ACCOUNTS - Final Accounts

An analysis of turnover by class of business is as follows:

Registered number: 07279317

QUARTZ PROJECT SERVICES LIMITED

AUDITED

ANNUAL REPORT
AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED
31 DECEMBER 2024

QUARTZ PROJECT SERVICES LIMITED

COMPANY INFORMATION

Directors	Mr W R Arnold
	Mr S J Doughty
	Mr B Erfani
	Mr D S Gillespie
	Mr J R Peters
	Mr P G Donaghy


Company secretary	Mr J R Peters


Registered number	07279317


Registered office	Dover House
	34 Dover Street
	London
	W1S 4NG


Independent auditors	Wellden Turnbull Limited
	Chartered Accountants & Statutory Auditors
	Albany House
	Claremont Lane
	Esher
	Surrey
	KT10 9FQ

QUARTZ PROJECT SERVICES LIMITED

CONTENTS

	Page
Strategic Report	1
Directors' Report	2 - 3
Independent Auditors' Report	4 - 7
Statement of Income and Retained Earnings	8
Statement of Financial Position	9
Notes to the Financial Statements	10 - 21

QUARTZ PROJECT SERVICES LIMITED

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction

The Directors present their Strategic Report for the year ended 31 December 2024.
The Company's principal activity during the year under review continued to be the provision of project management, cost consultancy and building surveying services.

Business review

During the year, the Company's turnover was £12,356,949 (2023 - £13,499,929), a 8% decrease.
The Company's annual profit after tax was £1,320,005 (2023 - £1,977,087). Gross profit decreased to £12,099,054 from £12,931,562 in 2023, resulting primarily by the decrease in turnover.
The Company's balance sheet continues to be strong, with a net asset position of £2,407,032 (2023 - £2,287,027).

Principal risks and uncertainties

The Directors propose to continue the Company's current activities and seek opportunities in the same field.
The Company's future revenues and profits are dependent upon its ability to secure new customers and additional work from existing customers, which itself depends upon the demand of the UK commercial property market. In this regard, the Company is exposed to the general risks of the UK commercial property market. The Company has no external borrowings, and operates principally in the UK, and therefore has limited interest rate and foreign currency risks.

Financial key performance indicators

The key performance indicators of the Company are the following:
Revenue Growth: 2024 - £12,356,949 (2023 - £13,499,929), a 8% decrease, Gross profit: 2024 - £12,099,054 (2023 - £12,931,562), a 6% decrease

Other key performance indicators

The number of registered projects increased from 213 in 2023 to 241 in 2024.
The total number of clients also increased, diversifying the client base and thus reducing the Company's risk exposure from income dependence on any specific clients or industries

This report was approved by the board and signed on its behalf.

Mr S J Doughty

Director

Date: 29 September 2025

Page 1

QUARTZ PROJECT SERVICES LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

The Directors present their report and the financial statements for the year ended 31 December 2024.

Directors' responsibilities statement

The Directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.

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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements 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;

∙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 to 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.

Results and dividends

The profit for the year, after taxation, amounted to £532,765 (2023 - £1,977,087).

During the year the Company paid dividends of £1,200,000 (2023 £2,788,000) to its shareholders.

Directors

The Directors who served during the year were:

Mr W R Arnold

Mr S J Doughty

Mr B Erfani

Mr D S Gillespie

Mr J R Peters

Mr P G Donaghy

Future developments

The Directors do not anticipate any significant changes in the level or nature of the Company's business in the near future.

Page 2

QUARTZ PROJECT SERVICES LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Disclosure of information to auditors

Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that:

∙so far as the Director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

∙the Director 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 auditors are aware of that information.

Auditors

The auditors, Wellden Turnbull Limited, 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.

Mr S J Doughty

Director

Date: 29 September 2025

Page 3

QUARTZ PROJECT SERVICES LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF QUARTZ PROJECT SERVICES LIMITED

Opinion

We have audited the financial statements of Quartz Project Services Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Income and Retained Earnings, the Statement of Financial Position and the related notes, including a summary of 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).

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 United Kingdom Generally Accepted Accounting Practice; and

∙have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

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 Auditors' 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

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

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.

Page 4

QUARTZ PROJECT SERVICES LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF QUARTZ PROJECT SERVICES LIMITED (CONTINUED)

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

∙the information given in the Strategic Report and the Directors' Report for the financial year 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.

