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Registration number: 00640846

QS Enrolment Solutions Limited

Filleted Financial Statements

for the Year Ended 31 December 2023

 

QS Enrolment Solutions Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 9

 

QS Enrolment Solutions Limited

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 Enrolment Solutions Limited

(Registration number: 00640846)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

5

39,987

23,797

Tangible assets

6

3,823

40,127

 

43,810

63,924

Current assets

 

Debtors

7

7,431,506

8,808,279

Cash at bank and in hand

 

1,611,617

917,369

 

9,043,123

9,725,648

Creditors: Amounts falling due within one year

8

(5,287,728)

(6,836,740)

Net current assets

 

3,755,395

2,888,908

Total assets less current liabilities

 

3,799,205

2,952,832

Provisions for liabilities

(956)

(7,624)

Net assets

 

3,798,249

2,945,208

Capital and reserves

 

Called up share capital

9

223,859

223,859

Retained earnings

3,574,390

2,721,349

Shareholders' funds

 

3,798,249

2,945,208

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 Enrolment Solutions Limited

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.

The presentation currency of the financial statements is the Pound Sterling (£) which is also its functional currency.

Summary of disclosure exemptions

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Name of parent of group

These financial statements are consolidated in the financial statements of QS Quacquarelli Symonds Limited.

The financial statements of QS Quacquarelli Symonds Limited may be obtained from 1 Tranley Mews, Fleet Road, London, NW3 2DG

Critical accounting judgements and key sources of estimation uncertainty
The company estimates its turnover due to key information on enrolments not being available at the year end. A large data set is reviewed, analysed and comparisons made to prior year results in order to project each clients' enrolment numbers. Post year end reconciliations are completed and the difference between the projections and actual results are adjusted in the statutory financial statements if material.

 

QS Enrolment Solutions Limited

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

Going concern

The financial statements have been prepared assuming the company will continue as a going concern. Under the going concern assumption, a company is ordinarily viewed as continuing in business for the foreseeable future with neither the necessity of liquidity, nor ceasing trading or seeking protection from creditors pursuant to laws or regulations. statements. In assessing whether the going concern assumption is appropriate, management takes into account all available information for the foreseeable future, in particular for the twelve months from the date of approval of the financial statements. Management have a reasonable expectation that the entity has adequate resources to continue in its operational exercises for the foreseeable future and has adopted the going concern basis of accounting in preparing the financial statements.

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 (Senior Statutory Auditor), 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.

Accrued Income
Accrued income represents revenue in respect of services provided during the year which has not been billed as at the year end date and is classified as part of the Trade and other debtors due within one year.

Deferred Income
Deferred income represents receipts from subscription in advance of services being provided and is classified as part of Trade and other creditors due within one year.

Foreign currency transactions and balances

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.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

QS Enrolment Solutions Limited

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Computer software
Costs associated with maintaining computer software programmes are recognised as an expense as incurred. Development costs that are directly attributable to the design and testing of identifiable and unique software products controlled by the company are recognised as intangible assets when the followings criteria are met:
- it is technically feasible to complete the software products and use or sell it;
- management intends to complete the software product and use or sell it:
- there is an ability to use or sell the software product;
- it can be demonstrated how the software product will generate future economic benefits;
- adequate technical, financial and other resources to complete the development and to use or sell the software product are available; and
- the expenditure attributable to the software product during its development can be reliable measure.

Directly attributable costs that are capitalised as part of the software product include the software development employee costs and an portion of relevant overheads. Other development expenditures that do not meet these criteria are recognised as an expense as incurred.

Computer software development costs recognised as assets are amortised over their estimated useful lives, which does not exceed three years.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Improvements to property

- 20% on cost

Fixtures and fittings

- 33% on cost and 20% on cost

Computer equipment

- 33% on cost and 20% on cost

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

Computer software

16.7% on cost

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.

 

QS Enrolment Solutions Limited

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

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.

Provisions

A provision is recognised where the company has a legal or constructive obligation as a result of past event and it is possible that an outflow of economic benefit would be required to settle the obligation.

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.

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

Staff numbers

Employees and directors

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

4

Auditors' remuneration

2023
£

2022
£

Audit of the financial statements

10,085

14,586


 

 

QS Enrolment Solutions Limited

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

5

Intangible assets

Computer software
£

Total
£

Cost or valuation

At 1 January 2023

28,753

28,753

Additions acquired separately

30,826

30,826

At 31 December 2023

59,579

59,579

Amortisation

At 1 January 2023

4,956

4,956

Amortisation charge

14,636

14,636

At 31 December 2023

19,592

19,592

Carrying amount

At 31 December 2023

39,987

39,987

At 31 December 2022

23,797

23,797

6

Tangible assets

Improvements to property
£

Fixtures and fittings
£

Computer equipment
£

Total
£

Cost or valuation

At 1 January 2023

232,228

35,983

220,794

489,005

Additions

-

-

1,296

1,296

Disposals

(204,783)

(33,155)

(24,370)

(262,308)

At 31 December 2023

27,445

2,828

197,720

227,993

Depreciation

At 1 January 2023

201,179

31,686

216,013

448,878

Charge for the year

31,049

4,297

2,254

37,600

Eliminated on disposal

(204,783)

(33,155)

(24,370)

(262,308)

At 31 December 2023

27,445

2,828

193,897

224,170

Carrying amount

At 31 December 2023

-

-

3,823

3,823

At 31 December 2022

31,049

4,297

4,781

40,127

 

QS Enrolment Solutions Limited

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

7

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

2,112,651

2,409,746

Amounts owed by group undertakings

11

236,366

35,581

Prepayments and accrued income

 

5,082,489

6,362,952

   

7,431,506

8,808,279

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

Trade receivables are continuously monitored and allowances applied against trade receivables consist of both specific and collective impairments based on the Company's historical experiences for the relevant aged category as well as taking into account general economic conditions. Historical loss experience allowances are calculated by line of business in order to reflect the specific nature of the customers.

An impairment loss of £nil (2022: £nil) was recognised against trade debtors.

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

13,754

11,655

Amounts owed to group undertakings

11

4,234,454

5,867,908

Taxation and social security

 

530,951

392,412

Accruals and deferred income

 

508,569

564,765

 

5,287,728

6,836,740

The amounts owed to the group companies are unsecured, interest free and repayable with no fixed repayment terms

9

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £0.05 each

4,477,174

223,859

4,477,174

223,859

       
 

QS Enrolment Solutions Limited

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

10

Provisions for liabilities

Deferred tax
£

Total
£

At 1 January 2023

7,624

7,624

Increase (decrease) in existing provisions

(6,668)

(6,668)

At 31 December 2023

956

956

11

Related party transactions

The company has taken advantage of the exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

12 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.

13 Ultimate controlling party

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