ACCOUNTS - Final Accounts

An analysis of turnover by class of business is as follows:

Registered number: 13190075

QIG HOLDINGS LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

QIG HOLDINGS LIMITED

COMPANY INFORMATION

Directors	Colum Campion
	Lior Eisenberg
	Idan Moskovich
	Andrew John Powell
	Kim Bottger


Registered number	13190075


Registered office	101 New Cavendish Street
	1st Floor South
	London
	United Kingdom
	W1W 6XH


Independent auditors	Harris & Trotter LLP
	Chartered Accountants & Statutory Auditors
	101 New Cavendish Street
	1st Floor South
	London
	United Kingdom
	W1W 6XH

QIG HOLDINGS LIMITED

CONTENTS

	Page
Group Strategic Report	1 - 3
Directors' Report	4 - 5
Independent Auditors' Report	6 - 9
Consolidated Statement of Comprehensive Income	10
Consolidated Statement of Financial Position	11 - 12
Company Statement of Financial Position	13
Consolidated Statement of Changes in Equity	14
Company Statement of Changes in Equity	15
Consolidated Statement of Cash Flows	16
Consolidated Analysis of Net Debt	17
Notes to the Financial Statements	18 - 36

QIG HOLDINGS LIMITED

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

Introduction

The directors present their report and financial statements for the year ended 31 December 2025.

The principal activity of the Group throughout the year was that of letting serviced properties.

Business review

2025 marked a pivotal year for the Group as we delivered a return to profitability, strengthened our operational foundations, and expanded our global footprint. Despite external cost pressures, the business demonstrated resilience, strategic discipline, and strong underlying demand for our services.

Strategic Developments

A major milestone in 2025 was the acquisition of Q Global Network (QGN) in May. QGN is a leading provider of serviced accommodation across international markets, and its integration significantly enhances the Group’s global reach. The acquisition complements our existing operations and enables us to offer a fully comprehensive service to clients seeking accommodation solutions worldwide.

This strategic expansion positions the Group to capture new opportunities, diversify revenue streams, and deepen relationships with corporate partners.

Q Apartments (UK) that manages properties in and around London rebranded to Aeria Apartments.

Financial Performance

The Group achieved a Profit Before Tax of £583k, reflecting a successful turnaround from the prior year. This improvement was driven by robust trading performance, disciplined cost management, and the absence of any further impact from the liquidation of Homelike Internet GmbH, whose investment was fully written off in 2024.

Aeria’s revenue increased 14% to £21.1m, underpinned by sustained demand across our serviced accommodation portfolio and enhanced commercial performance. Occupancy rose 2.7 percentage points to 92.5%, demonstrating the continued appeal of our offering and the effectiveness of our distribution strategy.

Operating profit for the year was 17%, representing a 1 percentage point decline. This reduction was primarily attributable to the introduction of the Second Homes Premium Council Tax, which affected approximately 40% of our properties and placed downward pressure on margins. Excluding this external factor, the Group’s operational performance remained strong.

Page 1

QIG HOLDINGS LIMITED

GROUP STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Financial key performance indicators

Portfolio Growth

The Group continued to expand its asset base, with the number of properties under our control increasing 5% to 319. This growth reflects our commitment to scaling high quality accommodation in key markets and strengthening our long term revenue capacity.

Outlook

The Group enters 2026 with a stronger portfolio, enhanced global capabilities, and a resilient operating model. However:

• Global conflicts have reduced demand, creating a downturn across all markets.
• External cost pressures remain a challenge.
• The Group is engaging with policymakers and exploring mitigation strategies to protect margins.

Despite headwinds, confidence remains high in the long term fundamentals of the serviced accommodation sector and the Group’s ability to deliver sustainable value.

