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REGISTERED NUMBER: 04716168 (England and Wales)










UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

QUALINET SOLUTIONS LTD

QUALINET SOLUTIONS LTD (REGISTERED NUMBER: 04716168)






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




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


QUALINET SOLUTIONS LTD

COMPANY INFORMATION
for the Year Ended 31 March 2023







DIRECTOR: Mr R Plartus





REGISTERED OFFICE: Unit 12A, Building 2,
Canonbury Yard
190 New North Road
Islington
London
N1 7BJ





REGISTERED NUMBER: 04716168 (England and Wales)





ACCOUNTANTS: Acuity Professional Partnership LLP
Business Advisers and Accountants
Unit 2.02 High Weald House,
Glovers End
Bexhill
East Sussex
United Kingdom
TN39 5ES

QUALINET SOLUTIONS LTD (REGISTERED NUMBER: 04716168)

STATEMENT OF FINANCIAL POSITION
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 255 380
Investments 5 70,450 69,239
70,705 69,619

CURRENT ASSETS
Debtors 6 67,744 28,523
Cash at bank and in hand 8,437 52,269
76,181 80,792
CREDITORS
Amounts falling due within one year 7 14,354 14,332
NET CURRENT ASSETS 61,827 66,460
TOTAL ASSETS LESS CURRENT
LIABILITIES

132,532

136,079

CREDITORS
Amounts falling due after more than one
year

8

(31,826

)

(35,650

)

PROVISIONS FOR LIABILITIES (48 ) (72 )
NET ASSETS 100,658 100,357

CAPITAL AND RESERVES
Called up share capital 57 57
Share premium 4,995 4,995
Retained earnings 95,606 95,305
SHAREHOLDERS' FUNDS 100,658 100,357

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

QUALINET SOLUTIONS LTD (REGISTERED NUMBER: 04716168)

STATEMENT OF FINANCIAL POSITION - continued
31 March 2023


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 director and authorised for issue on 22 November 2023 and were signed by:





Mr R Plartus - Director


QUALINET SOLUTIONS LTD (REGISTERED NUMBER: 04716168)

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

1. STATUTORY INFORMATION

Qualinet Solutions Ltd 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 (£).


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.

Significant judgements and estimates
In preparing the financial statements, the directors are required to make estimates and judgments about the carrying amounts of assets and liabilities. The estimates and assumptions are reviewed on an ongoing basis and are based on historical experience and other factors that are considered by the directors to be relevant. Revision to accounting estimates are recognised in the period in which the estimate is revised.

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.
Fixtures and fittings - 33% on reducing balance

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.

QUALINET SOLUTIONS LTD (REGISTERED NUMBER: 04716168)

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

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The regular cost of providing retirement pensions and related benifits is charged to profit & loss accounts over the employees period of service on the basis of a constant percentage of earning. Any difference between the amount charged to profits & loss account and the contributions paid to the scheme is shown as an asset or liability in the balance sheet.

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.

Fixed assets investment
Fixed assets investment is stated at cost less provision for any permanent diminution in value.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

QUALINET SOLUTIONS LTD (REGISTERED NUMBER: 04716168)

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

4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
Cost
At 1 April 2022
and 31 March 2023 54,929
Depreciation
At 1 April 2022 54,549
Charge for year 125
At 31 March 2023 54,674
Net book value
At 31 March 2023 255
At 31 March 2022 380

5. FIXED ASSET INVESTMENTS
Other
investments
£   
Cost
At 1 April 2022 69,239
Additions 1,211
At 31 March 2023 70,450
Net book value
At 31 March 2023 70,450
At 31 March 2022 69,239

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 25,905 25,905
Other debtors 41,839 2,618
67,744 28,523

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 9,721 9,626
Trade creditors 216 216
Taxation and social security 2,002 1,578
Other creditors 2,415 2,912
14,354 14,332

QUALINET SOLUTIONS LTD (REGISTERED NUMBER: 04716168)

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

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 31,826 35,650

9. ULTIMATE CONTROLLING PARTY

The company is controled by Mr. R Plartus, a director, by virtue of his shareholding.