REGISTERED NUMBER: 08507095 (England and Wales) |
Group Strategic Report, |
Report of the Directors and |
Consolidated Financial Statements |
for the Year Ended 29 February 2024 |
for |
QD Commercial Group Holdings Limited |
REGISTERED NUMBER: 08507095 (England and Wales) |
Group Strategic Report, |
Report of the Directors and |
Consolidated Financial Statements |
for the Year Ended 29 February 2024 |
for |
QD Commercial Group Holdings Limited |
QD Commercial Group Holdings Limited (Registered number: 08507095) |
Contents of the Consolidated Financial Statements |
for the Year Ended 29 February 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 5 |
Consolidated Statement of Comprehensive Income | 7 |
Consolidated Balance Sheet | 8 |
Company Balance Sheet | 9 |
Consolidated Statement of Changes in Equity | 10 |
Company Statement of Changes in Equity | 11 |
Consolidated Cash Flow Statement | 12 |
Notes to the Consolidated Cash Flow Statement | 13 |
Notes to the Consolidated Financial Statements | 14 |
QD Commercial Group Holdings Limited |
Company Information |
for the Year Ended 29 February 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
Chartered Accountants & Business Advisers |
Alexandra House |
43 Alexandra St |
Nottingham |
Nottinghamshire |
NG5 1AY |
SOLICITORS: |
80 Mount Street |
Nottingham |
NG1 6HH |
QD Commercial Group Holdings Limited (Registered number: 08507095) |
Group Strategic Report |
for the Year Ended 29 February 2024 |
The directors present their strategic report of the company and the group for the year ended 29 February 2024. |
REVIEW OF BUSINESS |
The strategic plan for the QD Commercial Group continues to build momentum and the directors are delighted to announce continued growth above and beyond budgets in both turnover and profit. The business is actively looking to acquire more garden centres, destination and market town stores. |
The Group continues to outperform through its unique offer across all brands of 'value guaranteed.' |
PRINCIPAL RISKS AND UNCERTAINTIES |
The key business risks and uncertainties affecting the business of the group include its ability to continue its expansion, both geographically and in specific areas of trade. Competition from other retailers is also a source of future risk and uncertainty, particularly so in the case of High Street stores. |
The group has been successful in recent years in expanding the volume of stocks sourced from abroad, including own brands. This activity exposes the group to certain foreign exchange fluctuations, but this risk has been largely eliminated by the forward purchasing of foreign currencies. All of these risks impact, either directly or indirectly, the financial results and position of QD Commercial Group Holdings Limited and its group. |
All of these risks impact, either directly or indirectly, the financial results and position of QD Commercial Group Holdings Limited and its group. |
SECTION 172(1) STATEMENT |
The directors of the company and group must act in accordance with a set of general duties, as detailed in section 172 of the UK Companies Act 2006. The directors fulfil these duties as follows: |
Risk management |
The group has a long-term strategic plan that effectively identifies, evaluates and mitigates the risks which it faces, ensuring they are sufficiently considered and, if applicable, hedged against for the future. The directors will invariably delegate day-to-day management and decision making to executive management, but will ensure that management is acting in accordance with the strategy and plans agreed by the board. |
The interest of the company's employees |
The board recognises that employees are central to the long-term success of the company. The company systematically provides employees with information on matters of concern to them, consulting them or their representatives regularly, so that their views can be taken into account when making decisions that are likely to affect their interests. |
Business relationships with suppliers, customers and others |
The group employs dedicated relationship managers to foster these relationships which also ensures the board has a high degree of visibility to take stakeholder considerations into account. |
Community and environment |
The group's approach is to use its position of strength to ensure it is an asset to the communities and people with which it interacts. The group strives to create positive change in reducing the environmental impact of its business. |
