Silverfin false false 30/06/2024 01/07/2023 30/06/2024 Q M Munye 19/06/2021 12 March 2025 The principal activity of the Company during the financial period was investment in real estate and technology consultancy. 13466278 2024-06-30 13466278 bus:Director1 2024-06-30 13466278 2023-06-30 13466278 core:CurrentFinancialInstruments 2024-06-30 13466278 core:CurrentFinancialInstruments 2023-06-30 13466278 core:ShareCapital 2024-06-30 13466278 core:ShareCapital 2023-06-30 13466278 core:RetainedEarningsAccumulatedLosses 2024-06-30 13466278 core:RetainedEarningsAccumulatedLosses 2023-06-30 13466278 core:Vehicles 2023-06-30 13466278 core:FurnitureFittings 2023-06-30 13466278 core:OfficeEquipment 2023-06-30 13466278 core:ComputerEquipment 2023-06-30 13466278 core:Vehicles 2024-06-30 13466278 core:FurnitureFittings 2024-06-30 13466278 core:OfficeEquipment 2024-06-30 13466278 core:ComputerEquipment 2024-06-30 13466278 2023-07-01 2024-06-30 13466278 bus:FilletedAccounts 2023-07-01 2024-06-30 13466278 bus:SmallEntities 2023-07-01 2024-06-30 13466278 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 13466278 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 13466278 bus:Director1 2023-07-01 2024-06-30 13466278 core:Vehicles 2023-07-01 2024-06-30 13466278 core:FurnitureFittings core:TopRangeValue 2023-07-01 2024-06-30 13466278 core:OfficeEquipment core:TopRangeValue 2023-07-01 2024-06-30 13466278 core:ComputerEquipment core:TopRangeValue 2023-07-01 2024-06-30 13466278 2022-07-01 2023-06-30 13466278 core:FurnitureFittings 2023-07-01 2024-06-30 13466278 core:OfficeEquipment 2023-07-01 2024-06-30 13466278 core:ComputerEquipment 2023-07-01 2024-06-30 iso4217:GBP xbrli:pure

Company No: 13466278 (England and Wales)

QMM LTD

Unaudited Financial Statements
For the financial year ended 30 June 2024
Pages for filing with the registrar

QMM LTD

Unaudited Financial Statements

For the financial year ended 30 June 2024

Contents

QMM LTD

BALANCE SHEET

As at 30 June 2024
QMM LTD

BALANCE SHEET (continued)

As at 30 June 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 39,804 51,801
Investment property 4 1,177,439 1,177,439
1,217,243 1,229,240
Current assets
Debtors 5 5,574 9,143
Cash at bank and in hand 13,628 5,916
19,202 15,059
Creditors: amounts falling due within one year 6 ( 1,326,279) ( 1,293,113)
Net current liabilities (1,307,077) (1,278,054)
Total assets less current liabilities (89,834) (48,814)
Provision for liabilities ( 9,951) ( 12,950)
Net liabilities ( 99,785) ( 61,764)
Capital and reserves
Called-up share capital 1 1
Profit and loss account ( 99,786 ) ( 61,765 )
Total shareholder's deficit ( 99,785) ( 61,764)

For the financial year ending 30 June 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of QMM Ltd (registered number: 13466278) were approved and authorised for issue by the Director on 12 March 2025. They were signed on its behalf by:

Q M Munye
Director
QMM LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
QMM LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

QMM Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 91 Dukes Avenue, London, N10 2QD, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director notes that the business has net liabilities of £99,785. The Company is supported through loans from the director. The director has confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the director will continue to support the Company. Given the current position, the director believes that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

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 and after eliminating sales within the company.

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.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
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 financial statements. 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.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Vehicles 25 % reducing balance
Fixtures and fittings 4 years straight line
Office equipment 4 years straight line
Computer equipment 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the director, on an open market value for existing use basis.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Financial assets are classified as financial assets at fair value through profit or loss, loans and debtors, held-to-maturity investments, available-for-sale financial assets, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The company determines the classification of its financial assets at initial recognition.

Financial liabilities are classified as financial liabilities at fair value through profit and loss, loans and borrowings, trade and other creditors, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The company determines the classification of its financial liabilities at initial recognition.

Recognition and measurement
All financial instruments are recognised initially at fair value plus transaction costs. Thereafter financial instruments are stated at amortised cost using the effective interest rate method (less impairment where appropriate) unless the effect of discounting would be immaterial in which case they are stated at cost (less impairment where appropriate). The exception to this are those financial instruments where it is a requirement to continue recording them at fair value through profit and loss.

Impairment
Financial assets are assessed for indicators of impairment at the end of each reporting period. Financial assets are considered to be impaired when there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the investment have been affected.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Tangible assets

Vehicles Fixtures and fittings Office equipment Computer equipment Total
£ £ £ £ £
Cost
At 01 July 2023 56,390 9,376 3,265 10,011 79,042
Additions 0 0 990 999 1,989
At 30 June 2024 56,390 9,376 4,255 11,010 81,031
Accumulated depreciation
At 01 July 2023 24,671 592 382 1,596 27,241
Charge for the financial year 7,930 2,344 1,022 2,690 13,986
At 30 June 2024 32,601 2,936 1,404 4,286 41,227
Net book value
At 30 June 2024 23,789 6,440 2,851 6,724 39,804
At 30 June 2023 31,719 8,784 2,883 8,415 51,801

4. Investment property

Investment property
£
Valuation
As at 01 July 2023 1,177,439
As at 30 June 2024 1,177,439

5. Debtors

2024 2023
£ £
Other debtors 5,574 9,143

6. Creditors: amounts falling due within one year

2024 2023
£ £
Other creditors 1,326,279 1,293,113

7. Related party transactions

Transactions with the entity's director

2024 2023
£ £
Amounts owed to Director 1,344,529 1,291,493