QlaimsTech Ltd
for the Year Ended 31 March 2024
QlaimsTech Ltd
(Registration number: 10671015)
Balance Sheet as at 31 March 2024
Note |
2024 |
Restated |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Net liabilities |
( |
( |
|
Capital and reserves |
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Called up share capital |
100 |
100 |
|
Retained earnings |
(2,094,089) |
(1,712,266) |
|
Shareholders' deficit |
(2,093,989) |
(1,712,166) |
For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
QlaimsTech Ltd
(Registration number: 10671015)
Balance Sheet as at 31 March 2024
Approved and authorised by the
......................................... |
QlaimsTech Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The accounts have been prepared on a going concern basis. The directors have reviewed the company's plans for a period of 12 months from the date of signing the accounts and are satisfied that they can continue to adopt the going concern basis in preparing these financial statements. The company continues to benefit from the financial support of its parent, Qlaims Limited.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
QlaimsTech Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Office equipment |
Straight line 20% |
Development costs
Costs directly attributable to product development are capitalised as intangible assets only when technical feasibility of the project is demonstrated, there is an intention and ability to complete the development activities and the costs can be measured reliably. Such costs include purchases of materials and services and payroll-related costs of employees directly involved in the project. Research costs are recognised as an expense when incurred.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Other intangible assets |
Straight line over 5 years |
Development costs |
Straight line over 3 years |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
QlaimsTech Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
QlaimsTech Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
Intangible assets |
Development costs |
Other intangible assets |
Total |
|
Cost or valuation |
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At 1 April 2023 |
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Additions internally developed |
|
- |
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At 31 March 2024 |
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Amortisation |
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At 1 April 2023 |
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Amortisation charge |
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At 31 March 2024 |
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Carrying amount |
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At 31 March 2024 |
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At 31 March 2023 |
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Tangible assets |
Office equipment |
Total |
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Cost or valuation |
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At 1 April 2023 |
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Additions |
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At 31 March 2024 |
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Depreciation |
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At 1 April 2023 |
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Charge for the year |
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At 31 March 2024 |
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Carrying amount |
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At 31 March 2024 |
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At 31 March 2023 |
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QlaimsTech Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
Debtors |
2024 |
2023 |
|
Trade debtors |
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|
Prepayments |
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Other debtors |
|
|
|
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Creditors |
Creditors: amounts falling due within one year
2024 |
Restated |
|
Due within one year |
||
Trade creditors |
12,519 |
14,150 |
PAYE and NIC |
19,174 |
- |
VAT |
52,128 |
71,256 |
Accruals and deferred income |
|
|
Amounts owed to group undertakings |
2,289,341 |
1,826,320 |
Other payables |
2,579 |
2,166 |
|
|
Related party transactions |
Loans from related parties
2024 |
Parent |
Total |
At start of period |
|
|
Advanced |
|
|
Repaid |
( |
( |
At end of period |
|
|
|
QlaimsTech Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
2023 |
Parent |
Total |
At start of period |
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Advanced |
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Repaid |
( |
( |
At end of period |
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Terms of loans from related parties
Parent and ultimate parent undertaking |
The company's immediate parent is
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
|||
No. |
£ |
No. |
£ |
|
|
|
100 |
|
100 |
QlaimsTech Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
Restatement of prior years |
The company has made adjustments in respect of VAT incorrectly recorded in prior periods. As a result the current drectors have determined that the financial position originally reported by the company in its 2023 financial statements should be restated.
The impact by year is summarised in the table below:
Year |
VAT adjustment |
|
YE 2021 |
19,592 |
|
YE 2022 |
31,267 |
|
YE 2023 |
8,391 |
|
Total |
59,250 |
The total impact of the adjustments on brought forward retained earnings at 1 April 2023 is £69,159 (including an estimate of anticipated late payment interest of £9,909), with the brought forward deficit increasing from £1,643,006 to £1,712,165.