Loqus UK Ltd - Period Ending 2022-06-30

Loqus UK Ltd

Contents of the Financial Statements
for the Year Ended 30 June 2022

Company Information	1
Independent Auditor's Report	2 to 4
Income Statement	5
Statement of Financial Position	6
Statement of Changes in Equity	7
Notes to the Financial Statements	8 to 11
Detailed Income Statement	12

Loqus UK Ltd

Company Information
for the Year Ended 30 June 2022

Directors:

Mr J A F Conti Mr N J Rendell

Registered office:

Savoy House Savoy Circus London W3 7DA

Registered number:

06950202

Auditors:

Wem & Co & Registered Auditors Savoy House Savoy Circus London W3 7DA

Loqus UK Ltd

Independent Auditor's Report to the Members of Loqus UK Ltd

Opinion

We have audited the financial statements of Loqus UK Ltd (the 'company') for the year ended 30 June 2022, which comprise the Income Statement, Statement of Financial Position , Statement of Changes in Equity, and Notes to the Financial Statements, 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 FRS 102 Section 1A '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 company's affairs as at 30 June 2022 and of its 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 auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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 director's 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 original financial statements were 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.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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 matter 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 for the financial year for which the financial statements are prepared is consistent with the financial statements; and

•	the has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the .

Loqus UK Ltd

Independent Auditor's Report to the Members of Loqus UK Ltd (continued)

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

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities [set out on page -1], 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 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 company or to cease operations, or have no realistic alternative but to do so.

Auditor 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 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.

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:

• Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
• Enquiring of management concerning actual and potential litigation and claims; - performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
• Reading minutes of meetings of those charged with governance;
• In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s 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 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.

Loqus UK Ltd

Independent Auditor's Report to the Members of Loqus UK Ltd (continued)

......................................
Alistair Ian Wem BSc BFP FCA (Senior Statutory Auditor)
For and on behalf of Wem & Co , Statutory Auditor

Savoy House
Savoy Circus
London
W3 7DA

17 November 2022

Loqus UK Ltd

Income Statement
for the Year Ended 30 June 2022

	Note	30.06.22		30.06.21
		£	£	£	£
TURNOVER			-		-
Gross profit/(loss)			-		-
Administrative expenses		4,406		2,510
			(4,406)		(2,510)
OPERATING LOSS			(4,406)		(2,510)
Income from other fixed asset investments			96,886		198,651
Profit before tax			92,480		196,141
Tax on profit			-		-
PROFIT FOR THE FINANCIAL year			92,480		196,141

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

Loqus UK Ltd

(Registration number: 06950202)
Statement of Financial Position as at 30 June 2022

	Note	30.06.22		30.06.21
		£	£	£	£
FIXED ASSETS
Investments	5		1,367,867		1,367,867
CURRENT ASSETS
Debtors	6	25,164		207,888
Cash at bank and in hand		669		299
		25,833		208,187
CREDITORS
Creditors within 1yr	7	57,616		301,200
Net current liabilities			(31,783)		(93,013)
Total assets less current liabilities			1,336,084		1,274,854
Creditors Amounts falling due after more than one year	7		34,089		65,339
Net assets			1,301,995		1,209,515
CAPITAL AND RESERVES
Called up share capital	8		1		1
Profit and loss account			1,301,994		1,209,514
Shareholders' funds			1,301,995		1,209,515

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 17 November 2022 and signed on its behalf by:
 

......................................... Mr J A F Conti Director

Loqus UK Ltd

Statement of Changes in Equity for the Year Ended 30 June 2022

	Share capital £	Profit and loss account £	Total £
At 1 July 2020	1	1,013,373	1,013,374
Changes in equity
Total comprehensive income	-	196,141	196,141
At 30 June 2021	1	1,209,514	1,209,515

	Share capital £	Profit and loss account £	Total £
At 1 July 2021	1	1,209,514	1,209,515
Changes in equity
Total comprehensive income	-	92,480	92,480
At 30 June 2022	1	1,301,994	1,301,995

Loqus UK Ltd

Notes to the Financial Statements
for the Year Ended 30 June 2022

1.	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Savoy House
Savoy Circus
London
W3 7DA
England

These financial statements were authorised for issue by the Board on 17 November 2022.

2.	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.The financial statements have been prepared under the historical cost convention.

Management has considered the consequences of COVID-19 and other events and conditions, and it has determined that they do not create a material uncertainty that casts significant doubt upon the entity's ability to continue as a going concern.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentational currency is Pound Sterling (£)

Summary of disclosure exemptions

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Group accounts not prepared

The financial statements contain information about Loqus UK Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Loqus Holdings PLC, SUB008A, Industrial Estate, San Gwann SGN 3000, Malta.

Loqus UK Ltd

Notes to the Financial Statements
for the Year Ended 30 June 2022 (continued)

2	Accounting policies (continued)

Tax

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted.
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or
substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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 operates and generates taxable income.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

3.	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2021 - 0).

Loqus UK Ltd

Notes to the Financial Statements
for the Year Ended 30 June 2022 (continued)

4.	Auditors' remuneration

	30.06.22 £	30.06.21 £
Audit of the financial statements	1,800	1,457

 

5.	Investments

	30.06.22 £	30.06.21 £
Investments in subsidiaries	1,367,867	1,367,867

Subsidiaries	£
Cost or valuation
At 1 July 2021	1,367,867
Provision
Carrying amount
At 30 June 2022	1,367,867
At 30 June 2021	1,367,867

6.

Debtors

	Note	30.06.22 £	30.06.21 £
Amounts owed by group undertakings and undertakings in which the company has a participating interest		25,164	207,888
Less non-current portion		-	(9,233)
		25,164	198,655

Current	Note	30.06.22 £	30.06.21 £
Amounts owed by related parties		25,164	207,888

Loqus UK Ltd

Notes to the Financial Statements
for the Year Ended 30 June 2022 (continued)

7.

Creditors

Creditors: amounts falling due within one year

	Note	30.06.22 £	30.06.21 £
Due within one year
Amounts owed to group undertakings and undertakings in which the company has a participating interest		7,985	6,485
Accruals and deferred income		4,734	1,457
Other creditors		44,897	293,258
		57,616	301,200

Creditors: amounts falling due after more than one year

	30.06.22 £	30.06.21 £
Due after one year
Other non-current financial liabilities	34,089	65,339

8.	Share capital

Allotted, called up and fully paid shares

	30.06.22		30.06.21
	No.	£	No.	£
Ordinary of £1 each	1	1	1	1

9.	Parent and ultimate parent undertaking

The ultimate controlling party is Loqus Holding P.L.C.

Loqus UK Ltd

Detailed Income Statement for the Year Ended 30 June 2022

	30.06.22		30.06.21
	£	£	£	£
Expenditure
Accountancy		1,476		-
Legal fees		-		13
Audit fees		1,800		1,457
Professional fees		975		900
Bank charges		155		140
		4,406		2,510
Income from other fixed asset investments
Dividend received		96,886		198,651
Net Profit		92,480		196,141