ACCOUNTS - Final Accounts preparation

ACCOUNTS - Final Accounts preparation

QED (SLOUGH) HOLDINGS LIMITED - Company Information

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Caseware UK (AP4) 2021.0.152 2021.0.152 2022-03-312022-03-312022-03-31truetruetrue22021-04-01false2truefalseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 05584930 2021-04-01 2022-03-31 05584930 2020-04-01 2021-03-31 05584930 2022-03-31 05584930 2021-03-31 05584930 c:CompanySecretary1 2021-04-01 2022-03-31 05584930 c:Director1 2021-04-01 2022-03-31 05584930 c:Director2 2021-04-01 2022-03-31 05584930 c:RegisteredOffice 2021-04-01 2022-03-31 05584930 d:CurrentFinancialInstruments 2022-03-31 05584930 d:CurrentFinancialInstruments 2021-03-31 05584930 d:Non-currentFinancialInstruments 2022-03-31 05584930 d:Non-currentFinancialInstruments 2021-03-31 05584930 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 05584930 d:CurrentFinancialInstruments d:WithinOneYear 2021-03-31 05584930 d:Non-currentFinancialInstruments d:AfterOneYear 2022-03-31 05584930 d:Non-currentFinancialInstruments d:AfterOneYear 2021-03-31 05584930 d:UKTax 2021-04-01 2022-03-31 05584930 d:UKTax 2020-04-01 2021-03-31 05584930 d:ShareCapital 2022-03-31 05584930 d:ShareCapital 2021-03-31 05584930 d:RetainedEarningsAccumulatedLosses 2021-04-01 2022-03-31 05584930 d:RetainedEarningsAccumulatedLosses 2022-03-31 05584930 d:RetainedEarningsAccumulatedLosses 2020-04-01 2021-03-31 05584930 d:RetainedEarningsAccumulatedLosses 2021-03-31 05584930 d:RetainedEarningsAccumulatedLosses 2020-04-01 05584930 c:OrdinaryShareClass1 2021-04-01 2022-03-31 05584930 c:OrdinaryShareClass1 2022-03-31 05584930 c:OrdinaryShareClass1 2021-03-31 05584930 c:FRS102 2021-04-01 2022-03-31 05584930 c:Audited 2021-04-01 2022-03-31 05584930 c:FullAccounts 2021-04-01 2022-03-31 05584930 c:PrivateLimitedCompanyLtd 2021-04-01 2022-03-31 05584930 d:Subsidiary1 2021-04-01 2022-03-31 05584930 d:Subsidiary1 1 2021-04-01 2022-03-31 05584930 2 2021-04-01 2022-03-31 iso4217:GBP xbrli:shares xbrli:pure
Registered number: 05584930










QED (SLOUGH) HOLDINGS LIMITED

AUDITED
DIRECTORS' REPORT
AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED
31 MARCH 2022









 







 
QED (SLOUGH) HOLDINGS LIMITED
 

COMPANY INFORMATION


Directors
Mr A. T. S. Parry 
Mr A. W. Hopps 




Company secretary
Pario Limited



Registered number
05584930



Registered office
Unit 18 Riversway Business Village
Navigation Way

Ashton-on-Ribble

Preston

PR2 2YP




Independent auditors
Wellden Turnbull Limited
Chartered Accountants & Statutory Auditors

Albany House

Claremont Lane

Esher

Surrey

KT10 9FQ




 
QED (SLOUGH) HOLDINGS LIMITED
 

CONTENTS



Page
Directors' report
 
 
1 - 2
Independent auditors' report
 
 
3 - 6
Statement of income and retained earnings
 
 
7
Balance sheet
 
 
8
Notes to the financial statements
 
 
9 - 14

 
QED (SLOUGH) HOLDINGS LIMITED
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2022

The directors present their report and the financial statements for the year ended 31 March 2022.

Directors' responsibilities statement

The directors are responsible for preparing the directors' report and the 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 of the profit or loss of the Company for that period.

 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;

∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

∙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.

Principal activity

The principal activities of the Company are to act as the parent Company of a trading Company providing operational services for three schools in the Slough area under the Government's Private Finance Initiative (PFI).

Results and dividends

The profit for the year, after taxation, amounted to £100,000 (2021 - £Nil).

Dividends of £100,000 (2021 - £Nil) were paid during the year and the directors have not recommended a final dividend to be paid (2021 - £Nil).

Directors

The directors who served during the year were:

Mr A. T. S. Parry 
Mr A. W. Hopps 

Page 1
 
QED (SLOUGH) HOLDINGS LIMITED
 

DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022

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'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's auditors are aware of that information.

Post balance sheet events

Subsequent to the year end date, economies and financial markets have continued to be affected by the global uncertainties. The Company's subsidiary earns income from a PFI contract with Slough Borough Council which matures 2035. The Directors have assessed the impact and risk of the current market conditions on the Company and do not believe these to be material in nature. Details of the Directors' going concern assessment are included in note 2.4.

