Registered number:
FOR THE YEAR ENDED 31 MARCH 2021
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SQW GROUP LIMITED
COMPANY INFORMATION
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SQW GROUP LIMITED
CONTENTS
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SQW GROUP LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2021
The annual report and financial statements presented here are for SQW Group Limited (‘the Company’) and its subsidiaries (together ‘the Group’) and, with the exception of intercompany balances held, do not reflect the Group’s acquisition, on 29 November 2018, by SQW Group Newco 2018 Limited who became SQW Group’s ultimate controlling party on this date.
The principal activity of the Company during the year was that of an intermediate holding company. The activities of the Group during the year were the provision of economic and social development consultancy services, business coaching and support, the management of innovation centres and the facilitation of investment into early stage businesses.
The Board were pleased with the Group’s performance in 2020/21, a year of trading unlike any other in its history in which all staff, customers and suppliers were affected by the Covid-19 pandemic. The solid overall results for the year reflect the strength of the Group's diversified portfolio and are testament to the resilience and hard work of all its people. Under such challenging conditions, the generation of post-tax profit for the financial year of £370,806 was a particularly notable achievement.
We noted in the report last year, that the effect of the Covid-19 pandemic on trading during 2020/21 was expected to be far more significant than that seen in 2019/20 (which was largely unaffected). Whilst actions taken by the Group to mitigate the pandemic’s impact, along with government support measures, had a significant contributing effect to the year’s result, there are also some underlying promising patterns in trading conditions and opportunities which mean that we look ahead with optimism. 2020/21 was a year of two halves for SQW (the consultancy business) during all of which nearly all staff worked from home for the entire period. Although there were no real gaps in the order book, the start to the year saw delays being imposed and practical difficulties in terms of delivery being felt across many teams which led to the decision to furlough a modest number of the 52-strong team for a small number of months during this period. It was pleasing to see that, over the summer months, the team were gradually able to return from furlough. Under such challenging conditions, it is testament to the determination and resolve of the team that SQW saw an underlying reduction in turnover year-on-year of only 2%. Under unfamiliar working conditions, the team continued to deliver work of exceptionally high-quality in an efficient manner, as demonstrated by another year in which gross margin improved. Medium term prospects appear to be strong and, along with the Board, SQW look forward to continuing the momentum gained in the latter half of 2020/21 in the years ahead. We see that the nature of SQW’s services, as they relate to advising on economic development, the recovery of local areas and regions, and the evaluation of public programmes that support social and economic vitality, is more critical than ever. Oxford Innovation Services ('OIS') has continued to grow in new areas of publicly as well as privately funded work as well as to operate on more favourable terms over the past 12 months. New work won during the year inevitably focussed on OIS’s ability to provide support on covid-related programmes and delivery of this from our coaching teams all working from home has been highly effective. This is in addition to the larger and longer-term programmes delivered by the company which operate at a much lower margin. The 123-strong OIS team continue to provide high quality coaching and business support for high-growth SMEs across the UK, from Kent, to Yorkshire to Cornwall and serving nearly all the Local Enterprise Partnership areas in between - and generate significant economic benefit through continued successful delivery across all their programmes; large and small. The Board were very pleased that Oxford Innovation Services delivered turnover of £10.3m, which represents a 23% increase over last year and generated another year-on -year improvement in operating profit to £227,645 in 2020/21. The new company, Intelligent Connections Limited, that the Group incorporated last year to provide an additional level of support to SMEs, has been hibernated during the year. The pilot phase of services related specifically to R&D tax software services was still underway when the pandemic hit; we found that SME’s appetite for these new services was compromised during this challenging year. We look forward to revitalising the growth-enhancing connections that we feel Intelligent Connections has to offer in the future.