Principal risks and uncertainties

The management of the business and the execution of the Group's strategy are subject to several risks. The senior management team meets on a regular basis and considers the nature and management of key risks faced by the business

The key business risks and uncertainties affecting the Group arise from challenging economic conditions, changes to working arrangements and wider political uncertainty, all of which are seen as key risks in the short- term. The Group mitigates these risks by building strong relationships with clients. The Group attracts and retains motivated and high quality personnel and enters into fixed price utility contracts to manage risk and provide certainty on costs.

The Group aims to share its exposure to market conditions and mitigate risk by entering into rent/revenue leases with landlords and aims to embrace the technological advances available to offer a more tech driven approach, improving both efficiency and customer experience.

Page 2

QIG HOLDINGS LIMITED

GROUP STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

This report was approved by the board and signed on its behalf.

Colum Campion

Director

Date: 9 September 2026

Page 3

QIG HOLDINGS LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

The directors present their report and the financial statements for the year ended 31 December 2025.

Directors' responsibilities statement

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.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

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 judgments 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.

Directors

The directors who served during the year were:

Colum Campion

Lior Eisenberg

Idan Moskovich

Andrew John Powell

Kim Bottger

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Page 4

QIG HOLDINGS LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Auditors

The auditors, Harris & Trotter 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.

Colum Campion

Director

Date: 9 September 2026

Page 5

QIG HOLDINGS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF QIG HOLDINGS LIMITED

Opinion

We have audited the financial statements of QIG Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2025, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, 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).

In our opinion the financial statements:

∙give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 December 2025 and of the Group's profit for the year then ended;

∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

∙have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

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 Auditors' 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.

Conclusions relating to going concern

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.

Page 6

QIG HOLDINGS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF QIG HOLDINGS LIMITED (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.

Opinion on other matters prescribed by the Companies Act 2006

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.

Matters on which we are required to report by exception

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.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

∙adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or

∙the parent Company financial statements are not in agreement with the accounting records and returns; or

∙certain disclosures of directors' remuneration specified by law are not made; or

∙we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.

Page 7

QIG HOLDINGS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF QIG HOLDINGS LIMITED (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

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 Auditors' 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.

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:

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

The objectives of our audit are to identify and assess the risks of material misstatement of the financial statements due to fraud or error; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud or error; and to respond appropriately to those risks. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK).

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, our procedures included the following:

• We obtained an understanding of the legal and regulatory frameworks applicable to the Group and the industry in which it operates. We determined that the following laws and regulations were most significant: FRS 102 and the Companies Act 2006.

• We obtained an understanding of how the Group is complying with those legal and regulatory frameworks by making enquiries of management.

• We challenged assumptions and judgments made by management in its significant accounting estimates;

We did not identify any key audit matters relating to irregularities, including fraud.

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 Auditors' Report.

Use of our 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 Auditors' 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.

Page 8

QIG HOLDINGS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF QIG HOLDINGS LIMITED (CONTINUED)

Jamie Taylor (Senior Statutory Auditor)

for and on behalf of

Harris & Trotter LLP

Chartered Accountants & Statutory Auditors

101 New Cavendish Street

1st Floor South

London

United Kingdom

W1W 6XH

9 September 2026

Page 9

QIG HOLDINGS LIMITED

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2025

	2025	2024
	£	£


Turnover	23,056,549	18,483,099
Cost of sales	(19,161,455)	(14,356,512)
Gross profit	3,895,094	4,126,587
Administrative expenses	(3,139,520)	(3,561,756)
Fair value movements	-	(2,210,471)
Operating profit/(loss)	755,574	(1,645,640)
Interest receivable and similar income	11,261	-
Interest payable and similar expenses	(183,022)	(192,053)
Profit/(loss) before tax	583,813	(1,837,693)
Tax on profit/(loss)	(208,349)	-
Profit/(loss) for the financial year	375,464	(1,837,693)

Profit for the year attributable to:
Owners of the parent company	(375,464)	1,837,693
	(375,464)	1,837,693

Total comprehensive income attributable to:

There were no recognised gains and losses for 2025 or 2024 other than those included in the consolidated statement of comprehensive income.

