Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31software support2023-01-01false108truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 05823701 2023-01-01 2023-12-31 05823701 2022-01-01 2022-12-31 05823701 2023-12-31 05823701 2022-12-31 05823701 2022-01-01 05823701 1 2023-01-01 2023-12-31 05823701 d:Director2 2023-01-01 2023-12-31 05823701 e:Buildings e:ShortLeaseholdAssets 2023-01-01 2023-12-31 05823701 e:FurnitureFittings 2023-01-01 2023-12-31 05823701 e:OfficeEquipment 2023-01-01 2023-12-31 05823701 e:OfficeEquipment 2023-12-31 05823701 e:OfficeEquipment 2022-12-31 05823701 e:OfficeEquipment e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 05823701 e:CurrentFinancialInstruments 2023-12-31 05823701 e:CurrentFinancialInstruments 2022-12-31 05823701 e:Non-currentFinancialInstruments 2023-12-31 05823701 e:Non-currentFinancialInstruments 2022-12-31 05823701 e:CurrentFinancialInstruments e:WithinOneYear 2023-12-31 05823701 e:CurrentFinancialInstruments e:WithinOneYear 2022-12-31 05823701 e:Non-currentFinancialInstruments e:AfterOneYear 2023-12-31 05823701 e:Non-currentFinancialInstruments e:AfterOneYear 2022-12-31 05823701 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2023-12-31 05823701 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2022-12-31 05823701 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2023-12-31 05823701 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2022-12-31 05823701 e:ShareCapital 2023-12-31 05823701 e:ShareCapital 2022-01-01 2022-12-31 05823701 e:ShareCapital 2022-12-31 05823701 e:ShareCapital 2022-01-01 05823701 e:SharePremium 2023-12-31 05823701 e:SharePremium 1 2023-01-01 2023-12-31 05823701 e:SharePremium 2022-01-01 2022-12-31 05823701 e:SharePremium 2022-12-31 05823701 e:SharePremium 2022-01-01 05823701 e:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 05823701 e:RetainedEarningsAccumulatedLosses 2023-12-31 05823701 e:RetainedEarningsAccumulatedLosses 1 2023-01-01 2023-12-31 05823701 e:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 05823701 e:RetainedEarningsAccumulatedLosses 2022-12-31 05823701 e:RetainedEarningsAccumulatedLosses 2022-01-01 05823701 d:OrdinaryShareClass1 2023-01-01 2023-12-31 05823701 d:OrdinaryShareClass1 2023-12-31 05823701 d:OrdinaryShareClass1 2022-12-31 05823701 d:FRS102 2023-01-01 2023-12-31 05823701 d:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 05823701 d:FullAccounts 2023-01-01 2023-12-31 05823701 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 05823701 e:Subsidiary1 2023-01-01 2023-12-31 05823701 e:Subsidiary1 1 2023-01-01 2023-12-31 05823701 e:Subsidiary2 2023-01-01 2023-12-31 05823701 e:Subsidiary2 1 2023-01-01 2023-12-31 05823701 2 2023-01-01 2023-12-31 05823701 6 2023-01-01 2023-12-31 05823701 e:AcceleratedTaxDepreciationDeferredTax 2023-12-31 05823701 e:AcceleratedTaxDepreciationDeferredTax 2022-12-31 05823701 f:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 05823701










QUANTUM AVIATION SOLUTIONS LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
QUANTUM AVIATION SOLUTIONS LIMITED
REGISTERED NUMBER:05823701

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
7,801
3,731

Investments
 5 
29,020
29,020

  
36,821
32,751

Current assets
  

Debtors
 6 
469,506
371,431

Cash at bank and in hand
  
34,530
147,109

  
504,036
518,540

Creditors: amounts falling due within one year
 7 
(149,581)
(130,987)

Net current assets
  
 
 
354,455
 
 
387,553

Total assets less current liabilities
  
391,276
420,304

Creditors: amounts falling due after more than one year
 8 
(45,000)
(75,000)

Provisions for liabilities
  

Deferred tax
 10 
(1,482)
(709)

  
 
 
(1,482)
 
 
(709)

Net assets
  
344,794
344,595


Capital and reserves
  

Called up share capital 
 11 
9
9

Share premium account
  
29,012
3,608,032

Profit and loss account
  
315,773
(3,263,446)

  
344,794
344,595

Page 1

 
QUANTUM AVIATION SOLUTIONS LIMITED
REGISTERED NUMBER:05823701
    
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 statement of comprehensive income 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 on 24 September 2024.




