Company registration number: 03939066
COMPANY INFORMATION
CONTENTS
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
Quinnox Limited (‘Quinnox’) is a private limited company that was incorporated on 3rd March 2000. The parent company of Quinnox Limited is headquartered in Chicago, Illinois and it has presence in India and UK. Quinnox is a global provider of full-spectrum IT lifecycle solutions with delivery centres spanning across three continents.
Quinnox is an agile, business-results-driven digital technology partner. With the power of human and applied intelligence, we simplify business processes, improve customer experiences and create exceptional business value for forward-thinking enterprises. Our data-driven digital solutions unlock the hidden potential of our clients’ business across their digital value chain, helping to accelerate success, today and tomorrow.
Mission: We always strive to create value for stakeholders through Innovation, Disruptive Technology and an unwavering commitment to Employee Experience, Customer Centricity and Business Ethics.
Vision: To be the most relevant IT partner for the customers we serve and an inspiration for our employees who make it possible.
Quinnox is an agile, business-results-driven digital technology partner. With the power of human and applied intelligence, we simplify business processes, improve customer experiences and create exceptional business value for forward-thinking enterprises. Our data-driven digital solutions unlock the hidden potential of our clients’ business across their digital value chain, helping to accelerate success, today and tomorrow.
Mission: We always strive to create value for stakeholders through Innovation, Disruptive Technology and an unwavering commitment to Employee Experience, Customer Centricity and Business Ethics.
Vision: To be the most relevant IT partner for the customers we serve and an inspiration for our employees who make it possible.
Revenue for the year stabilised at £10.5m, in line with previous year's numbers. Volatility created by various macro-economic factors including ongoing Russian invasion in Europe, war like situation between Iran and Israel, uncontrollable inflation and recession, interest rates, and uncertain labour markets affected our revenue growth. Customers and prospects are currently very cautious when it comes to IT spends; they have pushed their investments to either future quarters or completely abandoned new projects.
Net Current Assets movement showed an upward growth of 15.83% over the previous year resulting in total balance of £5.402m as of March 31, 2025.
Cash balance showed a substantial jump resulting in a balance of £1.015m as of March 31, 2025 as compared to £139K as of March 31, 2024, majorly due to receipt of £225K against intergroup advance, £267K against new customers started from FY 24-25, and £138K from HMRC towards R&D credit etc.
Our current ratio decreased to 3.55 as of March 31, 2025 as compared to 4.87 as of March 31, 2024 indicating a strong and healthy financial position in covering the Company's current liabilities.
Gross Profit Margin has shown an upward trend of around 17% as compared to previous year of 12%, primarily due to decrease in direct cost. Despite the decrease in current ratio, margin continues to be strong.
Net Current Assets movement showed an upward growth of 15.83% over the previous year resulting in total balance of £5.402m as of March 31, 2025.
Cash balance showed a substantial jump resulting in a balance of £1.015m as of March 31, 2025 as compared to £139K as of March 31, 2024, majorly due to receipt of £225K against intergroup advance, £267K against new customers started from FY 24-25, and £138K from HMRC towards R&D credit etc.
Our current ratio decreased to 3.55 as of March 31, 2025 as compared to 4.87 as of March 31, 2024 indicating a strong and healthy financial position in covering the Company's current liabilities.
Gross Profit Margin has shown an upward trend of around 17% as compared to previous year of 12%, primarily due to decrease in direct cost. Despite the decrease in current ratio, margin continues to be strong.
The Company is subject to a number of risks similar to those of other companies of a similar size in its industry, including, but not limited to, the need for successful development of products, technology solutions, competition from larger companies, and risks associated with changes in information technology.
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
Analysis of the financial key performance indicators can be found in the business review section of this report.
Revenue Analysis
Key highlights for the year are as follows:
1. 100% of revenue came from sources, where Quinnox has direct relationship with the end customers.
2. 78% of revenue came from existing customers; 22% coming in from new customers.
3. Industry revenue analysis shows, 40% coming from financial services, 10% from logistics & 50% from retail
services.
Key highlights for the year are as follows:
1. 100% of revenue came from sources, where Quinnox has direct relationship with the end customers.
2. 78% of revenue came from existing customers; 22% coming in from new customers.
3. Industry revenue analysis shows, 40% coming from financial services, 10% from logistics & 50% from retail
services.
Cost Analysis
Direct cost stands at 83%, lower by 5% over the previous year. The primary reason for the decrease in direct costs is due to decrease in onsite compensation both for direct and indirect employees.
Indirect cost are higher than the previous year by 9.01%, primarily due to the increase in indirect support staff, Travel and Other administrative expenses like professional fees, recruitment expenses etc.
