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REGISTERED NUMBER: 04070870 (England and Wales)















Strategic Report, Report of the Directors and

Audited Financial Statements for the Year Ended 31 December 2023

for

IQUS Limited

IQUS Limited (Registered number: 04070870)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Statement of Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Cash Flow Statement 12

Notes to the Cash Flow Statement 13

Notes to the Financial Statements 14


IQUS Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: A Tomaru
A Richter



REGISTERED OFFICE: 20a Appleton Court
Calder Park
Wakefield
West Yorkshire
WF2 7AR



REGISTERED NUMBER: 04070870 (England and Wales)



SENIOR STATUTORY AUDITOR: Andrew Wilkinson FCA



AUDITORS: Malcolm Jones & Co Limited
Statutory Auditors
Accountants and Business Advisers
West Hill House
Allerton Hill
Chapel Allerton
Leeds
West Yorkshire
LS7 3QB

IQUS Limited (Registered number: 04070870)

Strategic Report
for the Year Ended 31 December 2023

The directors present their strategic report for the year ended 31 December 2023.

BUSINESS REVIEW AND FUTURE DEVELOPMENTS
Overall revenue has increased to £3,286,071 (2022 - £3,083,277) and the directors report a profit before income tax of £892,953 in 2023 compared with a profit before income tax of £902,523 in 2022.

The directors and management team work closely with the parent company (M3, Inc.) to anticipate risks from economic or global factors and plan accordingly. We remain confident about our business prospects because we continue to maintain our dominant market share in core historical healthcare sectors and we continue to gain market share from competitors in new healthcare and other markets.

A new General Manager was put in place in December 2023.

IQUS Limited is owned by M3 Medical Holdings Ltd, a subsidiary of M3, Inc. M3, Inc., established in September 2000, is listed on the Tokyo Stock Exchange First Section (Securities code 2413).

PRINCIPAL RISKS AND UNCERTAINTIES
The key business risks and uncertainties affecting the Company are set out below:

Employee retention
The Company's performance and growth is dependent upon the ability to hire, retain and motivate sufficient numbers of talented people with the right mix of skills and experience needed to serve our clients and expand our business.

Regulation
The Company predominantly trades within the Healthcare industry which is highly regulated. Changes to these regulations can have a significant impact on our ability to provide services to this group.

Competition
The Company's growth and success is dependent on the ability to successfully compete with other companies that provide similar services to healthcare companies.

The emergence of significant competitive services would threaten the Company's growth but the high demand for the software currently outweighs the competitive risk.

Industry changes
"The NHS Five Year Forward View" published in October 2014 and "Next steps on the NHS Five Year Forward View" published in March 2017 set out a new shared vision for the future of the NHS based around new models of care. This shared vision encompassed changes relating to e-rostering and workforce management that continue to present opportunities and threats.

GDPR
GDPR came into effect on 25th May 2018. The Company undertook numerous steps to ensure compliance with the regulation and continues to monitor developments and guidance related to ongoing GDPR compliance and best practice.

The opportunities that changes related to GDPR brought continue to outweigh the risks.

Covid-19
The Company continues to monitor the governments' position regarding COVID-19 and has taken careful measures to ensure the business is prepared to mitigate the risks around this as they arise.

Worldwide conflicts
There has been no material impact from the worldwide conflicts to date, beyond rising energy prices, but the Company continues to monitor the situation.


IQUS Limited (Registered number: 04070870)

Strategic Report
for the Year Ended 31 December 2023

SECTION 172 STATEMENT
In accordance with section 172 of the Companies Act 2006, each of the directors acts in the way they consider, in good faith, would most likely promote the success of the company for the benefit of all its stakeholders as a whole.

Our key stakeholders are our staff, customers, suppliers and health care professionals and all key Board decisions take into account the impact on all relevant stakeholders.

The goal of the M3 group is to make use of the Internet to increase, as much as possible, the number of people who can live longer and healthier lives, and to reduce, as much as possible, the amount of unnecessary medical costs We continue to increase and refine our reporting to staff, sharing news and results across teams to maximise employee engagement and visibility, with a particular focus on supporting mental health.

