Qorex Limited - Accounts to registrar - small 17.1.1
Qorex Limited - Accounts to registrar - small 17.1.1
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2017 |
| FOR |
| QOREX LTD |
| QOREX LTD (REGISTERED NUMBER: 08135830) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2017 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| QOREX LTD |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 MARCH 2017 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| 1 Paper Mews |
| 330 High Street |
| Dorking |
| Surrey |
| RH4 2TU |
| QOREX LTD (REGISTERED NUMBER: 08135830) |
| BALANCE SHEET |
| 31 MARCH 2017 |
| 2017 | 2016 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Debtors | 6 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital | 8 |
| Share premium |
| Retained earnings | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS |
| 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. |
| QOREX LTD (REGISTERED NUMBER: 08135830) |
| BALANCE SHEET - continued |
| 31 MARCH 2017 |
| 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 |
| QOREX LTD (REGISTERED NUMBER: 08135830) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2017 |
| 1. | STATUTORY INFORMATION |
| Qorex Ltd is a |
| number and registered office address can be found on the Company Information page. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The company transitioned to FRS 102 on the 1st April 2015 and these are the first set of financial statements |
| prepared in accordance with FRS 102 Section 1A. No transitional adjustments were required to the income and |
| expenditure or reserves of the company |
| 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 & 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 |
| Computer equipment | - |
| Taxation |
| Taxation for the year 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 that have been enacted or |
| substantively enacted by the balance sheet date. |
| QOREX LTD (REGISTERED NUMBER: 08135830) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2017 |
| 2. | ACCOUNTING POLICIES - continued |
| 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 year 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. |
| Going concern justification |
| The company has made a loss before taxation for the year of £215,381 (2016- £27,997). The company received |
| investment of £600,000 during the year and this has been invested in developing the company's product and |
| recruiting staff to enable to company's development. Net current assets at the end of the year were £289,581 |
| (2016- net current liabilities of £55,235). 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 year was |
| 4. | INTANGIBLE FIXED ASSETS |
| Patents |
| and | Development |
| licences | costs | Totals |
| £ | £ | £ |
| COST |
| At 1 April 2016 |
| Additions |
| At 31 March 2017 |
| AMORTISATION |
| At 1 April 2016 |
| Amortisation for year |
| At 31 March 2017 |
| NET BOOK VALUE |
| At 31 March 2017 |
| At 31 March 2016 |
| QOREX LTD (REGISTERED NUMBER: 08135830) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2017 |
| 5. | TANGIBLE FIXED ASSETS |
| Computer |
| equipment |
| £ |
| COST |
| At 1 April 2016 |
| Additions |
| At 31 March 2017 |
| DEPRECIATION |
| At 1 April 2016 |
| Charge for year |
| At 31 March 2017 |
| NET BOOK VALUE |
| At 31 March 2017 |
| At 31 March 2016 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2017 | 2016 |
| £ | £ |
| Trade debtors |
| Tax |
| VAT |
| Prepayments |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2017 | 2016 |
| £ | £ |
| Trade creditors |
| Social security and other taxes |
| Other creditors |
| Directors' current accounts | - | 26,000 |
| Directors' loan accounts |
| Deferred income |
| Accrued expenses |
| QOREX LTD (REGISTERED NUMBER: 08135830) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2017 |
| 8. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2017 | 2016 |
| value: | £ | £ |
| Ordinary A | 1p | 5,721 | 5,721 |
| Ordinary B | 1p | 3,029 | 3,029 |
| Ordinary F | 1p | 100 | 100 |
| Ordinary G | 1p | 5,760 | 1,377 |
| (2016 - 137,682 ) |
| 14,610 | 10,227 |
| The following shares were issued during the year: |
| 438,312 Ordinary G shares of 1p for cash of £600,000. |