-
0
Other creditors
186,755
135,985
Accruals and deferred income
15,625
7,500
590,470
158,618
9
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
490,100
490,100
4,901
4,901
10
Ultimate controlling party

The company is a wholly owned subsidiary of Quai Administration Services Limited which is the ultimate parent undertaking, incorporated in England and Wales. The registered office of the ultimate parent undertaking is 16 Tesla Court, Innovation Way, Lynchwood, Peterborough, PE2 6FL.

 

The consolidated financial statements of Quai Administration Services Ltd and it's subsidiaries are available from Companies House, Crown Way, Cardiff, CF14 3UZ.

QUAI INVESTMENT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 19 -
11
Cash generated from operations
2024
2023
£
£
Loss for the period after tax
(5,267)
(42,023)
Movements in working capital:
(Increase)/decrease in debtors
(320,991)
48,245
Increase in creditors
83,960
154,484
Increase in deferred income
347,892
-
Cash generated from operations
105,594
160,706
12
Analysis of changes in net funds
1 November 2023
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
533,497
175,294
708,791
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