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Registered number: 08751676
QUADRUM CAPITAL UK LIMITED
AUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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QUADRUM CAPITAL UK LIMITED
COMPANY INFORMATION
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Mohammed Ilyas Aslam (appointed 28 October 2013)
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QUADRUM CAPITAL UK LIMITED
CONTENTS
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Independent Auditor's Report
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Statement of Profit or Loss
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Statement of Other Comprehensive Income
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Statement of Financial Position
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Statement of Changes in Equity
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Notes to the Financial Statements
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QUADRUM CAPITAL UK LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
Quadrum Capital UK Limited was incorporated on 28 October 2013 and it now heads a medium sized group. The group companies are engaged in diverse activities which compliment the company's growth and its ability to operate profitably in this competitive environment.
Despite the current economic challenges, 2024 was a successful year for the company and it managed to hold its market share, delivering strong top and bottom results. The directors are optimistic about the company's growth and future prospects.
The Outbreak of COVID-19 along with Russia's war against Ukraine has caused extensive disruption across the globe. The company has continually monitored its trading position and implemented measures to stabilise its trading activities.
Financial key performance indicators
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The following KPIs are used to monitor the efficiency and profitability of the business and to optimise working capital:
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QUADRUM CAPITAL UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Principal risks and uncertainties
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The company's activities give rise to multiple financial risks, including the price risk, credit risk, liquidity risk and cash flow risk. The essential risk management policies are determined by the company directors. The most significant financial risks to which the company is exposed are described below:
Liquidity Risks
Liquidity risk is related to the company's need for sufficient financing of its operations and development. The relevant liquidity risks are the subject of management through the meticulous monitoring of debts, financial liabilities and payments made on a regular basis. The company ensures that there are sufficient available credit facilities to be able to cover its short-term business needs, after the calculation of cash flows arising from the operation as well as cash and cash equivalents which are held. The company can rely on its parent company and other group companies for long-term liquidity.
Credit Risks
The company does not exhibit any considerable concentration of credit risk in any one customer. Credit risk originates from available cash and cash equivalents, deposits with banks and financial institutions and clients with respect to trade receivables. To minimise credit risk on cash reserves and cash equivalents, the company specifies certain limits to its exposure on each individual financial institutions and only engages in transactions with creditworthy financial institutions of high credit rating. The company monitors its business claims and adopts policies and practices to ensure that such claims are collected. By way of example, such policies and practices include insuring credits where possible; pre-collection of the value of product sold, and receiving letters of guarantee.
Interest Rate Risks
The company does not have any overdrafts or term loans and therefore, no major risks ensue in this area.
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QUADRUM CAPITAL UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Director's statement of compliance with duty to promote the success of the Company
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The Board of Directors, in line with their duties under s172 of the Companies Act 206, act in a way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole. In doing so, the directors consider a range of matters when making decisions for the long term. Key decisions and matters that are of strategic importance to the company are appropriately informed by s172 factors.
The success of the company is dependent on the support of all stakeholders. Working with stakeholders that share our value is important to us, towards shared long-term goals for sustainable success.
The Board and senior leadership team make decisions with a long-term view in mind and with the highest of standards of conduct in line with our policies. Reports across all areas of the business are regularly made available to the board to allow key decisions to be made with proper consideration and to assess the impact of decisions on stakeholders.
We have built a strong relationship with our customers, with the focus being on their requirements. We strive to drive continuous improvements and innovation into our operations to derive long-term relationships across each area of the business. To achieve this, the Directors and senior management team take the time to understand the real and perceived needs of our customers.
The Board recognises that our suppliers are integral to the success of the business and it is therefore essential that we build strong relationships in an ethical manner whilst meeting stringent quality, performance and delivery requirements. The company has a senior procurement staff and managers who are experienced in supplier relationship management and procurement.
The company has relevant advisors to ensure that the Board is aware of, and the company aims to meet, all relevant obligations in regard to laws and regulations whilst identifying potential opportunities and risks for the business.
This report was approved by the board and signed on its behalf.
___________________________
Mohammed Ilyas Aslam
Director
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QUADRUM CAPITAL UK LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The director presents his report and the financial statements for the year ended 31 December 2024.
