Company No: 11178935 (England and Wales)

Contents

• Company Information
• Balance Sheet
• Notes to the Financial Statements

DIRECTORS	Gabriella Palla
	Daniele Stiglitz

REGISTERED OFFICE	2nd Floor
	The Works
	14 Turnham Green Terrace Mews
	London
	W4 1QU
	England
	United Kingdom

COMPANY NUMBER

11178935 (England and Wales)

CHARTERED ACCOUNTANTS	Praxis
	1 Poultry
	London
	EC2R 8EJ

	Note	2023		2022
		£		£
Fixed assets
Investments	3	13,269		13,317
		13,269		13,317
Current assets
Debtors	4	2,005,961		22,087
Cash at bank and in hand		2,038		947
		2,007,999		23,034
Creditors: amounts falling due within one year	5	( 5,502)		( 22,297)
Net current assets		2,002,497		737
Total assets less current liabilities		2,015,766		14,054
Net assets		2,015,766		14,054
Capital and reserves
Called-up share capital	6	2		2
Profit and loss account		2,015,764		14,052
Total shareholders' funds		2,015,766		14,054

For the financial year ending 31 January 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year 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; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Queequeg Enterprises Ltd (registered number: 11178935) were approved and authorised for issue by the Board of Directors on 24 October 2023. They were signed on its behalf by:

Gabriella Palla Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Queequeg Enterprises Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 2nd Floor, The Works, 14 Turnham Green Terrace Mews, London, W4 1QU, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

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

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Dividend income

Dividend income from investments is recognised when the shareholders' rights to receive payment have been established (provided that it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably).

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at cost less impairment.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

	2023		2022
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	0		0

3. Fixed asset investments

	2023		2022
	£		£
Subsidiary undertakings	13,266		13,266
Participating interests	3		51
	13,269		13,317

Investments in subsidiaries

	2023
	£
Cost
At 01 February 2022	13,266
At 31 January 2023	13,266
Carrying value at 31 January 2023	13,266
Carrying value at 31 January 2022	13,266

	Investments in associates		Total
	£		£
Carrying value before impairment
At 01 February 2022	51		51
Additions	1		1
Disposals	( 49)		( 49)
At 31 January 2023	3		3
Provisions for impairment
At 01 February 2022	0		0
At 31 January 2023	0		0
Carrying value at 31 January 2023	3		3
Carrying value at 31 January 2022	51		51

4. Debtors

	2023		2022
	£		£
Amounts owed by own subsidiaries	32,821		11,388
Amounts owed by associates	18,191		10,610
Other debtors	1,954,949		89
	2,005,961		22,087

Included within other debtors is an amount of £1,954,655 due from the directors. The amount is reapayble on demand and bears interest at HMRC official rates. The amount was cleared within 9 months of the end of the accounting period.

5. Creditors: amounts falling due within one year

	2023		2022
	£		£
Amounts owed to own subsidiaries	12		16,401
Amounts owed to joint ventures	1		0
Amounts owed to associates	0		49
Taxation and social security	490		0
Other creditors	4,999		5,847
	5,502		22,297

There are no amounts included above in respect of which any security has been given by the small entity.

Amounts owed to Group undertakings are repayable on demand and do not bear interest.

6. Called-up share capital

	2023		2022
	£		£
Allotted, called-up and fully-paid
2 Ordinary shares of £ 1.00 each	2		2

7. Financial commitments

The Company had no material capital commitments at the year ended 31 January 2023.

8. Events after the Balance Sheet date

There have been no events after the balance sheet date affecting the Company since the financial year.