Qi Digital Limited 11300096 false 2023-05-01 2024-04-30 2024-04-30 The principal activity of the company is a software technology provider that enables business owners to accept blockchain powered digital currencies as a payment method. The company's proprietary platform connects multiple blockchains such as Bitcoin, Ethereum and others whilst providing web programmers and software engineers with the necessary integration APIs ensuring a seamless route to market. Digita Accounts Production Advanced 6.30.9574.0 true true 11300096 2023-05-01 2024-04-30 11300096 2024-04-30 11300096 core:CurrentFinancialInstruments 2024-04-30 11300096 core:CurrentFinancialInstruments core:WithinOneYear 2024-04-30 11300096 core:Non-currentFinancialInstruments 2024-04-30 11300096 core:Non-currentFinancialInstruments core:AfterOneYear 2024-04-30 11300096 core:Goodwill 2024-04-30 11300096 core:OtherResidualIntangibleAssets 2024-04-30 11300096 core:OfficeEquipment 2024-04-30 11300096 bus:SmallEntities 2023-05-01 2024-04-30 11300096 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 11300096 bus:FullAccounts 2023-05-01 2024-04-30 11300096 bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 11300096 bus:RegisteredOffice 2023-05-01 2024-04-30 11300096 bus:CompanySecretaryDirector1 2023-05-01 2024-04-30 11300096 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 11300096 core:Goodwill 2023-05-01 2024-04-30 11300096 core:OtherResidualIntangibleAssets 2023-05-01 2024-04-30 11300096 core:OfficeEquipment 2023-05-01 2024-04-30 11300096 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2023-05-01 2024-04-30 11300096 countries:England 2023-05-01 2024-04-30 11300096 2023-04-30 11300096 core:Goodwill 2023-04-30 11300096 core:OtherResidualIntangibleAssets 2023-04-30 11300096 core:OfficeEquipment 2023-04-30 11300096 2022-05-01 2023-04-30 11300096 2023-04-30 11300096 core:CurrentFinancialInstruments 2023-04-30 11300096 core:CurrentFinancialInstruments core:WithinOneYear 2023-04-30 11300096 core:Non-currentFinancialInstruments 2023-04-30 11300096 core:Non-currentFinancialInstruments core:AfterOneYear 2023-04-30 11300096 core:Goodwill 2023-04-30 11300096 core:OtherResidualIntangibleAssets 2023-04-30 11300096 core:OfficeEquipment 2023-04-30 iso4217:GBP xbrli:pure

Registration number: 11300096

Qi Digital Limited

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Qi Digital Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Qi Digital Limited

(Registration number: 11300096)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

55,777

58,781

Tangible assets

5

3,508

4,127

 

59,285

62,908

Current assets

 

Debtors

6

-

14

Cash at bank and in hand

 

15,097

182,171

 

15,097

182,185

Creditors: Amounts falling due within one year

7

(22,026)

(19,744)

Net current (liabilities)/assets

 

(6,929)

162,441

Total assets less current liabilities

 

52,356

225,349

Creditors: Amounts falling due after more than one year

7

(2,177)

(5,983)

Net assets

 

50,179

219,366

Capital and reserves

 

Called up share capital

1,053

1,051

Share premium reserve

626,011

616,013

Retained earnings

(576,885)

(397,698)

Shareholders' funds

 

50,179

219,366

 

Qi Digital Limited

(Registration number: 11300096)
Balance Sheet as at 30 April 2024

For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 9 September 2024
 

.........................................
M Matharu
Company secretary and director

 

Qi Digital Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
128 City Road
London
EC1V 2NX
United Kingdom

These financial statements were authorised for issue by the director on 9 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Qi Digital Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Equipment

15% Reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Qi Digital Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2023 - 2).

 

Qi Digital Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

4

Intangible assets

Goodwill
 £

Other intangible assets
 £

Total
£

Cost or valuation

At 1 May 2023

35,521

23,260

58,781

Additions acquired separately

2,450

-

2,450

Disposals

-

(5,454)

(5,454)

At 30 April 2024

37,971

17,806

55,777

Amortisation

Carrying amount

At 30 April 2024

37,971

17,806

55,777

At 30 April 2023

35,521

23,260

58,781

5

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 May 2023

5,835

5,835

At 30 April 2024

5,835

5,835

Depreciation

At 1 May 2023

1,708

1,708

Charge for the year

619

619

At 30 April 2024

2,327

2,327

Carrying amount

At 30 April 2024

3,508

3,508

At 30 April 2023

4,127

4,127

6

Debtors

2024
£

2023
£

Other debtors

-

14

-

14

 

Qi Digital Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

2,029

-

Taxation and social security

 

50

-

Accruals and deferred income

 

1,134

8,819

Other creditors

 

18,813

10,925

 

22,026

19,744

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

2,177

5,983

8

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

2,177

5,983

2024
£

2023
£

Current loans and borrowings

Bank borrowings

2,029

-

9

Related party transactions

Summary of transactions with entities with joint control or significant interest

Mainstream Commerce Limited
 A company under the control of Manjinderpal Matharu
 During the year the company paid management charges of £64,000 (2022 - £17,500) to Mainstream Commerce Limited. At the balance sheet date the company owed £18,812 (2022 - £nil) to Mainstream Commerce Limited, this loan is interest free and has no fixed date for repayment.