REGISTERED NUMBER:
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2021 |
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FOR |
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Q.S. ENTERPRISES LIMITED |
REGISTERED NUMBER:
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2021 |
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FOR |
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Q.S. ENTERPRISES LIMITED |
Q.S. ENTERPRISES LIMITED (REGISTERED NUMBER: 01850377) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2021 |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 3 |
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Q.S. ENTERPRISES LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2021 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Chartered Accountants and |
Statutory Auditors |
50 Seymour Street |
London |
W1H 7JG |
Q.S. ENTERPRISES LIMITED (REGISTERED NUMBER: 01850377) |
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STATEMENT OF FINANCIAL POSITION |
31 MARCH 2021 |
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2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
7 |
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( |
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PROVISIONS FOR LIABILITIES | 9 |
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( |
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NET (LIABILITIES)/ASSETS | ( |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS | ( |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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Q.S. ENTERPRISES LIMITED (REGISTERED NUMBER: 01850377) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2021 |
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1. | STATUTORY INFORMATION |
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Q.S. Enterprises Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Going concern |
The directors have completed a going concern assessment for the company for a period of 12 months from the date of approval of these financial statements, which indicate that, taking account of reasonable possible downsides, the company will have sufficient funds through funding from its parent company, University College London Hospitals (UCLH) Charity to meet its liabilities as they fall due for that period. |
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UCLH Charity has indicated its intention to make available £800,000 to the company should it be needed and also that it does not seek repayment of the amounts due at the balance sheet date where the company has insufficient liquidity to make such payments for the period covered by the forecasts. |
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As with any company placing reliance on other group entities for financial support, the directors acknowledge that there can be no certainty that this support will continue although, at the date of approval of these financial statements, they have no reason to believe that it will not do so. |
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Consequently the directors are confident that the company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis notwithstanding the fact that the company has a negative working capital and shareholders' funds at the balance sheet date.. |
Q.S. ENTERPRISES LIMITED (REGISTERED NUMBER: 01850377) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2021 |
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2. | ACCOUNTING POLICIES - continued |
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Significant judgements and estimates |
The preparation of financial statements in conformity with FRS 102 requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The notes to the financial statements set out areas involving a higher degree of judgement, or areas where assumptions are significant to the reporting entity and its financial report such as: |
- useful economic lives of tangible assets |
- fair value of assets and liabilities |
- recoverability of tax receivables, deferred tax assets and measurement of current and deferred tax liabilities can require significant judgement, particularly where the recoverability of such tax balances relies on the estimation of future taxable profits and management's determination of the likelihood that uncertain tax positions will be accepted by the relevant taxation authority |
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Estimates and judgements are continually evaluated and are based on historical experience and other factors, including reasonable expectations of future events. Management believes that the estimates used in preparing this financial statements are reasonable. Actual results in the future may differ from those reported and it is therefore reasonably possible, on the basis of existing knowledge, that outcomes within the next financial year that are different from management's assumptions and estimates could require an adjustment to the carrying amounts of the reported assets and liabilities in future reporting periods. |
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COVID-19 impact |
COVID-19 was declared a world-wide pandemic by the World Health Organisation in March 2020 and it has since had a significant impact on global economies. The entity has considered the impact of COVID-19 in preparing its financial statements. |
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While the specific areas of judgement as noted above did not change, the impact of COVID-19 resulted in the application of further judgement within those identified areas. Given the dynamic and evolving nature of COVID-19, changes to the estimates and outcomes that have been applied in the measurement of the entity's assets and liabilities may arise in the future. Other than adjusting events that provide evidence of conditions that existed at the end of the reporting period, the impact of events that arise after the reporting period will be accounted for in future reporting periods. |
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As a consequence of COVID-19 and in preparing these financial statements, management: |
- re-evaluated whether there were any additional areas of judgement or estimation uncertainty beyond what has been disclosed above |
- conducted several internal processes to ensure consistency in the application of the expected impact of COVID-19 across all asset classes |
- assessed the carrying values of its assets and liabilities and determined the impact thereon as a result of market inputs and variables impacted by COVID-19 |
- considered the impact of COVID-19 on the entity's financial statement disclosures. |
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Turnover |
Turnover represents net invoiced sales of goods and services, excluding value added tax. |
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Tangible fixed assets |
Leasehold improvements - over the term of the lease |
Furniture, medical and office equipment - over 3 to 7 years |
Computer equipment - over 3 to 5 years |
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The carrying values of tangible fixed assets are reviewed for impairment if events or changes in circumstances indicate the carrying value may not be recoverable. |
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Q.S. ENTERPRISES LIMITED (REGISTERED NUMBER: 01850377) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2021 |
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2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged in the profit and loss account on a straight line basis over the lease term. |
