Acorah Software Products - Accounts Production 15.0.600 false true 30 June 2023 1 July 2022 false 1 July 2023 30 June 2024 30 June 2024 05424673 Mr Murtaza Walji Mr Abbas Walji Mrs Kaniz Walji iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 05424673 2023-06-30 05424673 2024-06-30 05424673 2023-07-01 2024-06-30 05424673 frs-core:CurrentFinancialInstruments 2024-06-30 05424673 frs-core:Non-currentFinancialInstruments 2024-06-30 05424673 frs-core:BetweenOneFiveYears 2024-06-30 05424673 frs-core:ComputerEquipment 2024-06-30 05424673 frs-core:ComputerEquipment 2023-07-01 2024-06-30 05424673 frs-core:ComputerEquipment 2023-06-30 05424673 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-07-01 2024-06-30 05424673 frs-core:FurnitureFittings 2024-06-30 05424673 frs-core:FurnitureFittings 2023-07-01 2024-06-30 05424673 frs-core:FurnitureFittings 2023-06-30 05424673 frs-core:MotorVehicles 2024-06-30 05424673 frs-core:MotorVehicles 2023-07-01 2024-06-30 05424673 frs-core:MotorVehicles 2023-06-30 05424673 frs-core:OtherResidualIntangibleAssets 2024-06-30 05424673 frs-core:OtherResidualIntangibleAssets 2023-07-01 2024-06-30 05424673 frs-core:OtherResidualIntangibleAssets 2023-06-30 05424673 frs-core:PlantMachinery 2024-06-30 05424673 frs-core:PlantMachinery 2023-07-01 2024-06-30 05424673 frs-core:PlantMachinery 2023-06-30 05424673 frs-core:ShareCapital 2024-06-30 05424673 frs-core:RetainedEarningsAccumulatedLosses 2024-06-30 05424673 frs-bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 05424673 frs-bus:FilletedAccounts 2023-07-01 2024-06-30 05424673 frs-bus:SmallEntities 2023-07-01 2024-06-30 05424673 frs-bus:AuditExempt-NoAccountantsReport 2023-07-01 2024-06-30 05424673 frs-bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 05424673 frs-core:CostValuation 2023-06-30 05424673 frs-core:CostValuation 2024-06-30 05424673 frs-core:ProvisionsForImpairmentInvestments 2023-06-30 05424673 frs-core:ProvisionsForImpairmentInvestments 2024-06-30 05424673 frs-bus:Director1 2023-07-01 2024-06-30 05424673 frs-bus:Director2 2023-07-01 2024-06-30 05424673 frs-bus:CompanySecretary1 2023-07-01 2024-06-30 05424673 frs-countries:EnglandWales 2023-07-01 2024-06-30 05424673 2022-06-30 05424673 2023-06-30 05424673 2022-07-01 2023-06-30 05424673 frs-core:CurrentFinancialInstruments 2023-06-30 05424673 frs-core:Non-currentFinancialInstruments 2023-06-30 05424673 frs-core:BetweenOneFiveYears 2023-06-30 05424673 frs-core:ShareCapital 2023-06-30 05424673 frs-core:RetainedEarningsAccumulatedLosses 2023-06-30
Registered number: 05424673
Qfonic Technology Distribution Network Limited
Unaudited Financial Statements
For The Year Ended 30 June 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 05424673
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 3,140 6,280
Tangible Assets 5 148,329 176,639
Investments 6 100 100
151,569 183,019
CURRENT ASSETS
Stocks 7 199,573 199,573
Debtors 8 4,851,179 4,694,094
Cash at bank and in hand 256,514 263,353
5,307,266 5,157,020
Creditors: Amounts Falling Due Within One Year 9 (944,554 ) (730,775 )
NET CURRENT ASSETS (LIABILITIES) 4,362,712 4,426,245
TOTAL ASSETS LESS CURRENT LIABILITIES 4,514,281 4,609,264
Creditors: Amounts Falling Due After More Than One Year 10 (66,849 ) (214,373 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (17,842 ) (17,842 )
NET ASSETS 4,429,590 4,377,049
CAPITAL AND RESERVES
Called up share capital 12 100 100
Profit and Loss Account 4,429,490 4,376,949
SHAREHOLDERS' FUNDS 4,429,590 4,377,049
Page 1
Page 2
For the 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.
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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Abbas Walji
Director
28/03/2025
The notes on pages 3 to 7 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Qfonic Technology Distribution Network Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05424673 . The registered office is Metroline House 4th Floor, 118-122 College Road, Harrow, HA1 1BQ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
The financial statements are presented in Sterling (£) and figures are shown to the nearest whole pound.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are Software cost. It is amortised to profit and loss account over its estimated economic life of three years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% reducing balance
Motor Vehicles 25% reducing balance
Fixtures & Fittings 25% reducing balance
Computer Equipment Over 3 years
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2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 21 (2023: 27)
21 27
Page 4
Page 5
4. Intangible Assets
Other
£
Cost
As at 1 July 2023 9,420
As at 30 June 2024 9,420
Amortisation
As at 1 July 2023 3,140
Provided during the period 3,140
As at 30 June 2024 6,280
Net Book Value
As at 30 June 2024 3,140
As at 1 July 2023 6,280
5. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 July 2023 202,565 162,773 109,287 6,438 481,063
Additions 19,499 - - 1,838 21,337
As at 30 June 2024 222,064 162,773 109,287 8,276 502,400
Depreciation
As at 1 July 2023 138,615 71,213 88,158 6,438 304,424
Provided during the period 20,862 22,890 5,282 613 49,647
As at 30 June 2024 159,477 94,103 93,440 7,051 354,071
Net Book Value
As at 30 June 2024 62,587 68,670 15,847 1,225 148,329
As at 1 July 2023 63,950 91,560 21,129 - 176,639
Page 5
Page 6
6. Investments
Subsidiaries
£
Cost
As at 1 July 2023 100
As at 30 June 2024 100
Provision
As at 1 July 2023 -
As at 30 June 2024 -
Net Book Value
As at 30 June 2024 100
As at 1 July 2023 100
7. Stocks
2024 2023
£ £
Finished goods 199,573 199,573
8. Debtors
2024 2023
£ £
Due within one year
Trade debtors 71,046 77,046
Other debtors 57,909 57,909
Directors' loan accounts - 16,915
Amounts owed by other participating interests 4,722,224 4,542,224
4,851,179 4,694,094
9. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 510,293 440,988
Bank loans and overdrafts 80,034 -
Corporation tax 39,997 53,797
Other taxes and social security 9,880 1,429
VAT 78,910 73,412
Net wages 26,027 10,045
...CONTINUED
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Other creditors 4,725 -
Accruals and deferred income 149,607 151,104
Directors' loan accounts 45,081 -
944,554 730,775
10. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 66,765 92,161
Bank loans - 119,337
Amounts owed to related parties 84 2,875
66,849 214,373
11. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Later than one year and not later than five years 66,765 92,161
12. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
13. Related Party Transactions
Related party transactions which are relevant to Trade Creditors balance, listed as follows:-
1) £352,872 payable to MWD Direct Ltd 
2) £1,589 payable to Walji Estates Ltd
Page 7