REGISTERED NUMBER: 12855684 (England and Wales) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
AUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2023 |
FOR |
QUEBEC HOLDINGS LTD |
REGISTERED NUMBER: 12855684 (England and Wales) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
AUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2023 |
FOR |
QUEBEC HOLDINGS LTD |
QUEBEC HOLDINGS LTD (REGISTERED NUMBER: 12855684) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 28 FEBRUARY 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 5 |
Consolidated Profit and Loss Account | 9 |
Consolidated Other Comprehensive Income | 10 |
Consolidated Balance Sheet | 11 |
Company Balance Sheet | 12 |
Consolidated Statement of Changes in Equity | 13 |
Company Statement of Changes in Equity | 14 |
Consolidated Cash Flow Statement | 15 |
Notes to the Consolidated Cash Flow Statement | 16 |
Notes to the Consolidated Financial Statements | 17 |
QUEBEC HOLDINGS LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 28 FEBRUARY 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
First Floor, Unit 12 |
Pennine Business Park |
Longbow Close, Bradley |
Huddersfield |
West Yorkshire |
HD2 1GQ |
QUEBEC HOLDINGS LTD (REGISTERED NUMBER: 12855684) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 28 FEBRUARY 2023 |
The directors present their strategic report of the company and the group for the year ended 28 February 2023. |
REVIEW OF BUSINESS |
Principal activities of the group is the manufacture of mattresses and divan bases complimented with imported furniture. This year the group focused on new models for its imported furniture in addition to the range of products already available. Turnover was relatively the same for the last year of £12m. |
This was as part of a sales mix of different products. |
PRINCIPAL RISKS AND UNCERTAINTIES |
This year the group still faced raw material price increases adding costs to the business. There has been significant price pressure seen in the sector with the impacts of Pre-Covid, Brexit and natural disasters around the world all having an impact. The rise in inflation seen in the past year has been a challenge to the whole UK economy. |
Increased shipping container costs and foreign exchange rate movements in this sector continue to be a key challenge. |
FUTURE PROSPECTS |
Management is focusing on future price increases by adjusting pricing to compensate for any fluctuations in the supply chain. |
Review mechanisms are in place within all key areas of business and the group will continue to proactively adjust pricing with customers as well as looking at negotiating price reductions from its supplier base. |
Worldwide shipping cost reductions continuing into next financial year are a positive step forward in the sector and for our imported range. |
The group still remains focused in the use of high levels of recycled materials for all of our manufacturing processes improving efficiency and also helping the environment. |
Product innovation and design is still a key objective to enhance the range. |
Stable supply chains and shipping prices during 2023/2024 will help in balancing the turbulence over previous years. |
ON BEHALF OF THE BOARD: |
QUEBEC HOLDINGS LTD (REGISTERED NUMBER: 12855684) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 28 FEBRUARY 2023 |
The directors present their report with the financial statements of the company and the group for the year ended 28 February 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the group in the year under review was that of Buying and selling of own real estate. |
DIVIDENDS |
No interim dividend was paid during the year. The directors recommend a final dividend of 50000 per share. |
The total distribution of dividends for the year ended 28 February 2023 will be £ 50,000 . |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 March 2022 to the date of this report. |
POLITICAL DONATIONS AND EXPENDITURE |
No political donations were made during the year. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
QUEBEC HOLDINGS LTD (REGISTERED NUMBER: 12855684) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 28 FEBRUARY 2023 |
AUDITORS |
The auditors, Walter Dawson & Son, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
QUEBEC HOLDINGS LTD |
Opinion |
We have audited the financial statements of QUEBEC HOLDINGS LTD (the 'parent company') and its subsidiaries (the 'group') for the year ended 28 February 2023 which comprise the Consolidated Profit and Loss Account, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 28 February 2023 and of the group's profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