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Assets held under finance lease, which are leases where substantially all the risk and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet and are depreciated over their useful lives. The capital elements of future obligations under finance leases are included as liabilities in the balance sheet. |
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The interest elements of the rental obligations are charged in the profit and loss account over the periods of the leases and represent a constant proportion of the balance of the capital repayments outstanding. |
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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. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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Q.S. ENTERPRISES LIMITED (REGISTERED NUMBER: 01850377) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2021 |
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4. | TANGIBLE FIXED ASSETS |
Furniture, |
medical |
and |
Leasehold | office | Computer |
improvements | equipment | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2020 | 3,449,852 | 2,563,738 | 763,720 | 6,777,310 |
Additions |
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At 31 March 2021 |
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DEPRECIATION |
At 1 April 2020 |
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Charge for year |
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At 31 March 2021 |
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NET BOOK VALUE |
At 31 March 2021 |
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At 31 March 2020 |
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Fixed assets, included in the above, which are held under hire purchase contracts and finance leases are as follows: |
Furniture, |
medical |
and |
Leasehold | office | Computer |
improvements | equipment | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2020 |
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Additions | 850,000 |
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At 31 March 2021 | 850,000 |
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DEPRECIATION |
At 1 April 2020 | - |
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Charge for year | 24,792 |
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At 31 March 2021 | 24,792 |
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NET BOOK VALUE |
At 31 March 2021 | 825,208 |
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At 31 March 2020 | - |
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Q.S. ENTERPRISES LIMITED (REGISTERED NUMBER: 01850377) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2021 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade debtors |
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Other debtors |
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Prepayments |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Hire purchase contracts and finance leases (see note 8) |
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Trade creditors |
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Tax |
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Social security and other taxes |
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Other creditors |
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Gift aid | - | 675,000 |
Amount owing to group |
undertaking | - | 173,000 |
Accruals |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2021 | 2020 |
£ | £ |
Hire purchase contracts and finance leases (see note 8) |
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Other creditors | 112,375 | - |
Amount due to group |
undertaking | 3,049,825 | 1,789,710 |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Finance leases | 136,371 | - |
Q.S. ENTERPRISES LIMITED (REGISTERED NUMBER: 01850377) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2021 |
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8. | LEASING AGREEMENTS |
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Minimum lease payments fall due as follows: |
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Hire purchase contracts
and finance leases |
2021 | 2020 |
£ | £ |
Net obligations repayable: |
Within one year | 805,182 | 309,986 |
Between one and five years | 2,437,712 | 1,063,752 |
In more than five years | 136,371 | - |
3,379,265 | 1,373,738 |
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Non-cancellable | operating leases |
2021 | 2020 |
£ | £ |
Within one year |
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Between one and five years |
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In more than five years |
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9. | PROVISIONS FOR LIABILITIES |
2021 | 2020 |
£ | £ |
Other provisions |
Provision for dilapidation | - | 75,000 |
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Dilapidati |
on |
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Balance at 1 April 2020 |
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Released during the year | (75,000 | ) |
Balance at 31 March 2021 |
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10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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Q.S. ENTERPRISES LIMITED (REGISTERED NUMBER: 01850377) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2021 |
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11. | RELATED PARTY DISCLOSURES |
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University College London Hospitals Charity (UCLH Charity) is the company's parent undertaking. The director Mr P W Brading is the chief executive of UCLH Charity while Mr P H Burroughs is the development director at UCLH Charity. |
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Included within administrative expenses is an amount of £106,491 (2020: £139,172) charged to the company by UCLH Charity. |
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Included within interest payable is an amount of £53,030 (2020: £54,554) charged to the company by UCLH Charity. The total interest owing to UCLH Charity at 31 March 2021 amounted to £49,825 (2020: £39,710). |
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Included within creditors more than 1 year at 31 March 2021 is a loan of £3,000,000 (2020: £1,750,000) from UCLH Charity. |
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12. | ULTIMATE CONTROLLING PARTY |
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The company is a wholly owned subsidiary of University College London Hospitals (UCLH) Charity, a charitable company limited by guarantee (company registration number 09980449 and charity registration number 1165398). UCLH Charity is the ultimate controlling party and its registered office address is 5th Floor East, 250 Euston Road, London, NW1 2PG. The results of Q.S Enterprises Limited are consolidated within the annual report and accounts of UCLH Charity. Copies of the consolidated accounts can be obtained from Companies House, Crown Way, Cardiff CF14 3UZ. |
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13. | PENSION COMMITMENTS |
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The company contributes to the personal pension schemes of all employees and one director. Contributions are charged in the profit and loss account as they become payable in accordance with the contribution rates agreed between the company and the employees. During the year, contributions payable amounted to £105,848 (2020: £91,751). There were accrued contributions at the year end of £Nil (2020: £5,726). |