For the financial year ended 31 December 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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.

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

RIQC Limited is a private company limited by shares incorporated in England and Wales. The registered office is Badger Farm, Willowpit Lane, Hilton, Derby, Derbyshire, United Kingdom, DE65 5FN.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

At 31 December 2025, the company had net liabilities of £227,635 (2024: £166,135) and is reliant on the support of the parent undertaking to enable it to meet its liability as they fall due. The directors have reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Turnover is recognised when services are provided.

Intangible assets are initially recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks.

The company only has financial instruments that are classified as basic financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price and are subsequently carried at amortised less impairment.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities, including creditors, and loans from fellow group companies, are initially recognised at transaction price and subsequently measured at amortised cost.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Equity instruments issued by the company are recorded at the proceeds received. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

The costs of short-term employee benefits are recognised as a liability and an expense.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The average monthly number of persons (including directors) employed by the company during the year was:

The company operated a defined contributions pension scheme during the year. The assets of the scheme are held separately from those of the company in an independently administered fund. Part of the pension cost charge represents contributions payable by the company to the fund and amounted to £3,260 (2024 - £2,327). There were no outstanding contributions to the fund at the balance sheet date.

The group operates a Defined benefit pension scheme, which is funded.

The assets of the scheme are held separately from those of the group, being managed by the trustees of the scheme.

A number of employees are members of the Group’s section of the Railway Pension Scheme which is an industry-wide contributory scheme with defined benefits based on average final salary. Those employees who were employees of the British Railways Board at 5 November 1993 have statutory protection of pension rights under the Railway Act 1993 and are entitled to the same pension rights for all future continuous employment.

Contributions to the scheme are based on pension costs across the group as a whole. The company is unable to identify its share of the underlying assets and liabilities of the scheme and therefore these are not reflected in the accounts of the company. The company's contribution to the scheme for the year amounted to £12,197 (2024: £11,938).

The pension cost and provision for the year ending 31 December 2025 are based on the advice of a professional qualified actuary. The most recent formal valuation is dated 31 December 2025 which has been updated to reflect conditions at the balance sheet date. The results of this valuation showed that the assets of the Group’s section of the Scheme were £7.447m and the actuarial valuation of those assets represented 88% of the benefits accrued to members after allowing for future increases in earnings. The assumptions that have the most significant effect on the valuation are those related to the rate of return on investments and the rate of increase in salaries and pensions. It was assumed that the discount rates for pre and post retirement would be 5.4% per annum, but salary increases would average 2.50% p.a.

The pension charge for the year ended 31 December 2025 was £16,000 (2024: £21,000) plus administration charges of £45,000 (2024: £53,000) calculated using the Projected Unit Method. The contributions of the Company and employees were 60% and 40% of their Future Service Joint Contribution Rate (FSJCR) of their section pay.

The Defined Benefit Scheme is closed to new members and so, under the Projected Unit Method, the current service cost would be expected to increase over time as a percentage of pay as members of the Scheme age but is expected to then gradually reduce to zero as members of the Scheme approach retirement.

The latest formal valuation was updated to 31 December 2025 by a qualified independent actuary. From this, the results for the group indicated that at that date there was a deficit in the scheme of £1,011,000.

The company is a party, together with other group companies, to a debenture in favour of the Royal Bank of Scotland PLC as security for overdraft facilities. The security is in the form of fixed and floating charges over the company and all property and assets. There are also cross guarantees between companies within the group. Total group net borrowings at 31 December 2025 were £8,776 (2024: £19,065).

The ultimate parent company is The QSS Group Limited, the registered office is Badger Farm, Willowpit Lane, Hilton, Derby, Derbyshire, United Kingdom, DE65 5FN.