The notes on pages 3 to 8 form an integral part of these financial statements.

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 income statement within the financial statements.

The notes on pages 3 to 8 form an integral part of these financial statements.

QAM V UK Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 58 Marylebone High Street, London, United Kingdom, W1U 5HT. The company's principal activities and nature of its operations are disclosed in the directors' report.

The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted for use in the United Kingdom and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS, except as otherwise stated.

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.

The directors have at the time of approving the financial statements, a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thetrue company is dependent upon continued support from the shareholders, who have provided written confirmation of their willingness to provide continued support to the Company for the foreseeable future, defined as at least 12 months from the date of signing these financial statements for the period ended 31 December 2025. Based on this support, the directors continue to consider it appropriate to prepare these financial statements on the going concern basis.

Revenue is measured based on the consideration specified in a contract with a customer and excludes amounts collected on behalf of third parties. The Company recognises revenue when it transfers control of a service to a customer.

The nature, timing of satisfaction of performance obligations and significant payment terms of the Company's major source of revenue is as follows:

The provision of management consultancy services has a single performance obligation, and revenue is recognised over time, in relation to the period it relates to.

Cash and cash equivalents include cash in hand and deposits held at call with banks.

Financial assets are recognised in the Company's Statement of financial position when the Company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.

At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs.

Financial instruments are classified as financial assets measured at amortised cost where the objective is to hold these assets in order to collect contractual cash flows, and the contractual cash flows are solely payments of principal and interest. They arise principally from the provision of services to customers (eg trade receivables). They are initially recognised at fair value plus transaction costs directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment where necessary.

Financial assets carried at amortised cost are assessed for indicators of impairment at each reporting end date.

The expected credit losses associated with these assets are estimated on a forward-looking basis. A broad range of information is considered when assessing credit risk and measuring expected credit losses, including past events, current conditions, and reasonable and supportable forecasts that affect the expected collectability of the future cash flows of the instrument.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

The Company recognises financial debt when the Company becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'.

Other financial liabilities, including trade and other payables, and amounts owed to related parties, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.

Financial liabilities are derecognised when, and only when, the Company’s obligations are discharged, cancelled, or they expire.

Equity instruments issued by the Company are recorded at the proceeds received, net of direct issue costs.

The tax expense represents the tax currently payable.

The tax currently payable is based on taxable profit for the period. Taxable profit differs from net profit as reported in the Income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the Company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

The directors are paid via another group company, and the directors do not believe that it is practical to apportion this amount between services as directors of the company and their services to the wider group. Therefore no recharge is made to the company during the period.

The directors consider that the carrying amount of trade and other receivables is approximately equal to their fair value. Information regarding the company's credit risk is disclosed in Note .

The directors consider that the carrying amount of trade and other payables is approximately equal to their fair value.

Amounts owed to related parties are unsecured, do not bear interest, have no fixed repayment dates and therefore are deemed repayable on demand. Further information regarding related parties are included in Note 9.

Ordinary shares carry full rights of voting. All shares have the right to participate in any distribution or dividends payable and rank pari passu in respect of dividends and on winding up.

Share premium relates to the excess of the amount received by the company, over the par value of the shares.

The company's objectives when managing capital is to safeguard its ability to continue as a going concern, so that it can provide returns for shareholders and benefits for other stakeholders. It also includes maintaining an optimum capital structure to reduce the cost of capital. Capital is regarded as total equity, as recognised in the Statement of financial position.

The company is not subject to any externally imposed capital requirements.

The company have no key management personnel that are different to the company's directors. Information regarding the remuneration of the company's directors are included in Note 2.

During the year, the company entered into the following transactions with related parties:

The following amounts were outstanding at the reporting end date:

Amounts owed to related parties are unsecured, do not bear interest, have no fixed repayment dates and therefore are deemed repayable on demand.

The following amounts were outstanding at the reporting end date:

Amounts owed to related parties are unsecured, do not bear interest, have no fixed repayment dates and therefore are deemed repayable on demand.

Other related parties relate to companies under common control.