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REGISTERED NUMBER: OC362669 (England and Wales)










REPORT OF THE MEMBERS AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

QNS LLP

QNS LLP (REGISTERED NUMBER: OC362669)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2023




Page

General Information 1

Report of the Members 2

Report of the Accountants 3

Income Statement 4

Other Comprehensive Income 5

Statement of Financial Position 6

Notes to the Financial Statements 8


QNS LLP

GENERAL INFORMATION
for the Year Ended 31 March 2023







DESIGNATED MEMBERS: Qualinet Solutions Ltd
Plartus Solutions Ltd





REGISTERED OFFICE: Unit 12a
Building 2 Canonbury Yard
Canonbury Yard
Islington
London
N1 7BJ





REGISTERED NUMBER: OC362669 (England and Wales)





ACCOUNTANTS: Acuity Professional Partnership LLP
Chartered Accountants & Tax Advisers
Fifth Floor
11 Leadenhall Street
London
EC3V 1LP

QNS LLP (REGISTERED NUMBER: OC362669)

REPORT OF THE MEMBERS
for the Year Ended 31 March 2023

The members present their report with the financial statements of the LLP for the year ended 31 March 2023.

PRINCIPAL ACTIVITY
The principal activity of the LLP in the year under review was that of IT consultancy and support.

DESIGNATED MEMBERS
The designated members during the year under review were:

Qualinet Solutions Limited
Plartus Solutions Ltd

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS
The profit for the year before members' remuneration and profit shares was £61,853 (2022 - £110,189 profit).

MEMBERS' INTERESTS
The members take drawings in accordance with the partnership agreement. The profits of the business are attributed firstly to meet the expenses and liabilities of the partnership, secondly to provide a contingency for future trading, thirdly to apply remuneration for members, engaged in the business and finally to allocation of profit between the partners as decided from time to time.

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to small LLPs.

ON BEHALF OF THE MEMBERS:





Mr R Plartus - Designated member


22 November 2023

QNS LLP

REPORT OF THE ACCOUNTANTS TO THE MEMBERS OF
QNS LLP


In accordance with our terms of engagement and in order to assist you to fulfils your duties under the Companies Act 2006, we have compiled the financial statements of the company for the period ended 31 March 2023 from the accounting records and information and explanations you have given to us.

This report is made to the Partners, as a body, in accordance with the terms of our engagement. Our work has been undertaken so that we might compile the financial statements that we have been engaged to compile, report to the Partners that we have done so, and state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Limited Liability Partnership and the Partners, as a body, for our work or for this report.

We have carried out this engagement in accordance with technical guidance issued by the Institute of Chartered Accountants in England and Wales and abide by the ethical guidance laid down by the Institute relating to the compilation of financial statements.

You have acknowledged on the Balance Sheet as at 31 March 2023 your duty to ensure that the Limited Liability Partnership has kept proper accounting records and to prepare financial statements that give a true and fair view under the Companies Act 2006. You consider that the company is exempt from the statutory requirement for an audit for the year.

We have not been instructed to carry out an audit of the financial statements. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.






Acuity Professional Partnership LLP
Chartered Accountants & Tax Advisers
Fifth Floor
11 Leadenhall Street
London
EC3V 1LP


Date: .............................................

QNS LLP (REGISTERED NUMBER: OC362669)

INCOME STATEMENT
for the Year Ended 31 March 2023

2023 2022
Notes £    £   

TURNOVER 888,503 780,732

Cost of sales 490,438 449,132
GROSS PROFIT 398,065 331,600

Administrative expenses 336,778 221,425
OPERATING PROFIT 4 61,287 110,175

Interest receivable and similar income 566 14
PROFIT FOR THE FINANCIAL YEAR
BEFORE MEMBERS' REMUNERATION
AND PROFIT SHARES AVAILABLE
FOR DISCRETIONARY DIVISION
AMONG MEMBERS




61,853




110,189

QNS LLP (REGISTERED NUMBER: OC362669)

