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Registration number: 06817296

QS Unisolution Ltd

Filleted Financial Statements

for the Year Ended 31 December 2023

 

QS Unisolution Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 8

 

QS Unisolution Ltd

Company Information

Directors

N Quacquarelli

M Wait

Company secretary

M Wait

Registered office

1 Tranley Mews
Fleet Road
Hampstead
London
NW3 2DG

Auditors

Johnson Smith & Co Ltd
Chartered Accountants and Statutory Auditors
Centurion House
London Road
Staines-Upon-Thames
Surrey
TW18 4AX

 

QS Unisolution Ltd

(Registration number: 06817296)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

2,794,171

3,239,919

Investments

5

2,102,646

3,246,646

 

4,896,817

6,486,565

Current assets

 

Debtors

6

762,600

860,301

Cash at bank and in hand

 

2,294,795

1,727,978

 

3,057,395

2,588,279

Creditors: Amounts falling due within one year

7

(1,587,093)

(1,188,654)

Net current assets

 

1,470,302

1,399,625

Total assets less current liabilities

 

6,367,119

7,886,190

Creditors: Amounts falling due after more than one year

7

(7,491,624)

(7,889,481)

Net liabilities

 

(1,124,505)

(3,291)

Capital and reserves

 

Called up share capital

724,041

724,041

Other reserves

2,963,047

2,963,047

Retained earnings

(4,811,593)

(3,690,379)

Shareholders' deficit

 

(1,124,505)

(3,291)

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 28 June 2024 and signed on its behalf by:
 

.........................................
N Quacquarelli
Director

 

QS Unisolution Ltd

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
1 Tranley Mews
Fleet Road
Hampstead
London
NW3 2DG

These financial statements were authorised for issue by the Board on 28 June 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Summary of disclosure exemptions

The financial statements contain information about QS Unisolution Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, QS Quacquarelli Symonds Limited, 1 Tranley Mews, Fleet Road, London, NW3 2DG.

Name of parent of group

The financial statements contain information about QS Unisolution Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, QS Quacquarelli Symonds Limited, 1 Tranley Mews, Fleet Road, London, NW3 2DG

Going concern

The company's balance sheet showing a net liabilities position for the year ended 31 December 2023 of £1,124,505 (2022: net liabilities £3,291) and loss for the financial year of £1,121,216 (2022: profit £212,628). This indicates that company may not be a going concern. However, the directors of the company, having reviewed its projection and cash flows forecast, believe that it is appropriate to use a 'going concern' basis for the preparation of these accounts because its parent company QS Quacquarelli Symonds Limited agreed to provide continued financial support for the foreseeable future.

 

QS Unisolution Ltd

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

Audit report

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 28 June 2024 was Maurice Brooks, who signed for and on behalf of Johnson Smith & Co Ltd.

.........................................

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Patents and licences

Straight line basis over - 20 years

Software development costs

Straight line basis over - 4 - 9 years

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 

QS Unisolution Ltd

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

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2022 - 0).

 

QS Unisolution Ltd

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

4

Intangible assets

Patents and
licenses
£

Software development costs
£

Total
£

Cost or valuation

At 1 January 2023

362,020

7,189,072

7,551,092

Additions acquired separately

-

702,493

702,493

At 31 December 2023

362,020

7,891,565

8,253,585

Amortisation

At 1 January 2023

253,403

4,057,770

4,311,173

Amortisation charge

18,101

1,130,140

1,148,241

At 31 December 2023

271,504

5,187,910

5,459,414

Carrying amount

At 31 December 2023

90,516

2,703,655

2,794,171

At 31 December 2022

108,617

3,131,302

3,239,919

The asset's useful economic life is reviewed and adjusted if appropriate, at each balance sheet date. Amortisation of intangible fixed assets is included in administrative expenses

5

Investments

2023
£

2022
£

Investments in subsidiaries

2,102,646

3,246,646

Subsidiaries

£

Cost or valuation

At 1 January 2023

3,246,646

Revaluation

(1,144,000)

At 31 December 2023

2,102,646

Provision

Carrying amount

At 31 December 2023

2,102,646

At 31 December 2022

3,246,646

 

QS Unisolution Ltd

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

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2023

2022

Subsidiary undertakings

QS Unisolution GmbH (Company)

Ecos Work Spaces BMS Büro & Marketing – Service e.K. Königstraße 80 70173 Stuttgart,

Germany

Ordinary

100%

100%

Subsidiary undertakings

QS Unisolution GmbH (Company)

The principal activity of QS Unisolution GmbH (Company) is supplying software and online solutions for higher education institutions.

6

Debtors

Note

2023
£

2022
£

Trade debtors

 

484,132

294,701

Amounts owed by group undertakings

212,792

523,988

Prepayments

 

60,504

37,137

Other debtors

 

5,172

4,475

 

762,600

860,301

The amount owed by subsidiary company is unsecured, repayable with no fixed term and interest free.

 

QS Unisolution Ltd

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

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

222,197

201,208

Amounts owed to group undertakings

364,641

356,928

Accruals and deferred income

 

1,000,255

630,518

 

1,587,093

1,188,654

The amount owed to parent company is unsecured and repayable with no fixed terms. However, it is the parent company's current intention not to seek repayment for the foreseeable future. During the year as reflected in its parent company's financial statements, the company has made a provision of £nil (2022: £nil) against the outstanding amounts owed to QS Quacquarelli Symonds Limited.

Creditors: amounts falling due after more than one year

2023
£

2022
£

Due after one year

Amounts owed to group undertakings

7,491,624

7,889,481

The above balance included amounts owed to the parent undertaking which are unsecured and repayable with no fixed terms.

 

10 Parent and ultimate parent undertaking
The company's immediate parent is QS Quacquarelli Symonds Limited, incorporated in England and Wales.

These financial statements are available upon request from 1 Tranley Mews, Fleet Road, London, United Kingdom, NW3 2DG.

11 Ultimate controlling party
The ultimate controlling party is N Quacquarelli by virtue of his majority stake in the shareholding of QS Quacquarelli Symonds Limited.