IQL S2 LIMITED

• ⚠

  Material uncertainty over going concern

  We draw attention to the going concern basis of preparation in note 2 which indicates that there is an impending change of ownership and control of the entity with the intention to buy out the remaining partner. These events and conditions, along with the other matters explained in note 2, constitute a material uncertainty that may cast significant doubt on Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter. ... Based on the above indications the directors believe that it remains appropriate to prepare the financial statements on a going concern basis. However, this matter indicates the existence of a material uncertainty related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern and, therefore, that the Company may be unable to realise its assets and discharge its liabilities in the normal course of business. The financial statements do not include any adjustments that would result from the basis of preparation being inappropriate.

• ◆

  4 officer resignations in last 12 months

  Multiple officers have left the board recently — see the People section for who.

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

Accounting basis

FRS 101

Reporting scope

Standalone (parent only)

Auditor

KPMG LLP

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“We draw attention to the going concern basis of preparation in note 2 which indicates that there is an impending change of ownership and control of the entity with the intention to buy out the remaining partner. These events and conditions, along with the other matters explained in note 2, constitute a material uncertainty that may cast significant doubt on Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter. ... Based on the above indications the directors believe that it remains appropriate to prepare the financial statements on a going concern basis. However, this matter indicates the existence of a material uncertainty related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern and, therefore, that the Company may be unable to realise its assets and discharge its liabilities in the normal course of business. The financial statements do not include any adjustments that would result from the basis of preparation being inappropriate.”

Significant events

• “On 27 May 2024 the Lendlease Group announced a strategy update with key actions to simplify the organisational structure, exit international construction and accelerate the release of capital from its offshore development project and assets. The Group, and therefore the Company's focus for FY2026 is continuing to work through the impact of this Strategy update, building on the strong progress achieved to date.”
• “There were no material events subsequent to the end of the financial year.”

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

Filings

15

last 12 months

Capital events

2

last 24 months

Officers appointed

0

last 12 months

Officers resigned

4

last 12 months

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

• Turnover

  —

  Not reported

• Cash

  —

  Not reported

• Net assets

  +160.1%

  £250,100 → £650,485

• Employees

  —

  Not reported

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