OTHER COMPREHENSIVE INCOME
for the Year Ended 31 March 2023

2023 2022
Notes £    £   

PROFIT FOR THE FINANCIAL YEAR
BEFORE MEMBERS' REMUNERATION
AND PROFIT SHARES AVAILABLE
FOR DISCRETIONARY DIVISION
AMONG MEMBERS




61,853




110,189


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

61,853

110,189

QNS LLP (REGISTERED NUMBER: OC362669)

STATEMENT OF FINANCIAL POSITION
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 64,817 75,343
Investments 6 703,767 703,767
768,584 779,110

CURRENT ASSETS
Debtors 7 167,028 135,478
Prepayments and accrued income - 3,575
Cash at bank 133,784 152,028
300,812 291,081
CREDITORS
Amounts falling due within one year 8 202,971 170,942
NET CURRENT ASSETS 97,841 120,139
TOTAL ASSETS LESS CURRENT LIABILITIES
and
NET ASSETS ATTRIBUTABLE TO
MEMBERS

866,425

899,249

LOANS AND OTHER DEBTS DUE TO
MEMBERS

-

-

MEMBERS' OTHER INTERESTS
Capital accounts 866,425 899,249
866,425 899,249

TOTAL MEMBERS' INTERESTS
Members' other interests 866,425 899,249

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31 March 2023.

The members acknowledge their responsibilities for:
(a)ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the LLP 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 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

QNS LLP (REGISTERED NUMBER: OC362669)

STATEMENT OF FINANCIAL POSITION - continued
31 March 2023


The financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

The financial statements were approved by the members of the LLP and authorised for issue on 22 November 2023 and were signed by:





Mr R Plartus - Designated member

QNS LLP (REGISTERED NUMBER: OC362669)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

QNS LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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 requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention.

The preparation of financial statements in conformity with FRS 102 section 1A requires the use of certain critical accounting estimates. lt also requires management to exercise judgement in applying the company's accounting policies.

Turnover
Turnover comprises the value of consideration receivable from the customer for the rendering of services, net of value-added tax (VAT) rebates and discounts. Non-contract based revenue is recognised as and when the services are performed. Contract based revenue is recognised on a straight-line basis over the life of the contract.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 33% on reducing balance
Motor vehicles - 25% on reducing balance
Office equipment - 33% on reducing balance

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.

QNS LLP (REGISTERED NUMBER: OC362669)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The LLP has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognized in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset , with the net amounts presented in the financial statements , when there is a legally enforceable right to set off the recognized amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies that are classified as debt, are initially recognized at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payment discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Significant judgements and estimates
In preparing the financial statements, management were not required to make any estimates or judgements which materially affect reported income, expenses, assets, liabilities or disclosure of contingent assets and liabilities.

3. EMPLOYEE INFORMATION

The average number of employees during the year was NIL (2022 - NIL).

4. OPERATING PROFIT

The operating profit is stated after charging:

2023 2022
£    £   
Depreciation - owned assets 22,816 17,207

QNS LLP (REGISTERED NUMBER: OC362669)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2023

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Office
machinery fittings vehicles equipment Totals
£    £    £    £    £   
Cost
At 1 April 2022 10,708 22,331 67,947 117,806 218,792
Additions 3,008 2,489 - 6,793 12,290
At 31 March 2023 13,716 24,820 67,947 124,599 231,082
Depreciation
At 1 April 2022 1,715 12,614 31,171 97,949 143,449
Charge for year 2,672 3,804 9,194 7,146 22,816
At 31 March 2023 4,387 16,418 40,365 105,095 166,265
Net book value
At 31 March 2023 9,329 8,402 27,582 19,504 64,817
At 31 March 2022 8,993 9,717 36,776 19,857 75,343

6. FIXED ASSET INVESTMENTS

Investments (neither listed nor unlisted) were as follows:
2023 2022
£    £   
Long term investments 703,767 703,767

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 84,228 70,562
Other debtors 82,800 64,916
167,028 135,478

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 30,140 41,820
Taxation and social security 9,373 16,252
Other creditors 163,458 112,870
202,971 170,942

9. ULTIMATE CONTROLLING PARTY

The controlling party is Mr. R Plartus.