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Registration number: 10650346

Qlaims Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2025

 

Qlaims Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

Qlaims Limited

(Registration number: 10650346)
Balance Sheet as at 31 March 2025

Note

2025
£

2024
£

Fixed assets

 

Intangible assets

4

21,176

31,255

Tangible assets

5

7,556

8,729

Investments

6

100

100

 

28,832

40,084

Current assets

 

Debtors

7

3,105,647

2,600,799

Cash at bank and in hand

 

311,903

630,152

 

3,417,550

3,230,951

Creditors: Amounts falling due within one year

8

(362,682)

(309,571)

Net current assets

 

3,054,868

2,921,380

Net assets

 

3,083,700

2,961,464

Capital and reserves

 

Called up share capital

10

2,563,021

2,550,521

Share premium reserve

2,536,262

2,523,762

Other reserves

29,837

18,858

Retained earnings

(2,045,420)

(2,131,677)

Shareholders' funds

 

3,083,700

2,961,464

For the financial year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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.

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 7 May 2025 and signed on its behalf by:
 

 

Qlaims Limited

(Registration number: 10650346)
Balance Sheet as at 31 March 2025

.........................................
Elizabeth Latter
Director

 

Qlaims Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

1

General information

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

The address of its registered office is:
Level 30
The Leadenhall Building
122 Leadenhall Street
London
EC3V 4AB

These financial statements were authorised for issue by the Board on 7 May 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 accounts have been prepared on a going concern basis. The directors have reviewed the company's plans for a period of 12 months from the date of the signing of the accounts and are satisfied that they can continue to adopt the going concern basis in preparing these financial statements.

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 value added tax, insurance premium tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliable measured;
it is probable that the future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Qlaims Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Tax

The tax expense for the period comprises current and deferred 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.

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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Computer Equipment

Straight line 20%

Furniture and fittings

Straight line 20%

Intangible assets

Intangible assets stated in the balance sheet is for Insurance software shown at cost, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.

The cost of intangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

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

Other intangible assets

Straight line 20%

Development costs

Straight line over 3 years

 

Qlaims Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

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 applicalbe, 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 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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2024 - 0).

 

Qlaims Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 April 2024

46,791

46,791

Additions

241

241

At 31 March 2025

47,032

47,032

Amortisation

At 1 April 2024

15,536

15,536

Amortisation charge

10,320

10,320

At 31 March 2025

25,856

25,856

Carrying amount

At 31 March 2025

21,176

21,176

At 31 March 2024

31,255

31,255

 

Qlaims Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

5

Tangible assets

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 April 2024

25,841

53,297

79,138

Additions

-

6,086

6,086

Disposals

(25,439)

(594)

(26,033)

At 31 March 2025

402

58,789

59,191

Depreciation

At 1 April 2024

25,228

45,181

70,409

Charge for the year

613

6,646

7,259

Eliminated on disposal

(25,439)

(594)

(26,033)

At 31 March 2025

402

51,233

51,635

Carrying amount

At 31 March 2025

-

7,556

7,556

At 31 March 2024

613

8,116

8,729

6

Investments

2025
£

2024
£

Investments in subsidiaries

100

100

Subsidiaries

£

Cost or valuation

At 1 April 2024

100

Provision

Carrying amount

At 31 March 2025

100

At 31 March 2024

100

 

Qlaims Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2025

2024

Subsidiary undertakings

QlaimsTech Ltd

Level 30
The Leadenhall Building
122 Leadenhall Street
London EC3V 4AB

England

100 Ordinary £1 shares

100%

100%

 

Qlaims Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

7

Debtors

2025
£

2024
£

Trade debtors

280,798

288,537

Prepayments

33,552

19,514

Other debtors

5,623

3,407

Amounts owed by group undertakings

2,785,674

2,289,341

3,105,647

2,600,799

8

Creditors

Creditors: amounts falling due within one year

Note

2025
£

2024
£

Due within one year

 

Bank loans and overdrafts

11

-

20

Trade creditors

 

349,474

292,580

VAT

 

-

4,906

Accruals and deferred income

 

13,208

6,585

Other creditors

 

-

5,480

 

362,682

309,571

9

Other Reserves

The company introduced EMI and Unapproved share option schemes for key employees during the year ended 31 March 2023. The fair value of EMI options has been calculated using the Black Scholes model in accordance with FRS 102 Section 26. The movement on Other Reserves relates to the accrued option value attributable to the accounting period. A corresponding charge is included in the Profit and Loss account.

 

Qlaims Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

10

Share capital

Allotted, called up and fully paid shares

 

2025

2024

 

No.

£

No.

£

Ordinary shares of £1 (2023 - £1) each

2,563,021

2,563,021

2,550,521

2,550,521

         

11

Loans and borrowings

Current loans and borrowings

2025
£

2024
£

Bank overdrafts

-

20

12

Related party transactions

Loans to related parties

2025

Subsidiary
£

Total
£

At start of period

2,289,341

2,289,341

Advanced

1,196,185

1,196,185

Repaid

(699,852)

(699,852)

At end of period

2,785,674

2,785,674

2024

Subsidiary
£

Total
£

At start of period

1,826,319

1,826,319

Advanced

922,214

922,214

Repaid

(459,192)

(459,192)

At end of period

2,289,341

2,289,341

Terms of loans to related parties

The intercompany balance with QlaimsTech Ltd is non interest bearing and repayable on demand. Salary costs of £282,152 (2024:£277,441) have been recharged from QlaimsTech Ltd via the intercompany accounts.