ANALYSIS OF KEY PERFORMANCE INDICATORS |
The Board look at turnover, margins and profitability when monitoring business performance. |
Group turnover for the year increased by 5.6% to £118,240,000 and group net profit before tax, but after exceptional costs, increased to £5,016,000. Margins for the year were in line with the Board's expectations. |
The Board also consider key statement of financial position areas in order to understand the financial position of the group, and this shows a net assets position of £63,762,000. This is higher than the comparative year, despite a significant change in estimates of deferred taxation due on revalued property assets. The company itself achieved a net loss before tax of £7,956,000 for the year, caused by a significant but non-recurring write off of inter-company loans with certain subsidiary companies that have ceased operations following a group reorganisation and at the year end the company's net assets were £33,573,000, a decrease of 21%. The group's profitability is expected to increase further over the next few years as it emerges from its transitional period and the strategic plans and investments over the last few years take effect. |
ON BEHALF OF THE BOARD: |
QD Commercial Group Holdings Limited (Registered number: 08507095) |
Report of the Directors |
for the Year Ended 29 February 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 29 February 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the group in the year under review was that of buying, stock holding and administrative services to other companies within the group. The principal activity of the group is the retailing of general and seasonal value merchandise. |
DIVIDENDS |
Interim dividends were declared during the year as disclosed in the notes to the financial statements. The directors also recommend final dividends for the year as detailed in the notes to the financial statements. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 March 2023 to the date of this report. |
Other changes in directors holding office are as follows: |
PROFESSIONAL INDEMNITY INSURANCE |
The company and group take out indemnity insurance on behalf of the directors. |
ENGAGEMENT WITH EMPLOYEES |
It is the company's and group's policy to provide equal opportunities to all employees and this policy applies to existing and prospective employees. The company and group provide appropriate training at all levels and endeavour to assist employees to acquire skills and experience which enable them to fulfil their role and to develop their potential. |
The company and group are committed to communication with employees by keeping them informed of performance and progress through briefings by management and the directors. |
Full and fair consideration is given to applications for employment made by disabled persons, having regard to their particular abilities and career development is encouraged on the basis of their aptitude and ability. Employees becoming disabled will, wherever possible, be retained in employment and retrained if necessary. |
STREAMLINED ENERGY AND CARBON REPORTING |
2024 2023 |
£ £ |
Energy consumption used to calculate emissions (kWh) 13,699,831 14,945,118 |
Scope 1 (emissions in metric tonnes CO2e) |
Natural gas consumption 755 886 |
Heating oil consumption 525 407 |
Fuel for transport purposes 78 112 |
Scope 2 (emissions in metric tonnes CO2e) |
Purchased electricity 1,133 1,465 |
Scope 3 (emissions in metric tonnes CO2e) |
Business travel in rental cars or employee owned vehicles 159 262 |
Total gross emissions in metric tonnes (CO2e) 2,650 3,132 |
Intensity ratio (tonnes CO2e based on the above) 22 28 |
Quantification and reporting methodology |
The emissions disclosures above have been prepared in accordance with the provisions of the 'GHG Reporting Protocol - Corporate Standard' and HM Government 'Environmental Reporting Guidelines including streamlined energy and carbon reporting guidance' issued March 2019. The UK Government greenhouse gas reporting conversion factors for 2023/2024 were used in preparing this information. |
Measures taken to improve energy efficiency |
QD Commercial Group Holdings Limited (Registered number: 08507095) |
Report of the Directors |
for the Year Ended 29 February 2024 |
The company and group has a programme of rolling out LED lighting across the estate. |
DISCLOSURE IN THE STRATEGIC REPORT |