QUEBEC HOLDINGS LTD |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
QUEBEC HOLDINGS LTD |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Our approach to identifying and assessing the risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: |
- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; |
- we identified the laws and regulations applicable to the company through dicussions with directors and other management, and form our commercial knowledge and experience of the sector; |
- we focussed on specific laws and regulations which considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation; |
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and |
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. |
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: |
- making enquiries of management as to where they considered there was a susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and |
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. |
To address the risk of fraud through management bias and overide of controls, we: |
- performed analytical procedures to identify any unusual or unexpected relationships; |
- tested journal entries to identify unusual transactions; |
- assessed whether judgements and assumptions made in determining the accounting estimates set out in note 2 and where indicative of potential bias; and |
- investigated the rationale behind significant or unusual transactions. |
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: |
- agreeing financial statement disclosures to underlying supporting documentation; |
- reading the minutes of meetings of those charged with governance; |
- enquiring of management as to actual and potential litigation and claims; and |
- reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the company's legal advisors. |
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
QUEBEC HOLDINGS LTD |
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants |
First Floor, Unit 12 |
Pennine Business Park |
Longbow Close, Bradley |
Huddersfield |
West Yorkshire |
HD2 1GQ |
QUEBEC HOLDINGS LTD (REGISTERED NUMBER: 12855684) |
CONSOLIDATED |
PROFIT AND LOSS ACCOUNT |
FOR THE YEAR ENDED 28 FEBRUARY 2023 |
Year Ended | Period |
28.2.23 | 1.10.21 to 28.2.22 |
Notes | £ | £ | £ | £ |
TURNOVER | 12,113,173 | 7,555,379 |
Cost of sales | 10,358,261 | 6,147,599 |
GROSS PROFIT | 1,754,912 | 1,407,780 |
Distribution costs | 68,318 | 28,572 |
Administrative expenses | 1,673,025 | 970,667 |
1,741,343 | 999,239 |
OPERATING PROFIT and |
PROFIT BEFORE TAXATION | 13,569 | 408,541 |
Tax on profit | 5 | - | - |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 13,569 | 408,541 |
QUEBEC HOLDINGS LTD (REGISTERED NUMBER: 12855684) |
CONSOLIDATED |
OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 28 FEBRUARY 2023 |
Period |
1.10.21 |
Year Ended | to |
28.2.23 | 28.2.22 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 13,569 | 408,541 |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
13,569 |
408,541 |
Total comprehensive income attributable to: |
Owners of the parent | 13,569 | 408,541 |
QUEBEC HOLDINGS LTD (REGISTERED NUMBER: 12855684) |
CONSOLIDATED BALANCE SHEET |
28 FEBRUARY 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 8 | 188,204 | 63,865 |
CURRENT ASSETS |
Stocks | 9 | 2,456,591 | 1,445,649 |
Debtors | 10 | 1,473,187 | 1,279,508 |
Investments | 11 | 125 | 125 |
Cash at bank and in hand | 1,037,199 | 1,148,510 |
4,967,102 | 3,873,792 |
CREDITORS |
Amounts falling due within one year | 12 | 2,826,363 | 1,875,640 |
NET CURRENT ASSETS | 2,140,739 | 1,998,152 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
2,328,943 |
2,062,017 |
CREDITORS |
Amounts falling due after more than one year |
13 |
460,062 |
156,705 |
NET ASSETS | 1,868,881 | 1,905,312 |
CAPITAL AND RESERVES |
Called up share capital | 14 | 300 | 300 |
Other reserves | 15 | 74,000 | 74,000 |
Profit and loss account | 15 | 1,794,581 | 1,831,012 |
SHAREHOLDERS' FUNDS | 1,868,881 | 1,905,312 |
The financial statements were approved by the Board of Directors and authorised for issue on 15 February 2024 and were signed on its behalf by: |
Jahangir Khan - Director |
QUEBEC HOLDINGS LTD (REGISTERED NUMBER: 12855684) |
COMPANY BALANCE SHEET |
28 FEBRUARY 2023 |
2023 | 2022 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 10 |
Investments | 11 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 12 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 14 |
Profit and loss account |
SHAREHOLDERS' FUNDS |
