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REGISTERED NUMBER: 07146023 (England and Wales)















Unaudited Financial Statements for the Year Ended 29 June 2023

for

Q Retail Stores Ltd

Q Retail Stores Ltd (Registered number: 07146023)






Contents of the Financial Statements
for the Year Ended 29 June 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Q Retail Stores Ltd

Company Information
for the Year Ended 29 June 2023







DIRECTORS: Ms P Sharma
Mr R K Sharma





REGISTERED OFFICE: Unit 16 Goldthorpe Industrial Estate
Commercial Road
Goldthorpe
Rotherham
South Yorkshire
S63 9BL





REGISTERED NUMBER: 07146023 (England and Wales)





ACCOUNTANTS: Crowther Chartered Accountants
Abacus House
Pennine Business Park
Longbow Close
Huddersfield
West Yorkshire
HD2 1GQ

Q Retail Stores Ltd (Registered number: 07146023)

Balance Sheet
29 June 2023

29.6.23 29.6.22
Notes £ £ £ £
FIXED ASSETS
Intangible assets 4 500,000 -
Tangible assets 5 6,231,523 6,167,268
6,731,523 6,167,268

CURRENT ASSETS
Stocks 6 302,688 264,781
Debtors 7 568,817 1,405,178
Cash at bank and in hand 2,201,274 1,905,009
3,072,779 3,574,968
CREDITORS
Amounts falling due within one year 8 2,072,570 2,369,155
NET CURRENT ASSETS 1,000,209 1,205,813
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,731,732

7,373,081

CREDITORS
Amounts falling due after more than one
year

9

(3,205,000

)

(3,565,038

)

PROVISIONS FOR LIABILITIES (35,439 ) (41,565 )
NET ASSETS 4,491,293 3,766,478

CAPITAL AND RESERVES
Called up share capital 100 100
Revaluation reserve 1,957,017 1,457,017
Retained earnings 2,534,176 2,309,361
SHAREHOLDERS' FUNDS 4,491,293 3,766,478

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 June 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.

Q Retail Stores Ltd (Registered number: 07146023)

Balance Sheet - continued
29 June 2023


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

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 2 August 2024 and were signed on its behalf by:





Mr R K Sharma - Director


Q Retail Stores Ltd (Registered number: 07146023)

Notes to the Financial Statements
for the Year Ended 29 June 2023

1. STATUTORY INFORMATION

Q Retail Stores 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 as modified by the revaluation of certain assets.

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

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Intellectual Property have been fully amortised in the current year.

Intellectual property is not depreciated and revalued on an annual basis.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - In accordance with the property
Plant and machinery - 20% on cost
Fixtures and fittings - 10% on cost
Motor vehicles - 25% on reducing balance
Computer equipment - 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.

Q Retail Stores Ltd (Registered number: 07146023)

Notes to the Financial Statements - continued
for the Year Ended 29 June 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 24 (2022 - 34 ) .

4. INTANGIBLE FIXED ASSETS
Intellectual
Property
£
COST OR VALUATION
Revaluations 500,000
At 29 June 2023 500,000
NET BOOK VALUE
At 29 June 2023 500,000

Cost or valuation at 29 June 2023 is represented by:

Intellectual
Property
£
Valuation in 2023 500,000

5. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings
£ £ £
COST OR VALUATION
At 30 June 2022 6,000,000 183,003 69,302
Additions 8,162 - 89,171
At 29 June 2023 6,008,162 183,003 158,473
DEPRECIATION
At 30 June 2022 - 52,544 40,213
Charge for year - 26,092 4,270
At 29 June 2023 - 78,636 44,483
NET BOOK VALUE
At 29 June 2023 6,008,162 104,367 113,990
At 29 June 2022 6,000,000 130,459 29,089

Q Retail Stores Ltd (Registered number: 07146023)

Notes to the Financial Statements - continued
for the Year Ended 29 June 2023

5. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£ £ £
COST OR VALUATION
At 30 June 2022 9,480 30,002 6,291,787
Additions - - 97,333
At 29 June 2023 9,480 30,002 6,389,120
DEPRECIATION
At 30 June 2022 4,250 27,512 124,519
Charge for year 1,308 1,408 33,078
At 29 June 2023 5,558 28,920 157,597
NET BOOK VALUE
At 29 June 2023 3,922 1,082 6,231,523
At 29 June 2022 5,230 2,490 6,167,268

Cost or valuation at 29 June 2023 is represented by:

Fixtures
Freehold Plant and and
property machinery fittings
£ £ £
Valuation in 2023 6,008,162 183,003 158,473

Motor Computer
vehicles equipment Totals
£ £ £
Valuation in 2023 9,480 30,002 6,389,120

6. STOCKS
29.6.23 29.6.22
£ £
Stocks 302,688 264,781

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.6.23 29.6.22
£ £
Amounts owed by associates 552,253 552,253
VAT - 826,743
Prepayments 16,564 26,182
568,817 1,405,178

Q Retail Stores Ltd (Registered number: 07146023)

Notes to the Financial Statements - continued
for the Year Ended 29 June 2023

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.6.23 29.6.22
£ £
Bank loans and overdrafts (see note 10) 360,000 945,584
Trade creditors 161,273 -
Amounts owed to associates 823,384 756,934
Tax 94,395 216,890
Social security and other tax 19,685 4,015
VAT 63,514 -
Other creditors 225,059 238,059
Pension fund 1,342 2,922
Credit card - 2,168
Directors' loan accounts 113,745 79,609
Accrued expenses 210,173 122,974
2,072,570 2,369,155

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
29.6.23 29.6.22
£ £
Bank loans (see note 10) 3,205,000 3,565,038

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 2,045,000 2,245,000

10. LOANS

An analysis of the maturity of loans is given below:

29.6.23 29.6.22
£ £
Amounts falling due within one year or on demand:
Bank overdrafts - 785,584
Bank loans 360,000 160,000
360,000 945,584

Amounts falling due between one and two years:
Bank loans - 1-2 years 360,000 360,000

Amounts falling due between two and five years:
Bank loans - 2-5 years 800,000 960,038

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 2,045,000 2,245,000

Q Retail Stores Ltd (Registered number: 07146023)

Notes to the Financial Statements - continued
for the Year Ended 29 June 2023

11. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
29.6.23 29.6.22
£ £
Within one year 9,149 12,005
Between one and five years 6,100 15,249
15,249 27,254

12. SECURED DEBTS

The following secured debts are included within creditors:

29.6.23 29.6.22
£ £
Bank loans 3,565,000 3,725,038

13. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Included in creditors: amounts falling due within one year is a loan from the director of £113,745 (2022 - £79,609). The loan is interest free with no fixed date for repayment.

14. RELATED PARTY DISCLOSURES

At the period end Q Retail Stores Ltd was owed £702,254 (2022 - £552,253) from companies with common directors and Q Retail Stores Ltd owed these companies £823,384 (2022 - £756,934).

15. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Ms P Sharma.