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

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





Mr A. T. S. Parry
Director

Date: 9 December 2022

Page 2
 
QED (SLOUGH) HOLDINGS LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF QED (SLOUGH) HOLDINGS LIMITED
 

Opinion


We have audited the financial statements of QED (Slough) Holdings Limited (the 'Company') for the year ended 31 March 2022, which comprise the statement of income and retained earnings, the balance sheet 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 Company's affairs as at 31 March 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 Auditors' 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 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 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.


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.


Page 3
 
QED (SLOUGH) HOLDINGS LIMITED
 

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

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 directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the directors' report has 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 Company and its environment obtained in the course of the audit, we have not identified material misstatements in 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, 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
∙the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the directors' report and from the requirement to prepare a strategic report.


Responsibilities of directors
 

As explained more fully in the directors' responsibilities statement 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.


Page 4
 
QED (SLOUGH) HOLDINGS LIMITED
 

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF QED (SLOUGH) 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 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:
 
∙Enquiry of management and those charged with governance as to actual and potential litigation and claims;

∙Enquiry of management and those charged with governance to identify any instances of non-compliance with laws and regulations;

∙Performing audit work over the risk of 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 bias;

∙Assessing the reasonableness of interest receivable and payable recognised in the period based on contractual terms and obligations and the requirement of accounting standards;

∙Reviewing and challenging the underlying assumptions and valuation methodology used for the valuation of the Company's group loans including assessing the reasonableness of valuation inputs and assumptions in the context of market available data to assess for indicators of management bias;

∙Reviewing the tax provisions of the Company with the assistance of our independent tax specialists; and

∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.


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.


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.


Page 5
 
QED (SLOUGH) HOLDINGS LIMITED
 

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

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.





Mark Nelligan FCA (Senior Statutory Auditor)
  
for and on behalf of
Wellden Turnbull Limited
 
Chartered Accountants
Statutory Auditors
  
Albany House
Claremont Lane
Esher
Surrey
KT10 9FQ

 
Date: 14 December 2022
Page 6
 
QED (SLOUGH) HOLDINGS LIMITED
 

STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 MARCH 2022

2022
2021
                                                                                                                         Note
£
£

  

Income from shares in group undertakings
  
100,000
-

Interest receivable and similar income
 5 
488,283
491,113

Interest payable and similar expenses
 6 
(488,283)
(491,113)

Profit before tax
  
100,000
-

Tax on profit
 7 
-
-

Profit after tax
  
100,000
-

  

Retained earnings at the beginning of the year
  
-
-

Profit/(loss) for the year
  
100,000
-

Dividends declared and paid
  
(100,000)
-

Retained earnings at the end of the year
  
-
-

There were no recognised gains and losses for 2022 or 2021 other than those included in the statement of income and retained earnings.

The notes on pages 9 to 14 form part of these financial statements.

Page 7
 
QED (SLOUGH) HOLDINGS LIMITED
REGISTERED NUMBER:05584930

BALANCE SHEET
AS AT 31 MARCH 2022

2022
2021
                                                                         Note
£
£

Fixed assets
  

Investments
 9 
10,000
10,000

Current assets
  

Debtors: amounts falling due after more than one year
 10 
3,742,143
3,862,341

Debtors: amounts falling due within one year
 10 
165,149
59,379

  
3,907,292
3,921,720

Creditors: amounts falling due within one year
 11 
(165,149)
(59,379)

Net current assets
  
 
 
3,742,143
 
 
3,862,341

Total assets less current liabilities
  
3,752,143
3,872,341

Creditors: amounts falling due after more than one year
 12 
(3,742,143)
(3,862,341)

Net assets
  
10,000
10,000


Capital and reserves
  

Called up share capital 
 14 
10,000
10,000

Shareholders' funds
  
10,000
10,000


The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Mr A. T. S. Parry
Director

Date: 9 December 2022

The notes on pages 9 to 14 form part of these financial statements.

Page 8
 
QED (SLOUGH) HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

1.


General information

QED (Slough) Holdings Limited is a private Company, limited by shares, incorporated in England and Wales, registered number 05584930. The registered office address is Unit 18, Riversway Business Village, Navigation Way, Ashton-on-Ribble, Preston, PR2 2YP.

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 management to exercise judgement in applying the Company's accounting policies (see note 3).

These financial statements are presented in sterling which is the functional currency of the Company and rounded to the nearest £.

The following principal accounting policies have been applied:

  
2.2

Compliance with accounting standards

The accounts have been prepared in accordance with the provisions of FRS 102. There were no material departures from the standard.

 
2.3

Financial Reporting Standard 102 - reduced disclosure exemptions

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 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Cardale PFI Investments Limited as at 31 March 2022 and these financial statements may be obtained from the registered office at 4 Greengate, Cardale Park, Harrogate, North Yorkshire, HG3 1GY.

