QUEEN STREET BUSINESS CENTRE LIMITED

• ⚠

  Material uncertainty over going concern

  As the group continues to rebuild its underlying EBITDA following recent rapid expansion forecasts it is anticipated that it will continue to be in breach of RMB reporting covenants and thus will continue to need these waivers for the coming months. As such the group's ability to not be in breach of loan obligations which will result in it being repayable on demand will be dependent upon the banks continued support. The directors have discussed these covenants with the lender which continues to show its support to the group and have expressed their intention to continue to support as needed. Although there is no formal agreement in place with the lender at the date of signing these financial statements. As the company is an obligor to this loan, a material uncertainty exists which may cast significant doubt on the company's ability to continue as a going concern and therefore its ability to realise its assets and settle its liabilities within the ordinary course of business.

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

FRS 102 §1A

Reporting scope

Standalone (parent only)

Auditor

Armstrong Watson Audit Limited

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“As the group continues to rebuild its underlying EBITDA following recent rapid expansion forecasts it is anticipated that it will continue to be in breach of RMB reporting covenants and thus will continue to need these waivers for the coming months. As such the group's ability to not be in breach of loan obligations which will result in it being repayable on demand will be dependent upon the banks continued support. The directors have discussed these covenants with the lender which continues to show its support to the group and have expressed their intention to continue to support as needed. Although there is no formal agreement in place with the lender at the date of signing these financial statements. As the company is an obligor to this loan, a material uncertainty exists which may cast significant doubt on the company's ability to continue as a going concern and therefore its ability to realise its assets and settle its liabilities within the ordinary course of business.”

Significant events

• “Queen Street Business Centre Limited is an obligator to the £7m loan facility between the parent company, The Boutique Workplace Company Limited, and the bank. The loan was due to expire on 23rd September 2024. This loan was successfully refinanced in September 2024 with a new expiry date of September 2029.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

3

last 12 months

Capital events

0

last 24 months

Officers appointed

0

last 12 months

Officers resigned

1

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.

• Turnover

  +60.1%

  £13,135,143 → £21,027,486

• Cash

  —

  Not reported

• Net assets

  +4.6%

  £3,155,907 → £3,299,947

• Employees

  —

  Not reported

• Profit before tax

  -89.8%

  £1,416,411 → £144,040

Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers