Registered number
03849890
Quality Financial Software Limited
Unaudited Filleted Accounts
30 September 2024
Quality Financial Software Limited
Registered number: 03849890
Balance Sheet
as at 30 September 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 9,463 12,693
Investments 5 436,296 436,296
445,759 448,989
Current assets
Debtors 6 10,234 55,771
Cash at bank and in hand 651,993 790,235
662,227 846,006
Creditors: amounts falling due within one year 7 (13,247) (43,097)
Net current assets 648,980 802,909
Net assets 1,094,739 1,251,898
Capital and reserves
Called up share capital 300 300
Profit and loss account 1,094,439 1,251,598
Shareholders' funds 1,094,739 1,251,898
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
S I Marshall
Director
Approved by the board on 24 February 2025
Quality Financial Software Limited
Notes to the Accounts
for the year ended 30 September 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor vehicles 25% reducing balance
General office equipment 25% straight line
Computer equipment 33% straight line
Fixtures and fittings 25% straight line
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 3
3 Intangible fixed assets £
Patents and Translation files:
Cost
At 1 October 2023 25,200
At 30 September 2024 25,200
Amortisation
At 1 October 2023 25,200
At 30 September 2024 25,200
Net book value
At 30 September 2024 -
Goodwill is being written off in equal annual instalments over its estimated economic life of ten years.
4 Tangible fixed assets
Fixtures & fittings Office equipment Motor vehicles Total
£ £ £ £
Cost
At 1 October 2023 5,490 22,461 41,123 69,074
Disposals - (5,293) - (5,293)
At 30 September 2024 5,490 17,168 41,123 63,781
Depreciation
At 1 October 2023 5,490 22,274 28,617 56,381
Charge for the year - 103 3,127 3,230
On disposals - (5,293) - (5,293)
At 30 September 2024 5,490 17,084 31,744 54,318
Net book value
At 30 September 2024 - 84 9,379 9,463
At 30 September 2023 - 187 12,506 12,693
5 Property investments
Property
investments
£
Cost
At 1 October 2023 436,296
At 30 September 2024 436,296
6 Debtors 2024 2023
£ £
Trade debtors 1,039 19,965
Prepayments 4,732 19,545
Taxation 3,775 14,621
Other debtors 688 1,640
10,234 55,771
7 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 1,095 1,258
Taxation and social security costs 7,672 18,473
Accruals 3,500 23,366
Other creditors 980 -
13,247 43,097
8 Other information
Quality Financial Software Limited is a private company limited by shares and incorporated in England. Its registered office is:
1 Church Mews
Churchill Way
Macclesfield
Cheshire
SK11 6AY
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