Page 9
 
QED (SLOUGH) HOLDINGS LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

2.Accounting policies (continued)

 
2.4

Going concern

The financial statements have been prepared on a going concern basis as the Company's subsidiary has been profitable and generated sufficient cash from operations to meet its liabilities as they fall due. In assessing the appropriateness of the going concern basis of preparation, the Directors have taken into account the key risks of the business, including global uncertainties. In doing so the Directors have considered the subsidiary Company’s business model and availability of cash resources. The Directors have prepared projected cash flow information for at least twelve months from the date of their approval of these financial statements. On the basis of this cash flow information, the Directors consider that the subsidiary Company will continue to operate within the long term facility currently agreed. In addition, during the operational phase of the project, sufficient cash flow is projected to be generated to allow the subsidiary Company to continue to meet its liabilities as they fall due for payment.
The subsidiary Company’s senior loan is repayable by 31 August 2034 and is supported by the future cash flows from a PFI contract with Slough Borough Council which matures 2035. Furthermore, the Directors acknowledge that the subsidiary Company has Swaps which are significantly out of the money. However it is not the intention of management to close out these instruments before their maturity date and the required cash flows to service the swaps are built into forward cash flow models supporting management’s going concern assessment. Having undertaken this assessment the Directors consider it is appropriate to prepare the financial statements on a going concern basis.

  
2.5

Investments

Investments held as fixed assets are shown at cost less provision for impairment.

 
2.6

Interest income

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

 
2.7

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.

 
2.8

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.

 
2.9

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.

Page 10
 
QED (SLOUGH) HOLDINGS LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

2.Accounting policies (continued)

 
2.10

Financial instruments

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.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the statement of income and retained earnings.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

 
2.11

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

There are no judgements or estimates when applying the accounting policies that have a significant effect on the amounts recognised in the financial statements that are not readily apparent from other sources.

Page 11
 
QED (SLOUGH) HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

4.


Employees

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


        2022
        2021
            No.
            No.







Directors
2
2

During the year, no director received any emoluments (2021 - £Nil).


5.


Interest receivable

2022
2021
£
£


Other interest receivable
488,283
491,113


6.


Interest payable and similar expenses

2022
2021
£
£


Other loan interest payable
488,283
491,113


7.


Taxation


2022
2021
£
£



Current tax on profits for the year
-
-


Factors affecting tax charge for the year

There were no factors that affected the tax charge for the year which has been calculated on the profits on ordinary activities before tax at the standard rate of corporation tax in the UK of19% (2021 -19%).



Factors that may affect future tax charges

In March 2021, the Chancellor of the Exchequer announced an increase in the corporation tax rate from 19% to 25% with effect from April 2023.


8.


Dividends

2022
2021
£
£


Dividends paid
100,000
-

Page 12
 
QED (SLOUGH) HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

9.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 April 2021
10,000



At 31 March 2022
10,000





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Principal activity

Class of shares

Holding

QED (Slough) Limited
Unit 18, Riversway 
Business Village, 
Navigation Way, 
Ashton-on-Ribble, 
Preston, PR2 2YP.
The provision of 
operational services for 
three schools in the 
Slough area under the 
Government's Private 
Finance Initiative (PFI).
Ordinary
100%


10.


Debtors

2022
2021
£
£

Due after more than one year

Amounts owed by group undertakings
3,742,143
3,862,341


2022
2021
£
£

Due within one year

Amounts owed by group undertakings
165,149
59,379



11.


Creditors: Amounts falling due within one year

2022
2021
£
£

Amounts owed to group undertakings
165,149
59,379


Page 13
 
QED (SLOUGH) HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

12.


Creditors: Amounts falling due after more than one year

2022
2021
£
£

Amounts owed to group undertakings
3,742,143
3,862,341


Amounts owed to group undertakings are repayable by quarterly instalments. The interest being charged  is at a fixed rate of 12.5% p.a.
Included within creditors falling due after more than one year is an amount of £3,212,896 (2021 - £3,419,099) in respect of liabilities which fall due for payment after more than five years from the balance sheet date.


13.


Financial instruments






Financial assets that are debt instruments at amortised cost amounted to £3,907,292 (2021 - £3,921,720).


Financial liabilities measured at at amortised cost amounted to £3,907,292 (2021 - £3,921,720).


14.


Share capital

2022
2021
£
£
Allotted, called up and fully paid



10,000 (2021 - 10,000) Ordinary shares of £1.00 each
10,000
10,000



15.


Related party transactions

The Company has taken advantage of FRS102 section 33 paragraph 1A not to disclose transactions with wholly owned group members.


16.


Controlling party

The Company was under the control of Education PFI Investments Limited throughout the current and previous year. Education PFI Investments Limited is the immediate parent Company.
The ultimate parent undertaking and controlling party is Cardale PFI Investments Limited. Consolidated financial statements are available from the registered office at 4 Greengate, Cardale Park, Harrogate, North Yorkshire, HG3 1GY.


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