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REGISTERED NUMBER: 05361505 (England and Wales)















QUORN COUNTRY TILES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD

1 MAY 2023 TO 31 DECEMBER 2023






QUORN COUNTRY TILES LIMITED (REGISTERED NUMBER: 05361505)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 MAY 2023 TO 31 DECEMBER 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3 to 6


QUORN COUNTRY TILES LIMITED

COMPANY INFORMATION
FOR THE PERIOD 1 MAY 2023 TO 31 DECEMBER 2023







DIRECTORS: Mr R Fernandez
Mrs J M Fernandez
Mr J Fernandez
Miss I Fernandez





SECRETARY: Mrs J M Fernandez





REGISTERED OFFICE: 3 Princes Court
Royal Way
Loughborough
Leicestershire
LE11 5XR





REGISTERED NUMBER: 05361505 (England and Wales)





ACCOUNTANTS: Duncan & Toplis Limited
3 Princes Court
Royal Way
Loughborough
Leicestershire
LE11 5XR

QUORN COUNTRY TILES LIMITED (REGISTERED NUMBER: 05361505)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023

2023 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 55,366 39,911
Property, plant and equipment 5 663,755 616,206
719,121 656,117

CURRENT ASSETS
Inventories 2,588,941 2,447,613
Debtors 6 1,181,224 988,249
Cash at bank and in hand 2,214,368 2,151,693
5,984,533 5,587,555
CREDITORS
Amounts falling due within one year 7 1,479,525 1,860,497
NET CURRENT ASSETS 4,505,008 3,727,058
TOTAL ASSETS LESS CURRENT LIABILITIES 5,224,129 4,383,175

PROVISIONS FOR LIABILITIES 123,566 120,135
NET ASSETS 5,100,563 4,263,040

CAPITAL AND RESERVES
Called up share capital 8 100 100
Retained earnings 5,100,463 4,262,940
SHAREHOLDERS' FUNDS 5,100,563 4,263,040

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

The members have not required the company to obtain an audit of its financial statements for the period 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.

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 19 September 2024 and were signed on its behalf by:





Mr J Fernandez - Director


QUORN COUNTRY TILES LIMITED (REGISTERED NUMBER: 05361505)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 MAY 2023 TO 31 DECEMBER 2023

1. STATUTORY INFORMATION

Quorn Country Tiles Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).


The significant accounting policies applied in the preparation of these financial statement are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

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.

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

Revenue is recognised on the despatch of goods or provision of services.

Goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life.

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.

Website development costs33% Straight line
Patents and licences33% Straight line

Property, plant & equipment
Property, plant and equipment is stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

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

Land and building leasehold20% Straight line
Plant and machinery15% Reducing balance
Fixtures, fittings and equipment15% Reducing balance and 33.33% Straight line
Motor vehicles25% Reducing balance

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the income statement.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment is recognised immediately in the income statement.

Inventories
Inventories are valued at the lower of cost and fair value less costs to complete and sell, after making due allowance for obsolete slow moving items.


QUORN COUNTRY TILES LIMITED (REGISTERED NUMBER: 05361505)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 MAY 2023 TO 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the period 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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 period was 55 (2023 - 41 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
Goodwill assets Totals
£    £    £   
COST
At 1 May 2023 30,000 45,740 75,740
Additions - 25,620 25,620
At 31 December 2023 30,000 71,360 101,360
AMORTISATION
At 1 May 2023 30,000 5,829 35,829
Charge for period - 10,165 10,165
At 31 December 2023 30,000 15,994 45,994
NET BOOK VALUE
At 31 December 2023 - 55,366 55,366
At 30 April 2023 - 39,911 39,911

QUORN COUNTRY TILES LIMITED (REGISTERED NUMBER: 05361505)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 MAY 2023 TO 31 DECEMBER 2023

5. PROPERTY, PLANT AND EQUIPMENT
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 May 2023 384,402 534,747 919,149
Additions 135,202 97,613 232,815
Disposals (15,154 ) (72,609 ) (87,763 )
At 31 December 2023 504,450 559,751 1,064,201
DEPRECIATION
At 1 May 2023 106,520 196,423 302,943
Charge for period 61,735 52,792 114,527
Eliminated on disposal - (17,024 ) (17,024 )
At 31 December 2023 168,255 232,191 400,446
NET BOOK VALUE
At 31 December 2023 336,195 327,560 663,755
At 30 April 2023 277,882 338,324 616,206

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2023
£    £   
Trade debtors 184,400 227,979
Amounts owed by group undertakings 673,305 494,990
Other debtors 323,519 265,280
1,181,224 988,249

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2023
£    £   
Trade creditors 1,115,835 1,354,920
Taxation and social security 306,601 348,611
Other creditors 57,089 156,966
1,479,525 1,860,497

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2023
value: £    £   
100 Ordinary £1 100 100

QUORN COUNTRY TILES LIMITED (REGISTERED NUMBER: 05361505)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 MAY 2023 TO 31 DECEMBER 2023

9. OTHER FINANCIAL COMMITMENTS

The company has commitments due as follows:
20232023
££

Within one year:304,702307,993
Within one to two years:274,745293,620
Within two to five years:683,905791,735
More than five years:391,416466,750
1,654,7681,860,097

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the period ended 31 December 2023 and the year ended 30 April 2023:

2023 2023
£    £   
Mr J Fernandez
Balance outstanding at start of period - 4,645
Amounts advanced 17,313 76,496
Amounts repaid - (81,141 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of period 17,313 -

Mr R Fernandez and Mrs J M Fernandez
Balance outstanding at start of period 79,361 65,813
Amounts advanced 50,413 13,548
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of period 129,774 79,361

Miss I Fernandez
Balance outstanding at start of period - -
Amounts advanced - 76,820
Amounts repaid - (76,820 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of period - -

No interest was charged on the overdrawn directors' current accounts. The loans are not secured and are repayable on demand.