Page 10

QIG HOLDINGS LIMITED

REGISTERED NUMBER: 13190075

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2025

		2025		2024
Note		£		£

Fixed assets
Intangible assets	11		291,228		215,851
Tangible assets	12		605,440		734,878
			896,668		950,729
Current assets
Debtors: amounts falling due within one year	15	3,127,910		2,462,116
Cash at bank and in hand	16	1,990,967		1,854,744
		5,118,877		4,316,860
Creditors: amounts falling due within one year	17	(4,778,576)		(3,869,306)
Net current assets			340,301		447,554
Total assets less current liabilities			1,236,969		1,398,283
Creditors: amounts falling due after more than one year	18		(2,002,264)		(2,524,219)
Provisions for liabilities
Net assets excluding pension asset			(765,295)		(1,125,936)
Net liabilities			(765,295)		(1,125,936)

Capital and reserves
Called up share capital	20	5	5
Share premium account	21	1,999,991	1,999,991
Foreign exchange reserve	21	(14,823)	-
Profit and loss account	21	(2,750,468)	(3,125,932)
Equity attributable to owners of the Company		(765,295)	(1,125,936)
		(765,295)	(1,125,936)

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 9 September 2026.

Colum Campion

Director

The notes on pages 18 to 36 form part of these financial statements.

Page 11

QIG HOLDINGS LIMITED

REGISTERED NUMBER: 13190075

CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 DECEMBER 2025

Page 12

QIG HOLDINGS LIMITED

REGISTERED NUMBER: 13190075

COMPANY STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2025

		2025		2024
Note		£		£

Fixed assets
Intangible assets	11		96,119		195,927
Tangible assets	12		-		21,401
Investments	13		105,227		200
			201,346		217,528
Current assets
Debtors: amounts falling due within one year	15	935,404		1,140,071
Cash at bank and in hand	16	14,284		39,634
		949,688		1,179,705
Creditors: amounts falling due within one year	17	(280,759)		(42,531)
Net current assets			668,929		1,137,174
Total assets less current liabilities			870,275		1,354,702

Creditors: amounts falling due after more than one year	18		(1,999,218)		(2,524,218)

Net assets excluding pension asset			(1,128,943)		(1,169,516)
Net liabilities			(1,128,943)		(1,169,516)

Capital and reserves
Called up share capital	20	5	5
Share premium account	21	1,999,991	1,999,991
Profit and loss account carried forward		(3,128,939)	(3,169,512)
		(1,128,943)	(1,169,516)

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 9 September 2026.

Colum Campion

Director

The notes on pages 18 to 36 form part of these financial statements.

Page 13

QIG HOLDINGS LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2025

	Called up share capital	Share premium account	Foreign exchange reserve	Profit and loss account	Equity attributable to owners of parent Company	Total equity
	£	£	£	£	£	£
At 1 January 2024	5	1,999,991	-	(1,288,239)	711,757	711,757

Loss for the year	-	-	-	(1,837,693)	(1,837,693)	(1,837,693)

At 1 January 2025	5	1,999,991	-	(3,125,932)	(1,125,936)

Profit for the year	-	-	-	375,464	375,464
Currency translation differences	-	-	(14,823)	-	(14,823)
At 31 December 2025	5	1,999,991	(14,823)	(2,750,468)	(765,295)

At 1 January 2025					(1,125,936)

Profit for the year					375,464
Currency translation differences					(14,823)
At 31 December 2025					(765,295)

The notes on pages 18 to 36 form part of these financial statements.

Page 14

QIG HOLDINGS LIMITED

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2025

	Called up share capital	Share premium account	Profit and loss account	Total equity
	£	£	£	£
At 1 January 2024	5	1,999,991	(321,061)	1,678,935

Loss for the year	-	-	(2,848,451)	(2,848,451)

At 1 January 2025	5	1,999,991	(3,169,512)	(1,169,516)

Profit for the year	-	-	40,573	40,573
At 31 December 2025	5	1,999,991	(3,128,939)	(1,128,943)

The notes on pages 18 to 36 form part of these financial statements.