Director's responsibilities statement
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The director is responsible for preparing the Strategic Report, Director's Report and the financial statements, in accordance with applicable law.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with International Financial Reporting Standards (IFRS) as adopted by the UK.
Under company law the director 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 the financial statements, the director is required to:
∙select suitable accounting policies and then apply them consistently;
∙make judgements and estimates that are reasonable and prudent;
∙state whether they have been prepared in accordance with IFRS as adopted by the UK, subject to any material departures disclosed and explained in the financial statements;
∙assess the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and
∙use the going concern basis of accounting unless the director either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
The director is 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. The director is responsible for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and has general responsibility for taking such steps as are reasonably open to the director to safeguard the assets of the Company and to prevent and detect fraud and other irregularities.
Principal activity and business review
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The principal activity of the company in the year under review was that of capital asset advisory services.
During the year, the company's profits decreased by 8% compared with last year, this is due an increase in administrative overheads increase in UK corporation tax rates. The net assets of the company has decreased from £932.0k in 2023 to £825.8k in 2024. The decrease in the net worth of the company was mainly due aforementioned rising operating costs and a notable increase in dividend distributions authorised in this period.
The profit for the year, after taxation, amounted to £570,577 (2023 - £619,256).
During the year, dividends totalling £675,000 (2023 - £400,000) were authorised to be paid to the shareholders. Dividends are agreed via regular quorate board meetings throughout the reporting period. Proposed distributions are reviewed and appropriately authorised by the chairman. No final dividend is proposed by the board of directors for this period.
The director who served during the year was:
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QUADRUM CAPITAL UK LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Mohammed Ilyas Aslam (appointed 28 October 2013)
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The company plans to invest $525,000 (USD) in a newly incorporated overseas subsidiary based in the USA in Q1 of the next financial period.
The company uses only basic financial instruments and therefore, no material risks identified in this regard.
Disclosure of information to auditor
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The director at the time when this Director's Report is approved has confirmed that:
∙so far as is aware, there is no relevant audit information of which the Company's auditor is unaware, and
∙ has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
The auditor, Gilchrists AB LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
___________________________
Mohammed Ilyas Aslam
Director
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QUADRUM CAPITAL UK LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF QUADRUM CAPITAL UK LIMITED
We have audited the financial statements of Quadrum Capital UK Limited for the year ended 31 December 2024 which comprise the Statement of Profit or Loss, the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies set out on pages 18 - 25. The financial reporting framework that has been applied in their preparation is applicable law and International Financial Reporting Standards (IFRSs) as adopted by the United Kingdom.
In our opinion the financial statements:
∙give a true and fair view of the state of the Company's affairs as at 31 December 2024 and of its profit for the year then ended;
∙have been properly prepared in accordance with IFRSs as adopted by the United Kingdom; and
∙have been prepared in accordance with the requirements of the Companies Act 2006.
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 United Kingdom, including the Financial Reporting Council'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
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In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Our evaluation of the director's assessment of the Company's ability to continue to adopt the going concern basis of accounting included:
- Review and assess current and historical performance metrics for forming our own independent assessment
of going concern.
- Obtain and review company forecasts to assess expected future performance, review and assess company
budgets to compare against actual results to assess the reliability of forecasts.
- Reviewing post year end documentation for signs of indications that going concern is inappropriate.
- Obtain written representation from ownership attesting financial support of the audited entity for the period
appropriate for going concern adoption.
- Obtain and investigate any other relevant information that may indicate that going concern basis is
inappropriate.
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 director with respect to going concern are described in the relevant sections of this report.
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QUADRUM CAPITAL UK LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF QUADRUM CAPITAL UK LIMITED (CONTINUED)
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.
Opinion on other matters prescribed by the Companies Act 2006
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In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Director's Report has been prepared in accordance with applicable legal requirements.
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 Director's 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:
∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
∙the financial statements are not in agreement with the accounting records and returns; or
∙certain disclosures of director's remuneration specified by law are not made; or
∙we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the director's responsibilities statement on page 4, the director is 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 director determines 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 director is 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 director either intends 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
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QUADRUM CAPITAL UK LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF QUADRUM CAPITAL UK LIMITED (CONTINUED)
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:
We considered the nature of the Company's industry and its control environment and reviewed the Company's documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We are enquired of management about their own identification and assessment of the risks of irregularities.