................................................
G T Earner
Director

The notes on pages 4 to 13 form part of these financial statements.
Page 2

 
QUANTUM AVIATION SOLUTIONS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 January 2022
8
3,341,978
308,002
3,649,988


Comprehensive income for the year

Loss for the year
-
-
(3,571,448)
(3,571,448)

Shares issued during the year
1
266,054
-
266,055



At 1 January 2023
9
3,608,032
(3,263,446)
344,595


Comprehensive income for the year

Profit for the year
-
-
199
199

Reduction of share premium
-
-
3,579,020
3,579,020

Reduction of share premium
-
(3,579,020)
-
(3,579,020)


At 31 December 2023
9
29,012
315,773
344,794


The notes on pages 4 to 13 form part of these financial statements.
Page 3

 
QUANTUM AVIATION SOLUTIONS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Quantum Aviation Solutions Limited is a private company limited by shares, incorporated in England and Wales, registration number 05823701. 
The principal activity of the Company during the year was software support.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Exemption from preparing consolidated financial statements

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is pounds sterling.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Page 4

 
QUANTUM AVIATION SOLUTIONS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Revenue recognition

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 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.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Rentals paid under finance leases which are charged to the parent undertaking are included in profit and loss as incurred. The parent undertaking accounts for such charges as finance leases in its own financial statements.

 
2.7

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.

 
2.8

Interest income

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

Page 5

 
QUANTUM AVIATION SOLUTIONS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

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, 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.

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Leasehold property
-
20% per annum
Fixtures and fittings
-
20% per annum
Office equipment
-
33.33% per annum

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 6

 
QUANTUM AVIATION SOLUTIONS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.12

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.

 
2.13

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.

 
2.14

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.
Financial assets that are measured at cost and amortised cost are assessed at the end of each
reporting period for objective evidence of impairment. If objective evidence of impairment is found, an
impairment loss is recognised in the Statement of Comprehensive Income.
For financial assets measured at cost less impairment, the impairment loss is measured as the
difference between an asset's carrying amount and best estimate of the recoverable amount, which is
an approximation of the amount that the Company would receive for the asset if it were to be sold at
the balance sheet date.

Page 7

 
QUANTUM AVIATION SOLUTIONS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.15

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.

 
2.16

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

 
2.17

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.18

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


3.


Employees

The average monthly number of employees, including directors, during the year was 10 (2022 - 8).

Page 8

 
QUANTUM AVIATION SOLUTIONS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Office equipment

£



Cost or valuation


At 1 January 2023
89,145


Additions
6,647



At 31 December 2023

95,792



Depreciation


At 1 January 2023
85,414


Charge for the year on owned assets
2,577



At 31 December 2023

87,991



Net book value



At 31 December 2023
7,801



At 31 December 2022
3,731


5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
29,020



At 31 December 2023
29,020






Net book value



At 31 December 2023
29,020



At 31 December 2022
29,020

Page 9

 
QUANTUM AVIATION SOLUTIONS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Principal activity

Class of shares

Holding

Quantum Aviation Solutions GmbH
Software development
Ordinary
100%
Quantum Aviation Solutions Singapore PTE. Ltd
Management consultancy and software development
Ordinary
100%

Quantum Aviation Solutions GmbH is incorporated in Germany and Quantum Aviation Solutions Singapore PTE. Ltd is incorporated in Singapore.

The aggregate of the share capital and reserves as at 31 December 2023 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit / (loss) for the year
£
£

Quantum Aviation Solutions GmbH
-
(713,985)

Quantum Aviation Solutions Singapore PTE. Ltd
41,586
7,355


6.


Debtors

2023
2022
£
£



Trade debtors
-
3,238

Amounts owed by group undertakings
404,302
323,797

Other debtors
45,946
28,843

Prepayments and accrued income
19,258
15,553

469,506
371,431


Page 10

 
QUANTUM AVIATION SOLUTIONS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
30,000
30,000

Trade creditors
28,423
20,924

Other taxation and social security
19,182
14,300

Other creditors
22,620
5,682

Accruals and deferred income
49,356
60,081

149,581
130,987



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans falling due after more than one year but within five years
45,000
75,000

45,000
75,000


Bank loans comprise a Coronavirus Business Interruption Loan repayable at a rate of £2,500 per month.
Repayments of capital are not required for the first twelve months after the date at which the loan is drawn down. Interest is payable at a rate of 3.99% per annum over the Bank of England Base Rate. The loan is secured by way of a fixed and floating charge over the assets and undertakings of the company.

Page 11

 
QUANTUM AVIATION SOLUTIONS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
30,000
30,000


30,000
30,000

Amounts falling due 1-2 years

Bank loans
30,000
30,000


30,000
30,000

Amounts falling due 2-5 years

Bank loans
15,000
45,000


15,000
45,000


75,000
105,000


Page 12

 
QUANTUM AVIATION SOLUTIONS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Deferred taxation




2023


£






At beginning of year
(709)


Charged to profit or loss
(773)



At end of year
(1,482)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(1,482)
(709)


11.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



9 (2022 - 9) Ordinary shares of £1 each
9
9



12.


Controlling party

The Company is a wholly owned subsidiary of Quantum Aviations Solutions Inc., registered in the United
States of America. The ultimate controlling party is J W Collins.

 
Page 13