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 Directors' 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 Directors' 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 Directors' Responsibilities Statement set out on page 2, the Directors are 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 Directors determine 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 Directors are 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 Directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Page 5

QUARTZ PROJECT SERVICES LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF QUARTZ PROJECT SERVICES LIMITED (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

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 Auditors' 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. We have identified the greatest risk of a material impact on the financial statements from irregularities, including fraud, to relate to the timing and recognition of revenue, and the override of controls by management. We have obtained an understanding of the legal and regulatory frameworks that the Company operates within including both those that directly have an impact on the financial statements and more widely those for which non-compliance could have a significant impact on the Company’s operations and reputation. The Companies Act 2006, employee legislation, health and safety legislation, UK tax legislation and data protection are those we have identified in this regard. Auditing standards limitb the required procedures as to non-compliance with laws and regulations to enquiries of those charged with governance and review of any applicable correspondence.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

∙Enquiry of management and those charged with governance as to actual and potential litigation and claims;

∙Enquiry of management and those charged with governance to identify any instances of non-compliance
with laws and regulations;

∙Assessing the reasonableness of revenue recognised in the period based on underlying contractual terms
and obligations and the requirements of accounting standards, ensuring that sales are recorded in the
correct period;

∙Assessing the reasonableness, in the context of financial reporting standards and the Company’s business,
any recognised provisions;

∙Performing audit work over the risk of management override of controls, including testing of journal entries
and other adjustments for appropriateness, evaluating the business rationale of significant transactions
outside the normal course of business, and reviewing accounting estimates for bias; and

∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance
with applicable laws and regulations.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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 Auditors' Report.

Page 6

QUARTZ PROJECT SERVICES LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF QUARTZ PROJECT SERVICES LIMITED (CONTINUED)

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 Auditors' 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.

Emma Green FCCA (Senior Statutory Auditor)

for and on behalf of

Wellden Turnbull Limited

Chartered Accountants

Statutory Auditors

Albany House

Claremont Lane

Esher

Surrey

KT10 9FQ

Date: 30 September 2025

Page 7

QUARTZ PROJECT SERVICES LIMITED

STATEMENT OF INCOME AND RETAINED EARNINGS

FOR THE YEAR ENDED 31 DECEMBER 2024

	2024	2023
	£	£


Turnover	4	12,356,949	13,499,929
Cost of sales		(257,895)	(568,367)
Gross profit		12,099,054	12,931,562
Administrative expenses		(10,529,873)	(10,326,147)
Operating profit	5	1,569,181	2,605,415
Interest receivable and similar income	8	12,367	3,280
Interest payable and similar expenses	9	(125,047)	-
Profit before tax		1,456,501	2,608,695
Tax on profit	11	(923,736)	(631,608)
Profit after tax		532,765	1,977,087



Retained earnings at the beginning of the year		2,287,026	3,097,939
Profit for the year		532,765	1,977,087
Dividends declared and paid	12	(1,200,000)	(2,788,000)
Retained earnings at the end of the year		1,619,791	2,287,026

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of income and retained earnings.

The notes on pages 10 to 21 form part of these financial statements.

Page 8

QUARTZ PROJECT SERVICES LIMITED

REGISTERED NUMBER: 07279317

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£

Fixed assets
Tangible assets	13		78,701		92,301
Current assets
Debtors: amounts falling due within one year	14	5,200,855		5,360,713
Bank and cash balances		1,192,401		726,892
		6,393,256		6,087,605
Current liabilities
Creditors: amounts falling due within one year	16	(4,837,215)		(3,877,929)
Net current assets			1,556,041		2,209,676
Total assets less current liabilities			1,634,742		2,301,977
Provisions for liabilities
Deferred tax	17	(14,950)		(14,950)
Net assets			1,619,792		2,287,027

Capital and reserves
Called up share capital	18	1	1
Profit and loss account	19	1,619,791	2,287,026
Shareholders' funds		1,619,792	2,287,027

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

Mr S J Doughty

Director

Date: 29 September 2025

The notes on pages 10 to 21 form part of these financial statements.

Page 9

QUARTZ PROJECT SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	General information

Quartz Project Services Limited is a private company, limited by shares and registered in England and Wales, registration number 07279317. The registered office address and principal place of business is Dover House, 34 Dover Street, London, W1S 4NG.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The accounts are presented in Sterling, which is the functional and presentational currency of the Company, and have been rounded to the nearest £.

The following principal accounting policies have been applied:

2.2

Compliance with accounting standards

The accounts have been prepared in accordance with the provisions of FRS 102. There were no material departures from that standard.

2.3

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

∙the requirements of Section 7 Statement of Cash Flows;

∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);

∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;

∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Quartz II Limited as at 31/12/2024 and these financial statements may be obtained from companies house.

Page 10

QUARTZ PROJECT SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

Project management and quantity surveying fees are recognised as the service is provided.

2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 11

QUARTZ PROJECT SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.8

Current and deferred taxation

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

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Short-term leasehold property	-	over the life of the lease
Fixtures and fittings	-	33% straight-line
Computer equipment	-	33% straight-line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 12

QUARTZ PROJECT SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.13

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

Page 13

QUARTZ PROJECT SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.14

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date.

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the

Page 14

QUARTZ PROJECT SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.14

Financial instruments (continued)

effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

In preparing these financial statements, management is required to make judgements, estimates and assumptions which affect expected reported income, expenses, assets and liabilities and disclosure of contingent assets and liabilities. Use of available information and application of judgement are inherent in the formation of estimates, together with past experience and expectations of future events that are believed to be reasonable under the circumstances. Actual results in the future could differ from such
estimates.
Management do not consider the Company to have any key sources of estimation uncertainty nor significant judgements or assumptions in preparing these financial statements.