Page 15

QIG HOLDINGS LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2025

			2025	2024
			£	£

Cash flows from operating activities
Profit/(loss) for the financial year	375,464	(1,837,693)
Adjustments for:
Amortisation of intangible assets	126,178	100,230
Depreciation of tangible assets	248,240	232,236
Interest paid	183,022	192,053
Taxation charge	208,349	-
(Increase)/decrease in debtors	(678,110)	899,791
Increase/(decrease) in creditors	655,655	(7,050)
Increase in amounts owed to related parties	48,311	-
Net fair value losses recognised in P&L	-	2,210,471
Net cash generated from operating activities	1,167,109	1,790,038

Cash flows from investing activities
Purchase of intangible fixed assets	(203,945)	(20,348)
Purchase of tangible fixed assets	(118,919)	(165,005)
Purchase of share in associates	-	(688,087)
Net cash from investing activities	(322,864)	(873,440)
Cash flows from financing activities
Other new loans	-	259,635
Repayment of other loans	(525,000)	-
Interest paid	(183,022)	(192,053)
Net cash used in financing activities	(708,022)	67,582
Net increase in cash and cash equivalents	136,223	984,180
Cash and cash equivalents at beginning of year	1,854,744	870,564
Cash and cash equivalents at the end of year	1,990,967	1,854,744

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	1,990,967	1,854,744
	1,990,967	1,854,744

The notes on pages 18 to 36 form part of these financial statements.

Page 16

QIG HOLDINGS LIMITED

CONSOLIDATED ANALYSIS OF NET DEBT

FOR THE YEAR ENDED 31 DECEMBER 2025


At 1 January 2025	Cash flows	Acquisition and disposal of subsidiaries	At 31 December 2025
£	£	£	£

Cash at bank and in hand	1,854,744	241,250	(105,027)	1,990,967
Debt due after 1 year	(2,524,219)	525,000	-	(1,999,219)
	(669,475)	766,250	(105,027)	(8,252)

The notes on pages 18 to 36 form part of these financial statements.

Page 17

QIG HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1.	General information

QIG Holdings Limited is a private company limited by shares and incorporated in England & Wales (registered number 13190075). The registered office is 101 New Cavendish Street, 1st Floor South, London, W1W 6XH.

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 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 Group management to exercise judgment in applying the Group's accounting policies.

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.

In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 09 February 2021.

2.3

Going concern

IIn assessing the ability of the Group to operate as a going concern, management have evaluated current and forecasted operational results, and the solvency of the Group. As a result, the directors consider it appropriate to prepare the financial statements on a going concern basis.

Page 18

QIG HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.4

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 Consolidated 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'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group 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. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Group will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

Page 19

QIG HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.6

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.

2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.9

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

2.10

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Statement of Financial Position. The assets of the plan are held separately from the Group in independently administered funds.

2.11

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company and the Group operate and generate income.

Page 20

QIG HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.12

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Statement of Comprehensive Income over its useful economic life.

Other 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.

Page 21

QIG HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.13

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:

Short-term leasehold property	-		Over the life of the lease
Plant and machinery	-
Fixtures and fittings	-	25%	Straight-line method
Office equipment	-	25%	Straight-line method
Computer equipment	-	20%	Straight-line method
Other fixed assets	-

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.

2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Consolidated Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.

2.15

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.

Page 22

QIG HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.16

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.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

2.17

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.

