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REGISTERED NUMBER: 12855684 (England and Wales)















GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIOD 1 OCTOBER 2021 TO 28 FEBRUARY 2022

FOR

QUEBEC HOLDINGS LTD

QUEBEC HOLDINGS LTD (REGISTERED NUMBER: 12855684)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE PERIOD 1 OCTOBER 2021 TO 28 FEBRUARY 2022




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 PERIOD 1 OCTOBER 2021 TO 28 FEBRUARY 2022







DIRECTORS: Jahangir Khan
Tariq Mehmood
Saeed Yaqub





REGISTERED OFFICE: Soothill Business Park,
Soothill Lane
Batley
United Kingdom
WF17 6LJ





REGISTERED NUMBER: 12855684 (England and Wales)





AUDITORS: Walter Dawson & Son
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 PERIOD 1 OCTOBER 2021 TO 28 FEBRUARY 2022

The directors present their strategic report of the company and the group for the period 1 October 2021 to 28 February 2022.

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:





Jahangir Khan - Director


10 February 2024

QUEBEC HOLDINGS LTD (REGISTERED NUMBER: 12855684)

REPORT OF THE DIRECTORS
FOR THE PERIOD 1 OCTOBER 2021 TO 28 FEBRUARY 2022

The directors present their report with the financial statements of the company and the group for the period 1 October 2021 to 28 February 2022.

PRINCIPAL ACTIVITY
The principal activity of the group in the period under review was that of

DIVIDENDS
No interim dividend was paid during the period. The directors recommend a final dividend of 60000 per share.

The total distribution of dividends for the period ended 28 February 2022 will be £ 60,000 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 October 2021 to the date of this report.

Jahangir Khan
Tariq Mehmood
Saeed Yaqub

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 PERIOD 1 OCTOBER 2021 TO 28 FEBRUARY 2022


AUDITORS
The auditors, Walter Dawson & Son, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Jahangir Khan - Director


10 February 2024

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 period ended 28 February 2022 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 2022 and of the group's profit for the period 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.

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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
QUEBEC HOLDINGS LTD


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.

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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
QUEBEC HOLDINGS LTD


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.




John Richard Hall FCA (Senior Statutory Auditor)
for and on behalf of Walter Dawson & Son
Chartered Accountants
First Floor, Unit 12
Pennine Business Park
Longbow Close, Bradley
Huddersfield
West Yorkshire
HD2 1GQ

10 February 2024

QUEBEC HOLDINGS LTD (REGISTERED NUMBER: 12855684)

CONSOLIDATED
PROFIT AND LOSS ACCOUNT
FOR THE PERIOD 1 OCTOBER 2021 TO 28 FEBRUARY 2022

Period Period
1.10.21 to 28.2.22 3.9.20 to 30.9.21
Notes £    £    £    £   

TURNOVER 7,555,379 12,244,640

Cost of sales 6,147,599 10,220,111
GROSS PROFIT 1,407,780 2,024,529

Distribution costs 28,572 540,544
Administrative expenses 970,667 1,107,010
999,239 1,647,554
OPERATING PROFIT and
PROFIT BEFORE TAXATION 408,541 376,975

Tax on profit 5 - 71,782
PROFIT FOR THE FINANCIAL PERIOD 408,541 305,193
Profit attributable to:
Owners of the parent 408,541 305,193

QUEBEC HOLDINGS LTD (REGISTERED NUMBER: 12855684)

CONSOLIDATED
OTHER COMPREHENSIVE INCOME
FOR THE PERIOD 1 OCTOBER 2021 TO 28 FEBRUARY 2022

Period Period
1.10.21 3.9.20
to to
28.2.22 30.9.21
Notes £    £   

PROFIT FOR THE PERIOD 408,541 305,193


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE
PERIOD

408,541

305,193

Total comprehensive income attributable to:
Owners of the parent 408,541 305,193

QUEBEC HOLDINGS LTD (REGISTERED NUMBER: 12855684)

CONSOLIDATED BALANCE SHEET
28 FEBRUARY 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 63,865 81,806

CURRENT ASSETS
Stocks 9 1,445,649 1,110,455
Debtors 10 1,279,508 1,349,642
Investments 11 125 125
Cash at bank and in hand 1,148,510 1,101,357
3,873,792 3,561,579
CREDITORS
Amounts falling due within one year 12 1,875,640 2,085,060
NET CURRENT ASSETS 1,998,152 1,476,519
TOTAL ASSETS LESS CURRENT LIABILITIES 2,062,017 1,558,325

CREDITORS
Amounts falling due after more than one year 13 156,705 1,554
NET ASSETS 1,905,312 1,556,771

CAPITAL AND RESERVES
Called up share capital 14 300 300
Other reserves 15 74,000 74,000
Profit and loss account 15 1,831,012 1,482,471
SHAREHOLDERS' FUNDS 1,905,312 1,556,771

