Company Registration No. 2984439 (England and Wales)
Querix (UK) Limited
Unaudited accounts
for the year ended 31 March 2024
Querix (UK) Limited
Company Information
for the year ended 31 March 2024
Directors
M M Afshar
Mrs P Afshar
Company Number
2984439 (England and Wales)
Registered Office
5 St Denys Road
Portswood
Southampton
Hampshire
SO17 2GN
United Kingdom
Accountants
Sharma and Company
5 St Denys Road
Portswood
Southampton
Hampshire
SO17 2GN
Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of Querix (UK) Limited for the year ended 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of
Querix (UK) Limited for the year ended
31 March 2024 as set out on pages
5 -
8 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.
Our work has been undertaken in accordance with AAF 7/16 as detailed at icaew.com/compilation.
Sharma and Company
Chartered Accountants
5 St Denys Road
Portswood
Southampton
Hampshire
SO17 2GN
29 April 2024
Querix (UK) Limited
Statement of financial position
as at 31 March 2024
Tangible assets
2,216
3,081
Cash at bank and in hand
38,360
167,123
Creditors: amounts falling due within one year
(1,052,892)
(995,394)
Net current liabilities
(854,408)
(761,185)
Total assets less current liabilities
(852,192)
(758,104)
Creditors: amounts falling due after more than one year
(1,269,666)
(1,337,676)
Net liabilities
(2,121,858)
(2,095,780)
Called up share capital
315
222
Share premium
78,770
78,770
Profit and loss account
(2,200,943)
(2,174,772)
Shareholders' funds
(2,121,858)
(2,095,780)
For the 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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 29 April 2024 and were signed on its behalf by
M M Afshar
Director
Company Registration No. 2984439
Querix (UK) Limited
Notes to the Accounts
for the year ended 31 March 2024
Querix (UK) Limited is a private company, limited by shares, registered in England and Wales, registration number 2984439. The registered office is 5 St Denys Road, Portswood, Southampton, Hampshire, SO17 2GN, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Computer equipment
25% pa Reducing Balance Method
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
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 rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
The company has a deficit on shareholders' funds and relies upon the support of its shareholders and creditors, that has been confirmed for a period of at least twelve months from the date of approval of the financial statements. Accordingly, the directors have prepared the financial statements on a going concern basis. The going concern basis is appropriate providing that the continual support is made available to the company by the managing directors and shareholders.
Querix (UK) Limited
Notes to the Accounts
for the year ended 31 March 2024
4
Tangible fixed assets
Computer equipment
Amounts falling due within one year
Trade debtors
150,003
56,965
Other debtors
10,121
10,121
6
Creditors: amounts falling due within one year
2024
2023
Trade creditors
54,352
42,508
Taxes and social security
16,685
10,154
Other creditors
4,530
4,092
7
Creditors: amounts falling due after more than one year
2024
2023
Other creditors
1,231,646
1,297,236
Querix (UK) Limited
Notes to the Accounts
for the year ended 31 March 2024
Allotted, called up and fully paid:
15,040 A Ordinary shares of £0.01 each
150.40
111.00
16,505 B Ordinary shares of £0.01 each
165.05
111.00
Shares issued during the period:
3,940 A Ordinary shares of £0.01 each
39.40
5,405 B Ordinary shares of £0.01 each
54.05
9
Transactions with related parties
The company was set up to market a computer language (QueriX 4GL) developed and owned by a director (Mr M M Afshar). The company has world wide distribution and marketing rights for the product. Royalty is payable to Mr M M Afshar on sales of QueriX 4GL licenbces calculated at the rate of 10% of sales.
An accrual of £38,685 (2023 - £35,217) was made during the year.
No royalty payment was made during the year, and the company owed the director £936,390
(2023 - £975,075) in respect of unpaid royalties at the end of the year.
No royalty payments are likely to be made until the company returns to a profitable situation.
The company paid rent of £27,800 (2023-£27,800) for the use of business premises owned by the directors Mr M Afshar and Mrs P Afshar.
Research & Development
The intellectual property associated with all research and development resides at all times with the company and not with any employees, director, shareholder or other third party.
10
Average number of employees
During the year the average number of employees was 4 (2023: 4).