Direct cost stands at 83%, lower by 5% over the previous year. The primary reason for the decrease in direct costs is due to decrease in onsite compensation both for direct and indirect employees.
Indirect cost are higher than the previous year by 9.01%, primarily due to the increase in indirect support staff, Travel and Other administrative expenses like professional fees, recruitment expenses etc.
This report was approved by the board and signed on its behalf.
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DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The Directors present their report and the financial statements for the year ended 31 March 2025.
The Directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
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;
∙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.
The profit for the year, after taxation, amounted to £690,302 (2024 - £239,232).
The Directors have not proposed a dividend during the year (2024 - Nil).
The Directors who served during the year were:
1.Invest more on AI both on new logo as well in existing logo.
2.Double down on domain led integration opportunities.
3.Build critical mass of 100+ employees in the region between sales, delivery and tech partner.
4.Create in-region digital tech-hubs.
The Company is continually looking to develop new product ranges to add to its existing offering.
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
The auditor, Menzies LLP, 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.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF QUINNOX LIMITED
We have audited the financial statements of Quinnox Limited (the 'Company') for the year ended 31 March 2025, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows, the Statement of Changes in Equity 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).
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 Auditor's 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.
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.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's 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.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF QUINNOX LIMITED (CONTINUED)
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.
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.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF QUINNOX LIMITED (CONTINUED)
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 Auditor's 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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
The Company is subject to laws and regulations that directly affect the financial statements including financial reporting
legislation. We determined that the following laws and regulations were most significant including:
legislation. We determined that the following laws and regulations were most significant including:
• The Companies Act 2006
• Financial Reporting Standards 102;
• UK employment legislation; and
• UK tax legislation
We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
We understood how the Company is complying with those legal and regulatory frameworks by making inquiries to management and those responsible for legal and compliance procedures. We assessed the extent of compliance with these legal and compliance procedures as part of our procedures on the related financial statement items.
The engagement director assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. The assessment did not identify any issues in this area.
We assessed the susceptibility of the Company’s financial statements to material misstatement, including how fraud might occur. We identified the risk of override of controls as the area where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed by the engagement team included:
• Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
• Understanding how those charged with governance considered and addressed the potential for override of controls or
other inappropriate influence over the financial reporting process;
• Challenging assumptions and judgements made by management in its significant accounting estimates; and
• Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.
As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:
• Manipulation of accounting estimates;
• Posting of unusual journals and complex transactions; and
• Manipulation of cut off of revenue.
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 Auditor's Report.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF QUINNOX LIMITED (CONTINUED)
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 Auditor's 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.
for and on behalf of
Chartered Accountants
Statutory Auditor
4th Floor
95 Gresham Street
EC2V 7AB
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STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
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STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 14 to 22 form part of these financial statements.
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
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STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
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ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Quinnox Limited is a private company, limited by shares, incorporated in the United Kingdom and registered in England and Wales. The address of its registered office, which is the same as its principal place of business, is disclosed on the Company Information page.
2.Accounting policies
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 judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The financial statements have been prepared on a going concern basis on the assumption that the company will continue to trade in the foreseeable future. The Company directors having made appropriate enquiries consider that adequate resources exist for the Company to continue in operational existence for the foreseeable future and the company will be able to meet its liabilities as they fall due for payment. Therefore, the directors are of the opinion that it is appropriate to adopt the going concern basis in preparing the financial statements.
Functional and presentation currency
Transactions and balances
Turnover for software services is recognised on the basis of services rendered. In case of time & material contracts, invoices are raised on the basis of customer approved timesheets. In case of fixed price projects, invoices are raised for prescribed milestones achieved on the basis of acceptance / sign-off received from customer.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.
Depreciation is provided on the following basis:
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.
All additions costing less than £1,000 are expensed in full to the profit and loss account in the year of purchase.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) 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 debtors due with the operating cycle fall into this category of financial instruments.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Stages of completion for fixed price revenue contracts are considered to be significant accounting estimates present in the financial statements. The revenue for such contracts are recognised on the basis of percentage of completion. Percentage of completion is estimated by the Management on a contract by contract basis, where appropriate. This estimate impacts both revenue and balance sheet items.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
There were no factors that may affect future tax charges.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Profit and loss account
The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £82,523 (2024 - £67,726). Contributions totalling £10,352 (2024 - £10,388) were payable to the fund at the balance sheet date and are included in creditors.
The parent of the smallest group for which consolidated accounts are prepared is Quinnox Inc. The address of its registered office is 1 S Wacker Dr Suite 3150, Chicago, IL 60606, USA.
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