Company's (loss)/profit for the financial year |
(1,196 |
) |
509,925 |
The financial statements were approved by the Board of Directors and authorised for issue on |
QUEBEC HOLDINGS LTD (REGISTERED NUMBER: 12855684) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 28 FEBRUARY 2023 |
Called up | Profit |
share | and loss | Other | Total |
capital | account | reserves | equity |
£ | £ | £ | £ |
Balance at 1 October 2021 | 300 | 1,482,471 | 74,000 | 1,556,771 |
Changes in equity |
Dividends | - | (60,000 | ) | - | (60,000 | ) |
Total comprehensive income | - | 408,541 | - | 408,541 |
Balance at 28 February 2022 | 300 | 1,831,012 | 74,000 | 1,905,312 |
Changes in equity |
Dividends | - | (50,000 | ) | - | (50,000 | ) |
Total comprehensive income | - | 13,569 | - | 13,569 |
Balance at 28 February 2023 | 300 | 1,794,581 | 74,000 | 1,868,881 |
QUEBEC HOLDINGS LTD (REGISTERED NUMBER: 12855684) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 28 FEBRUARY 2023 |
Called up | Profit |
share | and loss | Total |
capital | account | equity |
£ | £ | £ |
Balance at 1 October 2021 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 28 February 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 28 February 2023 |
QUEBEC HOLDINGS LTD (REGISTERED NUMBER: 12855684) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 28 FEBRUARY 2023 |
Period |
1.10.21 |
Year Ended | to |
28.2.23 | 28.2.22 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 151,731 | 251,014 |
Tax paid | (47,607 | ) | (10,030 | ) |
Net cash from operating activities | 104,124 | 240,984 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (171,390 | ) | (8,964 | ) |
Sale of tangible fixed assets | - | 10,940 |
Net cash from investing activities | (171,390 | ) | 1,976 |
Cash flows from financing activities |
Amount introduced by directors | 5,955 | 75 |
Amount withdrawn by directors | - | (135,882 | ) |
Equity dividends paid | (50,000 | ) | (60,000 | ) |
Net cash from financing activities | (44,045 | ) | (195,807 | ) |
(Decrease)/increase in cash and cash equivalents | (111,311 | ) | 47,153 |
Cash and cash equivalents at beginning of year |
2 |
1,148,510 |
1,101,357 |
Cash and cash equivalents at end of year |
2 |
1,037,199 |
1,148,510 |
QUEBEC HOLDINGS LTD (REGISTERED NUMBER: 12855684) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 28 FEBRUARY 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
Period |
1.10.21 |
Year Ended | to |
28.2.23 | 28.2.22 |
£ | £ |
Profit before taxation | 13,569 | 408,541 |
Depreciation charges | 47,051 | 15,966 |
60,620 | 424,507 |
Increase in stocks | (1,010,942 | ) | (335,194 | ) |
(Increase)/decrease in trade and other debtors | (193,679 | ) | 70,134 |
Increase in trade and other creditors | 1,295,732 | 91,567 |
Cash generated from operations | 151,731 | 251,014 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 28 February 2023 |
28.2.23 | 1.3.22 |
£ | £ |
Cash and cash equivalents | 1,037,199 | 1,148,510 |
Period ended 28 February 2022 |
28.2.22 | 1.10.21 |
£ | £ |
Cash and cash equivalents | 1,148,510 | 1,101,357 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.3.22 | Cash flow | At 28.2.23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 1,148,510 | (111,311 | ) | 1,037,199 |
1,148,510 | (111,311 | ) | 1,037,199 |
Liquid resources |
Current asset investments | 125 | - | 125 |
125 | - | 125 |
Total | 1,148,635 | (111,311 | ) | 1,037,324 |
QUEBEC HOLDINGS LTD (REGISTERED NUMBER: 12855684) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 28 FEBRUARY 2023 |
1. | STATUTORY INFORMATION |
QUEBEC HOLDINGS LTD is a |
2. | ACCOUNTING POLICIES |
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
BASIS OF CONSOLIDATION |
The consolidated financial statements comprise the accounts of the parent company and all its subsidiaries for the year ended 28 February 2023. |
Following a group reconstruction merger accounting has been applied and the consolidated financial information has been prepared as if the company had been the holding company throughout the current and comparative periods. In adopting the capital structure of the company to the group consolidation a difference arises when this is compared with the share capital of the subsidiary company. This difference is recorded in other reserves within equity as set out in the consolidated statement of changes in equity. |
The results of subsidiaries acquired or disposed of during the year are included from the effective date of acquisition or up to the effective date of disposal. |
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 |
Plant and Machinery - 20% reducing balance |
