Acorah Software Products - Accounts Production 15.0.600 false true 31 December 2022 1 January 2022 false 1 January 2023 31 December 2023 31 December 2023 07393653 R J Docherty P Curtis iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 07393653 2022-12-31 07393653 2023-12-31 07393653 2023-01-01 2023-12-31 07393653 frs-core:CurrentFinancialInstruments 2023-12-31 07393653 frs-core:Non-currentFinancialInstruments 2023-12-31 07393653 frs-core:FurnitureFittings 2023-12-31 07393653 frs-core:FurnitureFittings 2023-01-01 2023-12-31 07393653 frs-core:FurnitureFittings 2022-12-31 07393653 frs-core:ShareCapital 2023-12-31 07393653 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 07393653 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 07393653 frs-bus:FilletedAccounts 2023-01-01 2023-12-31 07393653 frs-bus:SmallEntities 2023-01-01 2023-12-31 07393653 frs-bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 07393653 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 07393653 frs-bus:Director1 2023-01-01 2023-12-31 07393653 frs-bus:Director2 2023-01-01 2023-12-31 07393653 frs-bus:Director2 2022-12-31 07393653 frs-bus:Director2 2023-12-31 07393653 frs-countries:EnglandWales 2023-01-01 2023-12-31 07393653 2021-12-31 07393653 2022-12-31 07393653 2022-01-01 2022-12-31 07393653 frs-core:CurrentFinancialInstruments 2022-12-31 07393653 frs-core:Non-currentFinancialInstruments 2022-12-31 07393653 frs-core:ShareCapital 2022-12-31 07393653 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31
Registered number: 07393653
QTM Global Services Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 07393653
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 10,138 8,871
10,138 8,871
CURRENT ASSETS
Debtors 5 1,648,846 2,237,290
Cash at bank and in hand 30,767 7,829
1,679,613 2,245,119
Creditors: Amounts Falling Due Within One Year 6 (1,448,017 ) (1,885,474 )
NET CURRENT ASSETS (LIABILITIES) 231,596 359,645
TOTAL ASSETS LESS CURRENT LIABILITIES 241,734 368,516
Creditors: Amounts Falling Due After More Than One Year 7 (14,167 ) (24,167 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (2,059 ) (1,685 )
NET ASSETS 225,508 342,664
CAPITAL AND RESERVES
Called up share capital 8 50 50
Profit and Loss Account 225,458 342,614
SHAREHOLDERS' FUNDS 225,508 342,664
Page 1
Page 2
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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
R J Docherty
Director
P Curtis
Director
07/06/2024
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
QTM Global Services Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07393653 . The registered office is 4.07 Grosvenor House Central Park, Telford, Shropshire, TF2 9TW.
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. 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:
Fixtures & Fittings 15% straight line
2.4. 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 24 (2022: 18)
24 18
Page 3
Page 4
4. Tangible Assets
Fixtures & Fittings
£
Cost
As at 1 January 2023 42,109
Additions 5,889
As at 31 December 2023 47,998
Depreciation
As at 1 January 2023 33,238
Provided during the period 4,622
As at 31 December 2023 37,860
Net Book Value
As at 31 December 2023 10,138
As at 1 January 2023 8,871
5. Debtors
2023 2022
£ £
Due within one year
Trade debtors 1,283,772 1,877,231
Prepayments and accrued income 9,327 4,312
Corporation tax recoverable assets 52,486 52,486
Directors' loan accounts 161,495 161,495
Amounts owed by group undertakings 141,766 141,766
1,648,846 2,237,290
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 1,205,503 1,157,214
Bank loans and overdrafts 10,000 452,746
Corporation tax - 75,712
Other taxes and social security 48,307 28,999
VAT 56,544 49,031
Other creditors 5,758 3,184
Accruals and deferred income 47,583 45,343
Amounts owed to group undertakings 74,322 73,245
1,448,017 1,885,474
7. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 14,167 24,167
Page 4
Page 5
8. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 50 50
9. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 January 2023 Amounts advanced Amounts repaid Amounts written off As at 31 December 2023
£ £ £ £ £
Mrs Patricia Curtis 161,495 - - - -
The above loan is unsecured, interest free and repayable on demand.
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