Company No: 06318342 (England and Wales)

Contents

• Company Information
• Balance Sheet
• Notes to the Financial Statements

DIRECTOR

Mark Rowan

SECRETARY

Sasha Alexandra Sherlock

REGISTERED OFFICE	13 Christopher Street
	London
	EC2A 2BS
	United Kingdom

COMPANY NUMBER

06318342 (England and Wales)

AUDITOR	Praxis
	Statutory Auditor
	1 Fore Street Avenue
	London
	EC2Y 9DT
	United Kingdom

	Note	2024		2023
		£		£
Fixed assets
Tangible assets	5	162,230		181,597
Investments	6	11,381		11,381
		173,611		192,978
Current assets
Debtors
- due within one year	7	4,450,121		3,706,062
- due after more than one year	7	0		111,187
Cash at bank and in hand		1,429,196		1,936,526
		5,879,317		5,753,775
Creditors: amounts falling due within one year	8	( 1,783,616)		( 1,127,083)
Net current assets		4,095,701		4,626,692
Total assets less current liabilities		4,269,312		4,819,670
Provision for liabilities	9	( 38,492)		( 32,589)
Net assets		4,230,820		4,787,081
Capital and reserves
Called-up share capital	10	100		100
Profit and loss account		4,230,720		4,786,981
Total shareholder's funds		4,230,820		4,787,081

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of QCIC Ltd (registered number: 06318342) were approved and authorised for issue by the Director on 16 September 2025. They were signed on its behalf by:

Mark Rowan Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

QCIC Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 13 Christopher Street, London, EC2A 2BS, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Group accounts exemption

Group accounts exemption s400
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.

QCIC Ltd is a wholly owned subsidiary of QCIC Holdings Limited and the results of QCIC Ltd are included in the consolidated financial statements of QCIC Holdings Limited which are available from 13 Christopher Street, London, EC2A 2BS, United Kingdom.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

For the sale of goods where the Group does not control the goods or services before they are transferred to the customer and does not bear the significant risks and rewards associated with the transaction. Revenue is recognised only to the extent of the commission or fee earned from facilitating the transaction.

Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Balance Sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Balance Sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Dividend income

Dividend income from investments is recognised when the shareholders' rights to receive payment have been established (provided that it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably).

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

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 fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Vehicles	4 years straight line
Fixtures and fittings	15 % reducing balance
Office equipment	15 % reducing balance
	4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
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 when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the Company’s accounting policies, which are described in note 1, the director is required to make judgements, estimates and assumptions about the carrying amounts 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 financial year in which the estimate is revised if the revision affects only that period, or in the financial year of the revision and future periods if the revision affects both current and future periods.


**Critical judgements in applying the Company's accounting policies**
The following are the critical judgements, apart from those involving estimations (which are dealt with separately below), that the director has made in the process of applying the Company’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements.


**Critical judgement - Revenue recognition**
The assessment of the stage of completion of projects and therefore the amount of revenue recognised is affected by the assessment of future time costs that each project will incur through to completion. The costing of this time assessment is systematically driven but the estimation is made by project teams under supervision of directors and carries an inherent risk of being misjudged. Where a project is forecast to be loss making, provision is made for the estimated future costs to complete.


**Critical judgement - Impairment of debtors**
The director makes an assessment at the end of each financial year of whether there is objective evidence that a debtor is impaired. When assessing impairment of debtors and other amounts receivable, the director considers factors including the nature of the debtor, the age profile of outstanding amounts receivable, recent correspondence and historical experience in cash collected from debtors.

3. Prior year adjustment

During the preparation of the financial statements for the year ending 30 September 2024, it was identified that the recognition of revenue relating to licences was not recognised only to the extent of the commission or fee earned from facilitating the transaction, as the Company does not bear significant risks and rewards associated with the transaction. Accordingly, the comparative numbers have been adjusted with a decrease to revenue of £580,997 and a decrease to cost of sales of £580,997 relating to amounts adjusted in previous years.