Serviced property letting	23,056,549	18,483,099
	23,056,549	18,483,099

Analysis of turnover by country of destination:

					2025	2024
					£	£

United Kingdom	21,736,090	18,483,099
Rest of Europe	263,891	-
Rest of the world	1,056,568	-
	23,056,549	18,483,099

Exchange differences

12,113

118

Page 23

QIG HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements

95,000

90,000

6.	Employees
	Staff costs, including directors' remuneration, were as follows:

		Group	Group
		2025	2024
		£	£


Wages and salaries	2,476,203	2,197,883
Social security costs	282,764	210,305
Cost of defined contribution scheme	47,234	33,830
	2,806,201	2,442,018

The average monthly number of employees, including the directors, during the year was as follows:

	2025	2024
	No.	No.

Employees	68	63

7.	Directors' remuneration

	The highest paid director received remuneration of £180,368 (2024 - £156,193).
	The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £7,920 (2024 - £4,686).

8.	Interest receivable
		2025	2024
		£	£

	Other interest receivable	11,261	-
		11,261	-

Page 24

QIG HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

9.	Interest payable and similar expenses
		2025	2024
		£	£

Bank interest payable	4,327	-
Other loan interest payable	178,695	192,053
	183,022	192,053

10.	Taxation

Profit/(loss) on ordinary activities before tax

583,813

(1,837,693)

Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)	145,953	(459,423)
Effects of:
Non-tax deductible amortisation of goodwill and impairment	60,786	543,868
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	91,025	86,786
Capital allowances for year in excess of depreciation	(29,454)	(3,849)
Utilisation of tax losses	(59,961)	(192,721)
Unrelieved tax losses carried forward	-	25,339
Total tax charge for the year	208,349	-

Factors that may affect future tax charges

There are no factors that may affect future tax charges.

Page 25

QIG HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

11.	Intangible assets
	Group

	Development expenditure	Computer software	Goodwill	Total
	£	£	£	£
Cost
At 1 January 2025	20,348	132,804	366,228	519,380
Additions	-	22,299	181,646	203,945
At 31 December 2025	20,348	155,103	547,874	723,325
Amortisation
At 1 January 2025	424	59,961	243,145	303,530
Charge for the year on owned assets	-	34,129	94,438	128,567
At 31 December 2025	424	94,090	337,583	432,097
Net book value
At 31 December 2025	19,924	61,013	210,291	291,228
At 31 December 2024	19,924	72,844	123,083	215,851

Page 26

QIG HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

11.Intangible assets (continued)

	Company

	Computer software	Goodwill	Total
	£	£	£
Cost
At 1 January 2025	132,804	366,228	499,032
At 31 December 2025	132,804	366,228	499,032
Amortisation
At 1 January 2025	59,961	243,145	303,106
Charge for the year	26,561	73,246	99,807
At 31 December 2025	86,522	316,391	402,913
Net book value
At 31 December 2025	46,282	49,837	96,119
At 31 December 2024	72,844	123,083	195,927

Page 27

QIG HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

12.	Tangible fixed assets
	Group

	Short-term leasehold property	Plant and machinery	Fixtures and fittings	Office equipment	Computer equipment	Other fixed assets
	£	£	£	£	£	£
Cost or valuation
At 1 January 2025	641,870	-	503,078	1,091	210,532	-
Additions	-	10,578	75,017	-	2,666	30,658
Disposals	-	-	(17,241)	-	-	-
At 31 December 2025	641,870	10,578	560,854	1,091	213,198	30,658
Depreciation
At 1 January 2025	178,970	-	323,027	970	118,723	-
Charge for the year on owned assets	92,219	685	108,939	121	42,415	4,481
Disposals	-	-	(17,741)	-	-	-
At 31 December 2025	271,189	685	414,225	1,091	161,138	4,481
Net book value
At 31 December 2025	370,681	9,893	146,629	-	52,060	26,177
At 31 December 2024	462,899	-	180,050	121	91,808	-

Page 28

QIG HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

12.Tangible fixed assets (continued)

		Total
		£
	Cost or valuation
	At 1 January 2025	1,356,571
	Additions	118,919
	Disposals	(17,241)
	At 31 December 2025	1,458,249
	Depreciation
	At 1 January 2025	621,690
	Charge for the year on owned assets	248,860
	Disposals	(17,741)
	At 31 December 2025	852,809
	Net book value
	At 31 December 2025	605,440
	At 31 December 2024	734,878

