Qorex Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08135830 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 1 APRIL 2019 TO 31 DECEMBER 2019

FOR

QOREX LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Philip Trickey

Paul Trickey

David McCaig

Nicholas Rixon

Michael Altendorf

John Maclaren Ogilvie Waddell

REGISTERED OFFICE:

1 Paper Mews

330 High Street

Dorking

Surrey

RH4 2TU

REGISTERED NUMBER:

08135830 (England and Wales)

ACCOUNTANTS:

Ellis Atkins

Chartered Accountants

1 Paper Mews

330 High Street

Dorking

Surrey

RH4 2TU

FIXED ASSETS

Intangible assets

4

274,898

303,645

Tangible assets

5

-

-

274,898

303,645

CURRENT ASSETS

Debtors

6

43,680

93,697

Cash at bank

2,088

30,186

45,768

123,883

CREDITORS

Amounts falling due within one year

7

139,345

142,748

NET CURRENT LIABILITIES

(93,577

)

(18,865

)

TOTAL ASSETS LESS CURRENT LIABILITIES

181,321

284,780

CAPITAL AND RESERVES

Called up share capital

8

20,536

19,292

Share premium

1,187,873

1,084,117

Retained earnings

(1,027,088

)

(818,629

)

SHAREHOLDERS' FUNDS

181,321

284,780

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 December 2019.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 December 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 31 January 2020 and were signed on its behalf by:

Paul Trickey - Director

Philip Trickey - Director

1.	STATUTORY INFORMATION

Qorex Ltd is a private company, limited by shares , registered in England and Wales. The company's registered

number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents net invoiced sales of software licences and support, excluding value added tax.

Where the licence periods span the company's year end, the relevant proportion of income is shown as deferred

income in the financial statements.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less

any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of five years.

Development costs are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer equipment

-

33% on cost

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the

extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will

be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

Going concern justification

The company has made a loss before taxation for the period of £246,431 (2019- £373,510). The company received

investment of £105,000 during the year and this has been invested in further development of the company's product.

Net current liabilities at the end of the year were £93,577 (2018 - £18,865). The directors are confident of obtaining

further investment to continue product development. As a result they have adopted the going concern basis of

accounting.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 6 (2019 - 6 ) .

4.	INTANGIBLE FIXED ASSETS

Patents

and

Development

licences

costs

Totals

£

£

£

COST

At 1 April 2019

1,091

677,699

678,790

Additions

-

71,871

71,871

At 31 December 2019

1,091

749,570

750,661

AMORTISATION

At 1 April 2019

911

374,234

375,145

Amortisation for period

67

100,551

100,618

At 31 December 2019

978

474,785

475,763

NET BOOK VALUE

At 31 December 2019

113

274,785

274,898

At 31 March 2019

180

303,465

303,645

5.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1 April 2019

and 31 December 2019

6,303

DEPRECIATION

At 1 April 2019

and 31 December 2019

6,303

NET BOOK VALUE

At 31 December 2019

-

At 31 March 2019

-

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2019

£

£

Trade debtors

2,794

6,992

Tax

37,972

83,548

VAT

1,008

-

Prepayments

1,906

3,157

43,680

93,697

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2019

£

£

Trade creditors

1,215

3,064

Social security and other taxes

5,039

7,470

VAT

-

5,638

Other creditors

5,996

7,230

Directors' loan accounts

-

20,000

Deferred income

2,700

50,403

Accrued expenses

124,395

48,943

139,345

142,748

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2019

value:

£

£

572,145

Ordinary A

1p

5,721

5,721

302,900

Ordinary B

1p

3,029

3,029

10,000

Ordinary F

1p

100

100

1,168,596

Ordinary G

1p

11,686

10,442

(2019 - 1,044,150 )

20,536

19,292

The following shares were issued during the year:

124,446 Ordinary G shares of 1p for cash of £105,000.