Acorah Software Products - Accounts Production 15.0.500 false true 31 December 2022 1 January 2022 false 1 January 2023 31 December 2023 31 December 2023 05235793 Mr Karl Wigart iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 05235793 2022-12-31 05235793 2023-12-31 05235793 2023-01-01 2023-12-31 05235793 frs-core:Non-currentFinancialInstruments 2023-12-31 05235793 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-01-01 2023-12-31 05235793 frs-core:FurnitureFittings 2023-01-01 2023-12-31 05235793 frs-core:NetGoodwill 2023-01-01 2023-12-31 05235793 frs-core:PlantMachinery 2023-01-01 2023-12-31 05235793 frs-core:ShareCapital 2023-12-31 05235793 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 05235793 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 05235793 frs-bus:AbridgedAccounts 2023-01-01 2023-12-31 05235793 frs-bus:SmallEntities 2023-01-01 2023-12-31 05235793 frs-bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 05235793 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 05235793 frs-bus:Director1 2023-01-01 2023-12-31 05235793 frs-bus:Director1 2022-12-31 05235793 frs-bus:Director1 2023-12-31 05235793 frs-countries:EnglandWales 2023-01-01 2023-12-31 05235793 2021-12-31 05235793 2022-12-31 05235793 2022-01-01 2022-12-31 05235793 frs-core:Non-currentFinancialInstruments 2022-12-31 05235793 frs-core:ShareCapital 2022-12-31 05235793 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31
Registered number: 05235793
Qimtek Limited
Unaudited ABRIDGED Financial Statements
For The Year Ended 31 December 2023
Trinity Accountancy Services Ltd
36 Gilbert Close
Basingstoke
Hampshire
RG24 9PA
Contents
Page
Abridged Balance Sheet 1—2
Notes to the Abridged Financial Statements 3—5
Page 1
Abridged Balance Sheet
Registered number: 05235793
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 65,758 64,975
Tangible Assets 5 2,014 3,249
67,772 68,224
CURRENT ASSETS
Debtors 79,060 95,296
Cash at bank and in hand 251,055 223,820
330,115 319,116
Creditors: Amounts Falling Due Within One Year (89,647 ) (84,121 )
NET CURRENT ASSETS (LIABILITIES) 240,468 234,995
TOTAL ASSETS LESS CURRENT LIABILITIES 308,240 303,219
Creditors: Amounts Falling Due After More Than One Year (280,862 ) (300,862 )
NET ASSETS 27,378 2,357
CAPITAL AND RESERVES
Called up share capital 6 4 4
Profit and Loss Account 27,374 2,353
SHAREHOLDERS' FUNDS 27,378 2,357
Page 1
Page 2
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
All of the company's members have consented to the preparation of an Abridged Balance Sheet for the year end 31 December 2023 in accordance with section 444(2A) of the Companies Act 2006.
On behalf of the board
Mr Karl Wigart
Director
31st July 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Abridged Financial Statements
1. General Information
Qimtek Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05235793 . The registered office is The Square, Basing View, Basingstoke, Hampshire, RG21 4EB.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of .... years.
2.4. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are .... It is amortised to profit and loss account over its estimated economic life of .... years.
2.5. Research and Development
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research is recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised to ... on a straight line basis over their expected useful economic lives, which range from ... to ... years.
If it is not possible to distinguish between the research phase and the development phase of an internal project the expenditure is treated as if it were all incurred in the research phase only.
2.6. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 20% Straight line
Fixtures & Fittings 20% Straight line
Page 3
Page 4
2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 8 (2022: 11)
8 11
4. Intangible Assets
Total
£
Cost
As at 1 January 2023 446,100
Additions 24,000
As at 31 December 2023 470,100
Amortisation
As at 1 January 2023 381,125
Provided during the period 23,217
As at 31 December 2023 404,342
Net Book Value
As at 31 December 2023 65,758
As at 1 January 2023 64,975
Page 4
Page 5
5. Tangible Assets
Total
£
Cost
As at 1 January 2023 60,232
As at 31 December 2023 60,232
Depreciation
As at 1 January 2023 56,983
Provided during the period 1,235
As at 31 December 2023 58,218
Net Book Value
As at 31 December 2023 2,014
As at 1 January 2023 3,249
6. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 4 4
7. Directors Advances, Credits and Guarantees
Included within creditors is the following amount owing to director:
As at 1 January 2023 Amounts advanced Amounts repaid Amounts written off As at 31 December 2023
£ £ £ £ £
Mr Karl Wigart (250,861 ) - - - (250,861 )
The above loan is unsecured, interest free and repayable on demand.
Page 5