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SQW GROUP LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
Oxford Investment Opportunity Network’s ('OION') key role in uniting exciting young businesses with keen investors across the UK continues to expand. 2020/21 has been a particularly busy year for the team with its successful angel investment network activity being augmented by the launch of the Group’s first EIS Fund, the Oxford Innovation EIS Growth Fund, managed by OION. Following an uncertain start in this pandemic year for our investment community, we were delighted that the appetite for investing in early-stage business returned strongly during the second half of 2020/21. This appetite manifest itself in 32 angel investments made at our 7 showcase events – all held online due to Covid – and in the successful fundraising that took place for our first EIS Fund during the last quarter of the financial year. The fund further enhances OION’s highly regarded service which complements work with SMEs in other parts of the group. Turnover for the year of £177,797 (2019/20: £101,878) included fees of £40,000 generated from the Fund and a 35% year-on-year increase in success fees generated from investment network activities. In addition, other income of £23,982 was generated during the year which gave rise to total revenues of £201,779 (2019/20: £258,153). This other income represented the final tranche of carried interest held in a fund which achieved a successful exit during 2018/19 (from which £156,275 was received as the second tranche of carried interest in 2019/20).
The Innovation Centres division, Oxford Innovation ('OI'), felt the greatest impact of the Covid pandemic in 2020/21. In spite of uncertainty for our clients, our centre customers and our staff, the team were successful in limiting to very modest levels the net reduction in centre occupancy. In spite of the pandemic, new centre opportunities were still realised. Three centres joined the portfolio during the year; the Epicentre in Haverhill and – although full opening was delayed due to the pandemic – two new hubs for Bucks New University. During the year, one managed centre from our portfolio was handed back to our client at the end of its contracted period. Turnover fell by 7.7% to £5,661,225 in 2020/21 (2019/20: £6,134,182) with a pre-tax loss for the year generated of £(172,977) (2019/20: Profit of £16,699). Given the unusual circumstances of the year, which included renegotiation of one long-term contract that gave rise to one-off costs during 2020/21, we judge the result for the year to be satisfactory. Although customers are physically returning to centres in greater numbers and we are able to continue bringing our staff back from furlough-leave, COVID-19 continues to impact OI and is expected to do so for at least the next twelve months. It is currently hard to assess exactly what longer term impact Covid will have on this part of the business as it is not yet clear how demand for flexible workspace will change and what it might mean for demand in different locations. However, our pipeline of new business provides assusrance that there will continue to be demand from clients for operators of innovation space and creators of communities of small businesses and we have confidence that OI is in a good position to benefit from these opportunities. Overall, the Board are positive, but cautious, about the 2021/22 year because of the inevitable continued disruption caused by the Covid pandemic and remain optimistic about the medium-term opportunities. We are already seeing the recognition and increased demand for the skills and experience of our business support experts across the Oxford Innovation businesses being called upon at this critical time of Covid-recovery across the country. We expect the regeneration skills and experience of both SQW and OIS to be in high demand to assist in the broader economic transformation that will be needed in the medium term. OION’s fund management capacity mean that it is even more strongly placed to help stimulate much needed investment for SMEs seeking opportunities to grow. Whilst being well positioned to take advantage of these opportunities, we are also closely monitoring the government's position with regards to SME support and recognise the need for agility and responsiveness.
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SQW GROUP LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
The Group is exposed to a variety of financial risks resulting from its operating activities. The board is responsible for determining the group’s financial risk management policy and focuses on securing the Group’s cash flows.
The Group does not actively engage in the trading of financial assets and has no financial derivatives. The most significant risks to which the Group is exposed to are described below: Credit Risk The Group’s credit risk is primarily attributable to its trade debtors. The amounts presented in the balance sheet are net of any allowance for doubtful debts, as estimated by the directors. The Group has no significant concentration of credit risk, with exposure spread over a large number of customers. Cash Flow Risk The Group seeks to manage risks to ensure sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. Short term flexibility is achieved by Management actively monitoring future cash flow requirements on a regular basis. Interest rate risk As a result of cross-guarantees in place with its ultimate parent company, SQW Group Newco 2018 Limited (‘Newco’), the Group is exposed to a level of interest rate risk following a £0.5m debt facility that was put in place between Newco and HSBC during the year. Interest on the loan is payable monthly and is at a variable rate of interest. Whilst the group has adequate headroom in terms of interest cover to comfortably meet modest rises in interest rates, the monthly interest payment commitment does represent an element of exposure for the Group whilst the 4-year facility is in place.
