COMPANY REGISTRATION NUMBER:
07746441
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Filleted Unaudited Abridged Financial Statements |
|
|
Abridged Statement of Financial Position |
|
31 December 2024
Current assets
|
Debtors |
985,519 |
|
1,026,240 |
|
Cash at bank and in hand |
11,750 |
|
13,271 |
|
--------- |
|
------------ |
|
997,269 |
|
1,039,511 |
|
|
|
|
|
Creditors: amounts falling due within one year |
483,207 |
|
554,377 |
|
--------- |
|
------------ |
|
Net current assets |
|
514,062 |
485,134 |
|
|
--------- |
--------- |
|
Total assets less current liabilities |
|
514,062 |
485,134 |
|
|
--------- |
--------- |
|
Net assets |
|
514,062 |
485,134 |
|
|
--------- |
--------- |
|
|
|
|
Capital and reserves
|
Called up share capital |
|
1 |
1 |
|
Profit and loss account |
|
514,061 |
485,133 |
|
|
--------- |
--------- |
|
Shareholders funds |
|
514,062 |
485,134 |
|
|
--------- |
--------- |
|
|
|
|
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
For the year ending 31 December 2024 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 abridged financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements
.
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 December 2024 in accordance with Section 444(2A) of the Companies Act 2006.
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Abridged Statement of Financial Position (continued) |
|
31 December 2024
These abridged financial statements were approved by the
board of directors
and authorised for issue on
8 June 2025
, and are signed on behalf of the board by:
Company registration number:
07746441
|
Notes to the Abridged Financial Statements |
|
Year ended 31 December 2024
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is C/- Sable International, 5th Floor, 18 St. Swithin's Lane, London, EC4N 8AD.
2.
Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Computer Equipment |
- |
25% straight line |
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Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. Compound instruments comprise both a liability and an equity component. At date of issue, the fair value of the liability component is estimated using the prevailing market interest rate for a similar debt instrument. The liability component is accounted for as a financial liability. The residual is the difference between the net proceeds of issue and the liability component (at time of issue). The residual is the equity component, which is accounted for as an equity instrument.
4.
Tangible assets
|
£ |
|
Cost |
|
|
At 1 January 2024 and 31 December 2024 |
107 |
|
---- |
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Depreciation |
|
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At 1 January 2024 and 31 December 2024 |
107 |
|
---- |
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Carrying amount |
|
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At 31 December 2024 |
– |
|
---- |
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At 31 December 2023 |
– |
|
---- |
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|
5.
Related party transactions
The parent company of Qorus Software Ltd is Qorus Software Inc. The registered office is We Work, 10400 NE 4th Street, Bellevue,Washington, USA. Amounts due from/(to) related parties: RSA Qorus Software (Pty) Ltd : (£7,865) (2023: £NIL) USA Qorus Software Inc : £911,690 (2023: £715,729)