Q.E.D. Advanced Systems Limited 02624408 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is the supply of computer related services Digita Accounts Production Advanced 6.30.9574.0 true false true true 02624408 2023-04-01 2024-03-31 02624408 2024-03-31 02624408 core:CurrentFinancialInstruments 2024-03-31 02624408 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 02624408 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 02624408 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-03-31 02624408 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 1 2024-03-31 02624408 core:Goodwill 2024-03-31 02624408 core:CostValuation 2024-03-31 02624408 core:LandBuildings core:OwnedOrFreeholdAssets 2024-03-31 02624408 core:MotorVehicles 2024-03-31 02624408 core:OfficeEquipment 2024-03-31 02624408 core:PlantMachinery 2024-03-31 02624408 core:OtherRelatedParties 2024-03-31 02624408 1 2024-03-31 02624408 bus:SmallEntities 2023-04-01 2024-03-31 02624408 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 02624408 bus:FilletedAccounts 2023-04-01 2024-03-31 02624408 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 02624408 bus:RegisteredOffice 2023-04-01 2024-03-31 02624408 bus:Director2 2023-04-01 2024-03-31 02624408 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 02624408 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-04-01 2024-03-31 02624408 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 1 2023-04-01 2024-03-31 02624408 core:Goodwill 2023-04-01 2024-03-31 02624408 core:Buildings 2023-04-01 2024-03-31 02624408 core:LandBuildings core:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 02624408 core:LeaseholdImprovements 2023-04-01 2024-03-31 02624408 core:MotorVehicles 2023-04-01 2024-03-31 02624408 core:OfficeEquipment 2023-04-01 2024-03-31 02624408 core:PlantMachinery 2023-04-01 2024-03-31 02624408 core:OtherRelatedParties 2023-04-01 2024-03-31 02624408 core:Subsidiary1 2023-04-01 2024-03-31 02624408 core:Subsidiary1 1 2023-04-01 2024-03-31 02624408 core:Subsidiary1 countries:AllCountries 2023-04-01 2024-03-31 02624408 countries:EnglandWales 2023-04-01 2024-03-31 02624408 1 2023-04-01 2024-03-31 02624408 2023-03-31 02624408 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-03-31 02624408 core:Goodwill 2023-03-31 02624408 core:CostValuation 2023-03-31 02624408 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 02624408 core:MotorVehicles 2023-03-31 02624408 core:OfficeEquipment 2023-03-31 02624408 core:PlantMachinery 2023-03-31 02624408 core:OtherRelatedParties 2023-03-31 02624408 1 2023-03-31 02624408 2022-04-01 2023-03-31 02624408 2023-03-31 02624408 core:CurrentFinancialInstruments 2023-03-31 02624408 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 02624408 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 02624408 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-03-31 02624408 core:Goodwill 2023-03-31 02624408 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 02624408 core:MotorVehicles 2023-03-31 02624408 core:OfficeEquipment 2023-03-31 02624408 core:PlantMachinery 2023-03-31 02624408 core:OtherRelatedParties 2023-03-31 02624408 core:OtherRelatedParties 2022-04-01 2023-03-31 02624408 core:Subsidiary1 1 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Registration number: 02624408

Q.E.D. Advanced Systems Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Q.E.D. Advanced Systems Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 11

 

Q.E.D. Advanced Systems Limited

(Registration number: 02624408)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

22,067

16,724

Tangible assets

5

58,139

52,208

Investments

6

77

77

 

80,283

69,009

Current assets

 

Stocks

7

60,011

106,917

Debtors

8

749,864

658,850

Cash at bank and in hand

 

1,896,608

1,486,955

 

2,706,483

2,252,722

Creditors: Amounts falling due within one year

9

(1,000,343)

(872,077)

Net current assets

 

1,706,140

1,380,645

Total assets less current liabilities

 

1,786,423

1,449,654

Creditors: Amounts falling due after more than one year

9

(345,120)

(370,769)

Provisions for liabilities

(13,193)

(11,883)

Net assets

 

1,428,110

1,067,002

Capital and reserves

 

Called up share capital

100

100

Capital redemption reserve

204,490

204,490

Retained earnings

1,223,520

862,412

Shareholders' funds

 

1,428,110

1,067,002

 

Q.E.D. Advanced Systems Limited

(Registration number: 02624408)
Balance Sheet as at 31 March 2024

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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 29 July 2024 and signed on its behalf by:
 

Mr I J Fisher
Director

   
     
 

Q.E.D. Advanced Systems Limited

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 and Wales.

The address of its registered office is:
22 Bridgwater Court
Oldmixon Crescent
Weston Super Mare
North Somerset
BS24 9AY
UK

These financial statements were authorised for issue by the Board on 29 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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

The financial statements are prepared in sterling, which is the functional currency of the company, and rounded to the nearest £.

Going concern

The directors are confident that the business, through the bank reserves of the company, has adequate resources to continue trading and accordingly the company has continued to prepare its financial statements on a going concern basis.

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 value added tax, returns, rebates and discounts.

The Company recognises revenue when all of the following conditions are satisfied:
- the amount of revenue can be reliably measured;
- all of the significant risks and rewards of ownership have been transferred to the customer;
- the entity retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
- the costs incurred or to be incurred in respect of the transaction can be measured reliably;
- 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.

 

Q.E.D. Advanced Systems Limited

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

Government grants

Government grants are accrued on a systematic basis over the period that the related costs have been recognised. Where the costs have already been incurred then government grants are credited to the profit and loss account in full.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises of current and deferred 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 group operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Development costs

Development expenditure incurred on software is carried forward as an intangible asset only when its future recoverability can reasonably be regarded as assured. Any expenditure carried forward is amortised in line with the expected future use of the related software.