The directors have prepared a review of the business, together with a summary of the principal risks and uncertainties affecting the company, and these are detailed within the Strategic Report. The report includes an explanation of the company and group's financial risk management policies. |
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; |
- | state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; |
- | 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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
QD Commercial Group Holdings Limited |
Opinion |
We have audited the financial statements of QD Commercial Group Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 29 February 2024 which comprise the Consolidated Statement of 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 29 February 2024 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. |
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. |
Report of the Independent Auditors to the Members of |
QD Commercial Group Holdings Limited |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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. |
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: |
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. |
Our approach included obtaining an understanding of the legal and regulatory frameworks that are applicable to the company and we determined those that are most significant. Based on the results of our risk assessment we designed audit procedures to identify non-compliance with such laws and regulations. The specific procedures included enquiry of management and those charged with governance around actual and potential litigation and claims. |
In addition, and based on the results of our risk assessment we designed audit procedures to identify and address material misstatements in relation to fraud. Specifically we considered the risk of fraud through management override that may lead to a misappropriation of assets or inappropriate financial reporting. In response, we performed audit work over the risk of management override of controls, including testing journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias. |
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
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 |
Statutory Auditors |
Chartered Accountants & Business Advisers |
Alexandra House |
43 Alexandra St |
Nottingham |
Nottinghamshire |
NG5 1AY |
QD Commercial Group Holdings Limited (Registered number: 08507095) |
Consolidated |
Statement of Comprehensive |
Income |
for the Year Ended 29 February 2024 |
2024 | 2023 |
Notes | £'000 | £'000 | £'000 | £'000 |
TURNOVER | 4 | 118,240 | 111,936 |
Cost of sales | 71,223 | 69,640 |
GROSS PROFIT | 47,017 | 42,296 |
Distribution costs | 23,191 | 21,158 |
Administrative expenses | 21,429 | 19,662 |
44,620 | 40,820 |
2,397 | 1,476 |
Other operating income | 3,783 | 2,659 |
OPERATING PROFIT | 6 | 6,180 | 4,135 |
Interest receivable and similar income | 5 | 8 |
6,185 | 4,143 |
Interest payable and similar expenses | 7 | 1,169 | 771 |
PROFIT BEFORE TAXATION | 5,016 | 3,372 |
Tax on profit | 8 | 1,004 | 195 |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME |
Revaluation of tangible fixed assets | 5,774 | - |
Deferred taxation on revalued properties | (2,166 | ) | - |
Income tax relating to components of other comprehensive income |
- |
- |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
3,608 |
- |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
7,620 |
3,177 |
Profit attributable to: |
Owners of the parent | 4,012 | 3,177 |
Total comprehensive income attributable to: |
Owners of the parent | 7,620 | 3,177 |
QD Commercial Group Holdings Limited (Registered number: 08507095) |
Consolidated Balance Sheet |
29 February 2024 |
2024 | 2023 |
Notes | £'000 | £'000 | £'000 | £'000 |
FIXED ASSETS |
Intangible assets | 11 | - | 2 |
Tangible assets | 12 | 85,026 | 74,508 |
Investments | 13 | 500 | 500 |
85,526 | 75,010 |
CURRENT ASSETS |
Stocks | 14 | 18,912 | 20,730 |
Debtors | 15 | 2,094 | 1,569 |
Cash at bank | 380 | 367 |
21,386 | 22,666 |
CREDITORS |
Amounts falling due within one year | 16 | 19,740 | 21,045 |
NET CURRENT ASSETS | 1,646 | 1,621 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
87,172 |
76,631 |
CREDITORS |
Amounts falling due after more than one year |
17 |
(15,233 |
) |
(13,498 |
) |
PROVISIONS FOR LIABILITIES | 21 | (8,177 | ) | (6,011 | ) |
NET ASSETS | 63,762 | 57,122 |
CAPITAL AND RESERVES |
Called up share capital | 22 | 68 | 68 |
Revaluation reserve | 14,604 | 10,996 |
Capital redemption reserve | 5 | 5 |