The net book value of land and buildings may be further analysed as follows:
	2025	2024
	£	£

Short-term leasehold property	370,681	462,919
	370,681	462,919

Page 29

QIG HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

12.Tangible fixed assets (continued)

	Company

		Fixtures and fittings
		£
	Cost or valuation
	At 1 January 2025	109,045
	At 31 December 2025	109,045
	Depreciation
	At 1 January 2025	87,644
	Charge for the year on owned assets	21,401
	At 31 December 2025	109,045
	Net book value
	At 31 December 2025	-
	At 31 December 2024	21,401

Page 30

QIG HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

13.	Fixed asset investments

	Company

	Investments in subsidiary companies	Investments in associates	Total
	£	£	£
Cost or valuation
At 1 January 2025	200	-	200
Additions	-	105,027	105,027
At 31 December 2025	200	105,027	105,227

Net book value
At 31 December 2025	200	105,027	105,227
At 31 December 2024	200	-	200

Subsidiary undertakings
The following were subsidiary undertakings of the Company:
Name	Class of shares	Holding

Q Management Services Limited	Ordinary	100%
Q Apartments (UK) Ltd	Ordinary	100%
QIG (Corporate) Ltd	Ordinary	100%
Q P1 Limited	Ordinary	100%
Q P4 Limited	Ordinary	100%
Q P5 Limited	Ordinary	100%
Q P6 (Bow Lane) Limited	Ordinary	100%
Q P7 (Reading) Limited	Ordinary	100%
Q P9 (Garrick Mansion) Limited	Ordinary	100%
Q P10 (Charing Cross) Limited	Ordinary	100%
Q P11 (Hope House) Limited	Ordinary	100%
Q P12 (Southwark Street) Limited	Ordinary	100%
Q P13 (Whitfield Street) Limited	Ordinary	100%
Q P14 (Cleveland Street) Limited	Ordinary	100%
Q P15 (B Palace) Limited	Ordinary	100%
Q P (Grays Inn) Limited	Ordinary	100%
Q P (Green Street) Limited	Ordinary	100%
Q P (Wells CT) Limited	Ordinary	100%
Q P (River House) Limited	Ordinary	100%
Q Global Network Limited	Ordinary	100%
Q Apartments Global Network Consultoria	Ordinary	98.8%

Page 31

QIG HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Subsidiary undertakings (continued)

The aggregate of the share capital and reserves as at 31 December 2025 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:
Name	Aggregate of share capital and reserves	Profit/(Loss)
	£	£

Q Management Services Limited	(49,724)	28,510
Q Apartments (UK) Ltd	(962,358)	225,480
QIG (Corporate) Ltd	(152,519)	157,905
Q P1 Limited	286,371	34,227
Q P4 Limited	86,186	25,967
Q P5 Limited	(57,816)	11,418
Q P6 (Bow Lane) Limited	(88,692)	47,840
Q P7 (Reading) Limited	383,289	(121,787)
Q P9 (Garrick Mansion) Limited	(24,858)	1,657
Q P10 (Charing Cross) Limited	10,498	-
Q P11 (Hope House) Limited	49,290	16,185
Q P12 (Southwark Street) Limited	(82,893)	20,358
Q P13 (Whitfield Street) Limited	(149,563)	80,049
Q P14 (Cleveland Street) Limited	(9,797)	13,356
Q P15 (B Palace) Limited	112,299	15,189
Q P (Grays Inn) Limited	(2,258)	(1,424)
Q P (Green Street) Limited	8,448	(2,443)
Q P (Wells CT) Limited	200,636	(77,908)
Q P (River House) Limited	(12,951)	12,581
Q Global Network Limited	(2,258)	71,786
Q Apartments Global Network Consultoria	80,225	(36,292)

Page 32

QIG HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

14.