The Board work closely with other companies across the M3 Group to ensure consistency in vision and 1 of the 2 directors sit on the board of the ultimate parent company M3 Inc. The Board continue to provide oversight governance to ensure that the business remains compliant with its policies and maintains a high standard of business conduct.

KEY PERFORMANCE INDICATORS (KPI'S)
The Company's key performance indicators are its reach to healthcare companies, revenue growth and profit. In 2023 the company achieved revenue of £3,286,071 (2022 £3,083,277) which represents a growth of 6.58% from 2022. The company achieved a profit before income tax of £892,953 (2022: £902,523) which represents a decrease of 1.06% from 2022.

FINANCIAL RISK MANAGEMENT
The Company manages its own financial operations and financial risk carefully. The Company is cash positive and can also rely on its parent company for additional funding and cash flow requirements. The Company has limited foreign exchange risk. The Company has implemented policies and procedures to manage invoicing and cash collections which reduce bad debts and credit risks.

POSITION OF THE BUSINESS
As at 31 December 2023 the Company had net assets of £1,919,501 (2022: assets of £1,235,950).

ON BEHALF OF THE BOARD:





A Tomaru - Director


27 August 2024

IQUS Limited (Registered number: 04070870)

Report of the Directors
for the Year Ended 31 December 2023

The directors present their report with the financial statements of the company for the year ended 31 December 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the development and supply of computer software and hardware.

DIVIDENDS
No dividends will be distributed for the year ended 31 December 2023.

FUTURE DEVELOPMENTS
Details regarding the future developments of the company can be found in the Strategic Report.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

A Tomaru
A Richter

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-state whether applicable accounting standards have been followed, subject to any material departures disclosed and
explained in the financial statements;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

IQUS Limited (Registered number: 04070870)

Report of the Directors
for the Year Ended 31 December 2023


AUDITORS
The auditors, Malcolm Jones & Co Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





A Tomaru - Director


27 August 2024

Report of the Independent Auditors to the Members of
IQUS Limited

Opinion
We have audited the financial statements of IQUS Limited (the 'company') for the year ended 31 December 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
IQUS Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with ISAs, we exercise professional judgement and maintain professional scepticism throughout the audit.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The objectives of our audit, in respect to fraud are to identify and assess the risks of material misstatement of the
financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses, and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the company and management.

Our approach was as follows:

- We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant are those related to the reporting framework (FRS 102 as adopted by the UK and the Companies Act 2006) and the relevant tax compliance regulations.

- We noted that the company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any.

- We understood how the company is complying with those frameworks and regulations by making enquiries of the directors and management.

- We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur, by meeting with management to understand where they considered there was susceptibility to fraud. For all matters where risk was considered to be higher, we performed audit procedures to address each identified fraud risk.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
IQUS Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Andrew Wilkinson FCA (Senior Statutory Auditor)
for and on behalf of Malcolm Jones & Co Limited
Statutory Auditors
Accountants and Business Advisers
West Hill House
Allerton Hill
Chapel Allerton
Leeds
West Yorkshire
LS7 3QB

27 August 2024

IQUS Limited (Registered number: 04070870)

Statement of Comprehensive
Income
for the Year Ended 31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   

TURNOVER 3,286,071 3,083,277

Cost of sales 876,005 782,823
GROSS PROFIT 2,410,066 2,300,454

Distribution costs 107,853 112,308
Administrative expenses 1,431,172 1,286,501
1,539,025 1,398,809
OPERATING PROFIT 4 871,041 901,645

Interest receivable and similar income 21,912 878
PROFIT BEFORE TAXATION 892,953 902,523

Tax on profit 5 209,402 234,177
PROFIT FOR THE FINANCIAL YEAR 683,551 668,346

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

683,551

668,346

IQUS Limited (Registered number: 04070870)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 6 1,000,757 1,061,340
Tangible assets 7 21,566 10,422
1,022,323 1,071,762

CURRENT ASSETS
Debtors 8 395,328 1,011,715
Cash at bank and in hand 2,513,166 1,307,170
2,908,494 2,318,885
CREDITORS
Amounts falling due within one year 9 1,761,327 1,893,576
NET CURRENT ASSETS 1,147,167 425,309
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,169,490

