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REGISTERED NUMBER: 04020290 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

Q-Sphere Limited

Q-Sphere Limited (Registered number: 04020290)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Q-Sphere Limited

Company Information
for the Year Ended 31 December 2023







DIRECTOR: M Novkovic





SECRETARY: Mrs S Novkovic





REGISTERED OFFICE: Bankside
Peaslake Lane
Peaslake
Surrey
GU5 9RL





REGISTERED NUMBER: 04020290 (England and Wales)

Q-Sphere Limited (Registered number: 04020290)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 4,600,085 4,600,085
Tangible assets 5 555 1,110
Investments 6 300 300
4,600,940 4,601,495

CURRENT ASSETS
Debtors 7 1,077 3,759
Cash at bank 182 1,462
1,259 5,221
CREDITORS
Amounts falling due within one year 8 8,280 10,830
NET CURRENT LIABILITIES (7,021 ) (5,609 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,593,919

4,595,886

CREDITORS
Amounts falling due after more than one
year

9

1,689,440

1,664,040
NET ASSETS 2,904,479 2,931,846

CAPITAL AND RESERVES
Called up share capital 920 920
Revaluation reserve 10 3,376,965 3,376,965
Other reserves 695,680 695,680
Retained earnings (1,169,086 ) (1,141,719 )
SHAREHOLDERS' FUNDS 2,904,479 2,931,846

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Q-Sphere Limited (Registered number: 04020290)

Balance Sheet - continued
31 December 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 9 September 2024 and were signed by:





M Novkovic - Director


Q-Sphere Limited (Registered number: 04020290)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Q-Sphere Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements
The financial statements contain information about Q-Sphere Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Intangible assets
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date if the fair value can be measured reliably.

Expenditure on research and development is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - Straight line over 3 years

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Q-Sphere Limited (Registered number: 04020290)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Going concern
Having considered the current and anticipated economic impact of covid-19 on the company's activities, the director is satisfied that he, being the main creditor, can continue to provide financial support and adequate resources to meet the company's working capital requirements and to enable the company to remain in operational existence for the foreseeable future. The director has therefore continued to adopt the going concern basis in preparing these financial statements.

Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the assets belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

Q-Sphere Limited (Registered number: 04020290)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. INTANGIBLE FIXED ASSETS
Development
costs
£   
COST
At 1 January 2023
and 31 December 2023 4,600,085
NET BOOK VALUE
At 31 December 2023 4,600,085
At 31 December 2022 4,600,085

The asset has been recognised based on the development of five software packages, with the intention to sell them to users in the near future.

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023
and 31 December 2023 3,043
DEPRECIATION
At 1 January 2023 1,933
Charge for year 555
At 31 December 2023 2,488
NET BOOK VALUE
At 31 December 2023 555
At 31 December 2022 1,110

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 300
NET BOOK VALUE
At 31 December 2023 300
At 31 December 2022 300

Q-Sphere Limited (Registered number: 04020290)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Other debtors 220 220
VAT 857 3,053
Prepayments - 486
1,077 3,759

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 6,430 8,830
Accrued expenses 1,850 2,000
8,280 10,830

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Directors' loan accounts 1,689,440 1,664,040

10. RESERVES
Revaluation
reserve
£   
At 1 January 2023
and 31 December 2023 3,376,965

11. RELATED PARTY TRANSACTIONS

The director, Mr M Novkovic, has provided an interest-free loan of £1,689,440 (2022: £1,664,040) to the company.

12. ULTIMATE CONTROLLING PARTY

The controlling party is M Novkovic.