Merger reserve | 1,042 | 1,042 |
Retained earnings | 48,043 | 45,011 |
SHAREHOLDERS' FUNDS | 63,762 | 57,122 |
The financial statements were approved by the Board of Directors and authorised for issue on 19 November 2024 and were signed on its behalf by: |
N D Rubins - Director |
QD Commercial Group Holdings Limited (Registered number: 08507095) |
Company Balance Sheet |
29 February 2024 |
2024 | 2023 |
Notes | £'000 | £'000 | £'000 | £'000 |
FIXED ASSETS |
Intangible assets | 11 |
Tangible assets | 12 |
Investments | 13 |
CURRENT ASSETS |
Stocks | 14 |
Debtors | 15 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 16 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
17 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 22 |
Retained earnings |
SHAREHOLDERS' FUNDS |
Company's (loss)/profit for the financial year | (7,956 | ) | 2,250 |
The financial statements were approved by the Board of Directors and authorised for issue on |
QD Commercial Group Holdings Limited (Registered number: 08507095) |
Consolidated Statement of Changes in Equity |
for the Year Ended 29 February 2024 |
Called up |
share | Retained | Revaluation |
capital | earnings | reserve |
£'000 | £'000 | £'000 |
Balance at 1 March 2022 | 68 | 42,393 | 10,996 |
Changes in equity |
Dividends | - | (559 | ) | - |
Total comprehensive income | - | 3,177 | - |
Balance at 28 February 2023 | 68 | 45,011 | 10,996 |
Changes in equity |
Dividends | - | (980 | ) | - |
Total comprehensive income | - | 4,012 | 3,608 |
Balance at 29 February 2024 | 68 | 48,043 | 14,604 |
Capital |
redemption | Merger | Total |
reserve | reserve | equity |
£'000 | £'000 | £'000 |
Balance at 1 March 2022 | 5 | 1,042 | 54,504 |
Changes in equity |
Dividends | - | - | (559 | ) |
Total comprehensive income | - | - | 3,177 |
Balance at 28 February 2023 | 5 | 1,042 | 57,122 |
Changes in equity |
Dividends | - | - | (980 | ) |
Total comprehensive income | - | - | 7,620 |
Balance at 29 February 2024 | 5 | 1,042 | 63,762 |
QD Commercial Group Holdings Limited (Registered number: 08507095) |
Company Statement of Changes in Equity |
for the Year Ended 29 February 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£'000 | £'000 | £'000 |
Balance at 1 March 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 28 February 2023 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 29 February 2024 |
QD Commercial Group Holdings Limited (Registered number: 08507095) |
Consolidated Cash Flow Statement |
for the Year Ended 29 February 2024 |
2024 | 2023 |
Notes | £'000 | £'000 |
Cash flows from operating activities |
Cash generated from operations | 1 | 8,709 | 3,563 |
Interest paid | (1,165 | ) | (771 | ) |
Finance costs paid | (4 | ) | - |
Tax paid | (679 | ) | (1,391 | ) |
Net cash from operating activities | 6,861 | 1,401 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (6,833 | ) | (10,096 | ) |
Sale of tangible fixed assets | 138 | 721 |
Interest received | 5 | 8 |
Net cash from investing activities | (6,690 | ) | (9,367 | ) |
Cash flows from financing activities |
New loans in year | 16,000 | 4,000 |
Capital repayments in year | 304 | (265 | ) |
Repayment of borrowings | (14,285 | ) | (815 | ) |
Equity dividends paid | (580 | ) | (559 | ) |
Net cash from financing activities | 1,439 | 2,361 |
Increase/(decrease) in cash and cash equivalents | 1,610 | (5,605 | ) |
Cash and cash equivalents at beginning of year |
2 |
(2,812 |
) |
2,793 |
Cash and cash equivalents at end of year | 2 | (1,202 | ) | (2,812 | ) |
QD Commercial Group Holdings Limited (Registered number: 08507095) |
Notes to the Consolidated Cash Flow Statement |
for the Year Ended 29 February 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£'000 | £'000 |
Profit before taxation | 5,016 | 3,372 |
Depreciation charges | 1,869 | 1,652 |
Loss/(profit) on disposal of fixed assets | 85 | (53 | ) |
(Decrease)/increase in deferred income | 1 | (36 | ) |
Finance costs | 1,169 | 771 |
Finance income | (5 | ) | (8 | ) |
8,135 | 5,698 |
Decrease in stocks | 1,818 | 1,243 |
Increase in trade and other debtors | (185 | ) | (481 | ) |
Decrease in trade and other creditors | (1,059 | ) | (2,897 | ) |
Cash generated from operations | 8,709 | 3,563 |
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 29 February 2024 |
29.2.24 | 1.3.23 |
£'000 | £'000 |
Cash and cash equivalents | 380 | 367 |
Bank overdrafts | (1,582 | ) | (3,179 | ) |
(1,202 | ) | (2,812 | ) |
Year ended 28 February 2023 |
28.2.23 | 1.3.22 |
£'000 | £'000 |
Cash and cash equivalents | 367 | 6,452 |