We obtained an understanding of the legal and regulatory framework that the Company operates in and identified the key laws and regulations that:
- Had a direct effect on the determination of the material amounts and disclosures in the financial statements.
These included UK Companies Act, pensions legislation, tax legislation, financial conduct authority
regulations, and
- Do not have a direct effect on the financial statements, but compliance with which may be fundamental to the
Company's ability to operate or to avoid a material penalty.
We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud, and how and where fraud might occur in the financial statements. In common with all audits under the ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.
In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments: assessed whether the judgements made in making accounting estimates are indicative of a potential bias: and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.
In addition to the above, our procedures to respond to the risks identified included the following:
- Reviewing financial statement disclosures by testing to supporting documentation to assess compliance with
provisions of relevant laws and regulations described as having direct effect on the financial statements,
- Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of
material misstatement due to fraud,
- Enquiring of management, concerning actual and potential litigation and claims, and instances of non-
compliance with laws and regulations, and
- Reading minutes of meetings of those charged with governance.
As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:
- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or
error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is
sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement
resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery,
intentional omissions, misrepresentations, or the override of internal control.
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QUADRUM CAPITAL UK LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF QUADRUM CAPITAL UK LIMITED (CONTINUED)
- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the
Company's internal control. Evaluate the Appropriateness of accounting policies used, and whether
accounting estimates and related disclosures made by the directors are reasonable.
- Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on
the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may
cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material
uncertainty exists, we are required to draw attention in our Auditors' report to the related disclosures in the
financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based
on the audit evidence obtained up to the date of our Auditors' report. However, future events or conditions
may cause the Company to cease to continue as a going concern.
- Evaluate the overall presentation, structure, and content of the financial statements, including the disclosures,
and whether the financial statements represent the underlying transactions and events in a manner that
achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
George Christodoulou (Senior Statutory Auditor)
for and on behalf of
Gilchrists AB LLP
Registered Auditors
Grove House
2 Woodberry Grove
London
N12 0DR
4 September 2025
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QUADRUM CAPITAL UK LIMITED
STATEMENT OF PROFIT OR LOSS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Share of post-tax profits of equity accounted associates
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The notes on pages 18 to 36 form part of these financial statements.
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QUADRUM CAPITAL UK LIMITED
STATEMENT OF OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
Total comprehensive income
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The notes on pages 18 to 36 form part of these financial statements.
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QUADRUM CAPITAL UK LIMITED
REGISTERED NUMBER: 08751676
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
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Property, plant and equipment
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Other non-current investments
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Trade and other receivables
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Cash and cash equivalents
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Trade and other liabilities
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Issued capital and reserves
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The financial statements on pages 1 to 36 were approved and authorised for issue by the board of director and were signed on its behalf by:
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QUADRUM CAPITAL UK LIMITED
REGISTERED NUMBER: 08751676
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2024
___________________________
Mohammed Ilyas Aslam
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The notes on pages 18 to 36 form part of these financial statements.
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QUADRUM CAPITAL UK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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Comprehensive income for the year
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Total comprehensive income for the year
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Contributions by and distributions to owners
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Total contributions by and distributions to owners
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The notes on pages 18 to 36 form part of these financial statements.
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QUADRUM CAPITAL UK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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Comprehensive income for the year
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Total comprehensive income for the year
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Contributions by and distributions to owners
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Total contributions by and distributions to owners
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The notes on pages 18 to 36 form part of these financial statements.
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QUADRUM CAPITAL UK LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
Cash flows from operating activities
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Depreciation of property, plant and equipment
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Amortisation of intangible fixed assets
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Net foreign exchange loss
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Movements in working capital:
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Decrease/(increase) in trade and other receivables
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Increase in trade and other payables
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Cash generated from operations
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Net cash from operating activities
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Cash flows from investing activities
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Purchases of property, plant and equipment
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Amounts advanced to related parties
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Net cash (used in)/from investing activities
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Cash flows from financing activities
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Dividends paid to the holders of the parent
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Net cash used in financing activities
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Net decrease in cash and cash equivalents
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Cash and cash equivalents at the beginning of year
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Exchange loss on cash and cash equivalents
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Cash and cash equivalents at the end of the year
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The notes on pages 18 to 36 form part of these financial statements.
