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Registered number:
FOR THE YEAR ENDED 31 MARCH 2025
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SQW GROUP NEWCO 2018 LIMITED
COMPANY INFORMATION
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SQW GROUP NEWCO 2018 LIMITED
CONTENTS
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SQW GROUP NEWCO 2018 LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The annual report and financial statements presented here are for SQW Group Newco 2018 Limited (‘the Company’) and its subsidiaries (together ‘the Group’).
The Group’s purpose is to work with public and private clients to devise and deliver the policies and interventions that make a positive difference to businesses, communities and economies. The Group has a unique blend of services, comprising the strategic research into what works to make places thrive alongside the practical and on-the-ground experience of delivering specialist support services to ambitious SMEs in places where we help create better outcomes for places. We work with local authorities, government departments, investors and universities in serving the goal of delivering positive social and economic benefit.
While the principal activity of the Company during the period was that of a holding company, the activities of the Group during the year were carried out via the Group’s trading subsidiaries:
• the provision of economic and social development consultancy services (via SQW Limited);
• business coaching and support (via Oxford Innovation Services Limited and Oxford Innovation Limited);
• the management of innovation centres (via Oxford Innovation Limited); and
• the facilitation of investment into early-stage businesses (via Oxford Investment Opportunity Network Limited).
2024/25 was a busy and financially rewarding year for the Group, in spite of the macro-economic environment. The Board are very pleased to report that the Group delivered historically strong financial results in the year under review, maintains strong cash balances and continues to be highly regarded in all its markets.
The Group generated post-tax profit of £779,683 (2023/24: £247,656). Stronger results over the previous year were seen in all parts of the Group, with particularly impressive performance in Oxford Innovation Advice who adapted to the new contractual landscape for business support very effectively. The Group’s strong year-on-year growth was generated on the back of key investments in people made this year and last. Whilst our clients and customers face similar economic pressures to those we are now starting to experience, the Board are confident that the Group’s combination of financial backdrop, multi-faceted market positions, and experienced management team gives us the strength needed to navigate market challenges and maximise opportunities that lie ahead.
SQW Limited (‘SQW’)
2024/25 was a good year for SQW and the company continues to be well positioned and very highly regarded in all its markets as well as continuing to serve a wide range of policy areas and disciplines in sustainable economic and social development. The company generated turnover of £5,691,694 (2023/24: 5,602,308) and post-tax profit (after allocation of Group overheads) of £164,617 (2023/24: £155,879).
2025/26 begins with a good order book and a strong team. There are signs that the challenges of the public finances, the processes of the Comprehensive Spending Review and the government’s policy gestation process has led to some delays and temporary reduction in the flow of consultancy work. This disruption in the flow of work is likely to impact utilisation and short-term revenue growth but we believe that in the medium term there will be a return to a strong demand for SQW’s services. The team remains optimistic as it continues to recruit and focus on realising longer-term growth ambitions.
Oxford Innovation Advice (trading name of Oxford Innovation Services Ltd)
Following significant changes to the contracting landscape for business support in 2022/23, Oxford Innovation Advice’s restructured and refocused team has had a very successful year. The Company has delivered outstanding support and advice to SMEs across large parts of England, on behalf of public sector organisations that commission business support, and has delivered these commissions in an economically sustainable way for the Company.
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SQW GROUP NEWCO 2018 LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
In 2024/25 the team of ca 100 business support experts managed the successful delivery of 15 business support programmes delivering advice to over 3,000 small businesses. The range and number of contracts reflects the confidence that those organisations commissioning publicly funded business support have in Oxford Innovation Advice. The company has continued to build distinctive expertise in supporting small businesses with Access to Finance, Manufacturing, Growth and Innovation. This reputation for quality and high impact programme delivery gives us strong confidence in the central role we play in the vital world of business support now, and in the years ahead despite potential changes in funding and commissioning processes.
The change in company structure and different blend of contract-types had a big impact on the shape of the company’s Income Statement during 2024/25; turnover grew from £7.6m in 2023/24 to £11.3m this year, and an enhanced focus on operational efficiency gave rise to a 8% point improvement in gross margin. The Board were extremely pleased with the company’s performance; the Company’s geographic footprint, resilience and continued exemplary business support which continue to put us in an excellent position during this continued challenging and disrupted period for the industry.
