Caseware UK (AP4) 2024.0.164 2024.0.164 2024-12-312024-12-312025-05-272025-05-272024-01-01falseProviding flexible funding to entrepreneurs and growing businesses in the speciality finance sector.44truetruefalse 12271262 2024-01-01 2024-12-31 12271262 2023-01-01 2023-12-31 12271262 2024-12-31 12271262 2023-12-31 12271262 c:Director1 2024-01-01 2024-12-31 12271262 d:CurrentFinancialInstruments 2024-12-31 12271262 d:CurrentFinancialInstruments 2023-12-31 12271262 d:Non-currentFinancialInstruments 2024-12-31 12271262 d:Non-currentFinancialInstruments 2023-12-31 12271262 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 12271262 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 12271262 d:Non-currentFinancialInstruments d:AfterOneYear 2024-12-31 12271262 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 12271262 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-12-31 12271262 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-12-31 12271262 d:ShareCapital 2024-12-31 12271262 d:ShareCapital 2023-12-31 12271262 d:RetainedEarningsAccumulatedLosses 2024-12-31 12271262 d:RetainedEarningsAccumulatedLosses 2023-12-31 12271262 c:OrdinaryShareClass1 2024-01-01 2024-12-31 12271262 c:OrdinaryShareClass1 2024-12-31 12271262 c:OrdinaryShareClass1 2023-12-31 12271262 c:FRS102 2024-01-01 2024-12-31 12271262 c:Audited 2024-01-01 2024-12-31 12271262 c:FullAccounts 2024-01-01 2024-12-31 12271262 c:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 12271262 c:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 12271262 2 2024-01-01 2024-12-31 12271262 e:PoundSterling 2024-01-01 2024-12-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 12271262









QUILAM SPECIAL OPPORTUNITIES LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2024

 
QUILAM SPECIAL OPPORTUNITIES LIMITED
REGISTERED NUMBER: 12271262

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

  

Current assets
  

Debtors: amounts falling due after more than one year
 4 
22,582,566
25,619,440

Debtors: amounts falling due within one year
 4 
13,557,676
6,273,745

Cash at bank and in hand
  
212,909
677,318

  
36,353,151
32,570,503

Creditors: amounts falling due within one year
 5 
(407,683)
(430,936)

Net current assets
  
 
 
35,945,468
 
 
32,139,567

Total assets less current liabilities
  
35,945,468
32,139,567

Creditors: amounts falling due after more than one year
 6 
(35,938,558)
(31,636,498)

  

Net assets
  
6,910
503,069


Capital and reserves
  

Called up share capital 
 8 
1
1

Profit and loss account
  
6,909
503,068

  
6,910
503,069


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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 income and retained earnings 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 by: 




K J McSweeney
Director

Date: 27 May 2025

The notes on pages 2 to 6 form part of these financial statements.

Page 1

 
QUILAM SPECIAL OPPORTUNITIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Quilam Special Opportunities Limited (the 'Company'), a private company, limited by shares, is principally engaged in providing flexible funding to entrepreneurs and growing businesses in the speciality finance sector.
Its principal place of business is Second floor, 32 Brook Street, Mayfair, London W1K 5DH. The Company's registered number and registered address can be found on the Company Information page.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

At 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. Thus, the directors adopt the going concern basis of accounting in preparing the financial statements, which the directors believe is appropriate based on the facts set out below.
 
The directors of the Company continually monitor circumstances which could impact both the business and the economy as a whole. Furthermore the directors have reviewed forecasts and budgets and are monitoring the portfolio of loans regularly. In addition the business is working closely with the portfolio companies to manage their cashflows and are therefore the Directors are confident of the Company's ability to continue trading as a going concern.
 
The company made a loss in the year of £496,159 and has net assets of £6,910. It is dependent on the support of a related entity which has indicated its willingness to provide support for the period of 12 months from the date of signing of these financial statements. 
 
The directors, having considered the above and made due enquiries, continue to adopt the going concern basis in preparing the financial statements which assumes that the Company will continue in operation for the foreseeable future.

 
2.3

Revenue

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:

Revenue in respect of interest income and arrangement fees are recognised over the period to which they relate.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 2

 
QUILAM SPECIAL OPPORTUNITIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.6

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.


 
2.7

Cash and cash equivalents

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.

 
2.8

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.
(i) Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, 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.
Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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 the Statement of Income and Retained Earnings.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.


 
Page 3

 
QUILAM SPECIAL OPPORTUNITIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.8
Financial instruments (continued)

(ii) Financial liabilities
Basic financial liabilities, including trade and other creditors and amounts owed to group undertaking, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. 
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
(iii) Offsetting
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 
2.9

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2023 - 4).

Page 4

 
QUILAM SPECIAL OPPORTUNITIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


Debtors

2024
2023
£
£

Due after more than one year

Other debtors
22,550,000
25,357,325

Prepayments and accrued income
32,566
262,115

22,582,566
25,619,440


2024
2023
£
£

Due within one year

Amounts owed by group undertakings
1
1

Other debtors
12,887,905
5,697,050

Prepayments and accrued income
669,770
576,694

13,557,676
6,273,745


The amounts owed by group undertakings are unsecured, repayable on demand and are interest-free.


5.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
1,518
2,700

Corporation tax
2,441
2,667

Other creditors
1,204
1,200

Accruals and deferred income
402,520
424,369

407,683
430,936



6.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Other loans
35,886,498
31,636,498

Accruals and deferred income
52,060
-


The Company secured a credit facility with Special GBP Funding Opportunities | S.A.R.L. which contained fixed and floating charges over all property or undertakings of the Company.

Page 5

 
QUILAM SPECIAL OPPORTUNITIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

7.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£



Amounts falling due 2-5 years

Other loans
35,886,498
31,636,498




8.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary shares of £0.01 each
1
1



9.


Related party transactions

Where possible the Company has taken advantage of the exemption conferred by FRS 102 Section 33.1A from the requirement to disclose transactions with other wholly owned group undertakings.
Included in other debtors in Note 4 is £32,158,240 (2023: £25,793,056) due from associated companies.
Interest income from these associated companies included in income for the year is £4,281,314 (2023: £3,182,661).
Included in accruals and deferred income in Note 5 is £370,514 (2023: £ 338,068) due to associated companies.
Included in other creditors in Note 6 is £35,887,698 (2023: £31,636,498) due to associated companies.
Interest due to these associated companies included in cost of sales for the year is £ 4,212,334 (2023: £ 6,090,392). 


10.


Controlling party

The parent undertaking is Quilam JV Holdings Limited.
The registered office is Ground Floor, Egerton House, 68 Baker Street, Weybridge, Surrey, United Kingdom, KT13 8AL.


11.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified.

The audit report was signed on 27 May 2025 by Nick Bishop FCA (Senior Statutory Auditor) on behalf of BKL Audit LLP.

Page 6

 
QUILAM SPECIAL OPPORTUNITIES LIMITED
 
 
 Page 7