Expenditure incurred on pure and applied research is written off as it is 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:

 

Q.E.D. Advanced Systems Limited

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

Asset class

Amortisation method and rate

Goodwill

straight line over 10 years

Development costs

straight line over 3 - 5 years

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

Leasehold property improvements

straight line over the life of the lease

Land and buildings

2-5% straight line

Other property, plant and equipment

25% reducing balance

Motor vehicles

25% reducing balance

Office equipment

25% reducing balance

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Q.E.D. Advanced Systems Limited

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

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 group will not be able to collect all amounts due according to the original terms of the receivables.

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.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the group 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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are
classified as operating leases. Payments made under operating leases are charged to profit or loss on
a straight-line basis over the period of the lease.

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.

Dividends

Dividend distribution to the group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Q.E.D. Advanced Systems Limited

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

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments.

 Recognition and measurement
An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

 Impairment
Financial instruments are assessed for impairment at the end of each reporting period.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 12 (2023 - 12).

4

Intangible assets

Goodwill
 £

Development costs
 £

Total
£

Cost

At 1 April 2023

246,216

132,129

378,345

Additions

-

21,325

21,325

At 31 March 2024

246,216

153,454

399,670

Amortisation

At 1 April 2023

246,216

115,405

361,621

Amortisation charge

-

15,982

15,982

At 31 March 2024

246,216

131,387

377,603

Carrying amount

At 31 March 2024

-

22,067

22,067

At 31 March 2023

-

16,724

16,724

Development costs
The carrying amount of this asset is £22,067 (2023 - £16,724) and the remaining amortisation period is 2 years (2023 - 2 years).

 

Q.E.D. Advanced Systems Limited

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

5

Tangible assets

Leasehold property
improvements
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

-

29,665

241,827

88,466

359,958

Additions

16,494

-

3,860

-

20,354

At 31 March 2024

16,494

29,665

245,687

88,466

380,312

Depreciation

At 1 April 2023

-

26,078

221,704

59,968

307,750

Charge for the year

344

896

6,060

7,123

14,423

At 31 March 2024

344

26,974

227,764

67,091

322,173

Carrying amount

At 31 March 2024

16,150

2,691

17,923

21,375

58,139

At 31 March 2023

-

3,587

20,123

28,498

52,208

6

Investments

2024
£

2023
£

Investments in subsidiaries

77

77

Subsidiaries

£

Cost

At 1 April 2023

77

At 31 March 2024

77

Carrying amount

At 31 March 2024

77

At 31 March 2023

77

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

 

Q.E.D. Advanced Systems Limited

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

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

ResourceXpress Inc

70 West Madison Street
Suite 5750
Chicago
Illinois 60602

United States of America

Ordinary

100%

100%

Subsidiary undertakings

ResourceXpress Inc

The principal activity of ResourceXpress Inc is the sale of intelligent resources management for meeting rooms, desks and workspaces.

7

Stocks

2024
£

2023
£

Finished goods and goods for resale

60,011

106,917

8

Debtors

Note

2024
£

2023
£

Trade debtors

 

422,279

306,616

Amounts owed by related parties

11

128,669

61,211

Other debtors

 

92,280

109,000

Prepayments

 

106,636

182,023

 

749,864

658,850

 

Q.E.D. Advanced Systems Limited

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

9

Creditors

Due within one year

Note

2024
£

2023
£

 

Trade creditors

 

49,366

35,650

Social security and other taxes

 

86,299

2,054

Other creditors

 

-

887

Accruals

 

715,023

743,597

Corporation tax liability

149,655

89,889

 

1,000,343

872,077

Due after one year

 

Deferred income

 

345,120

370,769

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £33,216 (2023 - £20,000).

11

Related party transactions

Transactions with directors

2024

At 1 April 2023
£

Advances to director
£

At 31 March 2024
£

Interest free loan repayable on demand

-

20,000

20,000

 

Summary of transactions with other related parties

An entity under the common control of the director.
 During the year the company made a loan to the related party. This loan is repayable on demand and interest is charged at the Bank of England rate. During the year the company received interest on this loan of £4,260 (2022: £1,842).
 

Loans to related parties

2024

Other related parties
£

Total
£

At start of period

109,000

109,000

Repaid

(37,000)

(37,000)

At end of period

72,000

72,000

 

Q.E.D. Advanced Systems Limited

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

2023

Other related parties
£

Total
£

Advanced

207,000

207,000

Repaid

(98,000)

(98,000)

At end of period

109,000

109,000

12

Share-based payments

The company runs an Enterprise Management Incentive (“EMI”) share option scheme for certain key employees. Options are exercisable at a price equivalent to the market value of the company’s shares at the date of grant, as agreed with HM Revenue and Customs Shares and Assets Valuation Division.

At 31 March 2024, the company had issued 2,400 share options to 4 employees all at an exercise price of £7.875 per share. In each case, the exercisable number of shares is limited to 50% of the company’s issued share capital at maximum dilution. Options are exercisable only in the event of a company takeover, sale or flotation and are settled in equity once exercised. At the point of a company takeover, sale or flotation, the right to exercise options remains at the discretion of the Managing Director.

If unexercised after a period of ten years from the date of grant, the options expire. Options will lapse if an employee leaves the company before the options vest. At the discretion of the directors, options may be exercised upon an employee ceasing employment.

There is no fair value adjustment to make in respect of goods or services received by the company.