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QUINTESSENTIALLY EDUCATION LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
Quintessentially Education Limited is a private limited liability company incorporated in England and Wales with its business and registered office address at 29 Portland Palace, London, W1B 1QB.
The principal activity of the Company is the provision of education consultancy services.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The following principal accounting policies have been applied:
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is £ Sterling.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Turnover represents revenue recognised by the Company in respect of education consultancy and tutoring services supplied and referral commissions earned during the year, exclusive of Value Added Tax.
Education consultancy receipts are received in advance and recognised as deferred revenue. The deferred revenue is released upon completion of the service provided.
Tuition revenue is deferred over the course of the tuition period. The Company agrees a periodic system of invoicing with the client in advance. Advance receipts are recognised as deferred revenue which is subsequently released periodically in line with the agreed schedule.
Referral commission turnover is recognised upon completion of the consultancy services which the Company has referred to a third-party. Turnover is accrued on this date and subsequently released upon receipt.
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