Caseware UK (AP4) 2023.0.135 2023.0.135 2024-01-312024-01-31true2023-02-01false44trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 10585199 2023-02-01 2024-01-31 10585199 2022-02-01 2023-01-31 10585199 2024-01-31 10585199 2023-01-31 10585199 2022-02-01 10585199 c:Director1 2023-02-01 2024-01-31 10585199 d:ComputerEquipment 2023-02-01 2024-01-31 10585199 d:ComputerEquipment 2024-01-31 10585199 d:ComputerEquipment 2023-01-31 10585199 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 10585199 d:CurrentFinancialInstruments 2024-01-31 10585199 d:CurrentFinancialInstruments 2023-01-31 10585199 d:CurrentFinancialInstruments d:WithinOneYear 2024-01-31 10585199 d:CurrentFinancialInstruments d:WithinOneYear 2023-01-31 10585199 d:ShareCapital 2024-01-31 10585199 d:ShareCapital 2023-01-31 10585199 d:RetainedEarningsAccumulatedLosses 2024-01-31 10585199 d:RetainedEarningsAccumulatedLosses 2023-01-31 10585199 c:FRS102 2023-02-01 2024-01-31 10585199 c:AuditExempt-NoAccountantsReport 2023-02-01 2024-01-31 10585199 c:FullAccounts 2023-02-01 2024-01-31 10585199 c:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 10585199 d:EntityControlledByKeyManagementPersonnel1 2023-02-01 2024-01-31 10585199 d:EntityControlledByKeyManagementPersonnel1 2024-01-31 10585199 d:EntityControlledByKeyManagementPersonnel1 2023-01-31 10585199 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-02-01 2024-01-31 10585199 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-01-31 10585199 d:AcceleratedTaxDepreciationDeferredTax 2024-01-31 10585199 d:AcceleratedTaxDepreciationDeferredTax 2023-01-31 10585199 d:RetirementBenefitObligationsDeferredTax 2024-01-31 10585199 d:RetirementBenefitObligationsDeferredTax 2023-01-31 10585199 2 2023-02-01 2024-01-31 10585199 e:PoundSterling 2023-02-01 2024-01-31 iso4217:GBP xbrli:pure
Registered number: 10585199









KQ MARKETS LIMITED

UNAUDITED

FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JANUARY 2024

 
KQ MARKETS LIMITED
REGISTERED NUMBER: 10585199

BALANCE SHEET
AS AT 31 JANUARY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
8,938
10,472

Current assets
  

Debtors: amounts falling due within one year
 5 
1,801,931
1,653,565

Cash at bank and in hand
  
52,322
217,629

  
1,854,253
1,871,194

Creditors: amounts falling due within one year
 6 
(190,836)
(257,400)

Net current assets
  
 
 
1,663,417
 
 
1,613,794

Total assets less current liabilities
  
1,672,355
1,624,266

Provisions for liabilities
  

Deferred tax
 7 
(2,181)
(2,270)

Net assets
  
1,670,174
1,621,996


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Profit and loss account
  
1,669,174
1,620,996

  
1,670,174
1,621,996


Page 1

 
KQ MARKETS LIMITED
REGISTERED NUMBER: 10585199

BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2024

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 income and retained earnings 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 by: 




F Khan
Director

Date: 30 October 2024

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
KQ MARKETS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1.


GENERAL INFORMATION

The company is a private company limited by shares, incorporated in England and Wales, within the United Kingdom. The registered number of the company is 10585199 and the address of the registered office is 1 St. Katherines Way, London, E1W 1UN. This company is owned by an immediate parent company.

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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

REVENUE

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.

 
2.3

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.

Page 3

 
KQ MARKETS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.ACCOUNTING POLICIES (CONTINUED)


2.3
TANGIBLE FIXED ASSETS (continued)

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.

The estimated useful lives range as follows:

Computer equipment
-
33.33% straight line

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.

 
2.4

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.

 
2.5

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.

 
2.6

FINANCIAL INSTRUMENTS

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102.

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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Page 4

 
KQ MARKETS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.ACCOUNTING POLICIES (CONTINUED)


2.6
FINANCIAL INSTRUMENTS (continued)

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.7

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.

Page 5

 
KQ MARKETS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.8

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.

 
2.9

DIVIDENDS

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.10

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.

 
2.11

INTEREST INCOME

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

 
2.12

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 corporation 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 date, 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.

Page 6

 
KQ MARKETS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

3.


EMPLOYEES

The average monthly number of employees, including directors, during the year was 4 (2023 - 4).


4.


TANGIBLE FIXED ASSETS





Computer equipment

£



Cost 


At 1 February 2023
30,899


Additions
6,785



At 31 January 2024

37,684



Depreciation


At 1 February 2023
20,427


Charge for the year on owned assets
8,319



At 31 January 2024

28,746



Net book value



At 31 January 2024
8,938



At 31 January 2023
10,472

Page 7

 
KQ MARKETS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

5.


DEBTORS

2024
2023
£
£


Trade debtors
24,813
122,584

Amounts owed by group undertakings
323,174
109,901

Other debtors
1,453,765
1,418,432

Prepayments and accrued income
179
2,648

1,801,931
1,653,565



6.


CREDITORS: Amounts falling due within one year

2024
2023
£
£

Amounts owed to related undertaking
10,217
-

Corporation tax
113,275
96,913

Other taxation and social security
4,761
24,930

Other creditors
911
3,158

Accruals and deferred income
61,672
132,399

190,836
257,400


Page 8

 
KQ MARKETS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

7.


DEFERRED TAXATION




2024
2023


£

£






At beginning of year
(2,270)
(2,330)


Charged to profit or loss
89
60



At end of year
(2,181)
(2,270)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
2,235
2,618

Pension movement
(54)
(348)

2,181
2,270


8.


PENSION COMMITMENTS

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £4,187 (2023 - £5,053). Contributions totalling £911 (2023 - £3,158) were payable to the fund at the balance sheet date and are included in creditors.


9.


RELATED PARTY TRANSACTIONS

During the year the company operated a loan account with the director of the company. The amount advanced and due from the director at the year end was £Nil (2023 - £86,748). Interest was charged at HMRC's approved rate of interest. 
At the year end the company was owed £1,453,166 (2023 - £1,246,120) from related undertakings.
At the year end the company owed £10,217 (2023 - Was owed £18,286) to a related undertaking.


Page 9