REGISTERED NUMBER: |
Audited Financial Statements for the Year Ended 31 December 2021 |
for |
QS Enrolment Solutions Limited |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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 |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 8 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Retained earnings | 10 |
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 |
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 |
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 |
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 |
Improvements to property | - |
Fixtures and fittings | - |
Computer equipment | - |
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 - |
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 |
Disposals | ( |
) |
At 31 December 2021 |
AMORTISATION |
At 1 January 2021 |
Amortisation for year |
Eliminated on disposal | ( |
) |
At 31 December 2021 |
NET BOOK VALUE |
At 31 December 2021 |
At 31 December 2020 |
5. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | and | Computer |
property | fittings | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2021 |
Disposals | ( |
) | ( |
) |
At 31 December 2021 |
DEPRECIATION |
At 1 January 2021 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 December 2021 |
NET BOOK VALUE |
At 31 December 2021 |
At 31 December 2020 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.21 | 31.12.20 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Prepayments and accrued income |
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 |
Amounts owed to group undertakings |
Tax |
VAT | 311,322 | 262,474 |
Accruals and deferred income |
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 |
Timing differences in respect | (12,381 | ) |
of capital allowances |
Balance at 31 December 2021 |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.21 | 31.12.20 |
value: | £ | £ |
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 |
Profit for the year |
At 31 December 2021 |
11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
12. | ULTIMATE CONTROLLING PARTY |
The controlling party is QS Quacquarellisymonds Limited. |
The ultimate controlling party is |
13. | POST BALANCE SHEET EVENTS |
The information relating to the events since the end of the year is given in the Directors' Report |