Oxford Innovation Finance (trading name of Oxford Investment Opportunity Network Ltd)
Oxford Innovation Finance had another busy year which saw closure and deployment of its fourth EIS fund and launch of Fund 5, continued growth of our angel community, and the holding of 8 very popular showcase events. Angel investment activity was negatively affected by the full gamut of geo-political uncertainty, coupled with nervousness about the world and UK economy and anxiety about the impact of inheritance tax, tariffs and wars on all asset markets. In spite of this backdrop, we were pleased that 23 companies received investment from our Angels in 24/25.
In spite of the impact that both local and global economic instability is having on all investors , it is notable how many thrilling and promising young businesses continue to approach Oxford Innovation Finance for capital raising. This dichotomy highlights like never before how crucial our work matching the most promising early-stage companies to supportive investors is – whether through our fund or directly through angel investing activity.
Fundraising commenced for the fifth EIS Fund in January 2025. We also hoped to raise our first SEIS Fund, but the economic backdrop was such that we focussed all efforts on maximising funds for the EIS Fund in order to ensure investors receive an appropriately diverse range of investments. Deployment of the first quarterly close of the EIS Fund began in early 25/26.
The Board were pleased with the company’s resilience and response to the challenging economic conditions that have impacted investing decisions by individuals; in spite of external conditions, we have continued to grow our supportive Angel community, and are also delighted to be able to continue raising much needed early stage capital through another EIS fundraise. With additional work underway to enable us to support regional economic funds, and a system-upgrade being carried out next year to enhance investor-processes, the Board remain confident in the company’s longer-term prospects and the strength of its team. Turnover grew by 19% to £425,119 (2023/24: £357,441) of which £228,909 (2023/24: £195,020) was attributable directly to the Fund’s activities.
Oxford Innovation Space (trading name of Oxford Innovation Ltd),
2024/25 was another busy year for Oxford Innovation Space. It was broadly a year of consolidation following the mobilisation of six new centres the previous year, and one of celebration, with the opening of our first centre in the Republic of Ireland - Work IQ in Tallaght, just outside Dublin.
It was a year of two halves for our established centres; with continued contribution growth in the first half of the year, but financial pressures on small businesses and the economic uncertainties they face tempered this rate of improvement in the second half. Turnover of £10.3m was generated in 2024/25, an 11% increase on the previous year (2023/24: £9.3m). Gross margin generated from the entire portfolio was similar year-on-year.
Operating profit of £179,201 was generated during the year (2023/24: £101,552). This includes a share of Group overheads and £116,240 income from the sales of shares in a company who were supported by our team in the early days of their growth journey 17 years ago.
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SQW GROUP NEWCO 2018 LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
Financial pressures during periods of economic change and uncertainty have affected both our building-owner clients and the SMEs we support in our centres this year. The support provided by central and centre teams across the Country is more important and valued than ever. Despite the loss of two centres from the portfolio, which brings total centres under management to 30, the new financial year sees us working on the finalisation of contracts and mobilisation plans with two new clients. The Board shares management’s view that our experience in helping local economies grow by creating and supporting local business communities is more important now than it has ever been.
Looking ahead for the Group
The Group’s strong performance in 2024/25 was extremely pleasing, however, the Board share management’s caution about the damaging impact that the current macro-economic and geo-political uncertainties, and squeezes on public funding are having on the clients and customers we serve. Whilst this affects short-term growth opportunities for many parts of the Group, grounds for optimism come from management’s demonstration of agility and proactivity, in addition to recent trading experience and growth in all parts of the group over the last few years.
The Group is exposed to a variety of financial risks resulting from its operating activities. The board is
responsible for determining the group’s financial risk management policy and focuses on securing the Group’s cash flows.
The Group does not actively engage in the trading of financial assets and has no financial derivatives. The most significant risks to which the Group is exposed to are described below:
Credit Risk
The Group’s credit risk is primarily attributable to its trade debtors. The amounts presented in the balance sheet are net of any allowance for doubtful debts, as estimated by the directors. The Group has no significant concentration of credit risk, with exposure spread over a large number of customers.
Cash Flow Risk
The Group seeks to manage risks to ensure sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. Short term flexibility is achieved by Management actively monitoring future cash flow requirements on a regular basis.
Interest rate risk
Following final repayment during 2022/23 of the £0.5m debt facility that was put in place between the Company and HSBC in 2019, interest risk presents a much lower risk to the Group. However, we are alert to the pressure that inflation is having on interest rates, as we consider different funding options that may be available as we explore new investment opportunities in the near future.
