Quortus Limited - Accounts to registrar (filleted) - small 18.2
Quortus Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Financial Statements for the Year Ended 31 March 2021 |
| for |
| QUORTUS LIMITED |
| QUORTUS LIMITED (REGISTERED NUMBER: 04276565) |
| Contents of the Financial Statements |
| for the Year Ended 31 March 2021 |
| Page |
| Company Information | 1 |
| Statement of Financial Position | 2 |
| Notes to the Financial Statements | 3 |
| QUORTUS LIMITED |
| Company Information |
| for the Year Ended 31 March 2021 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Statutory Auditor |
| Chartered Accountants |
| Annecy Court |
| Ferry Works |
| Summer Road |
| Thames Ditton |
| Surrey |
| KT7 0QJ |
| QUORTUS LIMITED (REGISTERED NUMBER: 04276565) |
| Statement of Financial Position |
| 31 March 2021 |
| 31.3.21 | 31.3.20 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Debtors | 6 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
8 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 10 |
| Share premium | 11 |
| Retained earnings | 11 | ( |
) |
| SHAREHOLDERS' FUNDS |
| 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 and authorised for issue on |
| QUORTUS LIMITED (REGISTERED NUMBER: 04276565) |
| Notes to the Financial Statements |
| for the Year Ended 31 March 2021 |
| 1. | STATUTORY INFORMATION |
| Quortus Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Intangible assets |
| Development costs are amortised on a 5 year straight-line basis from the date of commercial availability. This date is determined by the innovation ticket release date. |
| Tangible fixed assets |
| Improvements to property | - |
| Plant and machinery | - |
| Fixtures and fittings | - |
| 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 have been enacted or substantively enacted by the statement of financial position date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| 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. |
| QUORTUS LIMITED (REGISTERED NUMBER: 04276565) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2021 |
| 2. | ACCOUNTING POLICIES - continued |
| Going concern |
| The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and therefore, accordingly, the directors continue to adopt the going concern basis in preparing the financial statements. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | INTANGIBLE FIXED ASSETS |
| Development |
| costs |
| £ |
| COST |
| At 1 April 2020 |
| Additions |
| At 31 March 2021 |
| AMORTISATION |
| At 1 April 2020 |
| Amortisation for year |
| At 31 March 2021 |
| NET BOOK VALUE |
| At 31 March 2021 |
| At 31 March 2020 |
| 5. | TANGIBLE FIXED ASSETS |
| Improvements | Fixtures |
| to | Plant and | and |
| property | machinery | fittings | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 April 2020 |
| Additions |
| At 31 March 2021 |
| DEPRECIATION |
| At 1 April 2020 |
| Charge for year |
| At 31 March 2021 |
| NET BOOK VALUE |
| At 31 March 2021 |
| At 31 March 2020 |
| QUORTUS LIMITED (REGISTERED NUMBER: 04276565) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2021 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.3.21 | 31.3.20 |
| £ | £ |
| Trade debtors |
| Amounts recoverable on contracts |
| Other debtors |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.3.21 | 31.3.20 |
| £ | £ |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 31.3.21 | 31.3.20 |
| £ | £ |
| Other creditors |
| 9. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 31.3.21 | 31.3.20 |
| £ | £ |
| Other loans | 420,833 | 400,000 |
| The loan is secured against the company's trade debtors. |
| 10. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 31.3.21 | 31.3.20 |
| value: | £ | £ |
| Ordinary | £0.000001 | 1 | 1 |
| QUORTUS LIMITED (REGISTERED NUMBER: 04276565) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2021 |
| 11. | RESERVES |
| Retained | Share |
| earnings | premium | Totals |
| £ | £ | £ |
| At 1 April 2020 | 1,273,404 |
| Deficit for the year | ( |
) | ( |
) |
| Cash share issue | - | 1,225,000 | 1,225,000 |
| At 31 March 2021 | ( |
) | 2,104,116 |
| The Company received £1,225,000 in equity funding on the 8th of April 2020 from cellXion Ltd (UK) (£500,000) and Communications Systems, Inc. (US) (£725,000). The investment is to be used to drive growth in the Private Mobile Network market. |
| 12. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |