ACCOUNTS - Final Accounts preparation



	QCP Trading (UK) Limited













	Financial statements

	For the year ended 31 December 2024

	Registered number: 14003806


QCP Trading (UK) Limited - Registered number: 14003806

Statement of financial position

As at 31 December 2024

		2024		2023
Note		$		$


Current assets
Debtors: amounts falling due within one year	4	122,895		18,060
Cash at bank and in hand		260,212		5,000
		383,107		23,060
Creditors: amounts falling due within one year	5	(364,866)		(18,576)
Net current assets			18,241		4,484

Net assets			18,241		4,484

Capital and reserves
Called up share capital	1	1
Foreign exchange reserve	(624)	(266)
Profit and loss account	18,864	4,749
	18,241	4,484

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 September 2025.

Darius Zai Li Sit	Jin Li Lim
Director	Director

The notes on pages 2 to 5 form part of these financial statements.

Page 1


QCP Trading (UK) Limited

Notes to the financial statements

For the year ended 31 December 2024

1.	General information

QCP Trading (UK) Limited is a private company incorporated by shares and was incorporated in England and Wales, registration number 14003806. Its registered office is C/O Buzzacott LLP, 130 Wood Street, London, EC2V 6DL. The principal place of business is The Fisheries, 1 Mentmore Terrace, London, E8 3PN.

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 Section 1A of Financial Reporting Standard 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Going concern

The financial statements have been prepared on a basis other than going concern. Under this basis, no provision has been made for the future costs of terminating the business unless such costs were committed at the reporting date. Although the directors have intended to cease trading and place the company into dormancy, it holds a net current asset position and has sufficient resources to meet its liabilities for at least 12 months from the date of approval of these financial statements. The directors have no intention to liquidate the company or seek its removal from the register within this period, and it will remain incorporated in England and Wales.

2.3

Foreign currency translation

Functional and presentation currency

The company's functional currency is GBP. This differs from the presentational currency which is USD.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

2.4

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover 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 turnover is recognised:

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QCP Trading (UK) Limited

Notes to the financial statements

For the year ended 31 December 2024

2.Accounting policies (continued)

2.4

Turnover (continued)

Rendering of services

∙Turnover 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 turnover 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.

2.5

Current and deferred taxation

The tax expense for the period 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.

2.6

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.

2.7

Creditors

Short-term creditors are measured at the transaction price.

Employees

The average monthly number of employees, including directors, during the year was 1 (2023 - 1).

Page 3


QCP Trading (UK) Limited

Notes to the financial statements

For the year ended 31 December 2024

Debtors


					2024	2023
					$	$


Amounts owed by group undertakings	122,895	18,060
	122,895	18,060

5.	Creditors: amounts falling due within one year
		2024	2023
		$	$

Amounts owed to group undertakings	340,831	-
Corporation tax	5,399	1,068
Accruals and deferred income	18,636	17,508
	364,866	18,576

6.	Contingent liabilities

The company had no contingent liabilities at 31 December 2024 or 2023.

7.	Capital commitments

The company had no capital commitments at 31 December 2024 or 2023.

8.	Controlling party

The smallest group of undertakings for which group accounts are prepared which includes the company is headed
by L3 Management Pte Ltd, whose registered office is 1 Phillip Street, #08-00 Royal One, Singapore, 048692.
The ultimate parent company is L3 Holdings Limited, which is incorporated in the Cayman Islands.

Page 4


QCP Trading (UK) Limited

Notes to the financial statements

For the year ended 31 December 2024

9.	Auditor's information

The auditor's report on the financial statements for the year ended 31 December 2024 was unqualified.

In their report, the auditor emphasised the following matter without qualifying their report:

We draw attention to note 2.2 of the financial statements which explains that the company's cost-plus agreement with a fellow subsidiary will be terminated, with the firm ceasing operations and becoming dormant. This is expected to take place within 12 months from the date of approval of these financial statements.
Accordingly, the financial statements have been prepared on a basis other than going concern as described in note 2.2. Our opinion is not modified in respect of this matter.

The audit report was signed on 30 September 2025 by Jonathan West (Senior statutory auditor) on behalf of Buzzacott Audit LLP.

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