Bank overdrafts | (3,179 | ) | (3,659 | ) |
(2,812 | ) | 2,793 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1.3.23 | Cash flow | At 29.2.24 |
£'000 | £'000 | £'000 |
Net cash |
Cash at bank | 367 | 13 | 380 |
Bank overdrafts | (3,179 | ) | 1,597 | (1,582 | ) |
(2,812 | ) | 1,610 | (1,202 | ) |
Debt |
Finance leases | (481 | ) | (304 | ) | (785 | ) |
Debts falling due within 1 year | (1,235 | ) | (165 | ) | (1,400 | ) |
Debts falling due after 1 year | (13,185 | ) | (1,550 | ) | (14,735 | ) |
(14,901 | ) | (2,019 | ) | (16,920 | ) |
Total | (17,713 | ) | (409 | ) | (18,122 | ) |
QD Commercial Group Holdings Limited (Registered number: 08507095) |
Notes to the Consolidated Financial Statements |
for the Year Ended 29 February 2024 |
1. | STATUTORY INFORMATION |
QD Commercial Group Holdings Limited is a |
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 the Republic of Ireland' and the Companies Act 2006. The financial statements are prepared under the historical cost convention, modified to include the revaluation of trading freehold and long leasehold properties measured at fair value through other comprehensive income. |
The financial statements are prepared in sterling, which is the functional currency of the entity, rounded to the nearest £'000. |
Basis of consolidation |
The consolidated financial statements include the financial statements of the company and its subsidiary undertakings made up to 29 February 2024 to the extent of the group's interest in those undertakings and after eliminating intra-group transactions. |
In the company's financial statements, investments in subsidiary undertakings are stated at cost less provision for permanent diminution in value. |
A separate income statement for the parent company has not been presented in accordance with Section 408 of the Companies Act 2006. The profit of the parent company dealt with in these financial statements is disclosed on the company balance sheet. The individual accounts of QD Commercial Group Holdings Limited have also taken the exemption available from the requirement to present a statement of cash flows. |
Short term debtors and creditors |
Debtors and creditors with no stated interest rate or that are receivable or payable within on year are recorded at transaction price. Any losses arising from the impairment are recognised in the income statement. |
Going concern |
The QD Commercial Group is trading successfully, and the Board are anticipating a further profit in the year ending 29 February 2024. Consequently, the consolidated accounts have been prepared on a going concern basis. The group has a significant portfolio of freehold and long leasehold properties, the majority of which are not subject to charge by lenders, and the Board are satisfied that the company and group has sufficient funds available to pay any debts as they fall due. |
Turnover |
Turnover represents the fair value of consideration receivable during the year for the sale of goods supplied, net of discounts and returns, and excluding value added tax. Turnover from the sale of goods is recognised at the point of sale. |
Intangible assets - brands |
Brands purchased are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. |
QD Commercial Group Holdings Limited (Registered number: 08507095) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 29 February 2024 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Land and Buildings | - |
Short leasehold | - |
Long leasehold | - |
Fixtures and fittings | - |
Motor vehicles | - |
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses, with the exception of trading properties held at fair value. |
Short leasehold improvements are written off by equal annual instalments over the remaining terms of the leases, generally between five and twenty-five years. Long leasehold improvements are written off over the remaining terms of the leases, which exceed 50 years at the statement of financial position date. The directors carry out an annual impairment review of the freehold properties and charge any diminution as it arises. |
Website development costs are capitalised where they create an enduring asset and future economic benefits are expected to be generated in excess of the amounts capitalised. Costs are depreciated over the expected useful life of the asset. |
Planning costs are written off directly to the income statement. |
Stocks |