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 Consolidated Profit and Loss Account, 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. |
QUEBEC HOLDINGS LTD (REGISTERED NUMBER: 12855684) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 FEBRUARY 2023 |
2. | ACCOUNTING POLICIES - continued |
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 group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
Period |
1.10.21 |
Year Ended | to |
28.2.23 | 28.2.22 |
£ | £ |
Wages and salaries | 1,681,047 | 949,936 |
Social security costs | 172,855 | 49,496 |
Other pension costs | 47,437 | 22,227 |
1,901,339 | 1,021,659 |
The average number of employees during the year was as follows: |
Period |
1.10.21 |
Year Ended | to |
28.2.23 | 28.2.22 |
Employees |
Period |
1.10.21 |
Year Ended | to |
28.2.23 | 28.2.22 |
£ | £ |
Directors' remuneration | 60,011 | 23,911 |
QUEBEC HOLDINGS LTD (REGISTERED NUMBER: 12855684) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 FEBRUARY 2023 |
4. | OPERATING PROFIT |
The operating profit is stated after charging: |
Period |
1.10.21 |
Year Ended | to |
28.2.23 | 28.2.22 |
£ | £ |
Depreciation - owned assets | 47,051 | 15,965 |
Foreign exchange differences | 117,614 | 3,943 |
5. | TAXATION |
Analysis of the tax charge |
No liability to UK corporation tax arose for the year ended 28 February 2023 nor for the period ended 28 February 2022. |
RECONCILIATION OF TOTAL TAX CHARGE INCLUDED IN PROFIT AND LOSS |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
Period |
1.10.21 |
Year Ended | to |
28.2.23 | 28.2.22 |
£ | £ |
Profit before tax | 13,569 | 408,541 |
Profit multiplied by the standard rate of corporation tax in the UK of 19 % (2022 - 19 %) |
2,578 |
77,623 |
Effects of: |
Income not taxable for tax purposes | - | (85,500 | ) |
Capital allowances in excess of depreciation | (32,135 | ) | (421 | ) |
Utilisation of tax losses | 8,298 | - |
Adjustments to tax charge in respect of previous periods | (8,298 | ) | - |
Tax loss carried forward | 29,557 | 8,298 |
Total tax charge | - | - |
6. | INDIVIDUAL PROFIT AND LOSS ACCOUNT |
As permitted by Section 408 of the Companies Act 2006, the Profit and Loss Account of the parent company is not presented as part of these financial statements. |
QUEBEC HOLDINGS LTD (REGISTERED NUMBER: 12855684) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 FEBRUARY 2023 |
7. | DIVIDENDS |
Period |
1.10.21 |
Year Ended | to |
28.2.23 | 28.2.22 |
£ | £ |
Ordinary shares of 1 each |
Final | 50,000 | 60,000 |
8. | TANGIBLE FIXED ASSETS |
Group |
Plant and |
machinery |
£ |
COST |
At 1 March 2022 | 353,784 |
Additions | 171,390 |
At 28 February 2023 | 525,174 |
DEPRECIATION |
At 1 March 2022 | 289,919 |
Charge for year | 47,051 |
At 28 February 2023 | 336,970 |
NET BOOK VALUE |
At 28 February 2023 | 188,204 |
At 28 February 2022 | 63,865 |
9. | STOCKS |
Group |
2023 | 2022 |
£ | £ |
Stocks | 2,456,591 | 1,445,649 |
10. | DEBTORS |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Amounts falling due within one year: |
Trade debtors | 471,325 | 277,646 |
Prepayments | 1,797 | 1,797 |
473,122 | 279,443 |
QUEBEC HOLDINGS LTD (REGISTERED NUMBER: 12855684) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 FEBRUARY 2023 |
10. | DEBTORS - continued |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Amounts falling due after more than | one year: |
Other debtors | 1,000,065 | 1,000,065 |
Aggregate amounts | 1,473,187 | 1,279,508 |
11. | CURRENT ASSET INVESTMENTS |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Unlisted investments | 125 | 125 | 325 | 325 |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Trade creditors | 1,761,982 | 1,022,969 |
Tax | - | 47,607 |
Social security and other taxes | 6,755 | - |
VAT | 552,451 | 328,532 | - | - |
Other creditors | 4,180 | - |
RBS - Invoice finance | 221,816 | 203,853 | - | - |
Directors' loan accounts | 276,184 | 270,229 | 1,159 | 625 |
Accruals and deferred income | 2,995 | 2,450 |
2,826,363 | 1,875,640 |
13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group |
2023 | 2022 |
£ | £ |
Other creditors | 460,062 | 156,705 |
14. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | 1 | 300 | 300 |
QUEBEC HOLDINGS LTD (REGISTERED NUMBER: 12855684) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 FEBRUARY 2023 |
15. | RESERVES |
Group |
Profit |
and loss | Other |
account | reserves | Totals |
£ | £ | £ |
At 1 March 2022 | 1,831,012 | 74,000 | 1,905,012 |
Profit for the year | 13,569 | 13,569 |
Dividends | (50,000 | ) | (50,000 | ) |
At 28 February 2023 | 1,794,581 | 74,000 | 1,868,581 |