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Registered number: 08521380
Quintical Ltd
Unaudited Financial Statements
For The Year Ended 31 July 2023
Muftals Accountancy Ltd
1 Bromley Lane
Chislehurst
BR7 6LH
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 08521380
31 July 2023 31 July 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 10,408 17,360
Tangible Assets 5 6,915 12,666
17,323 30,026
CURRENT ASSETS
Debtors 6 630,365 741,150
Cash at bank and in hand 43,358 156,602
673,723 897,752
Creditors: Amounts Falling Due Within One Year 7 (1,672,013 ) (1,681,476 )
NET CURRENT ASSETS (LIABILITIES) (998,290 ) (783,724 )
TOTAL ASSETS LESS CURRENT LIABILITIES (980,967 ) (753,698 )
Creditors: Amounts Falling Due After More Than One Year 8 (3,480,284 ) (2,183,992 )
NET LIABILITIES (4,461,251 ) (2,937,690 )
CAPITAL AND RESERVES
Called up share capital 9 1 1
Capital redemption reserve 1,534,685 1,534,685
Profit and Loss Account (5,995,937 ) (4,472,376 )
SHAREHOLDERS' FUNDS (4,461,251) (2,937,690)
Page 1
Page 2
For the year ending 31 July 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 Alasdair Chesney
Director
30/08/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Quintical Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 08521380 . The registered office is 20-22 Wenlock Road, London, N1 7GU.
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, being the amount paid in connection with the acquisition of a business in 2015, is being amortised evenly over
its estimated useful life of five years.
2.4. Tangible Fixed Assets and Depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant & Machinery 25% Reducing balance method
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
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: 5 (2022: 11)
5 11
Page 3
Page 4
4. Intangible Assets
Goodwill
£
Cost
As at 1 August 2022 91,205
As at 31 July 2023 91,205
Amortisation
As at 1 August 2022 73,845
Provided during the period 3,469
Impairment losses 3,483
As at 31 July 2023 80,797
Net Book Value
As at 31 July 2023 10,408
As at 1 August 2022 17,360
5. Tangible Assets
Plant & Machinery etc.
£
Cost
As at 1 August 2022 48,941
Additions 1,165
As at 31 July 2023 50,106
Depreciation
As at 1 August 2022 36,275
Provided during the period 6,916
As at 31 July 2023 43,191
Net Book Value
As at 31 July 2023 6,915
As at 1 August 2022 12,666
6. Debtors
31 July 2023 31 July 2022
£ £
Due within one year
Trade debtors 48,707 5,234
Other debtors 12,361 181,223
Other debtors (1) 569,297 515,050
VAT - 20,702
Director's loan account - 18,941
630,365 741,150
Page 4
Page 5
7. Creditors: Amounts Falling Due Within One Year
31 July 2023 31 July 2022
£ £
Trade creditors 563,596 331,512
Bank loans and overdrafts 773,015 857,445
Other taxes and social security 124,734 206,326
VAT 470 -
Other creditors 6,921 1,567
Investments - 88,838
Accruals and deferred income 195,788 195,788
Director's loan account 7,489 -
1,672,013 1,681,476
8. Creditors: Amounts Falling Due After More Than One Year
31 July 2023 31 July 2022
£ £
Amounts owed to associates 3,480,284 2,183,992
9. Share Capital
31 July 2023 31 July 2022
£ £
Allotted, Called up and fully paid 1 1
Page 5