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Registered number: 12646560 QR TIP LTD UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
QR TIP LTD REGISTERED NUMBER:12646560
BALANCE SHEET AS AT 30 JUNE 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 4 |  | 1,181 |  | 1,362
Tangible assets | 5 |  | 512 |  | 714
Investments | 6 |  | 310,998 |  | 310,998
|  |  | 312,691 |  | 313,074
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 7 | 1,406,134 |  | 1,192,012 |
Cash at bank and in hand | 8 | 436,513 |  | 721,474 |
|  | 1,842,647 |  | 1,913,486 |
Creditors: amounts falling due within one year | 9 | (353,067) |  | (150,478) |
Net current assets |  |  | 1,489,580 |  | 1,763,008
Total assets less current liabilities |  |  | 1,802,271 |  | 2,076,082
Creditors: amounts falling due after more than one year | 10 |  | (363,958) |  | -
Net assets |  |  | 1,438,313 |  | 2,076,082
Capital and reserves |  |  |  |  |
Called up share capital | 11 |  | 59,566 |  | 58,725
Share premium account |  |  | 6,198,598 |  | 5,926,877
Profit and loss account |  |  | (4,819,851) |  | (3,909,520)
|  |  | 1,438,313 |  | 2,076,082
Page 1
QR TIP LTD REGISTERED NUMBER:12646560
BALANCE SHEET (CONTINUED) AS AT 30 JUNE 2025 The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. 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 by:
E Chuikov
Director
Date: 10 March 2026
The notes on pages 3 to 9 form part of these financial statements. Page 2
QR TIP LTD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
1. | General information
The Company is a private company limited by shares, incorporated and domiciled in England and Wales, United Kingdom. The registered address is Harwood House, 43 Harwood Road, London, SW6 4QP. The principal activity of the Company is digital connectivity. 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 the Republic of Ireland and the Companies Act 2006. The following principal accounting policies have been applied:
| 2.2 | Going concern
During the period ended 30 June 2025 the Company suffered a loss before tax of £910,331. However, the significant funding secured by the Company results in a healthy balance sheet at the year end. The Company results are consistent with the directors' expectations given the nature of a startup business. In light of the above and after taking into account all information that could reasonably be expected to be available, the directors are confident that the Company will continue in operational existence for the foreseeable future and that the going concern is therefore appropriate for the preparation of the Company's accounts.
| 2.3 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. 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. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'. Page 3
QR TIP LTD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 2.Accounting policies (continued)
| 2.4 | Revenue
Revenue is generated through fees charged for the use of the platform designed by the company. 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.
| 2.5 | Research and development
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years. If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
| 2.6 | Government grants
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.
| 2.7 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.8 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
| 2.9 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds. Page 4
QR TIP LTD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 2.Accounting policies (continued)
| 2.10 | Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
| 2.11 | 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:
|  |  |  | Office equipment | - | 25% |
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.
| 2.12 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.
| 2.13 | 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.
| 2.14 | 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.
| 2.15 | 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. Page 5
QR TIP LTD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 2.Accounting policies (continued)
| 2.16 | Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
3. | Employees
| The average monthly number of employees, including directors, during the year was 6 (2024 - 18).
4. | Intangible assets
|  | Trademarks
|  | £
| Cost |
| At 1 July 2024 | 1,943
| Additions | 15
| At 30 June 2025 | 1,958
| Amortisation |
| At 1 July 2024 | 581
| Charge for the year on owned assets | 196
| At 30 June 2025 | 777
| Net book value |
| At 30 June 2025 | 1,181
| At 30 June 2024 | 1,362
Page 6
QR TIP LTD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
5. | Tangible fixed assets
|  | Office equipment
|  | £
| Cost or valuation |
| At 1 July 2024 | 1,708
| Additions | 277
| At 30 June 2025 | 1,985
| Depreciation |
| At 1 July 2024 | 994
| Charge for the year on owned assets | 479
| At 30 June 2025 | 1,473
| Net book value |
| At 30 June 2025 | 512
| At 30 June 2024 | 714
6. | Fixed asset investments
|  | Investments in subsidiary companies
|  | £
| Cost or valuation |
| At 1 July 2024 | 310,998
| At 30 June 2025 | 310,998
Page 7
QR TIP LTD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
7. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts owed by group undertakings | 1,331,605 | 1,112,024
| Other debtors | 74,529 | 79,988
|  | 1,406,134 | 1,192,012
8. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 436,513 | 721,474
9. | Creditors: amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other loans | 974 | -
| Trade creditors | 314,406 | 141,491
| Other taxation and social security | 8,912 | 482
| Other creditors | 25,075 | 4,805
| Accruals and deferred income | 3,700 | 3,700
|  | 353,067 | 150,478
10. | Creditors: amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other creditors | 363,958 | -
Page 8
QR TIP LTD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
11. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 59,566 (2024 - 58,725) Ordinary shares of £1.00 each | 59,566 | 58,725
The Company issued shares during the year as follows: - 841 ordinary shares on 2 October 2024 for total consideration of £272,562.
12. | Pension commitments
The Company operates a defined contributions 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 £5,552 (2024 - £10,411). Contributions totalling £280 (2024 - £1,850) were payable to the fund at the balance sheet date and are included in creditors.
Page 9