Qlm Technology Ltd
Other professional, scientific and technical activities n.e.c. · Cardiff
ActiveUnited KingdomIncorporated 2017Private Limited Company
Financial position
Accounts to 2025-12-31 · GBP · Company accounts
Net assets
−£4,070,687
Cash
£2,339,369
Turnover
—
Profit / loss
—
Current assets
£5,722,332
Creditors < 1 year
£488,052
Equity
−£4,070,687
Average employees
26
Balance-sheet trend
GBP · companyFinancial statements
Selected figures from the best-ranked available filing for each period. Missing values remain unknown.
Some figures were read by AI from scanned accounts, so small errors are possible. View the filed accounts
| Reported figures | 2025-12-3112 months · Company · AI-read | 2024-12-31Company · AI-read | 2021-12-319 months | 2021-03-3112 months | 2020-03-3112 months | 2019-03-3112 months |
|---|---|---|---|---|---|---|
| Balance sheet | ||||||
| Net assets | −£4,070,687 | £1,051,131 | £1,329,866 | £2,336,787 | £273,383 | £57,365 |
| Equity | −£4,070,687 | £1,051,131 | £1,329,866 | £2,336,787 | £273,383 | £57,365 |
| Share capital | £652 | £652 | — | — | — | — |
| Retained earnings | −£20,743,648 | −£15,534,075 | — | — | — | — |
| Assets | ||||||
| Fixed assets | £391,042 | £362,887 | — | — | £231,124 | £0 |
| Intangible assets | — | — | — | — | £227,538 | £0 |
| Property, plant & equipment | £391,041 | £362,886 | £63,812 | £5,143 | £3,586 | £0 |
| Investments | £1 | £1 | — | — | — | — |
| Current assets | £5,722,332 | £5,580,492 | £1,624,033 | £2,465,960 | £100,841 | £102,098 |
| Cash at bank | £2,339,369 | £2,154,648 | £1,218,376 | £1,798,785 | £47,918 | £6,677 |
| Debtors | £1,252,961 | £947,376 | £405,657 | £667,175 | £52,923 | £95,421 |
| Stock | £2,130,002 | £2,478,468 | — | — | — | — |
| Liabilities | ||||||
| Creditors within one year | £488,052 | £362,322 | — | — | — | — |
| Creditors after one year | £9,696,009 | £4,529,926 | — | — | — | — |
| Provisions | — | — | £12,124 | £0 | — | — |
| Net current assets | £5,234,280 | £5,218,170 | £1,317,869 | £2,425,211 | £74,759 | £96,865 |
| Assets less current liabilities | £5,625,322 | £5,581,057 | £1,381,681 | £2,430,354 | £305,883 | £96,865 |
| People & pay | ||||||
| Average employees | 26 | 30 | 11 | 7 | 3 | 7 |
| Source evidence | View filing | View filing | View filing | View filing | View filing | View filing |
From the accounts
What the accounts for 2025-12-31 say about themselves, read by AI from the scanned filing.
- Going concern
- The auditor reported a material uncertainty about going concern
- Auditor
- Azets Audit Services · senior statutory auditor Laura Pingree
- Audit opinion
- Clean (unmodified)
- Accounts
- Small company · FRS 102 Section 1A
- Approved
- 2026-08-14, signed by Mr P A Hughes
Subsidiaries (1)
- QLM Inc.
Related parties (7)
- Green Angel Ventures · investor in QLM; entity with significant influence over the Company · Monitoring fees · 80,189
- Travel Assets Group · entity over which one of the Company's shareholders has significant influence · Monitoring fees · 80,189
- Development Bank of Wales · related party based on position as shareholder of the Company · Monitoring fees · 80,070
- Quantum Exponential plc · related party based on position as shareholder of the Company · Monitoring fees · 80,070
- Newable Investments · related party based on position as shareholder of the Company · Monitoring fees · 80,070
- South West Investment Fund · related party based on position as shareholder of the Company · Monitoring fees · 80,070
- QLM Inc. · subsidiary · Amounts owed to the Company; intercompany loan impaired · £542,714
Borrowings (2)
- Loan from Innovate UK Loans Limited · from Innovate UK Loans Limited · £2,000,000 · 7.4% per annum · Over 6 years; repayment by instalments over 45 months, commencing 28 February 2027 · secured on A fixed and floating charge against all current and future assets and undertakings of the Company
- Convertible loan notes · 7,696,009 · A fixed rate of 7.5% per annum on outstanding loan notes · Principal debt and interest convert into shares automatically at the next relevant fund raising, following a change of control or on the long stop date (12 June 2027 for the first agreement and 24 September 2030 for the second agreement); holder can also require cash redemption at the long stop date
Share classes (4)
- 11,578,685 Ordinary shares of 0.001p each of 0.001p
- 20,535,068 Ordinary A shares of 0.001p each of 0.001p
- 32,352,941 Ordinary B shares of 0.001p each of 0.001p
- 700 Deferred shares of 1p each of 1p
Events after the year end (1)
- In July 2026, the Company entered into a £7.5 million Contract for Innovation from Innovate UK as part of the Innovate UK/DBIST Quantum Primer programme. The contract covers the period from 1 August 2026 to 31 July 2028, with payment subject to the completion of agreed quarterly milestones.
Secured borrowing
Registered charges, lenders and security interests.
Charges and related records
1 outstanding chargesAll Assets · created 2024-08-23
—
OutstandingShow 3 satisfied / released
Fixed · created 2023-11-30 · satisfied 2024-08-07
—
SatisfiedUnknown · created 2023-11-30 · satisfied 2024-08-07
—
SatisfiedAll Assets · created 2023-11-03 · satisfied 2024-08-07
—
Satisfied