IRIS Accounts Production v24.2.0.383 03089071 Board of Directors 1.1.23 31.12.23 31.12.23 false true false false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh030890712022-12-31030890712023-12-31030890712023-01-012023-12-31030890712021-12-31030890712022-01-012022-12-31030890712022-12-3103089071ns15:EnglandWales2023-01-012023-12-3103089071ns14:PoundSterling2023-01-012023-12-3103089071ns10:Director12023-01-012023-12-3103089071ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3103089071ns10:SmallEntities2023-01-012023-12-3103089071ns10:AuditExempt-NoAccountantsReport2023-01-012023-12-3103089071ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-3103089071ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-3103089071ns10:FullAccounts2023-01-012023-12-310308907112023-01-012023-12-3103089071ns10:Director22023-01-012023-12-3103089071ns10:Director32023-01-012023-12-3103089071ns10:Director42023-01-012023-12-3103089071ns10:CompanySecretary12023-01-012023-12-3103089071ns10:RegisteredOffice2023-01-012023-12-3103089071ns5:CurrentFinancialInstruments2023-12-3103089071ns5:CurrentFinancialInstruments2022-12-3103089071ns5:Non-currentFinancialInstruments2023-12-3103089071ns5:Non-currentFinancialInstruments2022-12-3103089071ns5:ShareCapital2023-12-3103089071ns5:ShareCapital2022-12-3103089071ns5:RetainedEarningsAccumulatedLosses2023-12-3103089071ns5:RetainedEarningsAccumulatedLosses2022-12-3103089071ns5:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3103089071ns5:PatentsTrademarksLicencesConcessionsSimilar2023-01-012023-12-3103089071ns5:IntangibleAssetsOtherThanGoodwill2022-12-3103089071ns5:IntangibleAssetsOtherThanGoodwill2023-12-3103089071ns5:IntangibleAssetsOtherThanGoodwill2022-12-3103089071ns5:LandBuildings2022-12-3103089071ns5:ShortLeaseholdAssetsns5:LandBuildings2022-12-3103089071ns5:PlantMachinery2022-12-3103089071ns5:LandBuildings2023-01-012023-12-3103089071ns5:ShortLeaseholdAssetsns5:LandBuildings2023-01-012023-12-3103089071ns5:PlantMachinery2023-01-012023-12-3103089071ns5:LandBuildings2023-12-3103089071ns5:ShortLeaseholdAssetsns5:LandBuildings2023-12-3103089071ns5:PlantMachinery2023-12-3103089071ns5:LandBuildings2022-12-3103089071ns5:ShortLeaseholdAssetsns5:LandBuildings2022-12-3103089071ns5:PlantMachinery2022-12-3103089071ns5:FurnitureFittings2022-12-3103089071ns5:MotorVehicles2022-12-3103089071ns5:FurnitureFittings2023-01-012023-12-3103089071ns5:MotorVehicles2023-01-012023-12-3103089071ns5:FurnitureFittings2023-12-3103089071ns5:MotorVehicles2023-12-3103089071ns5:FurnitureFittings2022-12-3103089071ns5:MotorVehicles2022-12-3103089071ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3103089071ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3103089071ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-12-3103089071ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2022-12-310308907112023-01-012023-12-31
REGISTERED NUMBER: 03089071 (England and Wales)












UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

QUORN COUNTRY FOODS LIMITED

QUORN COUNTRY FOODS LIMITED (REGISTERED NUMBER: 03089071)

CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 December 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


QUORN COUNTRY FOODS LIMITED

COMPANY INFORMATION
for the year ended 31 December 2023







DIRECTORS: G J York
P R York
C J Haggis
D Spray





SECRETARY: D Spray





REGISTERED OFFICE: Quorn House
Comet Way
Hermitage Industrial Estate
Coalville Leicester
LE67 3FS





REGISTERED NUMBER: 03089071 (England and Wales)





ACCOUNTANTS: Magma Audit LLP
Unit 2
Charnwood Edge Business Park
Syston Road
Leicester
LE7 4UZ

QUORN COUNTRY FOODS LIMITED (REGISTERED NUMBER: 03089071)

BALANCE SHEET
31 December 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 4 4,327 7,449
Tangible assets 5 1,000,756 1,129,965
1,005,083 1,137,414

CURRENT ASSETS
Stocks 706,610 694,167
Debtors 6 4,526,044 4,207,303
Cash at bank and in hand 9,700 2,482
5,242,354 4,903,952
CREDITORS
Amounts falling due within one year 7 (2,711,708 ) (2,513,371 )
NET CURRENT ASSETS 2,530,646 2,390,581
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,535,729

3,527,995

CREDITORS
Amounts falling due after more than one
year

8

(233,333

)

(335,770

)

PROVISIONS FOR LIABILITIES (79,294 ) (140,959 )
NET ASSETS 3,223,102 3,051,266

CAPITAL AND RESERVES
Called up share capital 50,000 50,000
Retained earnings 3,173,102 3,001,266
3,223,102 3,051,266

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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.

