Registration number:
QS Enrolment Solutions Limited
for the Year Ended 31 December 2023
QS Enrolment Solutions Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
QS Enrolment Solutions Limited
Company Information
Directors |
N Quacquarelli M Wait |
Company secretary |
M Wait |
Registered office |
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Auditors |
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QS Enrolment Solutions Limited
(Registration number: 00640846)
Balance Sheet as at 31 December 2023
Note |
2023 |
2022 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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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 assets |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
223,859 |
223,859 |
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Retained earnings |
3,574,390 |
2,721,349 |
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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
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QS Enrolment Solutions Limited
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 |
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
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
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.
Staff numbers |
Employees and directors
The average number of persons employed by the company (including directors) during the year, was
Auditors' remuneration |
2023 |
2022 |
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Audit of the financial statements |
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QS Enrolment Solutions Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Intangible assets |
Computer software |
Total |
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Cost or valuation |
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At 1 January 2023 |
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Additions acquired separately |
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At 31 December 2023 |
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Amortisation |
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At 1 January 2023 |
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Amortisation charge |
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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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Tangible assets |
Improvements to property |
Fixtures and fittings |
Computer 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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Disposals |
( |
( |
( |
( |
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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Eliminated on disposal |
( |
( |
( |
( |
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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QS Enrolment Solutions Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Debtors |
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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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.
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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The amounts owed to the group companies are unsecured, interest free and repayable with no fixed repayment terms
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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223,859 |
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223,859 |
QS Enrolment Solutions Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Provisions for liabilities |
Deferred tax |
Total |
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At 1 January 2023 |
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Increase (decrease) in existing provisions |
( |
( |
At 31 December 2023 |
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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.