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REGISTERED NUMBER: 00640846 (England and Wales)







Audited Financial Statements for the Year Ended 31 December 2021

for

QS Enrolment Solutions Limited

QS Enrolment Solutions Limited (Registered number: 00640846)






Contents of the Financial Statements
for the Year Ended 31 December 2021




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


QS Enrolment Solutions Limited

Company Information
for the Year Ended 31 December 2021







DIRECTORS: Y Muto
N Quacquarelli
M Wait





SECRETARY: M Wait





REGISTERED OFFICE: 1 Tranley Mews
Fleet Road
London
NW3 2DG





REGISTERED NUMBER: 00640846 (England and Wales)





AUDITORS: Johnson Smith & Co Ltd
Chartered Accountants and Statutory Auditors
Centurion House
London Road
Staines-Upon-Thames
Surrey
TW18 4AX

QS Enrolment Solutions Limited (Registered number: 00640846)

Balance Sheet
31 December 2021

31.12.21 31.12.20
Notes £    £   
FIXED ASSETS
Intangible assets 4 - 656
Tangible assets 5 93,641 158,808
93,641 159,464

CURRENT ASSETS
Debtors 6 6,567,054 3,960,487
Cash at bank 825,535 2,211,312
7,392,589 6,171,799
CREDITORS
Amounts falling due within one year 7 (5,548,938 ) (5,665,697 )
NET CURRENT ASSETS 1,843,651 506,102
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,937,292

665,566

PROVISIONS FOR LIABILITIES 8 (17,792 ) (30,173 )
NET ASSETS 1,919,500 635,393

CAPITAL AND RESERVES
Called up share capital 9 223,859 223,859
Retained earnings 10 1,695,641 411,534
SHAREHOLDERS' FUNDS 1,919,500 635,393

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 and authorised for issue on 28 June 2022 and were signed on its behalf by:





N Quacquarelli - Director


QS Enrolment Solutions Limited (Registered number: 00640846)

Notes to the Financial Statements
for the Year Ended 31 December 2021

1. STATUTORY INFORMATION

QS Enrolment Solutions Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£) which is also its functional currency.

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.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Critical accounting judgements and key sources of estimation uncertainty
The company estimates its turnover due to key information on enrolments not being available at the year end. A large data set is reviewed, analysed and comparisons made to prior year results in order to project each clients' enrolment numbers. Post year end reconciliations are completed and the difference between the projections and actual results are adjusted in the statutory financial statements if material.

Refinement in accounting policies
In 2020, the company refined its revenue recognition policy to align with the operational data as to when it meet its performance obligation for the relevant intakes within the financial year 1st January to 31st December. This resulted in changes in revenue recognition and a retrospective restatement of the accounts has been applied.

Intangible assets
Computer software is being amortised evenly over its estimated useful life.

QS Enrolment Solutions Limited (Registered number: 00640846)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 20% on cost
Fixtures and fittings - 33% on cost and 20% on cost
Computer equipment - 33% on cost and 20% on cost

Computer software
Costs associated with maintaining computer software programmes are recognised as an expense as incurred. Development costs that are directly attributable to the design and testing of identifiable and unique software products controlled by the company are recognised as intangible assets when the followings criteria are met:
- it is technically feasible to complete the software products and use or sell it;
- management intends to complete the software product and use or sell it:
-there is an ability to use or sell the software product;
-it can be demonstrated how the software product will generate future economic benefits;
-adequate technical, financial and other resources to complete the development and to use or sell the software product are available; and
-the expenditure attributable to the software product during its development can be reliable measure.

Directly attributable costs that are capitalised as part of the software product include the software development employee costs and an portion of relevant overheads. Other development expenditures that do not meet these criteria are recognised as an expense as incurred.

Computer software development costs recognised as assets are amortised over their estimated useful lives, which does not exceed three years.

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 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 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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet 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.

QS Enrolment Solutions Limited (Registered number: 00640846)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021

2. ACCOUNTING POLICIES - continued

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
Turnover
Turnover, which excludes value added tax, represents amounts recognised for services being provided and software sold. Revenues from services are recognised upon delivery and revenue from software subscriptions are recognised evenly over the duration of the subscription.