Group turnover for the year to 31 March 2021 was £20,999,974 (2020: £19,707,068).
Group gross profit for the year to 31 March 2021 was £3,634,485 (2020: £4,095,789). Group operating profit for the year to 31 March 2021 was £486,946 (2020: £346,289 as restated). Group profit on ordinary activities before taxation for the year was £486,581 (2020: £346,539 as restated). Earnings per share based on retained profit for the year to 31 March 2020 (the standard method of calculation) was 3.1p (2020: 1.7p) and based on profits before tax, 3.0p (2020: 2.2p). Group cash at bank at 31 March 2021 was £4,365,742 (2020: £1,797,861). Net Current Assets were £6,060,703 (2020: £5,567,991 as restated) .
The Group does not currently monitor any non-financial performance indicators.
This report was approved by the board on 22 July 2021
and signed on its behalf.
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SQW GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2021
The directors present their report and the financial statements for the year ended 31 March 2021.
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the
consolidated
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 the Group and of the profit or loss of the Group for that period.
In preparing these financial statements, the directors are required to:
∙
select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙
make judgments and accounting estimates that are reasonable and prudent;
∙
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £
370,806
(2020:
£
264,461
)
.
No final dividend is proposed by the directors for the year ended 31 March 2021 and no interim dividend is expected to be recommended.
The directors who served during the year were:
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SQW GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
The auditor, James Cowper Kreston, will be proposed for reappointment in accordance with
section 485 of the Companies Act 2006.
This report was approved by the board on
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SQW GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SQW GROUP LIMITED
We have audited the financial statements of SQW Group Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2021, which comprise the Group Statement of Comprehensive Income, the Group and Company Balance Sheets, the Group Statement of Cash Flows, the Group and Company Statement of Changes in Equity
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).
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's responsibilities for the audit of the financial statements section of our report. We are independent of the Group 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.
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 Group's or the parent 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.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's 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.
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SQW GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SQW GROUP LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙
the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙
the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.
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SQW GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SQW GROUP LIMITED (CONTINUED)
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 Group financial statements.
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. The specific procedures for this engagement that we designed and performed to detect material misstatements in respect of irregularities, including fraud, were as follows:
∙
Enquiry of management and those charged with governance around actual and potential
litigation and claims;
∙
Enquiry of management and those charged with governance to identify any material instances of non-compliance with laws and regulations;
∙
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
∙
Performing audit work to address the risk of irregularities due to 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 evidence of bias.
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 Auditor's 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.
for and on behalf of
Chartered Accountants and Statutory Auditor
2 Chawley Park
Cumnor Hill
Oxfordshire
OX2 9GG
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SQW GROUP LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2021
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SQW GROUP LIMITED
REGISTERED NUMBER:
04947276
CONSOLIDATED BALANCE SHEET
AS AT
31 MARCH 2021
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 July 2021
.
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SQW GROUP LIMITED
REGISTERED NUMBER:
04947276
COMPANY BALANCE SHEET
AS AT
31 MARCH 2021
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
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SQW GROUP LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED
31 MARCH 2021
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SQW GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED
31 MARCH 2021
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SQW GROUP LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2021
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SQW GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
1.
Accounting policies
SQW Group Limited is a limited liability company incorporated in the United Kingdom and registered in England & Wales. The Company's registered office is Oxford Centre for Innovation, New Road Oxford OX1 1BY.
The principal activity of the Company is that of a holding company.
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 Group management to exercise judgment in applying the Group's accounting policies (see note 2).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases. In accordance with the transitional exemption available in FRS 102, the group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 April 2014.
