The directors present the strategic report for the period ended 31 March 2025.
Q5 Ltd (Q5) is a management consultancy dedicated to building healthy organisations—to propel people, economies, and society forward. Our model blends data-led diagnostics (e.g. organisational analytics) with hands-on delivery, using proprietary tools such as OrgMaps to co-create sustainable outcomes. As a global firm we primarily work across the UK, Europe, North America, Middle East, and Australia, serving clients in public, private, and not‑for‑profit sectors. Q5 is a founding member and of the Transformation Alliance (TTA)—a network of like-minded consultancies across Europe. Through the TTA, we share IP, collaborate on cross-border projects, and jointly develop talent, extending our international reach and client impact.
Our delivery approach is rooted in co-creation and implementation. We don’t just advise—we work shoulder-to-shoulder with our clients to design, test, and embed solutions that drive sustainable outcomes. Our consultants bring a balanced mindset: analytical enough to challenge strategy, practical enough to get stuck in. Core methods include:
Operating model and organisation design including culture change design
Organisational health assessments
Strategic workforce planning and job architecture
Leadership enablement and change management
These services are delivered via an agile team structure, often combining local market knowledge with global expertise.
To support global clients and share leading practice, Q5 maintains an integrated regional structure across the UK, US, Middle East, and Australia. While each office has operational independence to meet local client needs, all share the same methods, IP, leadership cadence, and values. Regular cross-regional collaboration is built into client delivery, IP development, and staff development programmes.
This model enables Q5 to scale seamlessly, share insights rapidly, and offer consistent quality and culture across geographies.
In FY25 Q5 received several prestigious accolades that reflect our growth, culture, and client impact. Highlights include:
The King’s Award for International Trade, recognising our global expansion and delivery excellence.
Named one of Forbes’ World’s Best Management Consulting Firms 2024, and the FT Best Management Consultants 2025 list.
Diamond-rated in Change Management and highly ranked across sectors by Consultancy UK.
Great Place to Work® UK awards, including Best Workplaces for Development, Wellbeing, and Women.
Winner of the Greater London Enterprise Award 2024 for innovation.
These awards reinforce Q5’s standing as a high-performing, people-first consultancy dedicated to building healthier organisations.
Market Context & Strategy
Since 2009, Q5 has carved a unique niche in organisational health serving >150 clients annually. Our strategy for FY26 builds on:
Private sector – core industry expertise in Retail, Media, Financial services, Nuclear and defence, Energy, Transportation
Public sector & health specialism – leveraging deep healthcare and government experience
International expansion – strengthening presence in US, Middle East, Australia
Capability maturity – advancing data analytics, digital transformation, and structured job architecture
In FY25, Q5 responded to significant shifts across our core markets. In the UK, the ongoing pressure on public finances and NHS reform agendas led to a sharp focus on organisational efficiency, workforce planning, and governance redesign.
In the private sector, clients faced continued inflationary pressure, digital disruption, and the demand for more agile operating models—particularly in retail, financial services, and consumer goods. Internationally, our Middle East and North America clients sought support with localisation strategies, leadership capability development, and scaling post-M&A transformation programs.
Across all markets, there has been a clear increase in demand for evidence-based decision-making, job architecture modernisation, and inclusive leadership behaviours—areas where Q5 has invested in both tools and talent.
Financial & Operational Highlights
FY 2025 was a strong year for Q5, marked by strategic transition, operational resilience, and consistent profitability amidst global market headwinds.
Revenue and Market Performance
Q5 sustained strong margins and healthy profitability. This stability was achieved despite market conditions that led to reduced client spend and increased project deferrals.
Gross margin and operating margins remained strong at 46% and 18% respectively, underpinned by careful resource management, disciplined project execution, and a commitment to maintaining team continuity during a volatile industry period.
During FY25 the board made a deliberate decision to retain our full workforce during a period when many competitors initiated cost-cutting and redundancy programmes. Despite a short-term impact on profitability in H1, this choice was guided by our commitment to employee wellbeing, client continuity, and long-term capability preservation. As a result, we entered H2 with strong delivery momentum, high staff engagement, and client teams fully mobilised—leading to a significantly stronger second-half performance. This strategic choice exemplifies how the board balanced short-term margin with long-term stakeholder value creation.