1,497,071

PROVISIONS FOR LIABILITIES 11 249,989 261,121
NET ASSETS 1,919,501 1,235,950

CAPITAL AND RESERVES
Called up share capital 12 105 105
Share premium 13 21,506 21,506
Retained earnings 13 1,897,890 1,214,339
SHAREHOLDERS' FUNDS 1,919,501 1,235,950

The financial statements were approved by the Board of Directors and authorised for issue on 27 August 2024 and were signed on its behalf by:





A Tomaru - Director


IQUS Limited (Registered number: 04070870)

Statement of Changes in Equity
for the Year Ended 31 December 2023

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 January 2022 105 545,993 21,506 567,604

Changes in equity
Total comprehensive income - 668,346 - 668,346
Balance at 31 December 2022 105 1,214,339 21,506 1,235,950

Changes in equity
Total comprehensive income - 683,551 - 683,551
Balance at 31 December 2023 105 1,897,890 21,506 1,919,501

IQUS Limited (Registered number: 04070870)

Cash Flow Statement
for the Year Ended 31 December 2023

31.12.23 31.12.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,614,791 713,706
Tax paid (177,790 ) (172,878 )
Net cash from operating activities 1,437,001 540,828

Cash flows from investing activities
Purchase of intangible fixed assets (231,168 ) (422,401 )
Purchase of tangible fixed assets (21,749 ) (6,992 )
Interest received 21,912 878
Net cash from investing activities (231,005 ) (428,515 )

Increase in cash and cash equivalents 1,205,996 112,313
Cash and cash equivalents at beginning of
year

2

1,307,170

1,194,857

Cash and cash equivalents at end of year 2 2,513,166 1,307,170

IQUS Limited (Registered number: 04070870)

Notes to the Cash Flow Statement
for the Year Ended 31 December 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
31.12.23 31.12.22
£    £   
Profit before taxation 892,953 902,523
Depreciation charges 302,357 231,030
Finance income (21,912 ) (878 )
1,173,398 1,132,675
Decrease/(increase) in trade and other debtors 579,547 (431,406 )
(Decrease)/increase in trade and other creditors (138,154 ) 12,437
Cash generated from operations 1,614,791 713,706

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 2,513,166 1,307,170
Year ended 31 December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 1,307,170 1,194,857


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.23 Cash flow At 31.12.23
£    £    £   
Net cash
Cash at bank and in hand 1,307,170 1,205,996 2,513,166
1,307,170 1,205,996 2,513,166
Total 1,307,170 1,205,996 2,513,166

IQUS Limited (Registered number: 04070870)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

IQUS Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The preparation of financial statements in conformity with FRS 102 requires the use of certain accounting estimates. It also requires management to exercise its judgement in the process of applying the Company's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed below.

Turnover
Turnover comprises the value of services supplied, excluding value added tax. As these services are provided over a specific period of time, the entity recognises turnover on a straight-line basis over the period of each individual contract.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Some development costs are being amortised evenly over their estimated useful life of five years. Costs which relate to newly developing projects will not be amortised until the project is ready to be sold.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 33% on cost

Financial instruments
Basic financial assets, including trade receivables, cash and bank balances, are initially recognised at transaction price and are subsequently assessed for indicators of impairment at each reporting end date. If an asset is impaired, the impairment loss, which is the difference between the carrying amount and the net present value of the estimated discounted cash flows, is recognised in the profit and loss account.

Basic financial liabilities, including trade payables, are initially recognised at transaction price and subsequently measured at amortised cost using the effective interest method. Where these have been acquired in the ordinary course of business from suppliers and where payment is due within one year, then they are classified as current liabilities.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


IQUS Limited (Registered number: 04070870)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Critical accounting judgements and key source of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of the accounting policies and the reported amounts of assets and liabilities, revenue and expenses. Actual results may differ from these estimates.

Estimates and underlying assumptions are continually evaluated and are based on historic experience and other factors, including expectations of future events that are reasonable under the circumstances. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected.