People risk
The Group is at all times exposed to the risk that the most critical contributors among its people may decide to pursue other careers or paths. We would pay tribute to the establishment of a scheme for our leaders to become shareholders of the Group; this being a means of both aligning interests as well as ensuring a deepening of commitment by, and therefore retention of, our senior people. We pay careful attention through processes of salary adjustment, bonus awards, feedback and development in seeking to retain our key people. To date we feel satisfied with the outcomes achieved; however, this risk is one that requires constant attention.
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SQW GROUP NEWCO 2018 LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
Group turnover for the year was £27,671,004 (2024: £22,886,389).
Group gross profit for the year was £7,017,907 (2024: £5,656,316).
Group operating profit for the year was £1,035,062 (2024: £341,890).
Group profit on ordinary activities before taxation for the period was £1,065,309 (2024: £341,701).
Earnings per share based on retained loss/(profit) for the year (the standard method of calculation) was -0.19p (2024:0.14p) and based on profits before tax 0.58p (2024:0.19p).
Group cash at bank at 31 March 2025 was £3,340,270 (2024: £4,277,877).
Net Current Assets were £2,190,790 as at 31 March 2025 (2024: £2,642,565 as restated).
Dividends of £1,149,931 were paid during the year (2023: £91,000)
The Group does not currently monitor any non-financial performance indicators.
This report was approved by the board and signed on its behalf.
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SQW GROUP NEWCO 2018 LIMITED
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 who served during the year were:
The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 Group'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 Group 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 the Group 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 the Group 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 £779,683 (2024 - £247,656).
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SQW GROUP NEWCO 2018 LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
As highlighted within the Strategic Report, the Group has enjoyed periods of growth, but also faces uncertainty in its markets at this current time;
∙Oxford Innovation Space’s growth remains a key focus for management as it looks to maximize the opportunity to serve local authorities and universities that are seeking to stimulate their local economies, build economically significant clusters of innovative businesses and to support commercialisation of research and scientific investment. Oxford Innovation Space’s proposition is well suited to a wide variety of governmental priorities as well as to the pressures placed on developers in building out larger developments that ‘place-make’. The priorities of growth will continue to be managed alongside this proposition, whilst also ensuring that clients and occupants within the existing centre portfolio continue to received first class service; delivering for both new and existing clients means management are investing in people, in system and process improvements, and continuing to deploy the right new tools to enhance collaboration for all occupants across its centres.
∙Oxford Innovation Finance plan to continue raising EIS funds and seek to grow its Fund Management capabilities, on the back of an emerging pattern of sound investment to date. Of equal importance is maintaining focus on attracting and supporting entrepreneurs with ambitious plans seeking to raise finance for growth and assisting our angel investor community as they make investments. The team will respond to market dynamics in its growth missions and expand when logical to do so in order to enable delivery of these objectives.
∙Oxford Innovation Advice continues to focus on finding opportunities to deliver outstanding business support for ambitious small businesses and will continue to adapt its team over the coming year, whilst continuing to develop its internal structures and processes to best deliver that support in an effective and efficient manner. Changes in the business support funding landscape require agility, but the team have already proven they can respond appropriately to these changes, particularly on the back of a strong track record of outstanding delivery across all our contracts, and are therefore as well positioned as they can be for continued funding changes and challenges in the coming year.
∙SQW have an outstanding reputation for quality and expertise, continuing to deliver for current clients, as well as expanding their reach in well-established and adjacent markets. The company will require continued investment in people, including recruitment of both junior consultants and experienced senior consultants with specialist and complementary expertise. SQW has invested significantly in quantitative capabilities and expects to continue further such investment as well as in its processes and technology.
