Acorah Software Products - Accounts Production 16.1.300 false true 31 July 2023 1 August 2022 false 1 August 2023 31 July 2024 31 July 2024 05881885 Mrs Baldip Singh Mr Jaswinder Singh Mrs Baldip Singh iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 05881885 2023-07-31 05881885 2024-07-31 05881885 2023-08-01 2024-07-31 05881885 frs-core:CurrentFinancialInstruments 2024-07-31 05881885 frs-core:ComputerEquipment 2023-08-01 2024-07-31 05881885 frs-core:MotorVehicles 2024-07-31 05881885 frs-core:MotorVehicles 2023-08-01 2024-07-31 05881885 frs-core:MotorVehicles 2023-07-31 05881885 frs-core:PlantMachinery 2024-07-31 05881885 frs-core:PlantMachinery 2023-08-01 2024-07-31 05881885 frs-core:PlantMachinery 2023-07-31 05881885 frs-core:ShareCapital 2024-07-31 05881885 frs-core:RetainedEarningsAccumulatedLosses 2024-07-31 05881885 frs-bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 05881885 frs-bus:FilletedAccounts 2023-08-01 2024-07-31 05881885 frs-bus:SmallEntities 2023-08-01 2024-07-31 05881885 frs-bus:AuditExempt-NoAccountantsReport 2023-08-01 2024-07-31 05881885 frs-bus:SmallCompaniesRegimeForAccounts 2023-08-01 2024-07-31 05881885 frs-bus:OrdinaryShareClass1 2023-08-01 2024-07-31 05881885 frs-bus:OrdinaryShareClass1 2024-07-31 05881885 frs-bus:Director1 2023-08-01 2024-07-31 05881885 frs-bus:Director2 2023-08-01 2024-07-31 05881885 frs-bus:CompanySecretary1 2023-08-01 2024-07-31 05881885 frs-countries:EnglandWales 2023-08-01 2024-07-31 05881885 2022-07-31 05881885 2023-07-31 05881885 2022-08-01 2023-07-31 05881885 frs-core:CurrentFinancialInstruments 2023-07-31 05881885 frs-core:ShareCapital 2023-07-31 05881885 frs-core:RetainedEarningsAccumulatedLosses 2023-07-31 05881885 frs-bus:OrdinaryShareClass1 2022-08-01 2023-07-31
Registered number: 05881885
QI People Limited
Unaudited Financial Statements
For The Year Ended 31 July 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 05881885
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 39,662 28,816
39,662 28,816
CURRENT ASSETS
Debtors 5 17,117 16,306
Cash at bank and in hand 90,537 89,800
107,654 106,106
Creditors: Amounts Falling Due Within One Year 6 (77,009 ) (79,587 )
NET CURRENT ASSETS (LIABILITIES) 30,645 26,519
TOTAL ASSETS LESS CURRENT LIABILITIES 70,307 55,335
PROVISIONS FOR LIABILITIES
Deferred Taxation (9,915 ) (7,204 )
NET ASSETS 60,392 48,131
CAPITAL AND RESERVES
Called up share capital 7 100 100
Profit and Loss Account 60,292 48,031
SHAREHOLDERS' FUNDS 60,392 48,131
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For the year ending 31 July 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 Jaswinder Singh
Director
8th April 2025
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
QI People Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05881885 . The registered office is 82 Wandsworth Bridge Road, London, SW6 2TF.
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.
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.
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. 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
Computer Equipment 33% Straight Line
2.4. Foreign Currencies
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 rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.5. 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 year 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 asset reflects 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.
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2.6. Pensions
The company contributes to a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
4. Tangible Assets
Plant & Machinery Motor Vehicles Total
£ £ £
Cost
As at 1 August 2023 2,939 32,258 35,197
Additions 1,545 42,046 43,591
Disposals - (31,526 ) (31,526 )
As at 31 July 2024 4,484 42,778 47,262
Depreciation
As at 1 August 2023 1,691 4,690 6,381
Provided during the period 481 9,263 9,744
Disposals - (8,525 ) (8,525 )
As at 31 July 2024 2,172 5,428 7,600
Net Book Value
As at 31 July 2024 2,312 37,350 39,662
As at 1 August 2023 1,248 27,568 28,816
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 16,320 15,510
Prepayments and accrued income 797 796
17,117 16,306
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Corporation tax 18,391 15,883
Other taxes and social security 5,665 5,209
Other creditors 35 174
Accruals and deferred income 1,575 1,463
Directors' loan accounts 51,343 56,858
77,009 79,587
7. Share Capital
2024 2023
Allotted, called up and fully paid £ £
100 Ordinary Shares of £ 1.000 each 100 100
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8. Pension Commitments
The company contributes to a defined contribution pension scheme for the benefit of its employees. The assets of the scheme are held separately from those of the company in an independently administered fund. At the balance sheet date unpaid contributions of £NIL (2023:£NIL).
9. Related Party Transactions
Mr & Mrs SinghDirectors and shareholdersThe company officers and shareholders have an interest free, unsecured loan balance with the company with no fixed term for repayment. At the year end the balance owed to Mr & Mrs Singh amounted to £51,343 (2023: £56,858)

Mr & Mrs Singh

Directors and shareholders

The company officers and shareholders have an interest free, unsecured loan balance with the company with no fixed term for repayment. At the year end the balance owed to Mr & Mrs Singh amounted to £51,343 (2023: £56,858)

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