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Registration number: 13680658

QS STUDENTAPPLY LTD

Filleted Financial Statements

for the Year Ended 31 December 2023

 

QS STUDENTAPPLY LTD

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 10

 

QS STUDENTAPPLY 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 STUDENTAPPLY LTD

(Registration number: 13680658)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

27,666

25,785

Investments

5

1,651,070

2,984,634

 

1,678,736

3,010,419

Current assets

 

Debtors

6

3,628,801

2,038,527

Cash at bank and in hand

 

905,248

281,161

 

4,534,049

2,319,688

Creditors: Amounts falling due within one year

7

(7,690,878)

(5,956,654)

Net current liabilities

 

(3,156,829)

(3,636,966)

Net liabilities

 

(1,478,093)

(626,547)

Capital and reserves

 

Called up share capital

8

20,000

20,000

Retained (earnings)

(1,498,093)

(646,547)

Shareholders' deficit

 

(1,478,093)

(626,547)

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 STUDENTAPPLY 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

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

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 group financial statements of QS Quacquarelli Symonds Limited.

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

Going concern

The financial statements have been prepared on a going concern basis.

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.

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.

 

QS STUDENTAPPLY LTD

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

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.

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.

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

Computer equipment

33.33% Straight Line

Fixtures and fittings

33.33% Straight Line

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.

Investments

Investments in subsidiary undertakings are recognised at cost.

Cash and cash equivalents

Cash and cash equivalents in the Company balance sheet comprise cash at bank 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.

 

QS STUDENTAPPLY LTD

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

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

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

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

 

QS STUDENTAPPLY LTD

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

4

Tangible assets

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 January 2023

4,091

25,485

29,576

Additions

-

12,494

12,494

At 31 December 2023

4,091

37,979

42,070

Depreciation

At 1 January 2023

432

3,358

3,790

Charge for the year

819

9,795

10,614

At 31 December 2023

1,251

13,153

14,404

Carrying amount

At 31 December 2023

2,840

24,826

27,666

At 31 December 2022

3,658

22,127

25,785

5

Investments

2023
£

2022
£

Investments in subsidiaries

1,651,070

2,984,634

Subsidiaries

£

Cost or valuation

At 1 January 2023

2,984,634

Adjustment

(1,333,564)

At 31 December 2023

1,651,070

Provision

Carrying amount

At 31 December 2023

1,651,070

At 31 December 2022

2,984,634

 

QS STUDENTAPPLY LTD

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

Details of undertakings

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

StudentApply Limited

4007 Central Plaza, 18 Harbour Road, Wanchai, Hong Kong

Ordinary

100%

100%

StudentApply ECCA Limited

4007 Central Plaza, 18 Harbour Road, Wanchai, Hong Kong

Ordinary

100%

100%

StudentApply LATAM Limited

4007 Central Plaza, 18 Harbour Road, Wanchai, Hong Kong

Ordinary

100%

100%

SA Education Partners Limited

4007 Central Plaza, 18 Harbour Road, Wanchai, Hong Kong

Ordinary

100%

100%

Subsidiary undertakings

StudentApply Limited

The principal activity of StudentApply Limited is provision of enrolment services to Higher Education Institutions.

StudentApply ECCA Limited

The principal activity of StudentApply ECCA Limited is provision of enrolment services to Higher Education Institutions.

StudentApply LATAM Limited

The principal activity of StudentApply LATAM Limited is provision of enrolment services to Higher Education Institutions.

SA Education Partners Limited

The principal activity of SA Education Partners Limited is provision of enrolment services to Higher Education Institutions.

6

Debtors

 

QS STUDENTAPPLY LTD

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

Current

Note

2023
£

2022
£

Trade debtors

 

1,002,332

341,228

Amounts owed by group undertakings

9

944,103

712,123

Prepayments and accrued income

 

1,503,706

985,176

Other debtors

 

178,660

-

   

3,628,801

2,038,527

 

QS STUDENTAPPLY LTD

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

The amounts owned by the group undertakings are unsecured, interest free and repayable with no fixed payments terms.

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

39,273

14,791

Amounts owed to group undertakings

9

5,600,607

3,314,083

Taxation and social security

 

158,802

46,078

Accruals and deferred income

 

407

10,500

Other creditors

 

1,891,789

2,571,202

 

7,690,878

5,956,654

The amount owed to the group undertakings are unsecured, interest free and repayable with no fixed payment terms.

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary of £1 each

20,000

20,000

20,000

20,000

       

9

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.

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.

 

QS STUDENTAPPLY LTD

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


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.