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Registration number: 10650346

Qlaims Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

Qlaims Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Qlaims Limited

Company Information

Directors

Elizabeth Latter

Malcolm Richard Harvey

Simon Joseph Cooter

David Williams

Registered Number:

10650346

Registered office

Level 30
The Leadenhall Building
Leadenhall Street
London
EC3V 4AB

Accountants

Ashton Allsop
Chartered Accountants
Thorncroft Manor
Thorncroft Drive
Leatherhead
Surrey
KT22 8JB

 

Qlaims Limited

(Registration number: 10650346)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

37,302

17,893

Tangible assets

5

22,983

36,549

Investments

6

100

100

 

60,385

54,542

Current assets

 

Debtors

1,919,522

1,650,055

Cash at bank and in hand

 

402,733

167,053

 

2,322,255

1,817,108

Creditors: Amounts falling due within one year

(168,248)

(74,733)

Net current assets

 

2,154,007

1,742,375

Total assets less current liabilities

 

2,214,392

1,796,917

Creditors: Amounts falling due after more than one year

(5,479)

(5,479)

Net assets

 

2,208,913

1,791,438

Capital and reserves

 

Called up share capital

10

1,861,212

1,191,515

Share premium reserve

2,282,064

2,186,215

Other reserves

794

-

Retained earnings

(1,935,157)

(1,586,292)

Shareholders' funds

 

2,208,913

1,791,438

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Qlaims Limited

(Registration number: 10650346)
Balance Sheet as at 31 March 2023

Approved and authorised by the Board on 14 August 2023 and signed on its behalf by:
 

.........................................
Elizabeth Latter
Director

 

Qlaims Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Level 30
The Leadenhall Building
Leadenhall Street
London
EC3V 4AB

These financial statements were authorised for issue by the Board on 14 August 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The accounts have been prepared on a going concern basis. The directors have reviewed the company's plans for a period of 12 months from the date of the signing of the accounts and are satisfied that they can continue to adopt the going concern basis in preparing these financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, insurance premium 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.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Qlaims Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Computer Equipment

Straight line 20%

Furniture and fittings

Straight line 20%

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Intangible assets

Intangible assets stated in the balance sheet is for Insurance software shown at cost, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.

The cost of intangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Other intangible assets

Straight line 20%

 

Qlaims Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2022 - 0).

 

Qlaims Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 April 2022

21,017

21,017

Additions acquired separately

25,143

25,143

At 31 March 2023

46,160

46,160

Amortisation

At 1 April 2022

3,124

3,124

Amortisation charge

5,734

5,734

At 31 March 2023

8,858

8,858

Carrying amount

At 31 March 2023

37,302

37,302

At 31 March 2022

17,893

17,893

5

Tangible assets

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 April 2022

25,841

50,332

76,173

Additions

-

1,680

1,680

At 31 March 2023

25,841

52,012

77,853

Depreciation

At 1 April 2022

15,006

24,618

39,624

Charge for the year

5,169

10,077

15,246

At 31 March 2023

20,175

34,695

54,870

Carrying amount

At 31 March 2023

5,666

17,317

22,983

At 31 March 2022

10,835

25,714

36,549

 

Qlaims Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

6

Investments

2023
£

2022
£

Investments in subsidiaries

100

100

Subsidiaries

£

Cost or valuation

At 1 April 2022

100

Provision

Carrying amount

At 31 March 2023

100

At 31 March 2022

100

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

Qlaimstech Limited

Level 30
The Leadenhall Building
122 Leadenhall Street,
London EC3V 4AB

England

100 Ordinary £1 shares

100%

100%

 

Qlaims Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

7

Debtors

2023
£

2022
£

Trade debtors

87,925

71,355

Prepayments

918

7,949

Other debtors

4,360

2,967

Amounts owed by group undertakings

1,826,319

1,566,999

VAT Control account

-

785

1,919,522

1,650,055

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

164,398

74,733

Accruals and deferred income

3,850

-

168,248

74,733

Creditors: amounts falling due after more than one year

2023
£

2022
£

Due after one year

Other non-current financial liabilities

5,479

5,479

Amounts falling due after more than one year includes a loan from an entity with joint control or significant influence. See Note 11.

 

Qlaims Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

9

Other Reserves

The company introduced EMI and Unapproved share option schemes for key employees during the year. The fair value of EMI options has been calculated using the Black Scholes model in accordance with FRS 102 Section 26. The movement on Other Reserves relates to the accrued option value attributable to the accounting period. A corresponding charge is included in the Profit and Loss account.

10

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 (2021 - £1) each

1,861,212

1,861,212

1,191,515

1,191,515

         

11

Related party transactions

Loans to related parties

2023

Subsidiary
£

Total
£

At start of period

1,566,999

1,566,999

Advanced

618,575

618,575

Repaid

(359,255)

(359,255)

At end of period

1,826,319

1,826,319

2022

Subsidiary
£

Total
£

At start of period

1,213,443

1,213,443

Advanced

540,072

540,072

Repaid

(186,516)

(186,516)

At end of period

1,566,999

1,566,999

Terms of loans to related parties

The intercompany balance with Qlaimstech Limited is non interest bearing and repayable on demand. Salary costs of £168,463 (2022: £131,975 ) have been recharged from Qlaimstech Limited via the intercompany account.
 

 

Qlaims Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Loans from related parties

2023

Other related parties
£

Total
£

At start of period

(5,479)

(5,479)

At end of period

(5,479)

(5,479)

2022

Other related parties
£

Total
£

At start of period

(130,479)

(130,479)

Repaid

125,000

125,000

At end of period

(5,479)

(5,479)

Terms of loans from related parties

The outstanding balance represents a loan from Venn House Limited, a company controlled by Mr Malcom Harvey. It is non interest bearing and has no current fixed repayment date.

12

Non adjusting events after the financial period

The company issued 369,393 £1 ordinary shares on 4 July 2023 at a subscription price of £1.30 per share.