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Registered number:
FOR THE YEAR ENDED 31 MARCH 2026
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SQW LIMITED
COMPANY INFORMATION
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SQW LIMITED
CONTENTS
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SQW LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2026
The annual report and financial statements presented here are for SQW Limited (‘the Company’).
The principal activity of the Company during the period was the provision of economic and social development consultancy services.
Although market conditions, as anticipated, presented some challenges for the Company during 2025/26, the team still kept busy and generated turnover of £4,753,272 (2024/25: £5,691,694) in the year. An operating loss of £60,671 was generated (2024/25: profit £228,629) which includes a share of Group overheads. 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.
2025/26 was aided by a good order book at the start of the year, and although the challenges of the public finances and the government’s policy gestation process led to some delays and temporary reduction in the flow of consultancy work during the first half of the year, an improvement in the release of work winning opportunities in the second half means that the pipeline for 2026/27 represents half of budgeted revenues. Strain on public finances and continued disruption in the flow of work is still expected to be a theme of 2026/27, but the strength of the team and quality of their work, evidenced by our strong work winning record, mean that we continue to be well placed to respond as the consistency of demand for research and evaluation services returns over the medium-term. The team remains optimistic as it continues to recruit and focus on realising longer-term growth ambitions.
The Company is exposed to a variety of financial risks resulting from its operating activities. The board is responsible for determining the Company’s financial risk management policy and focuses on securing the Company’s cash flows.
The Company does not actively engage in the trading of financial assets and has no financial derivatives. The most significant risks to which the Company is exposed to are described below: Credit Risk The Company’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 Company has no significant concentration of credit risk, with exposure spread over a large number of customers. Cash Flow Risk The Company 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. People Risk The Company 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 refer also to the establishment of a scheme for our leaders to become shareholders of the Company as a straightforward means of both aligning interests and encouraging a deepening of commitment to the Group by 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 LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
Turnover for the year was £4,753,272 (2025: £5,691,694).
Gross profit for the year was £1,122,139, (2025: £1,606,704). Operating loss for the year was £60,721 (2025: profit £226,131). Loss on ordinary activities before taxation for the period was £58,814 (2025: profit £228,629). Cash at bank at 31 March 2026 was £1,020,777 (2025: £1,462,457). Net Current Assets at 31 March 2026 were £3,095,627 (2025: £3,128,129). Dividends of £Nil were paid during the year (2025:£114,000)
The Company 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 LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2026
The Directors present their report and the financial statements for the year ended 31 March 2026.
The Directors who served during the year were:
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 loss for the year, after taxation, amounted to £45,454 (2025 : profit £164,617).
Dividends of £nil were paid during the year (2025: £114,000)
As highlighted within the Strategic Report, the Company has enjoyed periods of growth, but also faces uncertainty in its markets at this current time. SQW has 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 LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
There have been no significant events affecting the Company since the year end.
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 LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SQW LIMITED
We have audited the financial statements of SQW Limited (the 'Company') for the year ended 31 March 2026, which comprise the Statement of Comprehensive Income, the Balance Sheet, 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).
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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SQW LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SQW 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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SQW LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SQW 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.
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 non- compliance 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.
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
Cumnor
Oxfordshire
OX2 9PJ
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SQW LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2026
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SQW LIMITED
REGISTERED NUMBER: 01701564
BALANCE SHEET
AS AT 31 MARCH 2026
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 11 to 21 form part of these financial statements.
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SQW LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2026
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SQW LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
SQW Limited is a private limited company incorporated in the UK and registered in England and Wales. The Company's registered office is Oxford Centre for Innovation, Blue Boar Court, 9 Alfred Street, Oxford, OX1 4EH.
The principal activity of the Company is providing economic and social development consultancy services.
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 Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of SQW Group Newco 2018 Limited as at 31 March 2026 and these financial statements may be obtained from their registered office.
The financial statements have been prepared on a going concern basis. The directors have assessed the Company's ability to continue as a going concern, including reviewing future cash flows, liquidity, and available credit facilities. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, and, therefore, continue to adopt the going concern basis in preparing these financial statements.
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SQW LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
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:
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.
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SQW LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
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.
Functional and presentation currency
Transactions and balances
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SQW LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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SQW LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
Revenue recognition - stage of completion The Company has a number of long-term contracts with customers. This method is based on performing estimates in relation to the stage of completion of projects. Depending on the method used to determine project progress, significant estimates correspond to costs pending incurring in each contract. Furthermore, the Company recognises provisions for negative margins when the estimate of total costs exceeds estimated income from contracts. These estimates are subject to changes based on new information regarding the stages of completion.
Analysis of turnover by country of destination:
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SQW LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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SQW LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
There were no factors that may affect future tax charges.
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SQW LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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SQW LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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SQW LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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 charge represents contributions payable by the Company to the fund and amounted to £166,315 (2025: £160,467).
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SQW LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
The immediate parent undertaking of the Company is
The ultimate controlling undertaking is The consolidated statements of SQW Group Newco 2018 Limited are publicly available from Oxford Centre for Innovation, Blue Boar Court, 9 Alfred Street, Oxford, OX1 4EH. .
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