Subsidiary Audit Exemption and Parent Company Guarantee

IIn accordance with the exemption permitted under Section 479A-C of the Companies Act 2006, the Company has provided guarantee over the liabilities of the following subsidiary undertaking for the financial year ended 31 December 2025, thereby exempting it from the requirement to have it's accounts audited:

Q Global Network Limited (Company Number 13196027)

The company has guaranteed all outstanding liabilities of this subsidiary existing at the end of the financial year, until such liabilities are satisfied in full. This guarantee is enforceable by any person to whom the subsidiary is liable in respect of those liabilities.

The subsidiary is included in the consolidated financial statements of the Group for the year ended 31 December 2025.

15.

Debtors

Group	Group	Company	Company
2025	2024	2025	2024
£	£	£	£


Trade debtors	746,347	564,340	-	-
Amounts owed by group undertakings	-	-	924,661	1,065,655
Other debtors	1,688,185	1,281,738	-	61,751
Prepayments and accrued income	693,378	616,038	10,743	12,665
	3,127,910	2,462,116	935,404	1,140,071

16.	Cash and cash equivalents
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Cash at bank and in hand	1,990,967	1,854,744	14,284	39,634
	1,990,967	1,854,744	14,284	39,634

Page 33

QIG HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

17.	Creditors: Amounts falling due within one year
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Trade creditors	1,152,975	1,080,768	-	6,778
Amounts owed to group undertakings	-	-	253,758	-
Amounts owed to related parties	48,311	-	-	-
Corporation tax	205,304	-	-	-
Other taxation and social security	799,969	518,507	-	-
Other creditors	364,702	57,639	-	8,752
Accruals and deferred income	2,207,315	2,212,392	27,001	27,001
	4,778,576	3,869,306	280,759	42,531

18.	Creditors: Amounts falling due after more than one year
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Other loans	1,999,219	2,524,219	1,999,218	2,524,218
Corporation tax	3,045	-	-	-
	2,002,264	2,524,219	1,999,218	2,524,218

19.	Loans
	Analysis of the maturity of loans is given below:
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£


Amounts falling due 1-2 years
Other loans	1,999,219	2,524,219	1,999,219	2,524,219
	1,999,219	2,524,219	1,999,219	2,524,219


	1,999,219	2,524,219	1,999,219	2,524,219

Page 34

QIG HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

20.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

300 (2024 - 300) Ordinary A Shares of £0.01 each	3	3
200 (2024 - 200) Ordinary B Shares of £0.01 each	2	2

	5	5

21.

Reserves

Share premium account

Includes the consideration received above the par value for the issued share capital.

Foreign exchange reserve

The foreign exchange reserve represents exchange differences arising on the translation of the Group’s net investment in its overseas subsidiary, recognised in other comprehensive income in accordance with FRS 102.

Profit and loss account

Includes all current and prior period retained profits and losses.

Page 35

QIG HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

22.

Related party transactions

Loans

The Group has a loan arrangement with Glade Capital Limited, a company with a common director, I. Moskovich.

The loan is interest bearing, unsecured and is repayable on demand. Interest charged during the year was £178,695 (2024: £192,053).

At the balance sheet date, the amount owed by the Group to Glade Capital Limited is £1,999,220 (2024: £2,264,584).

No guarantees were provided or received in respect of this loan. All transactions were made on market terms agreed between the related parties.

Management Agreement

During the year the Group entered into a management agreement with Glade River House Limited, a company with a common director, I. Moskovich.

Under the terms of the agreement, the Group is responsible for managing a property. The Group collects rental and other property related income on behalf of the Glade River House Limited and transfers the net proceeds after deducting an agreed management fee.

Gross revenues of £514,338 (2024: Nil) were collected by the Group and management fees of £360,005 were charged by the Group (2024: £Nil). At the balance sheet date, amounts due to Glade River House were £48,311 (2024: £Nil).

Page 36