Client Engagement and Delivery Scale
Worked with over 150 clients across the UK, US, Middle East, and Australia
Over 50% repeat client business
Capability and Talent Development
Headcount of 180, additionally supported by a talented pool of associate SMEs
Rolled out enhanced Career Architecture and internal development programmes
Achieved low attrition of 11 % and sustained high employee engagement scores
International Footprint
Cross-regional delivery teams executed integrated projects across time zones and client functions
Innovation and IP
Launched or matured tools such as OrgMaps, OrgScan, and Culture Diagnostic Framework
Invested in internal IP and capability development, particularly our data & analytics hub which supports all our projects with robust quantitative analytics and data to power and evidence our recommendations to clients
Launched a number of new services (such as strategic workforce planning and M&A value maximisation) to support and enhance our more mature offer
Enhanced collaboration and learning across core consulting capabilities, including change, strategy, and leadership
Client Impact & Feedback
Net Promoter Score (NPS): 9.5
Case study feedback from key clients such as NHS England, HMRC, BAT, BA, Reach, HSBC, BP, Screwfix, Datacom, Screwfix, Tesco reflects measurable impact on organisational alignment, workforce design, and change execution
Consistent repeat business and strong client referral reinforces our strong reputation in the market for delivering exceptional outcomes
The Directors consider financial risk management within the objectives and policies.
Risk | Mitigation |
Talent acquisition and retention | Career Architecture framework, structured mentorship, global communities |
Client budget volatility | Sector diversification (commercial + public), flexible delivery models |
Reputation and delivery risk | QA frameworks, client surveys, evolving operating model |
Geopolitical/operational risk | Governance oversight in each region, compliance protocols |
Price risk | Quarterly cost review given recent inflationary increases, along with operating model reviews and introduction of technology to improve efficiencies and reduce cost |
Credit risk | Robust credit check procedures and payment term negotiations in place |
Liquidity and cash flow risk | Ensure there is always enough cash in the bank for the forecasted needs of the business or for any unforeseen catastrophe |
Evolving our operating model and governance to support scale
Scaling digital business with expanded data analytics hub and digital organisational health tools
International growth, especially in North America and the Middle East
Continued investment in career development, inclusion, and transformation capability, to maintain high employee engagement and a strong performance culture
Opportunistically looking for inorganic growth opportunities
Our Net Zero target includes long-term and interim reduction targets created in line with SBTI guidance. Our ambition to achieve Net Zero includes a commitment to reduce or remove our emissions across Scope 1, 2 and 3 by 90% relative to our 2023 baseline.
Our ambition is to utilise long-term removal technologies to achieve Net Zero. As these technologies are currently nascent, we will have a higher reliance on carbon offsetting. In order to continue our progress to achieving Net Zero, we have adopted the following interim carbon reduction target: By 2030 50% reduction in absolute tCO2e.
On behalf of the board
The directors present their annual report and financial statements for the period ended 31 March 2025.
The current period figures relate to the 17 month period from incorporation on 7 November 2023 to 31 March 2025.
The results for the period are set out on page 10.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
The directors who held office during the period and up to the date of signature of the financial statements were as follows:
Following the year ended 31 March 2025, a loan due from group undertakings totalling 1,324,591 SAR (£300,000) owed by Q Five Arabia was capitalised in order to be recognised as ‘additional capital’, in line with local reporting requirements. This will be treated as fixed asset investment in the accounts of Q5 Ltd.
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:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
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.
We have audited the financial statements of Q5 Ltd (the 'company') for the period ended 31 March 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity 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).
Basis for 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
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
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.
As part of our planning process:
We enquired of management the systems and controls the company has in place, the areas of the financial statements that are mostly susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud. The company did not inform us of any known, suspected or alleged fraud.
We obtained an understanding of the legal and regulatory frameworks applicable to the company. We determined that the following were most relevant: FRS 102, Companies Act 2006 and IR35 legislation.
We considered the incentives and opportunities that exist in the company, including the extent of management bias. This presents a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment accordingly.
Using our knowledge of the company, together with the discussions held with the company at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment.
The key procedures we undertook to detect irregularities including fraud during the course of the audit included:
Identifying and testing journal entries and the overall accounting records, in particular those that were significant and unusual.
Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied.
Reviewing and challenging the assumptions and judgements used by management in their significant accounting estimates, in particular in relation to recoverability of debtor balances.
Assessing the extent of compliance, or lack of, with the relevant laws and regulations.
Testing key revenue lines, in particular cut-off, for evidence of management bias.
Obtaining third-party confirmation of material bank balances.
Documenting and verifying all significant related party balances and transactions.
