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REGISTERED NUMBER: 12807968 (England and Wales)












Unaudited Financial Statements

for the Year Ended 31 August 2023

for

Quality Food Corporation Ltd

Quality Food Corporation Ltd (Registered number: 12807968)






Contents of the Financial Statements
for the year ended 31 August 2023




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


Quality Food Corporation Ltd

Company Information
for the year ended 31 August 2023







DIRECTORS: D E Beiley
S C Matthews
Mrs L Beiley
S Douglas





REGISTERED OFFICE: 50 Atomic House
High Pavement
Nottingham
Nottinghamshire
NG1 1HW





REGISTERED NUMBER: 12807968 (England and Wales)





ACCOUNTANTS: Clayton & Brewill
Chartered Accountants
Cawley House
149-155 Canal Street
Nottingham
Nottinghamshire
NG1 7HR

Quality Food Corporation Ltd (Registered number: 12807968)

Abridged Balance Sheet
31 August 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,825 1,333

CURRENT ASSETS
Stocks 425,916 468,227
Debtors 994,240 1,002,488
Prepayments and accrued income 1,725 -
Cash at bank 446,097 292,786
1,867,978 1,763,501
CREDITORS
Amounts falling due within one year 1,447,868 1,607,300
NET CURRENT ASSETS 420,110 156,201
TOTAL ASSETS LESS CURRENT
LIABILITIES

421,935

157,534

ACCRUALS AND DEFERRED INCOME 49,166 31,971
NET ASSETS 372,769 125,563

CAPITAL AND RESERVES
Called up share capital 6 105 80
Share premium 975 -
Retained earnings 371,689 125,483
SHAREHOLDERS' FUNDS 372,769 125,563

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Quality Food Corporation Ltd (Registered number: 12807968)

Abridged Balance Sheet - continued
31 August 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 August 2023 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8 February 2024 and were signed on its behalf by:





D E Beiley - Director


Quality Food Corporation Ltd (Registered number: 12807968)

Notes to the Financial Statements
for the year ended 31 August 2023

1. STATUTORY INFORMATION

Quality Food Corporation Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Current or deferred taxation assets and liabilities are not discounted.

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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

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.

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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 3 ) .

Quality Food Corporation Ltd (Registered number: 12807968)

Notes to the Financial Statements - continued
for the year ended 31 August 2023

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 September 2022 3,000
Additions 2,238
Disposals (2,000 )
At 31 August 2023 3,238
DEPRECIATION
At 1 September 2022 1,667
Charge for year 1,079
Eliminated on disposal (1,333 )
At 31 August 2023 1,413
NET BOOK VALUE
At 31 August 2023 1,825
At 31 August 2022 1,333

5. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Factoring account 387,097 408,446

6. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
400 Ordinary A 10p 40 80
400 Ordinary B 10p 40 -
250 Ordinary C 10p 25 -
105 80

250 Ordinary C shares of 10p each were allotted as fully paid at a premium of £3.90 per share during the year.