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Registration number: 09888857

Qbiz UK Limited
Filleted Financial Statements
for the Year Ended 31 December 2024

Qbiz UK Limited

Contents

Company Information | 1
Balance Sheet | 2
Notes to the Financial Statements | 3 to 9

Qbiz UK Limited

Company Information

Directors | B M Kretz J K Carvell P H Paulsson

Company secretary | Goodwille Limited

Registered office | 1 Chapel Street Warwick Warwickshire CV34 4HL

Auditors | Bourner Bullock Chartered Accountants 114 St Martin's Lane Covent Garden London WC2N 4BE

Qbiz UK Limited

(Registration number: 09888857)
Balance Sheet as at 31 December 2024

| Note | 2024 £ | 2023 £
Fixed assets |  |  |
Tangible assets | 6 | 5,184 | 8,890
Current assets |  |  |
Debtors | 7 | 79,194 | 86,464
Cash at bank and in hand |  | 75,258 | 81,841
|  | 154,452 | 168,305
Creditors: Amounts falling due within one year | 8 | (2,145,192) | (1,616,840)
Net current liabilities |  | (1,990,740) | (1,448,535)
Net liabilities |  | (1,985,556) | (1,439,645)
Capital and reserves |  |  |
Called up share capital |  | 100 | 100
Retained earnings |  | (1,985,656) | (1,439,745)
Shareholders' deficit |  | (1,985,556) | (1,439,645)

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 28 May 2025 and signed on its behalf by:

......................................... B M Kretz Director

Qbiz UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

1 | General information

The Company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
1 Chapel Street
Warwick
Warwickshire
CV34 4HL
United Kingdom

Principal activity

The principal activity of the Company is is the provision of IT consultancy and data solutions.

These financial statements were authorised for issue by the Board on 28 May 2025.

2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The company made a loss in the current year and it has net current liabilities. The company is dependent on the support from the shareholders to continue as a going concern.
The financial statements have been prepared on a going concern basis that assumes further funding will be obtained.

Turnover recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.

Qbiz UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Office equipment | 3 years straight line method

Qbiz UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans from related parties and investments in non-puttable ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Debtors

Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Creditors

Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, 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. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Qbiz UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3 | Significant judgements and key sources of estimation uncertainty

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the Director's opinion there are no significant judgements or key sources of estimation uncertainty.

4 | Summary audit opinion

Audit report

The Independent Auditor's Report was unqualified.

The name of the Senior Statutory Auditor who signed the audit report on 28 May 2025 was David Wheeler, who signed for and on behalf of Bourner Bullock.

5 | Staff numbers

The average number of persons employed by the Company (including directors) during the year, was 12 (2023 - 16).

Qbiz UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

6 | Tangible assets

| Office equipment £ | Total £
Cost or valuation
At 1 January 2024 | 11,120 | 11,120
At 31 December 2024 | 11,120 | 11,120
Depreciation
At 1 January 2024 | 2,230 | 2,230
Charge for the year | 3,706 | 3,706
At 31 December 2024 | 5,936 | 5,936
Carrying amount
At 31 December 2024 | 5,184 | 5,184
At 31 December 2023 | 8,890 | 8,890

7 | Debtors

Current | 2024 £ | 2023 £
Trade debtors | 29,340 | 58,558
Amounts owed by related parties | 19,233 | -
Prepayments | 10,506 | 7,791
Other debtors | 20,115 | 20,115
| 79,194 | 86,464

Qbiz UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

8 | Creditors

Creditors: amounts falling due within one year

| Note | 2024 £ | 2023 £
Due within one year |  |  |
Loans and borrowings |  | 392 | 1,323
Trade creditors |  | 8,110 | 6,529
Amounts owed to Group undertakings and undertakings in which the Company has a participating interest | 9 | 2,079,562 | 1,532,916
Taxation and social security |  | 33,510 | 56,810
Accruals and deferred income |  | 19,174 | 15,750
Other creditors |  | 4,444 | 3,512
|  | 2,145,192 | 1,616,840

9 | Related party transactions

Key management compensation

| 2024 £ | 2023 £
Salaries and other short term employee benefits | 121,150 | 121,273

Loans from related parties

2024 | Parent £ | Total £
At start of period | 1,532,916 | 1,532,916
Advanced | 443,411 | 443,411
Interest transactions | 103,235 | 103,235
At end of period | 2,079,562 | 2,079,562

2023 | Parent £ | Total £
At start of period | 799,126 | 799,126
Advanced | 662,090 | 662,090
Interest transactions | 71,700 | 71,700
At end of period | 1,532,916 | 1,532,916

Qbiz UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

10 | Parent and ultimate parent undertaking

The ultimate parent company is QCG Sweden AB, a company incorporated in Sweden which owns 75% of the shares of the company from 23 October 2018.
The parent company prepares consolidated financial statements which include Qbiz UK Limited. This is the smallest group for which consolidated accounts are prepared. Copies of these financial statements can be obtained from QCG Sweden AB, Möllevägen 18A, 236 31 Höllviken, Sweden.

11 | Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

| 2024 £ | 2023 £
Not later than one year | 67,010 | 50,220

The amount of non-cancellable operating lease payments recognised as an expense during the year was £56,576 (2023 - £43,713).