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 09294877 Mr Premjith Prahlad true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 09294877 2022-12-31 09294877 2023-12-31 09294877 2023-01-01 2023-12-31 09294877 frs-core:Non-currentFinancialInstruments 2023-12-31 09294877 frs-core:ComputerEquipment 2023-01-01 2023-12-31 09294877 frs-core:FurnitureFittings 2023-01-01 2023-12-31 09294877 frs-core:ShareCapital 2023-12-31 09294877 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 09294877 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 09294877 frs-bus:FilletedAccounts 2023-01-01 2023-12-31 09294877 frs-bus:SmallEntities 2023-01-01 2023-12-31 09294877 frs-bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 09294877 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 09294877 1 2023-01-01 2023-12-31 09294877 frs-bus:Director1 2023-01-01 2023-12-31 09294877 frs-countries:EnglandWales 2023-01-01 2023-12-31 09294877 2021-12-31 09294877 2022-12-31 09294877 2022-01-01 2022-12-31 09294877 frs-core:Non-currentFinancialInstruments 2022-12-31 09294877 frs-core:ShareCapital 2022-12-31 09294877 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31
Registered number: 09294877
QSM Fashion Ltd
Unaudited Financial Statements
For The Year Ended 31 December 2023
ORM Accounting
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 09294877
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 56,069 19,942
Investments 83,327 -
139,396 19,942
CURRENT ASSETS
Stocks 56,334 98,869
Debtors 1,451,984 981,421
Cash at bank and in hand 66,388 70,324
1,574,706 1,150,614
Creditors: Amounts Falling Due Within One Year (272,488 ) (142,015 )
NET CURRENT ASSETS (LIABILITIES) 1,302,218 1,008,599
TOTAL ASSETS LESS CURRENT LIABILITIES 1,441,614 1,028,541
Creditors: Amounts Falling Due After More Than One Year (17,163,460 ) (14,269,061 )
NET LIABILITIES (15,721,846 ) (13,240,520 )
CAPITAL AND RESERVES
Called up share capital 4 700 700
Profit and Loss Account (15,722,546 ) (13,241,220 )
SHAREHOLDERS' FUNDS (15,721,846) (13,240,520)
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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 director acknowledges his 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
Mr Premjith Prahlad
Director
30/09/2024
The notes on pages 3 to 4 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
QSM Fashion Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 09294877 . The registered office is 250 Tottenham Court Road, 3rd Floor, London, W1T 7QZ.
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. 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.
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 25% reducing balance method
Computer Equipment 25% reducing balance method
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.6. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.7. Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account.
3. Average Number of Employees
Average number of employees, including directors, during the year was:
2023 2022
Office and administration 2 2
Sales, marketing and distribution 2 3
Manufacturing 7 6
11 11
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4. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 700 700
5. Ultimate Controlling Party
The company's ultimate controlling party are sharehonders by virtue of their ownership of 100% of the issued share capital in the company.
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