Registration number:
QS STUDENTAPPLY LTD
for the Year Ended 31 December 2023
QS STUDENTAPPLY LTD
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
QS STUDENTAPPLY LTD
Company Information
Directors |
N Quacquarelli M Wait |
Company secretary |
M Wait |
Registered office |
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Auditors |
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QS STUDENTAPPLY LTD
(Registration number: 13680658)
Balance Sheet as at 31 December 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
20,000 |
20,000 |
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Retained (earnings) |
(1,498,093) |
(646,547) |
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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
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QS STUDENTAPPLY LTD
Notes to the Financial Statements for the Year Ended 31 December 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
QS STUDENTAPPLY LTD
Notes to the Financial Statements for the Year Ended 31 December 2023
Tangible assets |
Fixtures and fittings |
Office equipment |
Total |
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Cost or valuation |
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At 1 January 2023 |
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Additions |
- |
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At 31 December 2023 |
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Depreciation |
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At 1 January 2023 |
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Charge for the year |
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At 31 December 2023 |
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Carrying amount |
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At 31 December 2023 |
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At 31 December 2022 |
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Investments |
2023 |
2022 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
Cost or valuation |
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At 1 January 2023 |
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Adjustment |
( |
At 31 December 2023 |
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Provision |
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Carrying amount |
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At 31 December 2023 |
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At 31 December 2022 |
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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 |
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2023 |
2022 |
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Subsidiary undertakings |
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4007 Central Plaza, 18 Harbour Road, Wanchai, Hong Kong |
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4007 Central Plaza, 18 Harbour Road, Wanchai, Hong Kong |
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4007 Central Plaza, 18 Harbour Road, Wanchai, Hong Kong
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4007 Central Plaza, 18 Harbour Road, Wanchai, Hong Kong
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Subsidiary undertakings |
StudentApply Limited The principal activity of StudentApply Limited is |
StudentApply ECCA Limited The principal activity of StudentApply ECCA Limited is |
StudentApply LATAM Limited The principal activity of StudentApply LATAM Limited is |
SA Education Partners Limited The principal activity of SA Education Partners Limited is |
Debtors |
QS STUDENTAPPLY LTD
Notes to the Financial Statements for the Year Ended 31 December 2023
Current |
Note |
2023 |
2022 |
Trade debtors |
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Amounts owed by group undertakings |
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Prepayments and accrued income |
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Other debtors |
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- |
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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.
Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
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Due within one year |
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Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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The amount owed to the group undertakings are unsecured, interest free and repayable with no fixed payment terms.
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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20,000 |
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20,000 |
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.
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.