The financial statements were approved by the Board of Directors and authorised for issue on 10 February 2024 and were signed on its behalf by:





Jahangir Khan - Director


QUEBEC HOLDINGS LTD (REGISTERED NUMBER: 12855684)

COMPANY BALANCE SHEET
28 FEBRUARY 2022

2022 2021
Notes £    £   
CURRENT ASSETS
Debtors 10 1,000,065 1,000,065
Investments 11 325 325
Cash at bank and in hand 450,333 408
1,450,723 1,000,798
CREDITORS
Amounts falling due within one year 12 1,075 1,075
NET CURRENT ASSETS 1,449,648 999,723
TOTAL ASSETS LESS CURRENT LIABILITIES 1,449,648 999,723

CAPITAL AND RESERVES
Called up share capital 14 300 300
Profit and loss account 1,449,348 999,423
SHAREHOLDERS' FUNDS 1,449,648 999,723

Company's profit for the financial year 509,925 999,423

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

The financial statements were approved by the Board of Directors and authorised for issue on 9 February 2024 and were signed on its behalf by:





Jahangir Khan - Director


QUEBEC HOLDINGS LTD (REGISTERED NUMBER: 12855684)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD 1 OCTOBER 2021 TO 28 FEBRUARY 2022

Called up Profit
share and loss Other Total
capital account reserves equity
£    £    £    £   
Balance at 3 September 2020 - 1,177,278 74,000 1,251,278

Changes in equity
Issue of share capital 300 - - 300
Total comprehensive income - 305,193 - 305,193
Balance at 30 September 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

QUEBEC HOLDINGS LTD (REGISTERED NUMBER: 12855684)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD 1 OCTOBER 2021 TO 28 FEBRUARY 2022

Called up Profit
share and loss Total
capital account equity
£    £    £   

Changes in equity
Issue of share capital 300 - 300
Total comprehensive income - 999,423 999,423
Balance at 30 September 2021 300 999,423 999,723

Changes in equity
Dividends - (60,000 ) (60,000 )
Total comprehensive income - 509,925 509,925
Balance at 28 February 2022 300 1,449,348 1,449,648

QUEBEC HOLDINGS LTD (REGISTERED NUMBER: 12855684)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE PERIOD 1 OCTOBER 2021 TO 28 FEBRUARY 2022

Period Period
1.10.21 3.9.20
to to
28.2.22 30.9.21
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 251,014 1,142,933
Tax paid (10,030 ) (14,145 )
Net cash from operating activities 240,984 1,128,788

Cash flows from investing activities
Purchase of tangible fixed assets (8,964 ) (27,806 )
Sale of tangible fixed assets 10,940 -
Net cash from investing activities 1,976 (27,806 )

Cash flows from financing activities
Amount introduced by directors 75 75
Amount withdrawn by directors (135,882 ) -
Share issue - 300
Equity dividends paid (60,000 ) -
Net cash from financing activities (195,807 ) 375

Increase in cash and cash equivalents 47,153 1,101,357
Cash and cash equivalents at beginning of
period

2

1,101,357

-

Cash and cash equivalents at end of period 2 1,148,510 1,101,357

QUEBEC HOLDINGS LTD (REGISTERED NUMBER: 12855684)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE PERIOD 1 OCTOBER 2021 TO 28 FEBRUARY 2022

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
Period Period
1.10.21 3.9.20
to to
28.2.22 30.9.21
£    £   
Profit before taxation 408,541 376,975
Depreciation charges 15,966 20,452
- 1,582,662
424,507 1,980,089
Increase in stocks (335,194 ) (1,110,455 )
Decrease/(increase) in trade and other debtors 70,134 (1,349,642 )
Increase in trade and other creditors 91,567 1,622,941
Cash generated from operations 251,014 1,142,933

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:

Period ended 28 February 2022
28.2.22 1.10.21
£    £   
Cash and cash equivalents 1,148,510 1,101,357
Period ended 30 September 2021
30.9.21 3.9.20
£    £   
Cash and cash equivalents 1,101,357 -


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.10.21 Cash flow At 28.2.22
£    £    £   
Net cash
Cash at bank and in hand 1,101,357 47,153 1,148,510
1,101,357 47,153 1,148,510

Liquid resources
Current asset investments 125 - 125
125 - 125
Total 1,101,482 47,153 1,148,635

QUEBEC HOLDINGS LTD (REGISTERED NUMBER: 12855684)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE PERIOD 1 OCTOBER 2021 TO 28 FEBRUARY 2022

1. STATUTORY INFORMATION

QUEBEC HOLDINGS 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 General 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