Reviewing documentation such as the company board minutes for discussions of irregularities including fraud.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and performed our audit in accordance with auditing standards. The primary responsibility of the prevention and detection of irregularities and fraud rests with management.
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.
The profit and loss account has been prepared on the basis that all operations are continuing operations.
Q5 Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Thorney House, 34 Smith Square, London, England, SW1P 3HL.
The current period figures relate to the 17 month period from incorporation on 7 November 2023 to 31 March 2025.
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 £.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 4 ‘Statement of Financial Position’: Reconciliation of the opening and closing number of shares;
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’: Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
Q5 Ltd is a wholly owned subsidiary of Q5 Holdings Ltd. and the results of Q5 Ltd are included in the consolidated financial statements of Q5 Holdings Ltd. which are available from the UK Registrar of Companies.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
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.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities, including creditors, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable 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 company’s contractual obligations expire or are discharged or cancelled.
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.
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.
The 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.
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Debtors are initially held at the transaction price, provisions are made for any debts where recoverability is considered uncertain. Calculations of those provisions require judgements to be made, which include the likelihood of receiving the monies owed, the situation of the debtor and any other external factors which may affect the ability to pay. As at 31 March 2025, total provisions recognised against trade debtors were £52,000.
As at 31 March 2025, Q5 Ltd was owed £766,943 (3,596,214 SAR) from Q Five Arabia. FY25 was the first year of trading for Q Five Arabia and therefore a loss for the year was reasonable. The directors believe that Q5 will grow in the ME market and post year end performance reflects this. However, there remains to be uncertainty regarding the recovery of this balance. Therefore, a provision has been recognised relating to this balance of £357,863.
As at 31 March 2025, Q5 Ltd was owed £693,753 ($901,826 USD) from Q5 Inc. FY25 was a poor year of trade for Q5 Inc due to the political and economic uncertainty in the US. Q5 Inc's performance has improved post year end. Therefore, the directors are of the opinion that the loan balance is recoverable.
The depreciation of tangible assets is included within administration expenses.
The average monthly number of persons (including directors) employed by the company during the period was:
Their aggregate remuneration comprised:
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1.
The actual charge for the period can be reconciled to the expected charge/(credit) for the period based on the profit or loss and the standard rate of tax as follows:
Details of the company's subsidiaries at 31 March 2025 are as follows:
Q5 Inc. keeps its registered office at 2711 Centerville Road, Suite 400, Wilmington, Delaware, United States of America.
Q5 Australia Pty Ltd keeps its registered office at at C/ William Buck, Level 29, 66 Goulburn Street, Sydney, NSW 2000, Australia.
Satsuma Resourcing Ltd keeps its registered office at Thorney House, 34 Smith Square, London, England, SW1P 3HL.
Q Five Partners Management Consultancy LLC keeps its registered office at Office 33. Focus Business Centre, Minaret Al Qurum Building, Building 21. Way 56, Muscat 137. Oman.
Q Five Arabia keeps its registered office at Office 3, 1st Floor, 6321 Olaya Street, Al Sahafah District, Riyadh, 13321, Kingdom of Saudi Arabia.
There is a fixed and floating charge, held by the bank, over all present and future assets held by the company, including all present leasehold property.
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
On incorporation, the company issued 1 share with a nominal value of £1 at par.
The share in issue has full voting, dividend and capital distribution rights. They do not confer rights to redemption.
On 1 April 2024 the company acquired the business of Q5 Partners LLP as part of a wider reconstruction of the group of which it is part. The consideration paid was in line with the net asset position of the LLP, which was nil. As a transfer of assets between entities within a 100% group, the transfer has been accounted for at book value.
During the period ended 31 March 2025, Q5 Ltd was party to a debenture agreement granting the bank fixed and floating charges over all current and future assets.
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
Following the year ended 31 March 2025, a loan due from group undertakings totalling 1,324,591 SAR (£300,000) owed by Q Five Arabia was capitalised in order to be recognised as ‘additional capital’, in line with local reporting requirements. This will be treated as fixed asset investment in the accounts of Q5 Ltd.
On 1 April 2024, the company assumed the obligations to settle amounts owed to the former corporate members of Q5 Partners LLP, as part of a transfer of trade and assets. The liability assumed totalled £13,104,831 and at 31 March 2025, the total amounts which remained outstanding was £5,104,830, owing to companies under common control of the directors and key management personnel.
During the period ended 31 March 2025, the company made purchases of £18,226 from a company controlled by a close family member of key management personnel. At the period end, total amounts of £nil remained outstanding.