	Project management, cost consultancy and building surveying services	12,356,949	13,499,929

All turnover arose within the United Kingdom.

Page 15

QUARTZ PROJECT SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Other operating lease rentals

190,580

190,569

Fees payable to the Company's auditors for the audit of the Company's financial statements

4,500

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.

7.	Directors' remuneration

The Directors did not receive any remuneration from the Company in the year (2023- £Nil).

8.	Interest receivable
		2024	2023
		£	£

Other interest receivable

12,367

3,280

9.	Interest payable and similar expenses
		2024	2023
		£	£

Other loan interest payable	366	-
Interest on overdue tax payable	124,681	-
	125,047	-

Page 16

QUARTZ PROJECT SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

10.

Employees

The average monthly number of employees, including the Directors, during the year was as follows:

	2024	2023
	No.	No.

Employees (directors only)	6	7

Corporation tax
Current tax on profits for the year	392,831	627,723
Adjustments in respect of previous periods	530,905	-
	923,736	627,723

Origination and reversal of timing differences

3,885


	Tax on profit	923,736	631,608

Page 17

QUARTZ PROJECT SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

11.Taxation (continued)

Profit on ordinary activities before tax

1,456,501

2,608,695

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.52%)	364,125	613,565
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	37,552	15,266
Capital allowances for year in excess of depreciation	7,871	(298)
Adjustments to tax charge in respect of prior periods	(178,217)	-
Adjustment in research and development tax credit leading to an increase (decrease) in the tax charge	709,122	-
Other differences leading to an increase (decrease) in the tax charge	-	3,075
Group relief	(16,717)	-
Total tax charge for the year	923,736	631,608

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

12.	Dividends
		2024	2023
		£	£

Dividends paid

1,200,000

2,788,000

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QUARTZ PROJECT SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

13.	Tangible fixed assets

	Short-term leasehold property	Fixtures and fittings	Computer equipment	Total
	£	£	£	£
Cost or valuation
At 1 January 2024	5,956	55,953	143,361	205,270
Additions	-	-	94,192	94,192
Disposals	-	-	(54,844)	(54,844)
At 31 December 2024	5,956	55,953	182,709	244,618
Depreciation
At 1 January 2024	2,879	55,953	54,138	112,970
Charge for the year on owned assets	1,191	-	52,719	53,910
Disposals	-	-	(963)	(963)
At 31 December 2024	4,070	55,953	105,894	165,917
Net book value
At 31 December 2024	1,886	-	76,815	78,701
At 31 December 2023	3,077	-	89,224	92,301

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QUARTZ PROJECT SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

14.

Debtors

					2024	2023
					£	£


Trade debtors	2,654,503	2,828,107
Amounts owed by group undertakings	2,333,862	2,334,149
Other debtors	106,352	106,350
Prepayments and accrued income	106,138	92,107
	5,200,855	5,360,713

Amounts owed by group undertakings are interest free and repayable on demand.

15.	Cash and cash equivalents
		2024	2023
		£	£

	Cash at bank and in hand	1,192,401	726,892

16.	Creditors: Amounts falling due within one year
		2024	2023
		£	£

Trade creditors	247,509	227,144
Amounts owed to group undertakings	3,043,551	2,716,812
Corporation tax	785,945	379,599
Other taxation and social security	376,034	385,127
Other creditors	59,431	2,810
Accruals and deferred income	324,745	166,437
	4,837,215	3,877,929

Amounts owed to group undertakings are unsecured, interest free and repayable on demand.

17.	Deferred taxation

	2024	2023
	£	£

Provision at start of year	(14,950)	(11,065)
Charged to the profit and loss account	-	(3,885)
Provision at end of year	(14,950)	(14,950)

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QUARTZ PROJECT SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

17.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:
	2024	2023
	£	£

Accelerated capital allowances

14,950

18.	Share capital
		2024	2023
		£	£

Allotted, called up and fully paid

1 (2023 - 1) Ordinary share of £1.00	1	1

19.

Reserves

Profit and loss account

The profit and loss account represents cumulative profits and losses net of dividends and other adjustments.

20.	Commitments under operating leases
	At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

					2024	2023
					£	£

Not later than 1 year	213,430	174,300
Later than 1 year and not later than 5 years	134,972	275,975
	348,402	450,275

21.	Transactions with related parties
	The Company has taken the advantage of Section 33 paragraph 1A not to disclose transactions with wholly owned group members.

22.	Controlling party

The immediate parent undertaking of the Company is Quartz II Limited. The company's registered office and principal place of business is at Dover House, 34 Dover Street, London, W1S 4NG.
The ultimate controlling party is the Quartz Employee Ownership Trust.

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