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QUADRUM CAPITAL UK LIMITED
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Functional and presentation
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Other non-current investments
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Trade and other receivables
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Related party transactions
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Employee benefit expenses
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Notes supporting statement of
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Property, plant and equipment
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QUADRUM CAPITAL UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
1.Accounting policies
These financial statements have been prepared in accordance with UK-adopted international accounting standards and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS. The financial statements have been prepared under the historical cost convention.
The preparation of financial statements in conformity with the IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company's accounting policies. There are no areas involving a higher degree of judgement or complexity, or areas where assumptions and estimations are significant to the financial statements.
The company is required not to prepare the consolidated financial statements in accordance with paragraph 4(a) of IFRS10. Therefore, these financial statements are prepared as a stand alone company. The results of this company are incorporated within the consolidated financial statements of its ultimate parent company Quadrum Global Limited who prepares the accounts under IFRS and these accounts are available from it's registered office at:
c/o Catalyst Fund Services
P.O.Box 1096
Flagship Building
Suite 201
George Town,
Grand Cayman KY1-1102
Cayman Islands
The director has at the time of approving the financial statements, a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus he continues to adopt the going concern basis of accounting in preparing the financial statements.
Goodwill arising on an acquisition of a business is carried at cost as established at the date of acquisition of the business less accumulated impairment losses, if any.
For the purposes of impairment testing, goodwill is allocated to each of the Company's cash-generating units (or groups of cash-generating units) that is expected to benefit from the synergies of the combination.
A cash-generating unit to which goodwill has been allocated is tested for impairment annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than its carrying amount, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro rata based on the carrying amount of each asset in the unit. Any impairment loss for goodwill is recognised directly in profit or loss. An impairment loss recognised for goodwill is not reversed in subsequent periods.
On disposal of the relevant cash-generating unit, the attributable amount of goodwill is included in the determination of the profit or loss on disposal.
The Company's policy for goodwill arising on the acquisition of an associate and a joint venture is described at note 1.4.
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QUADRUM CAPITAL UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
1.Accounting policies (continued)
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Investments in associates and joint ventures
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An associate is an entity over which the Company has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those policies.
A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint arrangement. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require unanimous consent of the parties sharing control.
The results and assets and liabilities of associates or joint ventures are incorporated in these consolidated financial statements using the equity method of accounting, except when the investment, or a portion thereof, is classified as held for sale, in which case it is accounted for in accordance with IFRS 5. Under the equity method, an investment in an associate or a joint venture is initially recognised in the consolidated statement of financial position at cost and adjusted thereafter to recognise the Company's share of the profit or loss and other comprehensive income of the associate or joint venture. When the Company's share of losses of an associate or a joint venture exceeds the Company's interest in that associate or joint venture (which includes any long-term interests that, in substance, form part of the Company's net investment in the associate or joint venture), the Company discontinues recognising its share of further losses. Additional losses are recognised only to the extent that the Company has incurred legal or constructive obligations or made payments on behalf of the associate or joint venture.
An investment in an associate or a joint venture is accounted for using the equity method from the date on which the investee becomes an associate or a joint venture. On acquisition of the investment in an associate or a joint venture, any excess of the cost of the investment over the Company's share of the net fair value of the identifiable assets and liabilities of the investee is recognised as goodwill, which is included within the carrying amount of the investment. Any excess of the Company's share of the net fair value of the identifiable assets and liabilities over the cost of the investment, after reassessment, is recognised immediately in profit or loss in the period in which the investment is acquired.
The requirements of IAS 39 are applied to determine whether it is necessary to recognise any impairment loss with respect to the Company's investment in an associate or joint venture. When necessary, the entire carrying amount of the investment (including goodwill) is tested fir impairment in accordance with IAS 36 Impairment of Assets as a single asset by comparing its recoverable amount (higher of value in use and fair value less costs of disposal) with its carrying amount. Any impairment loss recognised forms part of the carrying amount of the investment. Any reversal of that impairment loss is recognised in accordance with IAS 36 to the extent that the recoverable amount of the investment subsequently increases.