The balances restated at 30 September 2023 are as follows:

		As previously reported		Adjustment		As restated
Year ended 30 September 2023		£		£		£
Revenue		(8,279,910)		580,997		(7,698,913)
Cost of sales		951,168		(580,997)		370,171

4. Employees

	2024		2023
	Number		Number
Monthly average number of persons employed by the Company during the year, including the director	45		45

5. Tangible assets

	Vehicles		Fixtures and fittings		Office equipment		Total
	£		£		£		£
Cost
At 01 October 2023	126,504		54,723		247,152		428,379
Additions	0		0		42,360		42,360
At 30 September 2024	126,504		54,723		289,512		470,739
Accumulated depreciation
At 01 October 2023	71,103		28,771		146,908		246,782
Charge for the financial year	17,495		3,904		40,328		61,727
At 30 September 2024	88,598		32,675		187,236		308,509
Net book value
At 30 September 2024	37,906		22,048		102,276		162,230
At 30 September 2023	55,401		25,952		100,244		181,597

6. Fixed asset investments

Investments in subsidiaries

	2024
	£
Cost
At 01 October 2023	11,381
At 30 September 2024	11,381
Carrying value at 30 September 2024	11,381
Carrying value at 30 September 2023	11,381

Investments in shares

Name of entity	Registered office	Principal activity	Class of shares	Ownership 30.09.2024	Ownership 30.09.2023
QCIC Inc	106 W 32nd Street, New York, NY 10001, US	Security design and engineering	Ordinary	100.00%	100.00%
QCIC Asia Limited	RD02, 12/F Reception 133 Wai Yip Street, Kwun Tong, Hong Kong	Security design and engineering	Ordinary	100.00%	100.00%
QCIC Mena FZ-LLC	Office 84, Building 07, Dubai Internet City, Dubai, UAE	Security design and engineering	Ordinary	100.00%	100.00%
QCIC SA (Pty) Limited	18th Floor, The Towers, 2 Heerengracht, Cnr Hertzog Boulevard, Foreshore, Cape Town, 8001	Security design and engineering	Ordinary	100.00%	100.00%
QCIC Europe Limited	Limerick House, Limerick Lane, Newbridge, Co. Kildare, W12 PF34, Ireland	Security design and engineering	Ordinary	100.00%	100.00%

7. Debtors

	2024		2023
	£		£
Debtors: amounts falling due within one year
Trade debtors	2,043,844		1,172,937
Amounts owed by Group undertakings	2,156,607		2,225,978
Amounts owed by Parent undertakings	36		3,150
Amounts owed by related parties	15,027		50,692
Other debtors	234,607		253,305
	4,450,121		3,706,062
Debtors: amounts falling due after more than one year
Other debtors	0		111,187

Amounts owed by group and parent undertakings are repayable on demand and interest is charged at commercial rates.

Amounts owed by related parties are repayable by instalment under loan agreements and interest is charged at 3.5%.

8. Creditors: amounts falling due within one year

	2024		2023
	£		£
Trade creditors	451,509		341,533
Amounts owed to Group undertakings	141,241		161,864
Taxation and social security	335,591		230,527
Other creditors	855,275		393,159
	1,783,616		1,127,083

There are no amounts included above in respect of which any security has been given by the small entity.

Amounts owed to Group undertakings are repayable on demand and bear interest at commercial rates.

Included within other creditors are amounts due to the director totalling £8,448 (2023: £14,300). Amounts are repayable on demand and do not bear interest.

9. Provision for liabilities

	2024		2023
	£		£
Deferred tax	38,492		32,589

10. Called-up share capital

	2024		2023
	£		£
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each	100		100

11. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

	2024		2023
	£		£
within one year	75,000		75,000
between one and five years	203,125		278,125
	278,125		353,125

Pensions

The Company operates a defined contribution pension scheme for the director and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

	2024		2023
	£		£
Unpaid contributions due to the fund (inc. in other creditors)	21,876		0

12. Related party transactions

Transactions with owners holding a participating interest in the entity

	2024		2023
	£		£
Alpe D'Heuz Trust Loan	15,027		161,878

The amount owed is repayable by instalment under a loan agreement and interest is charged at 3.5%.

Other related party transactions

	2024		2023
	£		£
Rent paid to other related parties	106,500		80,392

13. Events after the Balance Sheet date

There have been no events after the balance sheet date affecting the Company since the financial year.

14. Audit Opinion

The auditor's report on the accounts for the financial year ended 30 September 2024 was unqualified.

The audit report was signed by Nikinder Baller on behalf of Praxis.

15. Ultimate controlling party

Parent Company:

QCIC Holdings Limited

13 Christopher Street London EC2A 2BS United Kingdom