Quera Computing UK Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Financial Statements	3 to 7

Quera Computing UK Limited

Company Information

Directors

Mr A K Contreras Mr E M Durkin

Registered office

Centenary House Peninsula Park Rydon Lane Exeter Devon United Kingdom

Auditors

PKF Francis Clark Statutory AuditorMelville Building East Unit 18, 23 Royal William Yard Plymouth Devon PL1 3GW

Quera Computing UK Limited

Balance Sheet

31 December 2024

	Note	2024 £
Fixed assets
Tangible assets	4	21,624
Current assets
Debtors	5	96,776
Cash at bank and in hand		419,199
		515,975
Creditors: Amounts falling due within one year	6	(866,283)
Net current liabilities		(350,308)
Net liabilities		(328,684)
Capital and reserves
Called up share capital	7	1
Profit and loss account		(328,685)
Shareholders' deficit		(328,684)

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 30 September 2025 and signed on its behalf by:
 

......................................... Mr E M Durkin Director

Company Registration Number: 15183338

Quera Computing UK Limited

Notes to the Financial Statements

Period from 3 October 2023 to 31 December 2024

1	General information

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

The address of its registered office is:
Centenary House
Peninsula Park
Rydon Lane
Exeter
Devon
United Kingdom
EX2 7XE

The principal place of business is:
Unit 2
Tech Foundry 2
Harwell Science and Innovation Campus
Didcot
Oxfordshire
OX11 0GD
United Kingdom

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 have been 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.

Disclosure of long or short period

The company extended the year end to 31 December 2024 from 31 October 2024 to be coterminous with the ultimate parent company.

Going concern

The directors have prepared the financial statements on a going concern basis, supported by a letter of financial support provided by a group undertaking, confirming its intention to continue to provide funding for the foreseeable future.

Revenue 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 value added tax.

Quera Computing UK Limited

Notes to the Financial Statements

Period from 3 October 2023 to 31 December 2024

Government grants

Grants are recognised in income when there is reasonable assurance that the entity will comply with the conditions attached to them and that the grants will be received.

During the year, the company incurred qualifying research and development expenditure in line with the conditions of a government grant previously received. In accordance with the accrual model under FRS 102, deferred grant income of £2,238,957 has been released to the income statement to match the R&D costs incurred in the period.

The grant was initially recognised as deferred income upon receipt, as the conditions attached required the company to undertake specific R&D activities. As these activities were carried out during the year, the corresponding portion of the deferred income has been recognised in profit or loss.

At the reporting date, the balance of deferred income relating to this grant was £764,863, which will be released to income in future periods as the related qualifying expenditure is incurred.

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
Leasehold property	Over life of the lease

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.

Quera Computing UK Limited

Notes to the Financial Statements

Period from 3 October 2023 to 31 December 2024

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

 

3	Staff numbers

The average number of persons employed by the company (including directors) during the period, was 1.

4	Tangible assets

	Land and buildings £	Total £
Cost or valuation
Additions	21,624	21,624
At 31 December 2024	21,624	21,624
Depreciation
Carrying amount
At 31 December 2024	21,624	21,624

Included within the net book value of land and buildings above is £21,624 in respect of short leasehold land and buildings.
 

The assets above are not being depreciated as they were not in operational use as at year end.

Quera Computing UK Limited

Notes to the Financial Statements

Period from 3 October 2023 to 31 December 2024

5

Debtors

	2024 £
Other debtors	96,776
	96,776

6

Creditors

Creditors: amounts falling due within one year

	2024 £
Due within one year
Amounts owed to group undertakings	42,499
Taxation and social security	34,706
Other creditors	348
Accruals and deferred income	788,730
	866,283