The Company discontinues the use of the equity method from the date when the investment ceases to be an associate or joint venture, or when the investment is classified as held for sale. When the Company retains an interest in the former associate or joint venture and the retained interest is a financial asset, the Company measures the retained interest at fair value at that date and the fair value is regarded as its fair value on initial recognition in accordance with IAS 39. The difference between the carrying amount of the associate or joint venture at the date the equity method was discontinued, and the fair value of any retained interest and any proceeds from disposing of a part interest in the associate or joint venture is included in the determination of the gain or loss on disposal of the associate or joint venture. In addition, the Company accounts for all amounts previously recognised in other comprehensive income in relation to that associate or joint venture on the same basis as would be required if that associate or joint venture had directly disposed of the related assets or liabilities. Therefore, if a gain or loss previously recognised in other comprehensive income by that associate or joint venture would be reclassified to profit or loss on the disposal of the related assets or liabilities, the Company reclassified the gain or loss from equity to profit or
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QUADRUM CAPITAL UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
1.Accounting policies (continued)
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Investments in associates and joint ventures (continued)
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loss (as a reclassification adjustment) when the equity method is discontinued.
The Company continues to use the equity method when an investment in an associate becomes an investment in a joint venture or an investment in a joint venture becomes an associate.There is no remeasurement to fair value upon such changes in ownership interests.
When the Company reduces its ownership interest in an associate or a joint venture but the Company continues to use the equity method, the Company reclassifies to profit or loss the proportion of the gain or loss that had previously been recognised in the other comprehensive income relating to that reduction in ownership interest if that gain or loss would be reclassified to profit or loss on the disposal of the related assets or liabilities.
When an entity transacts with an associate or a joint venture of the Company, profits and losses resulting from the transactions with the associate or joint ventures are recognised in the Company's consolidated financial statements only to the extent of interests in the associate or joint venture that are not related to the Company.
Revenue is measured based on the consideration specified in a contract with a customer and excludes amounts collected on behalf of third parties. The Company recognises revenue when it transfers control over a product or service to a customer.
The Company does not expect to have any contracts where the period between the transfer of the promised goods or services to the customer and payment by the customer exceeds one year. As a consequence, the Company does not adjust any of the transaction prices for the time value of money.
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QUADRUM CAPITAL UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
1.Accounting policies (continued)
In preparing the financial statements of each individual group entity, transactions in currencies other than the entity's functional currency (foreign currencies) are recognised at the rates of exchange prevailing at the dates of the transactions. At the end of each reporting period, monetary items denominated in foreign currencies are retranslated at the rates prevailing at that date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing at the date when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated.
Exchange differences on monetary items are recognised in profit or loss in the period in which they arise except for:
∙exchange differences on foreign currency borrowings relating to assets under construction for future productive use, which are included in the cost of those assets when they are regarded as an adjustment to interest costs on those foreign currency borrowings;
∙exchange differences on transactions entered into in order to hedge certain foreign currency risks (see for hedging accounting policies); and
∙exchange differences on monetary items receivable from or payable to foreign operation for which settlement is neither planned nor likely to occur (therefore forming part of the net investment in the foreign operation), which are recognised initially in other comprehensive income and reclassified from equity to profit or loss on repayment of the monetary items.
For the purposes of presenting these financial statements, the assets and liabilities of the Company's foreign operations are translated into pounds using exchange rates prevailing at the end of each reporting period. Income and expense items are translated at the average exchange rates for the period, unless exchange rates fluctuate significantly during that period, in which case the exchange rates at the dates of the transactions are used. Exchange differences arising, if any, are recognised in other comprehensive income and accumulated in equity (and attributed to non-controlling interests as appropriate).
On the disposal of a foreign operation (i.e. a disposal of the Company's entire interest in a foreign operation, a disposal involving loss of control over a subsidiary that includes a foreign operation, or a partial disposal of an interest in a joint arrangement or an associate that includes a foreign operation of which the retained interest becomes a financial asset), all of the exchange differences accumulated in equity in respect of that operation attributable to the owners of the Company are reclassified to profit or loss.
In addition, in relation to a partial disposal of a subsidiary that includes a foreign operation that does not result in the Group losing control over the subsidiary, the proportionate share of accumulated exchange differences are re-attributed to non-controlling interests and are not recognised in profit or loss. For all other partial disposals (i.e. partial disposals of associates or joint arrangements that do not result in the Group losing significant influence or joint control), the proportionate share of the accumulated exchange differences is reclassified to profit or loss.
