QLAAR LTD |
Notes to the Accounts |
for the period from 1 December 2021 to 31 March 2023 |
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Change in Presentation Currency |
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The Directors have elected to change the company's presentation currency from Sterling (£) to United States dollars (USD) effective from 1 December 2019. The change in presentation currency is a voluntary change which is accounted for retrospectively. |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. |
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Foreign currency translation |
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Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
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2 |
Employees |
2023 |
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2021 |
Number |
Number |
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Average number of persons employed by the company |
3 |
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3 |
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3 |
Tangible fixed assets |
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Plant and machinery etc |
USD |
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Cost |
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Additions |
7,040 |
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At 31 March 2023 |
7,040 |
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Depreciation |
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Charge for the period |
2,347 |
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At 31 March 2023 |
2,347 |
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Net book value |
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At 31 March 2023 |
4,693 |
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4 |
Debtors |
2023 |
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2021 |
USD |
USD |
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Trade debtors |
150,379 |
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267,194 |
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Other debtors - translation difference on converting functional currency to Presentation currency |
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2,102 |
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43,003 |
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152,481 |
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310,197 |
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Restated |
5 |
Creditors: amounts falling due within one year |
2023 |
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2021 |
USD |
USD |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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36,410 |
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894,893 |
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Taxation and social security costs |
187,999 |
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199,718 |
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Other creditors |
101,238 |
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55,336 |
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325,647 |
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1,149,947 |
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6 |
Controlling party |
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The company is 100% owned by Impactiva Ltd. |
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7 |
Other information |
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QLAAR LTD is a private company limited by shares and incorporated in England. Its registered office is: |
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1b Davenant Road |
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Oxford |
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Oxfordshire |
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OX2 8BT |