Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312true2023-01-01falseinv co2trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 13382113 2023-01-01 2023-12-31 13382113 2022-01-01 2022-12-31 13382113 2023-12-31 13382113 2022-12-31 13382113 c:Director1 2023-01-01 2023-12-31 13382113 d:Goodwill 2023-12-31 13382113 d:Goodwill 2022-12-31 13382113 d:CurrentFinancialInstruments 2023-12-31 13382113 d:CurrentFinancialInstruments 2022-12-31 13382113 d:Non-currentFinancialInstruments 2023-12-31 13382113 d:Non-currentFinancialInstruments 2022-12-31 13382113 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 13382113 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 13382113 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 13382113 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 13382113 d:ShareCapital 2023-12-31 13382113 d:ShareCapital 2022-12-31 13382113 d:RetainedEarningsAccumulatedLosses 2023-12-31 13382113 d:RetainedEarningsAccumulatedLosses 2022-12-31 13382113 c:FRS102 2023-01-01 2023-12-31 13382113 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 13382113 c:FullAccounts 2023-01-01 2023-12-31 13382113 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 13382113 2 2023-01-01 2023-12-31 13382113 d:Goodwill d:OwnedIntangibleAssets 2023-01-01 2023-12-31 13382113 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 13382113









QANTX LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
QANTX LIMITED
 

CONTENTS



Page
Balance Sheet
 
1 - 2
Notes to the Financial Statements
 
3 - 8


 
QANTX LIMITED
REGISTERED NUMBER:13382113

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
556
626

  
556
626

Current assets
  

Debtors: amounts falling due within one year
 5 
15,723
44,447

Cash at bank and in hand
  
1,108,848
1,628,948

  
1,124,571
1,673,395

Creditors: amounts falling due within one year
 6 
(360,958)
(380,174)

Net current assets
  
 
 
763,613
 
 
1,293,221

Total assets less current liabilities
  
764,169
1,293,847

Creditors: amounts falling due after more than one year
 7 
(763,634)
(1,270,773)

  

Net assets
  
535
23,074


Capital and reserves
  

Called up share capital 
  
913
913

Profit and loss account
  
(378)
22,161

  
535
23,074


Page 1

 
QANTX LIMITED
REGISTERED NUMBER:13382113
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




R I Haycock
Director

Date: 13 August 2024

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
QANTX LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

QantX Limited is a private company, limited by shares, incorporated in England & Wales. The registered address of the company is Botanic House, 100 Hills Road, Cambridge, Cambridgeshire, CB2 1PH. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

These financial statements are prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” as applied in the context of the small entities regime and the Companies Act (2006).

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis. The directors are confident that the company will continue to trade for 12 months from the date of signing these accounts. 

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide capital venture development services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.


  
2.4

Grant income

Grants relating to tangible fixed assets are treated as deferred income and released to the
income and expenditure account over the expected useful lives of the assets concerned. Other
grants are credited to the income and expenditure account as the related expenditure is
incurred. Grant income received as agent is not recognised in the profit & loss account.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 3

 
QANTX LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.8

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model,
intangible assets are measured at cost less any accumulated amortisation and any accumulated
impairment losses.
Trademarks are considered to have a useful economic life of ten years and are amortised on a straight line basis.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful
life cannot be made, the useful life shall not exceed ten years.

Page 4

 
QANTX LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition
of financial assets and liabilities like trade and other debtors and creditors, loans from banks and
other third parties, loans to related parties and investments in ordinary shares.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).

Page 5

 
QANTX LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Intangible assets




Trademark

£



Cost


At 1 January 2023
696



At 31 December 2023

696



Amortisation


At 1 January 2023
70


Charge for the year on owned assets
70



At 31 December 2023

140



Net book value



At 31 December 2023
556



At 31 December 2022
626



Page 6

 
QANTX LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Debtors

2023
2022
£
£


Trade debtors
-
15,000

Directors' loan account
-
16

Prepayments and accrued income
8,958
9,726

Other debtors
-
10,454

VAT repayable
6,296
8,995

Deferred taxation
469
256

15,723
44,447



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
40,253
56,341

Other creditors
6,525
1,350

Corporation tax
-
7,385

Other taxation and social security
3,330
8,216

Directors' loan account
-
71

Grant income received as agent
200,000
200,000

Accruals and deferred income
110,850
106,811

360,958
380,174



7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Other loans
76,208
76,933

Grant income received as agent
550,000
725,000

Deferred income
137,426
468,840

763,634
1,270,773


The other loans of £76,208 (2022 - £76,933) are interest free and repayable on demand after one year.

Page 7

 
QANTX LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Grant income received as agent

In the year, £175,000 (2022 - £75,000) was disbursed to the recipients leaving a balance of £750,000 (2022 - £925,000). At 31 December 2023, £200,000 (2022 - £200,000) is due to be paid to the recipients within a year and is included within creditors due within one year. The balance of £550,000 (2022 - £725,000) is included within creditors due after one year. As these transactions were conducted as agent, they are not recognised in the profit and loss account.


9.


Transactions with directors

During the year, the company advanced £Nil (2022 - £Nil) to a director of the company. The advances are unsecured, interest free and repayable on demand. During the year, amounts of £16 (2022 - £Nil) were repaid to the company. The maximum outstanding during the year was £16 (2022 - £16). The total outstanding at year end was £Nil (2022 - £16).
During the year, the company advanced £54,500 
(2022 - £400) to a director of the company. The advances are unsecured, interest was charged at the HMRC official rate and repayable on demand. During the year, amounts of £54,500 (2022 - £Nil) were repaid to the company. The maximum outstanding during the year was £54,500 (2022 - £Nil). The total outstanding at year end was £Nil (2022 - £Nil).

 
Page 8