Goodwill and fair value adjustments to identifiable assets acquired and liabilities assumed through acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and translated at the rate of exchange prevailing at the end of each reporting period. Exchange differences arising are recognised in other comprehensive income.
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QUADRUM CAPITAL UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
1.Accounting policies (continued)
Income tax expense represents the sum of the tax currently payable and deferred tax.
For the reporting period, there are no reportable deferred tax provisions required.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from ‘profit before tax’ as reported in the Profit and Loss Account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
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Property, plant and equipment
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Items of property, plant and equipment are measured at cost less accumulated depreciation and any accumulated impairment losses.
If significant parts of an item of property, plant and equipment have different useful lives, then they are accounted for as separate items (major components) of property, plant and equipment. Any gain or loss on disposal of an item of property, plant and equipment is recognised in profit or loss. Subsequent expenditure is capitalised only if it is probable that the future economic benefits associated with the expenditure will flow to the Company.
Depreciation is provided on all other items of property, plant and equipment so as to write off their carrying value over their expected useful economic lives. It is provided at the following rates:
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Intangible assets acquired in a business combination
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Intangible assets acquired in a business combination and recognised separately from goodwill are initially recognised at their fair value at the acquisition date (which is regarded as their cost).
Subsequent to initial recognition, intangible assets acquired in a business combination are reported at cost less accumulated amortisation and accumulated impairment losses, on the same basis as intangible assets that are acquired separately.
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QUADRUM CAPITAL UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
1.Accounting policies (continued)
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Impairment of tangible and intangible assets other than goodwill
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At the end of each reporting period, the Company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). When it is not possible to estimate the recoverable amount of an individual asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs. When a reasonable and consistent basis of allocation can be identified, corporate assets are also allocated to individual cash-generating units, or otherwise they are allocated to the smallest group of cash-generating units for which a reasonable and consistent allocation basis can be identified.
Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment at least annually, and whenever there is an indication that the asset may be impaired.
Recoverable amount is the higher of fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease (see note 1.8).
When an impairment loss subsequently reverses, the carrying amount of the asset (or a cash generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase (see note 1.8).
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Cash and cash equivalents
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Cash and cash equivalents comprise cash on hand and demand deposits, together with other short-term, highly liquid investments maturing within 90 days from the date of acquisition that are readily convertible into known amounts of cash and which are subject to an insignificant risk of changes in value.
Financial assets and financial liabilities are recognised when an entity becomes a party to the contractual provisions of the instruments.
Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognised immediately in profit or loss.
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QUADRUM CAPITAL UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
1.Accounting policies (continued)
All regular way purchases or sales of financial assets are recognised and derecognised on a trade date basis. Regular way purchases or sales are purchases or sales of financial assets that require delivery of assets within the time frame established by regulation or convention in the marketplace.
All recognised financial assets are subsequently measured in their entirety at either amortised cost or fair value, depending on the classification of the financial assets.
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Derecognition of financial assets
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The Company derecognises a financial asset when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another party. If the Company neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the transferred asset, the Company recognises its retained interest in the asset and an associated liability for amounts it may have to pay. If the Company retains substantially all the risks and rewards of ownership of a transferred financial asset, the Company continues to recognise the financial asset and also recognises a collateralised borrowing for the proceeds received.
On derecognition of a financial asset measured at amortised cost, the difference between the asset's carrying amount and the sum of the consideration received and receivable is recognised in profit or loss. In addition, on derecognition of an investment in a debt instrument classified as at FVOCI, the cumulative gain or loss previously accumulated in the investments revaluation reserve is reclassified to profit or loss. In contrast, on derecognition of an investment in an equity instrument which the Company has elected on initial recognition to measure at FVOCI, the cumulative gain or loss previously accumulated in the investments revaluation reserve is not reclassified to profit or loss, but is transferred to retained earnings.
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Financial liabilities and equity instruments
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(i) Classification as debt or equity
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Debt and equity instruments issued by an entity are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument.
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(ii) Financial liabilities
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All financial liabilities are subsequently measured at amortised cost using the effective interest method or at FVTPL.
However, financial liabilities that arise when a transfer of a financial asset does not qualify for derecognition or when the continuing involvement approach applies, financial guarantee contracts issued by the Company, and commitments issued by the Company to provide a loan at below-market interest rate are measured in accordance with the specific accounting policies set out below.
