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Registered number: 10346304
Qocept Ltd
Unaudited Financial Statements
For The Year Ended 31 August 2023
ICAEW
7A Oxford Road
Middlesbrough
TS5 5DY
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 10346304
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 103,601 121,948
103,601 121,948
CURRENT ASSETS
Debtors 5 2,249,563 1,703,362
Cash at bank and in hand 202,490 205,067
2,452,053 1,908,429
Creditors: Amounts Falling Due Within One Year 6 (974,494 ) (897,719 )
NET CURRENT ASSETS (LIABILITIES) 1,477,559 1,010,710
TOTAL ASSETS LESS CURRENT LIABILITIES 1,581,160 1,132,658
Creditors: Amounts Falling Due After More Than One Year 7 (32,837 ) (38,483 )
NET ASSETS 1,548,323 1,094,175
CAPITAL AND RESERVES
Called up share capital 9 1 1
Profit and Loss Account 1,548,322 1,094,174
SHAREHOLDERS' FUNDS 1,548,323 1,094,175
Page 1
Page 2
For the year ending 31 August 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.
On behalf of the board
Mr Craig Wilson
Director
29/08/2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Qocept Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 10346304 . The registered office is 71-75 Shelton Street , London Greater, London, United Kingdom, WC2H 9JQ.
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.
2.3. 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
Motor Vehicles 20% Reducing Balance
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.6. 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.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2022: 2)
2 2
4. Tangible Assets
Plant & Machinery Motor Vehicles Total
£ £ £
Cost
As at 1 September 2022 11,191 179,078 190,269
Additions 9,055 - 9,055
As at 31 August 2023 20,246 179,078 199,324
Depreciation
As at 1 September 2022 6,004 62,317 68,321
Provided during the period 4,049 23,353 27,402
As at 31 August 2023 10,053 85,670 95,723
Net Book Value
As at 31 August 2023 10,193 93,408 103,601
As at 1 September 2022 5,187 116,761 121,948
5. Debtors
2023 2022
£ £
Due within one year
Trade debtors 146,762 59,370
Prepayments and accrued income 146,294 -
S455 Tax recovrable 258,120 258,120
Intercompany Loan - Nuuhaus Ltd 16,000 -
Director's loan account 1,682,387 1,385,872
2,249,563 1,703,362
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts - 129,676
Trade creditors 168,442 252,738
Bank loans and overdrafts 6,300 6,300
Corporation tax 617,971 449,771
Other taxes and social security 3,720 3,720
VAT 71,699 469
Accruals and deferred income 106,362 55,045
974,494 897,719
7. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 32,837 38,483
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8. Obligations Under Finance Leases and Hire Purchase
2023 2022
£ £
The future minimum finance lease payments are as follows:
Not later than one year - 129,676
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 1 1
10. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 September 2022 Amounts advanced Amounts repaid Amounts written off As at 31 August 2023
£ £ £ £ £
Mr Craig Wilson 1,385,872 918,950 622,435 - 1,682,387
The above loan is unsecured, repayable on demand and interest charged at 2%.  
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