Qorex Ltd - Abbreviated accounts 16.1

REGISTERED NUMBER: 08135830 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2016

FOR

QOREX LTD

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

Philip Trickey

Paul Trickey

SECRETARY:

Philip Trickey

REGISTERED OFFICE:

10 Mount Close

Fetcham

Leatherhead

Surrey

KT22 9EF

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

2

101,629

57,122

Tangible assets

3

36

72

101,665

57,194

CURRENT ASSETS

Debtors

27,212

32,995

Cash at bank

5,984

77,428

33,196

110,423

CREDITORS

Amounts falling due within one year

88,431

67,190

NET CURRENT (LIABILITIES)/ASSETS

(55,235

)

43,233

TOTAL ASSETS LESS CURRENT
LIABILITIES

46,430

100,427

CREDITORS

Amounts falling due after more than one
year

-

26,000

NET ASSETS

46,430

74,427

CAPITAL AND RESERVES

Called up share capital

4

10,227

Share premium

98,182

Profit and loss account

(61,979

)

(33,982

)

SHAREHOLDERS' FUNDS

46,430

74,427

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2016 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 22 June 2016 and were signed on its behalf by:

Paul Trickey - Director

Philip Trickey - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective January 2015).

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.

Patents & licences

The Companies Act 2006 requires intangible fixed assets to be amortised over their estimated useful economic

lives. Amortisation is therefore provided over 5 years on a straight line basis based upon the estimated useful

economic life of the company's product.

Development costs

Development costs are capitalised in the balance sheet as an intangible fixed asset, as the expenditure meets the

criteria for capitalisation.

The Companies Act 2006 requires intangible fixed assets to be amortised over their estimated useful economic

lives. Amortisation is therefore provided over 5 years on a straight line basis based upon the estimated useful

economic life of the company's product.

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

Deferred tax

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

sheet date.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2015

79,869

Additions

75,602

At 31 March 2016

155,471

AMORTISATION

At 1 April 2015

22,747

Amortisation for year

31,095

At 31 March 2016

53,842

NET BOOK VALUE

At 31 March 2016

101,629

At 31 March 2015

57,122

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2015

and 31 March 2016

850

DEPRECIATION

At 1 April 2015

778

Charge for year

36

At 31 March 2016

814

NET BOOK VALUE

At 31 March 2016

36

At 31 March 2015

72

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

572,145

Ordinary A

1p

5,721

302,900

Ordinary B

1p

3,029

10,000

Ordinary F

1p

100

137,682

Ordinary G

1p

1,377

10,227