Accrued Income
Accrued income represents revenue in respect of services provided during the year which has not been billed as at the year end date and is classified as part of the Trade and other debtors due within one year.

Deferred Income
Deferred income represents receipts from subscription in advance of services being provided and is classified as part of Trade and other creditors due within one year.

Operating lease and leasing commitments
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Provisions
A provision is recognised where the company has a legal or constructive obligation as a result of past event and it is possible that an outflow of economic benefit would be required to settle the obligation.

Foreign currencies
Transactions in foreign currencies are initially recorded in the entity's functional currency by applying the spot exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the rate of exchange ruling at the balance sheet date. All differences are taken to the profit and loss account.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2020 - 8 ).

QS Enrolment Solutions Limited (Registered number: 00640846)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021

4. INTANGIBLE FIXED ASSETS
Computer
software
£   
COST
At 1 January 2021 9,301
Disposals (9,301 )
At 31 December 2021 -
AMORTISATION
At 1 January 2021 8,645
Amortisation for year 656
Eliminated on disposal (9,301 )
At 31 December 2021 -
NET BOOK VALUE
At 31 December 2021 -
At 31 December 2020 656

5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to and Computer
property fittings equipment Totals
£    £    £    £   
COST
At 1 January 2021 232,228 35,983 278,431 546,642
Disposals - - (63,286 ) (63,286 )
At 31 December 2021 232,228 35,983 215,145 483,356
DEPRECIATION
At 1 January 2021 108,287 18,898 260,649 387,834
Charge for year 46,446 6,395 12,326 65,167
Eliminated on disposal - - (63,286 ) (63,286 )
At 31 December 2021 154,733 25,293 209,689 389,715
NET BOOK VALUE
At 31 December 2021 77,495 10,690 5,456 93,641
At 31 December 2020 123,941 17,085 17,782 158,808

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.21 31.12.20
£    £   
Trade debtors 1,684,877 496,367
Amounts owed by group undertakings 51,779 -
Prepayments and accrued income 4,830,398 3,464,120
6,567,054 3,960,487

QS Enrolment Solutions Limited (Registered number: 00640846)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade receivables are continuously monitored and allowances applied against trade receivables consist of both specific and collective impairments based on the Company's historical experiences for the relevant aged category as well as taking into account general economic conditions. Historical loss experience allowances are calculated by line of business in order to reflect the specific nature of the customers.

An impairment loss of £nil (2020: £nil) was recognised against trade debtors.

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.21 31.12.20
£    £   
Trade creditors 41,285 29,618
Amounts owed to group undertakings 4,641,386 4,813,910
Tax 160,716 274,284
VAT 311,322 262,474
Accruals and deferred income 394,229 285,411
5,548,938 5,665,697

The amounts owed to the group companies are unsecured, interest free and repayable with no fixed repayment terms.

8. PROVISIONS FOR LIABILITIES
31.12.21 31.12.20
£    £   
Deferred tax 17,792 30,173

Deferred
tax
£   
Balance at 1 January 2021 30,173
Timing differences in respect (12,381 )
of capital allowances
Balance at 31 December 2021 17,792

9. CALLED UP SHARE CAPITAL


Allotted, issued and fully paid:
Number: Class: Nominal 31.12.21 31.12.20
value: £    £   
4,477,174 Ordinary shares £00.05p 223,859 223,859

QS Enrolment Solutions Limited (Registered number: 00640846)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021

10. RESERVES
Retained
earnings
£   

At 1 January 2021 411,534
Profit for the year 1,284,107
At 31 December 2021 1,695,641

11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

M Brooks (Senior Statutory Auditor)
for and on behalf of Johnson Smith & Co Ltd

12. ULTIMATE CONTROLLING PARTY

The controlling party is QS Quacquarellisymonds Limited.

The ultimate controlling party is N Quacquarelli.

13. POST BALANCE SHEET EVENTS

The information relating to the events since the end of the year is given in the Directors' Report