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QlaimsTech Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

QlaimsTech Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

QlaimsTech Ltd

(Registration number: 10671015)
Balance Sheet as at 31 March 2024

Note

2024
£

Restated
2023
£

Fixed assets

 

Intangible assets

4

149,972

125,744

Tangible assets

5

3,069

9,457

 

153,041

135,201

Current assets

 

Debtors

128,958

74,532

Cash at bank and in hand

 

58,415

16,113

 

187,373

90,645

Creditors: Amounts falling due within one year

(2,434,403)

(1,938,012)

Net current liabilities

 

(2,247,030)

(1,847,367)

Net liabilities

 

(2,093,989)

(1,712,166)

Capital and reserves

 

Called up share capital

10

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 members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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 Board on 17 July 2024 and signed on its behalf by:
 

.........................................
Elizabeth Latter
Director

 

QlaimsTech Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Level 30
The Leadenhall Building
Leadenhall Street
London
EC3V 4AB

These financial statements were authorised for issue by the Board on 17 July 2024.

2

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 10 (2023 - 8).

 

QlaimsTech Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Intangible assets

Development costs
 £

Other intangible assets
 £

Total
£

Cost or valuation

At 1 April 2023

325,089

28,250

353,339

Additions internally developed

83,385

-

83,385

At 31 March 2024

408,474

28,250

436,724

Amortisation

At 1 April 2023

208,258

19,337

227,595

Amortisation charge

53,507

5,650

59,157

At 31 March 2024

261,765

24,987

286,752

Carrying amount

At 31 March 2024

146,709

3,263

149,972

At 31 March 2023

116,831

8,913

125,744

5

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 April 2023

33,650

33,650

Additions

74

74

At 31 March 2024

33,724

33,724

Depreciation

At 1 April 2023

24,192

24,192

Charge for the year

6,463

6,463

At 31 March 2024

30,655

30,655

Carrying amount

At 31 March 2024

3,069

3,069

At 31 March 2023

9,457

9,457

 

QlaimsTech Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

6

Debtors

2024
£

2023
£

Trade debtors

2,597

5,012

Prepayments

23,923

8,960

Other debtors

102,438

60,560

128,958

74,532

7

Creditors

Creditors: amounts falling due within one year

2024
£

Restated
2023
£

Due within one year

Trade creditors

12,519

14,150

PAYE and NIC

19,174

-

VAT

52,128

71,256

Accruals and deferred income

58,662

24,120

Amounts owed to group undertakings

2,289,341

1,826,320

Other payables

2,579

2,166

2,434,403

1,938,012

8

Related party transactions

Loans from related parties

2024

Parent
£

Total
£

At start of period

1,826,319

1,826,319

Advanced

922,214

922,214

Repaid

(459,192)

(459,192)

At end of period

2,289,341

2,289,341

 

QlaimsTech Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

2023

Parent
£

Total
£

At start of period

1,566,999

1,566,999

Advanced

618,575

618,575

Repaid

(359,255)

(359,255)

At end of period

1,826,319

1,826,319

Terms of loans from related parties

The intercompany balance with Qlaims Limited is non interest bearing and repayable on demand. Salary costs of £227,441 (2023: £168,463) have been recharged to Qlaims Limited via the intercompany account.
 

9

Parent and ultimate parent undertaking

The company's immediate parent is Qlaims Limited, incorporated in England and Wales.

 

10

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100

       
 

QlaimsTech Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

 

11

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.