QUORN COUNTRY FOODS LIMITED (REGISTERED NUMBER: 03089071)

BALANCE SHEET - continued
31 December 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 13 August 2024 and were signed on its behalf by:





C J Haggis - Director


QUORN COUNTRY FOODS LIMITED (REGISTERED NUMBER: 03089071)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2023


1. STATUTORY INFORMATION

Quorn Country Foods Limited is a limited company, registered in England and Wales. Its registered office address is Quorn House Comet Way Hermitage Industrial Est, Coalville, Leicester, LE67 3FS and the registered number is 03089071.

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 represents amounts receivable for goods and services net of VAT and trade discounts and is recognised upon despatch.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods) , the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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.

Patents and licences are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold buildings2% straight line basis
Leasehold buildings2% straight line basis
Plant and machinery10% / 25% straight line basis
Fixtures and fittings10% / 15% straight line basis
Motor vehicles25% straight line basis

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an
enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


QUORN COUNTRY FOODS LIMITED (REGISTERED NUMBER: 03089071)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023


2. ACCOUNTING POLICIES - continued
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Operating leases
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.

Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

QUORN COUNTRY FOODS LIMITED (REGISTERED NUMBER: 03089071)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 112 (2022 - 86 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 January 2023
and 31 December 2023 13,568
AMORTISATION
At 1 January 2023 6,119
Charge for year 3,122
At 31 December 2023 9,241
NET BOOK VALUE
At 31 December 2023 4,327
At 31 December 2022 7,449

5. TANGIBLE FIXED ASSETS
Short
Freehold leasehold
land & land & Plant and
buildings buildings machinery
£    £    £   
COST
At 1 January 2023 590,496 132,841 2,330,810
Additions - - 42,803
Disposals - - -
At 31 December 2023 590,496 132,841 2,373,613
DEPRECIATION
At 1 January 2023 138,201 43,840 1,859,606
Charge for year 11,915 2,657 115,850
Eliminated on disposal - - -
At 31 December 2023 150,116 46,497 1,975,456
NET BOOK VALUE
At 31 December 2023 440,380 86,344 398,157
At 31 December 2022 452,295 89,001 471,204

QUORN COUNTRY FOODS LIMITED (REGISTERED NUMBER: 03089071)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023


5. TANGIBLE FIXED ASSETS - continued

Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 January 2023 298,488 89,055 3,441,690
Additions - - 42,803
Disposals - (15,265 ) (15,265 )
At 31 December 2023 298,488 73,790 3,469,228
DEPRECIATION
At 1 January 2023 242,515 27,563 2,311,725
Charge for year 23,142 18,448 172,012
Eliminated on disposal - (15,265 ) (15,265 )
At 31 December 2023 265,657 30,746 2,468,472
NET BOOK VALUE
At 31 December 2023 32,831 43,044 1,000,756
At 31 December 2022 55,973 61,492 1,129,965

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 600 -
Amounts owed by group undertakings 4,380,568 4,040,100
Tax - 2,584
VAT 69,411 81,016
Prepayments 75,465 83,603
4,526,044 4,207,303

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 193,062 100,325
Hire purchase contracts 2,772 2,894
Trade creditors 672,110 761,610
Amounts owed to group undertakings 1,452,073 1,394,842
Tax 119,026 22,514
Social security and other taxes 33,606 34,675
Other creditors 16,672 -
Accruals and deferred income 184,913 138,329
Deferred government grants 37,474 58,182
2,711,708 2,513,371

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 233,333 333,333
Hire purchase contracts - 2,437
233,333 335,770

QUORN COUNTRY FOODS LIMITED (REGISTERED NUMBER: 03089071)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023


9. OTHER FINANCIAL COMMITMENTS

Operating lease commitments not included in the balance sheet amount to £240,667 (2022 - £335,267).

10. POST BALANCE SHEET EVENTS

On 31 May 2024 the company transferred its freehold and leasehold property to F&P Investments Limited in return for an issue of Ordinary shares as part of a group reconstruction, and ultimately a demerger of F&P Investments Limited from the Group.