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. There are no estimates and assumptions that have significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year.

3. EMPLOYEES AND DIRECTORS
31.12.23 31.12.22
£    £   
Wages and salaries 1,231,279 1,180,778
Other pension costs 39,370 40,637
1,270,649 1,221,415

The average number of employees during the year was as follows:
31.12.23 31.12.22

Office and admin staff 27 31

31.12.23 31.12.22
£    £   
Directors' remuneration - -

IQUS Limited (Registered number: 04070870)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. OPERATING PROFIT

The operating profit is stated after charging:

31.12.23 31.12.22
£    £   
Depreciation - owned assets 10,605 10,857
Development costs amortisation 291,751 220,173
Auditors' remuneration 4,875 4,815
Foreign exchange differences 145 -
Fees paid to the auditor for accountancy services 2,450 2,350

5. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.12.23 31.12.22
£    £   
Current tax:
UK corporation tax 220,534 132,681

Deferred tax (11,132 ) 101,496
Tax on profit 209,402 234,177

UK corporation tax has been charged at 25% (2022 - 19%).

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

31.12.23 31.12.22
£    £   
Profit before tax 892,953 902,523
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2022 - 19%)

223,238

171,479

Effects of:
Expenses not deductible for tax purposes 35 29
Change in rate of tax (13,871 ) -
Change in rate of deferred tax - 62,669
Total tax charge 209,402 234,177

IQUS Limited (Registered number: 04070870)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

6. INTANGIBLE FIXED ASSETS
Development
costs
£   
COST
At 1 January 2023 1,607,678
Additions 231,168
At 31 December 2023 1,838,846
AMORTISATION
At 1 January 2023 546,338
Amortisation for year 291,751
At 31 December 2023 838,089
NET BOOK VALUE
At 31 December 2023 1,000,757
At 31 December 2022 1,061,340

7. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 January 2023 159,766
Additions 21,749
Disposals (7,125 )
At 31 December 2023 174,390
DEPRECIATION
At 1 January 2023 149,344
Charge for year 10,605
Eliminated on disposal (7,125 )
At 31 December 2023 152,824
NET BOOK VALUE
At 31 December 2023 21,566
At 31 December 2022 10,422

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 344,898 956,473
Other debtors 27,746 13,637
Tax recoverable - 36,840
Prepayments 22,684 4,765
395,328 1,011,715

IQUS Limited (Registered number: 04070870)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Prepaid support contracts 1,515,225 1,572,856
Corporation tax 5,905 -
Social security and other taxes 152,922 250,081
Accrued expenses 87,275 70,639
1,761,327 1,893,576

10. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.12.23 31.12.22
£    £   
Within one year 86,400 9,500
Between one and five years 117,625 16,625
204,025 26,125

11. PROVISIONS FOR LIABILITIES
31.12.23 31.12.22
£    £   
Deferred tax
Accelerated capital allowances 249,989 261,121

Deferred
tax
£   
Balance at 1 January 2023 261,121
Provided during year (11,132 )
Balance at 31 December 2023 249,989

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
9,473 "A" Ordinary 1p 95 95
998 "B" Ordinary 1p 10 10
105 105

13. RESERVES
Retained Share
earnings premium Totals
£    £    £   

At 1 January 2023 1,214,339 21,506 1,235,845
Profit for the year 683,551 683,551
At 31 December 2023 1,897,890 21,506 1,919,396

IQUS Limited (Registered number: 04070870)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

14. ULTIMATE PARENT COMPANY

M3 Inc (incorporated in Japan ) is regarded by the directors as being the company's ultimate parent company.

The group prepares consolidated financial statements into which these accounts are consolidated. Those financial statements may be obtained from M3 Inc, Akasaka Intercity 10th Floor, 1-11-44 Akasaka, Minato-ku, Tokyo 107-0052, Japan.

15. RELATED PARTY DISCLOSURES

100% of the company's share capital is held by M3 Medical Holdings Limited, making this a related party.

Included in expenses is £136,178 (2022 - £108,356) relating to salary and various other recharges paid to M3 group companies. Creditors includes £14,239 (2022 - £5,232) due to M3 group companies.