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SQW GROUP NEWCO 2018 LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
Employee engagement
The Group’s employees (‘our people’) are at the heart of our business. The engagement and motivation of our +315 people are not only important to us as an employer, but also matter to our customers and clients. The Group is employee-owned, with the current senior management team having led a Management Buyout in 2018. This management ownership structure puts our people at the heart of not only the management of the business, but also its ultimate financial success. We believe the Group is best driven by a motivated team and, as such, the Board is constantly looking to the next generation, via Employee Share Options awards, to motivate and retain its management talent for the good of the future of the business. During 2024/25, employees continued to receive formal monthly updates on a company-by-company-basis via the mode of communication that best suits; whether via monthly call, email note, or newsletter, key information continues to be shared by each Divisional Managing Director (or Managing Partners in the case of SQW) with all their staff. These formal monthly touchpoints for all staff continue to be the most important way for management to engage and update employees on matters that affect them most – this includes financial performance, staff movements, contract wins and any notable impacts of external economic factors that may affect the business. In addition, quarterly Groupwide updates are given to all staff, which includes an extensive note on business performance by the Group CEO. Other less formal company-wide updates, including company away-days, act as important events for communication as well as team and confidence-building for different teams. Feedback and two-way communication is an important part of the Group’s approach to ensuring the engagement, well-being and motivation of our people. The Board considers the Employee Surveys undertaken by each trading division to be one of its principal tools to measure employee engagement, motivation, affiliation, and commitment to the Group. Surveys are tailored to the activities of each division and the results are shared with staff; both feedback and any resulting actions to be taken in light of them are fed back via monthly updates. The surveys provide critical insights into employee views and all have a consistently high response rate. It is important to the Board that employees are encouraged to not only receive updates, and provide feedback through monthly meetings, or Employee Surveys, but also be part of forums that enable consultation over key matters. Consultative forums are set up on particular topic areas from time to time in all parts of the Group – led at a divisional level. In addition, a number of formal team structures are in place across the group – from junior forums, middle management teams and senior Management Boards within each division, to the Executive Board at Group level – all have collaboration and consultation at their heart. Equal opportunities The Board firmly believes that a diverse workforce is an asset to the business and is key to our ability to respond to the needs of our clients and the wide range of small businesses we support. The Group takes, and will continue to take, active measures to maintain a diverse and inclusive culture. This forms part of our policy on Environmental, Social and Governance (‘ESG’). The Group gives full and fair consideration to applications for employment made by disabled persons, having regard to their particular aptitudes and abilities. We proactively ask all new staff to inform us if they have any specific needs with which we can support them, and if they consider themselves to be disabled. Staff are able to update HR at any time via the self-service HR portal should circumstances change during the course of someone’s employment with the Group. Any additional support required is assessed and, where possible, provided in order to enable staff to continue in their role whether that be via making reasonable adjustments, training or emotional support. We have trained Mental Health First Aiders across the Group and provide an Employee Assistance Programme and access to digital medical appointments – or, in certain circumstances, financial support via Permanent Health Insurance offered to all staff. Any disabled person would receive the same training, career development and promotion opportunities as any other employee.
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SQW GROUP NEWCO 2018 LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
After the year end, Oxford Investment Opportunity Network Limited and their respective partnered nominee formally closed on Q1 of a separately administered fund valued at £672k. This will result in increased future activity.
A Grant Funding Agreement was entered into with Cornwall Council before the end of the financial year for the express purpose of establishing a fund specifically designed to address the critical early-stage equity funding gap for small businesses in Cornwall. Following the year end, Oxford Innovation Services Limited received £1m of funding for these purposes from Cornwall Council. No benefit accrued to Oxford Innovation Services Limited by the year end in relation to this. On 9 May 2025, Oxford Innovation Services Limited purchased the Growth Canvas business and its associated IP from Multidmedia Limited. Consideration is in the form of a £250,000 up-front payment and future contingent consideration linked to revenue over a two-year period. These sums are to be capitalised and amortised over the period during which benefit will accrue to Oxford Innovation Services Limited from the ownership of these assets.
The auditor, James Cowper Kreston Audit, 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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SQW GROUP NEWCO 2018 LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SQW GROUP NEWCO 2018 LIMITED
We have audited the financial statements of SQW Group Newco 2018 Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2025, which comprise the Consolidated statement of comprehensive income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company 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 Group 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 Group's or the parent 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.
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SQW GROUP NEWCO 2018 LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SQW GROUP NEWCO 2018 LIMITED (CONTINUED)
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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group 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 Group 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 Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.
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SQW GROUP NEWCO 2018 LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SQW GROUP NEWCO 2018 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 Group financial statements.
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.
The specific procedures for this engagement that we designed and performed to detect material misstatements
in respect of irregularities, including fraud, were as follows: • Enquiry of management and those charged with governance around actual and potential litigation and claims; • Enquiry of management and those charged with governance to identify any material instances of noncompliance with laws and regulations; • Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; • Performing audit work to address the risk of irregularities due to 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 evidence of bias.
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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SQW GROUP NEWCO 2018 LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SQW GROUP NEWCO 2018 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 and Statutory Auditor
201 Cumnor Hill
Oxfordshire
OX2 9PJ
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SQW GROUP NEWCO 2018 LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
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SQW GROUP NEWCO 2018 LIMITED
REGISTERED NUMBER: 11560281
CONSOLIDATED BALANCE SHEET
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 20 to 39 form part of these financial statements.
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SQW GROUP NEWCO 2018 LIMITED
REGISTERED NUMBER: 11560281
COMPANY BALANCE SHEET
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 20 to 39 form part of these financial statements.
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