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REGISTERED NUMBER: 04690566 (England and Wales)













QUALIFICATIONS NETWORK LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023






QUALIFICATIONS NETWORK LTD (REGISTERED NUMBER: 04690566)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023




Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 6


QUALIFICATIONS NETWORK LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTOR: R J Shaloe





SECRETARY: M Shaloe





REGISTERED OFFICE: 255 Green Lanes
Palmers Green
London
EN2 0PR





REGISTERED NUMBER: 04690566 (England and Wales)





ACCOUNTANTS: John Crook & Partners
Chartered Accountants
255 Green Lanes
Palmers Green
London
N13 4XE

QUALIFICATIONS NETWORK LTD (REGISTERED NUMBER: 04690566)

BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 10,562 8,158

CURRENT ASSETS
Stocks 5 17,686 4,776
Debtors 6 137,029 127,335
Cash at bank and in hand 577,398 281,512
732,113 413,623
CREDITORS
Amounts falling due within one year 7 173,789 150,465
NET CURRENT ASSETS 558,324 263,158
TOTAL ASSETS LESS CURRENT
LIABILITIES

568,886

271,316

CREDITORS
Amounts falling due after more than one
year

8

(21,683

)

(31,813

)

PROVISIONS FOR LIABILITIES (2,007 ) (1,550 )
NET ASSETS 545,196 237,953

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings 545,096 237,853
SHAREHOLDERS' FUNDS 545,196 237,953

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.

QUALIFICATIONS NETWORK LTD (REGISTERED NUMBER: 04690566)

BALANCE SHEET - 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 6 February 2024 and were signed by:





R J Shaloe - Director


QUALIFICATIONS NETWORK LTD (REGISTERED NUMBER: 04690566)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1. STATUTORY INFORMATION

Qualifications Network 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.

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.

Turnover
Turnover represents net invoiced sales of goods and services.

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 - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

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

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2022 - 5 ) .

QUALIFICATIONS NETWORK LTD (REGISTERED NUMBER: 04690566)

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 17,995
Additions 5,103
At 31 March 2023 23,098
DEPRECIATION
At 1 April 2022 9,837
Charge for year 2,699
At 31 March 2023 12,536
NET BOOK VALUE
At 31 March 2023 10,562
At 31 March 2022 8,158

5. STOCKS
2023 2022
£    £   
Stocks 17,686 4,776

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 132,999 121,465
Other debtors 2,656 2,521
Prepayments 1,374 3,349
137,029 127,335

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 10,000 9,870
Trade creditors 24,065 20,965
Social security and other taxes 84,145 58,690
Value added tax 31,646 48,768
Directors' current accounts 1,280 621
Sundry creditors and accruals 22,653 11,551
173,789 150,465

QUALIFICATIONS NETWORK LTD (REGISTERED NUMBER: 04690566)

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 - 1-2 years 10,000 9,944
Bank loans - 2-5 years 11,683 21,869
21,683 31,813

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100

10. ULTIMATE CONTROLLING PARTY

The controlling party is R J Shaloe.