Stocks are valued at the lower of cost and net realisable value. Cost comprises purchase price including transport and handling costs, and, where applicable, customs clearance and import duties. Net realisable value means estimated selling price less trade discounts and all further costs to completion and all costs to be incurred in marketing, selling and distribution. |
Financial instruments |
The Group only enters into basic financial instrument 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 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 the Statement of Comprehensive Income. |
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Group would receive for the asset if it were to be sold at the balance sheet date. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, 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. |
QD Commercial Group Holdings Limited (Registered number: 08507095) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 29 February 2024 |
2. | ACCOUNTING POLICIES - continued |
Investments |
Fixed asset investments are stated at cost less provision for permanent diminution in value. |
Foreign currencies and derivative financial instruments |
Foreign currencies held at the year end to cover existing contracts for trading transactions denominated in foreign currencies are translated into Sterling using the rate of the exchange in operation when the currency is purchased. Transactions included in the income statement originally denominated in foreign currencies are also translated into Sterling at the rates in operation at the time the corresponding currency was purchased. Any foreign currency assets or borrowings at the year-end are translated at the rate of exchange ruling at the statement of financial position date. |
The group utilises forward contracts to hedge its exposure to foreign exchange risk. Derivative financial instruments are recognised at fair value at each statement of financial position date such that the movement in the value of the contract hedges against the movement in the value of the foreign exchange transactions. Any ineffective portions of those movements are recognised in profit or loss for the period. Outstanding derivatives at the reporting date are included under the appropriate format heading depending on the nature of the derivative. |
Hire purchase and leasing commitments |
Assets acquired under finance leases and hire purchase contracts which substantially transfer all the risks and rewards of ownership to the company are capitalised as tangible fixed assets at their fair values and are depreciated over their estimated useful lives, or the lease term, whichever is the shorter. Outstanding obligations, net of finance charges, are shown as a liability. The interest element of the rental obligations is charged to the income statement over the term of the agreement. |
All other leases are operating leases and the annual rentals are charged to the income statement on a straight-line basis over the lease term. |
Employee benefits |
Short term employee benefits and contributions to defined contribution plans are recognised as an expense in the period in which they are incurred. The pension charge represents the amounts payable by the company and group to the fund in respect of the year. The assets of the scheme are held separately from those of the company and group in an independently administered fund. |
Deferred income |
Certain leasehold properties in the group include a rent-free period at the commencement of the lease. The credit arising from this rent-free period is treated as a deferred credit and is spread over the initial term of the lease. Capital contributions from landlords are also treated as deferred credits. These are released to the income statement in accordance with the depreciation policy for the underlying fixed assets. |
Cash and cash equivalents |
Cash and cash equivalents in the statement of financial position comprise cash in hand and short-term deposits with an original maturity date of three months or less. In the group statement of cash flows cash and cash equivalents are reported net of bank overdrafts. |
Dividends |
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an Annual General Meeting. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable. |
QD Commercial Group Holdings Limited (Registered number: 08507095) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 29 February 2024 |
3. | CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the statement of financial position date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements. |
