Company registration number 03908785 (England and Wales)
Q SOFTWARE GLOBAL LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
Q SOFTWARE GLOBAL LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
Q SOFTWARE GLOBAL LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
page 1
31 December 2023
30 June 2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
3,037
1,567
Current assets
Debtors
4
2,005,591
2,314,164
Cash at bank and in hand
1,111,206
456,149
3,116,797
2,770,313
Creditors: amounts falling due within one year
5
(1,820,814)
(2,049,534)
Net current assets
1,295,983
720,779
Total assets less current liabilities
1,299,020
722,346
Creditors: amounts falling due after more than one year
6
(101,782)
(175,596)
Provisions for liabilities
(1,072)
Net assets
1,196,166
546,750
Capital and reserves
Called up share capital
3,031
3,031
Capital redemption reserve
376
376
Profit and loss reserves
1,192,759
543,343
Total equity
1,196,166
546,750
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved and signed by the director and authorised for issue on 24 September 2024
P Pandey
Director
Company registration number 03908785 (England and Wales)
Q SOFTWARE GLOBAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
page 2
1
Accounting policies
Company information
Q Software Global Limited is a private company limited by shares incorporated in England and Wales. The registered office is Connect House, Kingston Road, Leatherhead, Surrey, KT22 7LT.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Reporting period
These financial statement are prepared for an 18 month period from the 1 July 2022 - 31 December 2023. This has been done to bring the financial year inline with the group companies. The comparative period figures are for the 12 month period ending 30 June 2022.
1.3
Turnover
Turnover represents net invoiced sale of software, maintenance and consultancy services excluding value added tax.
The income received for annual maintenance contract is taken to the profit and loss account in equal instalments over the period to which it relates. Income relating to a future period is taken to deferred income, The deferred annual maintenance income is non-refundable to customers.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computers
25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Fixed assets costing £500 or more are capitalised on purchase. Assets costing less than £500 are taken to the profit and loss account in the year of purchase.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Q SOFTWARE GLOBAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
page 3
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Q SOFTWARE GLOBAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
page 4
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.11
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
1.12
Research expenditure 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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the Period was:
2023
2022
Number
Number
Total
7
10
Q SOFTWARE GLOBAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
page 5
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2022
33,932
Additions
3,164
Disposals
(11,730)
At 31 December 2023
25,366
Depreciation and impairment
At 1 July 2022
32,365
Depreciation charged in the Period
1,694
Eliminated in respect of disposals
(11,730)
At 31 December 2023
22,329
Carrying amount
At 31 December 2023
3,037
At 30 June 2022
1,567
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
466,101
604,054
Amounts owed by group undertakings
1,411,164
1,569,536
Other debtors
12,061
20,734
Prepayments
116,265
119,840
2,005,591
2,314,164
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
57,723
90,822
Corporation tax
193,410
46,993
Other taxation and social security
48,515
25,718
Other creditors
1,521,166
1,886,001
1,820,814
2,049,534
Included within other creditors is £2,984 (2022: £1,707) of contributions due to the pension company.
Q SOFTWARE GLOBAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
page 6
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
101,782
175,596
7
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Statutory Auditor:
Richard Place Dobson Services Limited
Date of audit report:
24 September 2024
8
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
21,623
4,872
9
Related party transactions
Transactions with related parties
The following amounts were outstanding at the reporting end date:
2023
2022
Amounts due to related parties
£
£
Entities with control, joint control or significant influence over the company
1,072,911
-
The following amounts were outstanding at the reporting end date:
2023
2022
Amounts due from related parties
£
£
Entities with control, joint control or significant influence over the company
2,484,076
-
Q SOFTWARE GLOBAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
page 7
10
Ultimate Controlling Party
The Company's immediate controlling Party is GreyHeller Inc, located 111 Deerwood Rd, San Ramon, CA 94583, United States.
The Company's ultimate parent undertaking is Pathlock Inc, located 8111 Lyndon B Johnson Fwy, Dallas, TX 75251, United States.