The COVID-19 pandemic has impacted the business during the year under review and continues to be affecting the way the Group trades and operates. The pandemic has not had a detrimental impact on the Group’s profitability during 2020/21 and we are also budgeting to be profitable in 2021/22. Ongoing forecasts continue to be updated and monitored. The Directors currently have
no reason to believe that the pandemic will have an impact on the Company’s ability to continue trading as a going concern.
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SQW GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
1.
Accounting policies (continued)
Goodwill
Other intangible assets
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.
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SQW GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
1.
Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
An entity is treated as an associated undertaking where the Group exercises significant influence in that it has the power to participate in the operating and financial policy decisions.
In the consolidated accounts, interests in associated undertakings are accounted for using the equity method of accounting. Under this method an equity investment is initially recognised at the transaction price (including transaction costs) and is subsequently adjusted to reflect the investors share of the profit or loss, other comprehensive income and equity of the associate. The Consolidated Statement of Comprehensive Income includes the Group's share of the operating results, interest, pre-tax results and attributable taxation of such undertakings applying accounting policies consistent with those of the Group. In the Consolidated Statement of Financial Position, the interests in associated undertakings are shown as the Group's share of the identifiable net assets, including any unamortised premium paid on acquisition.
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SQW GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
1.
Accounting policies (continued)
Grants are accounted for under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
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SQW GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
1.
Accounting policies (continued)
Functional and presentation currency
Transactions and balances
Provisions are charged as an expense to profit or loss in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Balance Sheet.
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SQW GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
1.
Accounting policies (continued)
Revenue recognition (note 3) Revenue and costs have been recognised based on management's assessment of the stage of completion for each project, taking into account the amounts repayable to customers. Taxation (note 10) Deferred tax assets are recognised for unused tax losses to the extent that it is probable that taxable profit will be available against the losses can be utilised. Significant management judgement is required to determine the amount of deferred tax assets that ban be recognised, based upon likely timing and the level of future taxable profits, together with future planning strategies. Contract obligations (note 18) The directors have considered the obligations arising from contracts and have provided for liabilities where costs can be reliably estimated.
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SQW GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
Analysis of turnover by country of destination:
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SQW GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
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SQW GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
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SQW GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
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SQW GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
10.
Taxation (continued)
In the Spring Budget 2021, the Government announced that from 1 April 2023 the main corporation tax rate will increase to 25%. As the proposal to increase the rate to 25% had not been substantively enacted at the balance sheet date, its effects are not included in these financial statements. However, it is likely that the overall effect of the change, had it been substantively enacted by the balance sheet date, would be to increase the tax expense for the period and to reduce the deferred tax liability. The impact of these changes is not expected to be material.
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SQW GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
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SQW GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
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SQW GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
12.
Tangible fixed assets (continued)
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SQW GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
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SQW GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
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SQW GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
Page 31
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SQW GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
17.
Deferred taxation (continued)
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SQW GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
Share premium account
Capital redemption reserve
Share based payment reserve
Merger reserve
Profit & loss account
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £394,346 (2020: £337,569). Contributions totalling £80,662 (2020: £77,806) were payable to the fund at the balance sheet date and are included in creditors.
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SQW GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
23.
Other financial commitments
There is a Group guarantee in favour of HSBC plc ("the Bank") from SQW Group Limited, SQW Group Newco 2018 Limited, Oxford Innovation Limited, SQW Limited and Oxford Innovation Services Limited guaranteeing the obligations of each other to the Bank. The outstanding amount due to the Bank at 31 March 2021 across the Group was £315,385 (2020: £375,000).
There is also a debenture comprising fixed and floating charges over all the assets and undertakings of SQW Group Newco 2018 Limited including all present and future freehold and leasehold property, book and other debts, chattels, goodwill and uncalled capital, both present and future.
The ultimate controlling undertaking is SQW Group Newco 2018 Limited, a company registered in England and Wales, by virtue of its 100% shareholding in the Company.
The consolidated statements of SQW Group Newco 2018 Limited are publically available from Oxford Centre for Innovation, New Road, Oxford, OX1 1BY.
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