COMPANY REGISTRATION NUMBER:
SC679796
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Filleted Financial Statements |
|
|
Statement of Financial Position |
|
31 December 2024
Current assets
|
Debtors |
4 |
19,762 |
23,900 |
|
Cash at bank and in hand |
42,400 |
45,144 |
|
-------- |
-------- |
|
62,162 |
69,044 |
|
|
|
|
|
Creditors: amounts falling due within one year |
5 |
48,308 |
61,546 |
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-------- |
-------- |
|
Net current assets |
13,854 |
7,498 |
|
-------- |
------- |
|
Total assets less current liabilities |
13,854 |
7,498 |
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-------- |
------- |
|
Net assets |
13,854 |
7,498 |
|
-------- |
------- |
|
|
|
|
Capital and reserves
|
Called up share capital |
1 |
1 |
|
Profit and loss account |
13,853 |
7,497 |
|
-------- |
------- |
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Shareholders funds |
13,854 |
7,498 |
|
-------- |
------- |
|
|
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These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the
board of directors
and authorised for issue on
26 September 2025
, and are signed on behalf of the board by:
Company registration number:
SC679796
|
Notes to the Financial Statements |
|
Year ended 31 December 2024
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 55-66 Frederick Street, Edinburgh, EG2 1LS.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in Euro, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from rendering services is recognised in the period in which the services are performed, by reference to the stage of completion of the specific transaction at the reporting date, provided that the outcome of the transaction can be estimated reliably. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4.
Debtors
|
2024 |
2023 |
|
€ |
€ |
|
Trade debtors |
18,820 |
23,610 |
|
Other debtors |
942 |
290 |
|
-------- |
-------- |
|
19,762 |
23,900 |
|
-------- |
-------- |
|
|
|
5.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
€ |
€ |
|
Trade creditors |
7,361 |
24,307 |
|
Corporation tax |
2,758 |
1,287 |
|
Social security and other taxes |
– |
119 |
|
Other creditors |
38,189 |
35,833 |
|
-------- |
-------- |
|
48,308 |
61,546 |
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-------- |
-------- |
|
|
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6.
Summary audit opinion
The auditor's report dated
26 September 2025
was
unqualified
.
The senior statutory auditor was
Dalvir S Johal
, for and on behalf of
Ballantyne & Company Limited
.
7.
Related party transactions
During the period the company was a wholly owned subsidiary of Swedish parent company QAdvis AB. During the period the company was charged consulting recharges of EUR 44,014 by QAdvis AB (2023: EUR 80,256) for services provided by QAdvis AB on behalf of QAdvis UK. In addition, the company was charged EUR 4,880 for telephone and back office charges by QAdvis AB (2023: nil). EUR 6,806 remained payable at the balance sheet date (2023: EUR 5,745). All charges are calculated on an arms length basis.
8.
Controlling party
The company is owned by
QAdvis AB
, a company incorporated in Sweden
. The ultimate controlling party is Lumi HC Oy
, a Finnish
company. The parent company accounts are prepared on a consolidated group basis.