Company No: 05665301 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2023		2022
		£		£
Fixed assets
Intangible assets	3	31,697		38,985
Tangible assets	4	114,241		69,838
Investments	5	7,780		4,200
		153,718		113,023
Current assets
Stocks	6	8,131		8,357
Debtors	7	395,306		285,318
Cash at bank and in hand		39,236		174,591
		442,673		468,266
Creditors: amounts falling due within one year	8	( 163,359)		( 90,169)
Net current assets		279,314		378,097
Total assets less current liabilities		433,032		491,120
Creditors: amounts falling due after more than one year	9	( 101,877)		( 91,159)
Net assets		331,155		399,961
Capital and reserves
Called-up share capital		100		100
Share premium account		356,053		356,053
Profit and loss account		( 24,998 )		43,808
Total shareholders' funds		331,155		399,961

For the financial year ending 31 July 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 Profit and Loss Account has not been delivered.

The financial statements of Quidos Limited (registered number: 05665301) were approved and authorised for issue by the Director on 15 December 2023. They were signed on its behalf by:

P Salaman 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

Quidos Limited (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 Cambridge House, Henry Street, Bath, BA1 1JS, 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 £.

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 Profit and Loss Account 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.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Finance costs

Finance costs are charged to the Profit and Loss Account over the term of the debt using the effective interest method so 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.

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. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Computer software	5 years straight line
Other intangible assets	5 years straight line

Research and development

Research expenditure is written off as incurred. Development expenditure is also written off, except where the directors are satisfied as to the technical, commercial and financial viability of individual projects. In such cases, the identifiable expenditure is capitalised as an intangible asset and amortised over the period during which the Company is expected to benefit.

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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery	5 years straight line
Vehicles	5 years straight line
Fixtures and fittings	5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

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 Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

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.

Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through the Profit and Loss Account. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

	2023		2022
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	20		16

3. Intangible assets

	Computer software		Other intangible assets		Total
	£		£		£
Cost
At 01 August 2022	29,779		13,700		43,479
Additions	1,625		0		1,625
At 31 July 2023	31,404		13,700		45,104
Accumulated amortisation
At 01 August 2022	3,144		1,350		4,494
Charge for the financial year	6,173		2,740		8,913
At 31 July 2023	9,317		4,090		13,407
Net book value
At 31 July 2023	22,087		9,610		31,697
At 31 July 2022	26,635		12,350		38,985

4. Tangible assets

	Plant and machinery		Vehicles		Fixtures and fittings		Total
	£		£		£		£
Cost
At 01 August 2022	87,272		110,020		1,283		198,575
Additions	13,697		77,405		245		91,347
Disposals	0		( 70,290)		0		( 70,290)
At 31 July 2023	100,969		117,135		1,528		219,632
Accumulated depreciation
At 01 August 2022	74,815		53,431		491		128,737
Charge for the financial year	5,465		13,106		257		18,828
Disposals	0		( 42,174)		0		( 42,174)
At 31 July 2023	80,280		24,363		748		105,391
Net book value
At 31 July 2023	20,689		92,772		780		114,241
At 31 July 2022	12,457		56,589		792		69,838

5. Fixed asset investments

	Listed investments		Total
	£		£
Carrying value before impairment
At 01 August 2022	4,200		4,200
Additions	3,580		3,580
At 31 July 2023	7,780		7,780
Provisions for impairment
At 01 August 2022	0		0
At 31 July 2023	0		0
Carrying value at 31 July 2023	7,780		7,780
Carrying value at 31 July 2022	4,200		4,200

6. Stocks

	2023		2022
	£		£
Stocks	8,131		8,357

7. Debtors

	2023		2022
	£		£
Trade debtors	139,116		114,086
Amounts owed by Group undertakings	41,000		3,000
Amounts owed by Ultimate Parent undertakings	164,282		164,282
Deferred tax asset	0		( 13,269)
Other debtors	50,908		17,219
	395,306		285,318

8. Creditors: amounts falling due within one year

	2023		2022
	£		£
Bank loans	10,000		10,000
Trade creditors	42,834		56,415
Taxation and social security	72,022		12,291
Obligations under finance leases and hire purchase contracts	8,576		0
Other creditors	29,927		11,463
	163,359		90,169

9. Creditors: amounts falling due after more than one year

	2023		2022
	£		£
Bank loans	18,333		29,652
Obligations under finance leases and hire purchase contracts	83,544		61,507
	101,877		91,159

10. Related party transactions

Transactions with the entity's directors

	2023		2022
	£		£
P Salaman	19,876		(312)

The Directors loan accounts are repayable on demand and interest is charged on overdrawn balances exceeding £10,000 at the official HMRC rates.

At 1 August 2022 the balance owed to the director was £312. During the year, £20,500 was advanced and £312 was repaid. The balance due by the director as at 31 July 2023 was £19,876.