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Registration number: 04037932

Qmatic (United Kingdom) Limited

Annual Report and Filleted Financial Statements

for the Year Ended 31 August 2023

image-name
 

Qmatic (United Kingdom) Limited

Contents

Company Information

1

Statement of Directors' Responsibilities

2

Balance Sheet

3

Notes to the Financial Statements

4 to 8

 

Qmatic (United Kingdom) Limited

Company Information

Directors

CL Dillner

AM Lindholm

Registered office

Midsummer Court
Midsummer Boulevard
Milton Keynes
Buckinghamshire
MK9 2UB

Auditors

Michael J Emery & Co Limited 22 St. John Street
Newport Pagnell
Buckinghamshire
MK16 8HJ

 

Qmatic (United Kingdom) Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Qmatic (United Kingdom) Limited

(Registration number: 04037932)
Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Investments

5

88,800

88,800

Current assets

 

Debtors

6

979,469

945,804

Cash at bank and in hand

 

2,342

3,784

 

981,811

949,588

Creditors: Amounts falling due within one year

7

(240,785)

(235,309)

Net current assets

 

741,026

714,279

Net assets

 

829,826

803,079

Capital and reserves

 

Called up share capital

6,000

6,000

Retained earnings

823,826

797,079

Shareholders' funds

 

829,826

803,079

These financial statements have been prepared and 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.

Approved and authorised by the Board on 18 March 2025 and signed on its behalf by:
 

.........................................
CL Dillner
Director

 

Qmatic (United Kingdom) Limited

Notes to the Financial Statements for the Year Ended 31 August 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales, 04037932.

The address of its registered office is:
Midsummer Court
Midsummer Boulevard
Milton Keynes
Buckinghamshire
MK9 2UB
England

These financial statements were authorised for issue by the Board on 18 March 2025.

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 company continues to sell the group's products into the UK market and therefore is dependent on the continued support of the group through the trading arrangements that are currently in place to enable it to continue to trade as a going concern. The group is currently evaluating various alternatives for continued financing and operation of the business and whilst the directors of the group are of the opinion it will be able to continue to trade in the future there can be no certainty in this matter. As a result there is a material uncertainty that may cast significant doubt about the company's ability to continue to trade as a going concern.

 

Qmatic (United Kingdom) Limited

Notes to the Financial Statements for the Year Ended 31 August 2023

Audit report

The Independent Auditor's Report was unqualified.

The name of the Senior Statutory Auditor who signed the audit report on 18 March 2025 was Matthew Emery ACA, who signed for and on behalf of Michael J Emery & Co 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.

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 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.

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

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.

 

Qmatic (United Kingdom) Limited

Notes to the Financial Statements for the Year Ended 31 August 2023

Intangible assets

Intangible assets acquired separately from a business are initially recognised at cost, and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

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

Computer software

Straight line basis over 5 years

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.

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.

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.

 

Qmatic (United Kingdom) Limited

Notes to the Financial Statements for the Year Ended 31 August 2023

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 during the year, including directors, was 7 (2022 - 8).

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 September 2022

27,019

27,019

At 31 August 2023

27,019

27,019

Amortisation

At 1 September 2022

27,019

27,019

At 31 August 2023

27,019

27,019

Carrying amount

At 31 August 2023

-

-

At 31 August 2022

-

-

5

Investments

2023
£

2022
£

Investments in subsidiaries

88,800

88,800

 

Qmatic (United Kingdom) Limited

Notes to the Financial Statements for the Year Ended 31 August 2023

Subsidiaries

£

Cost or valuation

At 1 September 2022

88,800

At 31 August 2023

88,800

Carrying amount

At 31 August 2023

88,800

At 31 August 2022

88,800

6

Debtors

Current

Note

2023
£

2022
£

Amounts owed by related parties

955,084

919,382

Other debtors

 

24,385

26,422

   

979,469

945,804

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

11,378

16,130

Amounts owed to related parties

88,800

88,800

Taxation and social security

 

15,002

12,187

Other creditors

 

125,605

118,192

 

240,785

235,309

8

Relationship between entity and parents

The parent of the largest group in which these financial statements are consolidated is Q-Matic Group AB, incorporated in Sweden.

The directors regard Q-Matic Group AB, a company incorporated in Sweden, as the ultimate parent company. A copy of the financial statements can be obtained from Q-Matic Group AB, Neongatan 8, SE-431 53 Molndal, Sweden. In the opinion of the directors, there is no ultimate controlling party.