BASIS OF CONSOLIDATION
The consolidated financial statements comprise the accounts of the parent company and all its subsidiaries for the five month period ended 28 February 2022.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

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 period 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 PERIOD 1 OCTOBER 2021 TO 28 FEBRUARY 2022

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 period 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 Period
1.10.21 3.9.20
to to
28.2.22 30.9.21
£    £   
Wages and salaries 949,936 1,505,720
Social security costs 49,496 98,817
Other pension costs 22,227 110,380
1,021,659 1,714,917

The average number of employees during the period was as follows:
Period Period
1.10.21 3.9.20
to to
28.2.22 30.9.21

Employees 83 83

Period Period
1.10.21 3.9.20
to to
28.2.22 30.9.21
£    £   
Directors' remuneration - -
Directors' long term incentive schemes 23,911 44,845

QUEBEC HOLDINGS LTD (REGISTERED NUMBER: 12855684)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 OCTOBER 2021 TO 28 FEBRUARY 2022

4. OPERATING PROFIT

The operating profit is stated after charging:

Period Period
1.10.21 3.9.20
to to
28.2.22 30.9.21
£    £   
Depreciation - owned assets 15,965 20,452
Foreign exchange differences 3,943 7,897

5. TAXATION

Analysis of the tax charge
The tax charge on the profit for the period was as follows:
Period Period
1.10.21 3.9.20
to to
28.2.22 30.9.21
£    £   
Current tax:
UK corporation tax - 71,782
Tax on profit - 71,782

RECONCILIATION OF TOTAL TAX CHARGE INCLUDED IN PROFIT AND LOSS
The tax assessed for the period is lower than the standard rate of corporation tax in the UK. The difference is explained below:

Period Period
1.10.21 3.9.20
to to
28.2.22 30.9.21
£    £   
Profit before tax 408,541 376,975
Profit multiplied by the standard rate of corporation tax in the UK of 19 %
(2021 - 19 %)

77,623

71,625

Effects of:
Income not taxable for tax purposes (85,500 ) -
Capital allowances in excess of depreciation (421 ) -
Depreciation in excess of capital allowances - 47
Tax loss carried forward 8,298 110
Total tax charge - 71,782

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 PERIOD 1 OCTOBER 2021 TO 28 FEBRUARY 2022

7. DIVIDENDS
Period Period
1.10.21 3.9.20
to to
28.2.22 30.9.21
£    £   
Ordinary shares of 1 each
Final 60,000 -

8. TANGIBLE FIXED ASSETS

Group
Plant and
machinery
£   
COST
At 1 October 2021 408,161
Additions 8,964
Disposals (63,341 )
At 28 February 2022 353,784
DEPRECIATION
At 1 October 2021 326,355
Charge for period 15,965
Eliminated on disposal (52,401 )
At 28 February 2022 289,919
NET BOOK VALUE
At 28 February 2022 63,865
At 30 September 2021 81,806

9. STOCKS

Group
2022 2021
£    £   
Stocks 1,445,649 1,110,455

10. DEBTORS

Group Company
2022 2021 2022 2021
£    £    £    £   
Amounts falling due within one year:
Trade debtors 277,646 343,335 - -
Prepayments 1,797 6,242 - -
279,443 349,577 - -

QUEBEC HOLDINGS LTD (REGISTERED NUMBER: 12855684)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 OCTOBER 2021 TO 28 FEBRUARY 2022

10. DEBTORS - continued

Group Company
2022 2021 2022 2021
£    £    £    £   
Amounts falling due after more than one year:
Other debtors 1,000,065 1,000,065 1,000,065 1,000,065

Aggregate amounts 1,279,508 1,349,642 1,000,065 1,000,065

11. CURRENT ASSET INVESTMENTS

Group Company
2022 2021 2022 2021
£    £    £    £   
Unlisted investments 125 125 325 325

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2022 2021 2022 2021
£    £    £    £   
Trade creditors 1,022,969 1,267,055 - -
Tax 47,607 57,637 - -
VAT 328,532 209,986 - -
RBS - Invoice finance 203,853 143,896 - -
Directors' loan accounts 270,229 406,036 625 625
Accruals and deferred income 2,450 450 450 450
1,875,640 2,085,060 1,075 1,075

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group
2022 2021
£    £   
Other creditors 156,705 1,554

14. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2022 2021
value: £    £   
300 Ordinary 1 300 300

QUEBEC HOLDINGS LTD (REGISTERED NUMBER: 12855684)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 OCTOBER 2021 TO 28 FEBRUARY 2022

15. RESERVES

Group
Profit
and loss Other
account reserves Totals
£    £    £   

At 1 October 2021 1,482,471 74,000 1,556,471
Profit for the period 408,541 408,541
Dividends (60,000 ) (60,000 )
At 28 February 2022 1,831,012 74,000 1,905,012