Derecognition of financial liabilities
The Company derecognises financial liabilities when, and only when, the Company's obligations are discharged, cancelled or have expired. The difference between the carrying amount of the financial liability derecognised and the consideration paid and payable, including any non-cash assets transferred or liabilities assumed, is recognised in profit or loss.
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QUADRUM CAPITAL UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
1.Accounting policies (continued)
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Defined contribution schemes
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Contributions to defined contribution pension schemes are charged to the statement of comprehensive income in the year to which they relate.
Dividends are recognised when they become legally payable. In the case of interim dividends to equity shareholders, this is when declared by the directors. In the case of final dividends, this is when approved by the shareholders at the AGM.
Quadrum Capital UK Limited (the 'Company') is a limited company incorporated in England. The Company's registered office is at 53/54 Grosvenor Street, London, W1K 3HU. The Company's principal activity is provision of capital asset advisory services..
The financial statements have been prepared in accordance with International Financial Reporting Standards, International Accounting Standards and Interpretations as adopted by the UK (collectively IFRSs). They were authorised for issue by the Company's board of directors on 04 September 2025.
Details of the Company's accounting policies, including changes during the year, are included in note 1.
In preparing these financial statements, management has made judgements, estimates and assumptions that affect the application of the Company accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised prospectively.
The areas where judgements and estimates have been made in preparing the financial statements and their effects are disclosed in note 5.
The financial statements have been prepared on the historical cost basis except for the following items, which are measured on an alternative basis on each reporting date.
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Initial valuation of subsidiary investments
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Initial valuation of goodwill
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Functional and presentation currency
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These financial statements are presented in pound sterling, which is the Company's functional currency. All amounts have been rounded to the nearest pound, unless otherwise indicated.
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QUADRUM CAPITAL UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Accounting estimates and judgements
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5.1 Estimates and assumptions
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Tangible fixed assets
It is assumed that industry standards for assets with relevant categorisations is sufficient to determine appropriate depreciation rate and methods.
Subsidiary investment valuation
Valuation of subsidiary investment is determined by the net asset value of the entity as at the acquisition
date apportioned by the shareholding. Subsequently these investments are accounted of on a historical
cost basis.
Goodwill
Useful life as a basis for amortisation is determined by the current financial position and projections of the company at the date of acquisition. As a non-monetary asset, annual charge is translated at acquisition date for goodwil arising on investments paid for in foreign currencies, as is complaint with FRS102.30.9.
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The following is an analysis of the Company's revenue for the year from continuing operations:
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Loss after charging the following expenses/(income)
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Office equipment depreciation charge
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Goodwill - amortisation charge
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Difference on foreign exchange
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QUADRUM CAPITAL UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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During the year, the Company obtained the following services from the Company's auditor and its associates:
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Fees payable to the Company's auditor and its associates in respect of:
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Auditors' remuneration - non-audit
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Employee benefit expenses
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Employee benefit expenses (including director) comprise:
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Defined contribution pension cost
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The monthly average number of persons, including the director, employed by the Company during the year was as follows:
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QUADRUM CAPITAL UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Finance income and expense
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Recognised in profit or loss
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Other interest receivable
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Net finance expense recognised in profit or loss
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The above financial income and expense include the following in respect of assets (liabilities) not at fair value through profit or loss:
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QUADRUM CAPITAL UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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11.1 Income tax recognised in profit or loss
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Current tax on profits for the year
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Tax expense excluding tax on sale of discontinued operation and share of tax of equity accounted associates and joint ventures
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The reasons for the difference between the actual tax charge for the year and the standard rate of corporation tax in the United Kingdom applied to profits for the year are as follows:
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Income tax expense (including income tax on associate, joint venture and discontinued operations)
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Profit before income taxes
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Tax using the Company's domestic tax rate of 25% (2023:25%)
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Non-tax deductible amortisation of goodwill and impairment
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Expenses not deductible for tax purposes, other than goodwill, amortisation and impairment
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Short-term timing difference leading to an increase/(decrease) in taxation
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Special factors affecting joint-ventures and associates leading to an increase/(decrease) in the tax charge
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QUADRUM CAPITAL UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
11.Tax expense (continued)
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11.2 Current tax assets and liabilities
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Final dividend of 300 pence (2023: 178 pence) per Ordinary share proposed and paid during the year relating to the previous year's results
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The directors are proposing a final dividend of - pence (2023:- pence) per share totalling £- (2023:£-). The dividend has not been accrued in the statement of financial position.
