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REGISTERED NUMBER: 12521688 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

Qualrisk Ltd

Qualrisk Ltd (Registered number: 12521688)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Qualrisk Ltd

Company Information
for the Year Ended 31 December 2023







DIRECTORS: Mr W S Mayes
Mr M S Pritula





REGISTERED OFFICE: 34 Lime Street
London
EC3M 7AT





REGISTERED NUMBER: 12521688 (England and Wales)





ACCOUNTANTS: Wilson Partners Limited
Chartered Accountants
TOR
Saint-Cloud Way
Maidenhead
Berkshire
SL6 8BN

Qualrisk Ltd (Registered number: 12521688)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £   
FIXED ASSETS
Tangible assets 4 1,359 1,279

CURRENT ASSETS
Debtors 5 657,506 846,251
Investments 6 6,785 -
Cash at bank 46,876 102,041
711,167 948,292
CREDITORS
Amounts falling due within one year 7 (524,801 ) (816,704 )
NET CURRENT ASSETS 186,366 131,588
TOTAL ASSETS LESS CURRENT LIABILITIES 187,725 132,867

PROVISIONS FOR LIABILITIES (339 ) (320 )
NET ASSETS 187,386 132,547

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 187,385 132,546
187,386 132,547

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

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

The directors acknowledge their 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.

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 15 July 2024 and were signed on its behalf by:





Mr W S Mayes - Director


Qualrisk Ltd (Registered number: 12521688)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Qualrisk 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 the application of the company's accounting policies the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The company does not make significant estimates and assumptions concerning the future.

Turnover
The turnover shown in the statement of comprehensive income represents amounts receivable from the ultimate parent undertaking during the period, for the provision of consultancy support functions exclusive of Value Added Tax.

Turnover in respect of services provided to the ultimate parent company is calculated as attributable costs plus a mark up in accordance with a cost plus agreement between Qualrisk Limited and Qualrisk LLC.

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

Tangible fixed assets are included at cost less depreciation and impairment.

Financial instruments
Basic financial instruments are recognised at amortised cost using the effective interest method, except for investments in non-convertible preference and non-puttable preference and ordinary shares, which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value, with changes recognised in profit and loss.

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.


Qualrisk Ltd (Registered number: 12521688)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
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.

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.

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.

Fixed asset investment
Investments held as fixed assets are shown at cost less provision for impairment.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 4 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023 1,919
Additions 1,036
At 31 December 2023 2,955
DEPRECIATION
At 1 January 2023 640
Charge for year 956
At 31 December 2023 1,596
NET BOOK VALUE
At 31 December 2023 1,359
At 31 December 2022 1,279

Qualrisk Ltd (Registered number: 12521688)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Amounts owed by group undertakings 85,635 -
Other debtors 571,871 846,251
657,506 846,251

6. CURRENT ASSET INVESTMENTS
31.12.23 31.12.22
£    £   
Unlisted investments 6,785 -

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 8,398 5,096
Amounts owed to group undertakings - 14,190
Taxation and social security 17,199 17,025
Other creditors 499,204 780,393
524,801 816,704

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.12.23 31.12.22
£    £   
Within one year 22,950 20,790

9. RELATED PARTY DISCLOSURES

Qualrisk LLC

A company of which Qualrisk Limited is a 100% owned subsidiary


31.12.23 31.12.22
£    £   
Amount due from related party at the balance sheet date 85,635 -

QCC GmbH

A German company in which Qualrisk Limited has an investment


Qualrisk Limited has an investment of £6,785 in QCC GmbH.

10. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Qualrisk LLC.