Quinyx UK Limited
Quinyx UK Limited
Registered number: 08981458
Financial Statements
For The Year Ended 31 December 2023
Quinyx UK Limited
Financial Statements
For The Year Ended 31 December 2023
Financial Statements
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Balance Sheet | 1 |
Notes to the Financial Statements | 2—5 |
Quinyx UK Limited
Balance Sheet
As At
31 December 2023
Balance Sheet
Registered number:
08981458
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
2023 | 2022 | ||||
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Notes | £ | £ | £ | £ | |
FIXED ASSETS | |||||
Tangible Assets | 4 |
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CURRENT ASSETS | |||||
Debtors | 5 |
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Cash at bank and in hand |
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Creditors: Amounts Falling Due Within One Year | 6 |
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NET CURRENT ASSETS (LIABILITIES) |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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NET ASSETS |
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CAPITAL AND RESERVES | |||||
Called up share capital |
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Other reserves |
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Profit and Loss Account |
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SHAREHOLDERS' FUNDS | 814,996 | 912,888 | |||
On behalf of the board
Director
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The notes on pages 2 to 5 form part of these financial statements.
Quinyx UK Limited
Notes to the Financial Statements
For The Year Ended 31 December 2023
Notes to the Financial Statements
1.
General Information
Quinyx UK Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
08981458
. The registered office is First Floor, 1 Cottesbrooke Park, Heartlands Business Park, Daventry, Northamptonshire, NN11 8YL.
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2.
Going Concern Disclosure
The company is dependent on the support from the parent company to continue as a going concern.
The financial statements have been prepared on a going concern basis that assumes further funding will be obtained.
2.3.
Turnover
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the
ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and
discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
2.4.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings |
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Computer Equipment |
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2.5.
Leasing and Hire Purchase Contracts
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
2.6.
Financial Instruments
Financial instruments held by the company include trade debtors, trade creditors and loans from related parties. The company does not consider there to be any other class of financial instruments.
2.7.
Foreign Currencies
Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of
the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the
respective funcional currency of the entity at the rates prevailing on the reporting period date. Non-monetary
items carried forward at fair value that are denominated in foreign currencies are retranslated at the rates
prevailing on the initial transaction dates.
Quinyx UK Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2023
2.8.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing 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. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.9.
Pensions
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
2.10.
Trade Debtors
Trade debtors are amounts due from customers for services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
2.11.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
2.12.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. 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.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
2.13. Share options
The cost and corresponding increase in equity in respect of equity-settled share-based payment transactions with employees are measured by reference to the fair value of equity instruments issued at the date of grant. Amounts are expensed on a straight line basis over the vesting period based on the estimate of shares that will eventually vest and adjusted for the effect of non market-based vesting conditions. The corresponding credit is recognised in other reserves as a component of equity for company employees. Where equity instruments are granted to subsidiary employees, the relevant credit is recognised in other reserves and the corresponding debit as an increase in the cost of investment in subsidiaries.
Quinyx UK Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2023
3.
Average Number of Employees
Average number of employees, including directors, during the year was: 29 (2022: 32)
4.
Tangible Assets
Fixtures & Fittings | Computer Equipment | Total | |
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£ | £ | £ | |
Cost | |||
As at 1 January 2023 |
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Additions |
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As at 31 December 2023 |
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Depreciation | |||
As at 1 January 2023 |
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Provided during the period |
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As at 31 December 2023 |
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Net Book Value | |||
As at 31 December 2023 |
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As at 1 January 2023 |
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5.
Debtors
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£ | £ | ||
Due within one year | |||
Prepayments and accrued income |
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Other debtors | - |
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Corporation tax recoverable assets |
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Deferred tax current asset | 4,707 | 56,876 | |
VAT |
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Amounts owed by group undertakings |
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Due after more than one year | |||
Other debtors |
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6.
Creditors: Amounts Falling Due Within One Year
2023 | 2022 | ||
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£ | £ | ||
Trade creditors |
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Other taxes and social security |
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Other creditors |
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Quinyx UK Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2023
7.
Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2023 | 2022 | ||
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£ | £ | ||
Not later than one year | - |
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Later than one year and not later than five years |
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8.
Ultimate Parent Undertaking and Controlling Party
The company's ultimate and immediate parent is Quinyx AB, incorporated in Sweden.
The registered addresss for Quinyx AB is as follows:
Vattugatan 17
S-111 52 Stockholm
Sweden
The parent of the smallest group in which these financial statements are consolidated is Quinyx Holding AB,
incorporated in Sweden.
The address of Quinyx Holding AB is:
Vattugatan 17
111 52 Stockholm
Sweden
9.
Judgements
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the Directors' opinion there are no significant judgements and no key sources of estimation uncertainty.
10.
Audit Information
The auditors report on the account of Quinyx UK Limited for the year ended 31 December 2023 was unqualified
The auditor's report was signed by
Hannah Fowlie
(Senior Statutory Auditor)
for and on behalf of
Bourner Bullock Chartered Accountants
, Statutory Auditor
114 St Martin's Lane
Covent Garden
London
WC2N 4BE
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