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Property, plant and equipment
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QUADRUM CAPITAL UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
13.Property, plant and equipment (continued)
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Accumulated depreciation and impairment
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Charge owned for the year
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Charge owned for the year
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Accumulated amortisation and impairment
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Charge for the year - owned
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Charge for the year - owned
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QUADRUM CAPITAL UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
14.Intangible assets (continued)
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Details of the Company's material subsidiaries at the end of the reporting period are as follows:
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Place of incorporation and operation
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Proportion of ownership interest and voting power held by the Company (%)
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1) Quadrum Capital US Corp
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2) Quadrum Capital Europe s.r.o
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1) Quadrum Capital US Corp
Registered office: C T Corporation System, 1200 South Pine Island Road, Plantation, FL 33324
The subsidiary was acquired by way of a formal purchase of the company for $200,000. The consideration was determined by use of the net asset value of the subsidiary's consolidated accounts as a basis. The investment in the above named subsidiary has been accounted for using the 'acquisition method'. Please refer to accounting policies and accounting estimates for more detail regarding the recognition of goodwill and investments.
The primary reason for the business combination was that of a reorganisation of the group.
2) Quadrum Capital Europe s.r.o
Registered office: Pribinova 30, Bratislava 811 09, Slovakia
The subsidiary was acquired by way of a formal purchase of the conrolling share interest for €19,000. The investment in the subsidiary is accounted for at historical cost, the consideration was determined by the nominal value of the shares purchased. Investment valuation was in excess of consideration resulting in a bargain subsidiary purchase. The ensuing fair value gain has been recognised in the profit and loss, carried forward in the revaluation reserve as non-ditributable equity.
The primary reason for the business combination was that of a reorganisation of the group.
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QUADRUM CAPITAL UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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The following entity has been included in the financial statements using the equity method:
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Country of incorporation principal place of business
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Relationship to the entity
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1) Quadrum Real Estate LLP
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1) Quadrum Real Estate LLP
While the company does not own any capital in this entity, it is entitled to receive a share of profit in accordance with its partnership agreement.
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(i) Summarised financial information (material associates)
Quadrum Real Estate LLP
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Period ended 31 December 2024
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Profit from continuing operations
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Total comprehensive income
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Other non-current investments
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Investments in subsidiary companies
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QUADRUM CAPITAL UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Trade and other receivables
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Total non-current trade and other receivables
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Receivables from related parties
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Total financial assets other than cash and cash equivalents classified as loans and receivables
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Prepayments and accrued income
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Total current trade and other receivables
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Total non-current trade and other payables
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Payables to related parties
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Payables to participating interests
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Total financial liabilities, excluding loans and borrowings, classified as financial liabilities measured at amortised cost
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Other payables - tax and social security payments
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Total current trade and other payables
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QUADRUM CAPITAL UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Ordinary shares of £1.00 each
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Ordinary shares of £1.00 each
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At 1 January and 31 December
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Related party transactions
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Details of transactions between the Company and its related parties are disclosed below.
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21.1 Other related party transactions
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Other related party transactions are as follows:
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Related party relationship
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Transactions with group companies
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The company has taken exemption from disclosing the transactions with group companies on the grounds that its' results are included in the group accounts prepared by the parent company.
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QUADRUM CAPITAL UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The controlling party is Quadrum Capital Management Limited (Guernsey) and the ultimate controlling party is Abacus (Nominees) Limited as the trustees of Maximus Holdings Trust (Cyprus), the sole beneficiary of which is Oleg Pavlov.
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Notes supporting statement of cash flows
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Cash at bank available on demand
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Cash and cash equivalents in the statement of financial position
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Cash and cash equivalents in the statement of cash flows
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The Company is not subject to any externally imposed capital requirements.
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Events after the reporting date
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The Company has committed to 525,000 USD in capital contributions to a new USA based company in Q1 of the next financial period. This future investment represents a 100% interest of the subsidiary.
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