Financial instruments - fair values have been estimated for the value of foreign exchange forward contracts based on available market data. |
Revaluation of trading properties - the group carries its trading properties at fair value, with changes in fair value recognised in other comprehensive income. The directors engaged independent valuation specialists to determine fair value for these properties. The valuer uses approved valuation techniques applying an existing use basis. The valuation is sensitive to changes in market conditions and economic factors, including demand for such retail sites by other parties. |
4. | TURNOVER |
Turnover is attributable solely to the sale of goods from the retail distribution of clothing, hardware, groceries, garden suppliers and various household goods. The turnover is entirely earned within the United Kingdom. |
5. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£'000 | £'000 |
Wages and salaries | 24,420 | 21,713 |
Other pension costs | 424 | 378 |
24,844 | 22,091 |
The average number of employees during the year was as follows: |
2024 | 2023 |
Office and management | 281 | 292 |
Sales and distribution | 1,314 | 1,291 |
2024 | 2023 |
£ | £ |
Directors' remuneration | 618,565 | 556,346 |
Directors' pension contributions to money purchase schemes | 32,224 | 39,638 |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes | 6 | 6 |
Information regarding the highest paid director is as follows: |
2024 | 2023 |
£ | £ |
Emoluments etc | 113,702 | 104,850 |
Pension contributions to money purchase schemes | 5,685 | 4,979 |
QD Commercial Group Holdings Limited (Registered number: 08507095) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 29 February 2024 |
6. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2024 | 2023 |
£'000 | £'000 |
Hire of plant and machinery | 419 | 436 |
Depreciation - owned assets | 2,256 | 1,649 |
Loss/(profit) on disposal of fixed assets | 85 | (53 | ) |
Patents and licences amortisation | 2 | 3 |
Auditors' remuneration | 51 | 43 |
Foreign exchange differences | (555 | ) | (586 | ) |
7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£'000 | £'000 |
Bank interest | 1,165 | 771 |
Preference dividends | 4 | - |
1,169 | 771 |
8. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2024 | 2023 |
£'000 | £'000 |
Current tax: |
UK corporation tax | 1,004 | 195 |
Tax on profit | 1,004 | 195 |
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: |
2024 | 2023 |
£'000 | £'000 |
Profit before tax | 5,016 | 3,372 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 19 %) |
1,254 |
641 |
Effects of: |
Income not taxable for tax purposes | 81 | (10 | ) |
Capital allowances in excess of depreciation | (117 | ) | (436 | ) |
Utilisation of tax losses | (194 | ) | - |
Tax rate differences | (20 | ) | - |
Total tax charge | 1,004 | 195 |
Tax effects relating to effects of other comprehensive income |
2024 |
Gross | Tax | Net |
£'000 | £'000 | £'000 |
Revaluation of tangible fixed assets | 5,774 | - | 5,774 |
Deferred taxation on revalued properties | (2,166 | ) | - | (2,166 | ) |
3,608 | - | 3,608 |
QD Commercial Group Holdings Limited (Registered number: 08507095) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 29 February 2024 |
8. | TAXATION - continued |
2023 |
Gross | Tax | Net |
£'000 | £'000 | £'000 |
Revaluation of tangible fixed assets |
Deferred taxation on revalued properties |
- | - | - |
9. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME |
As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements. |
10. | DIVIDENDS |
2024 | 2023 |
£'000 | £'000 |
Ordinary shares shares of £1 each |
Final | 400 | - |
Interim | 580 | 559 |
980 | 559 |
11. | INTANGIBLE FIXED ASSETS |
Group |
Patents |
and |
licences |
£'000 |
COST |
At 1 March 2023 |
and 29 February 2024 | 27 |
AMORTISATION |
At 1 March 2023 | 25 |
Amortisation for year | 2 |
At 29 February 2024 | 27 |
NET BOOK VALUE |
At 29 February 2024 | - |
At 28 February 2023 | 2 |
QD Commercial Group Holdings Limited (Registered number: 08507095) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 29 February 2024 |
11. | INTANGIBLE FIXED ASSETS - continued |
Company |
Patents |
and |
licences |
£'000 |
COST |
At 1 March 2023 |
and 29 February 2024 |
AMORTISATION |
At 1 March 2023 |
Amortisation for year |
At 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
12. | TANGIBLE FIXED ASSETS |
Group |
Land and | Short | Long |
Buildings | leasehold | leasehold |
£'000 | £'000 | £'000 |
COST OR VALUATION |
At 1 March 2023 | 56,222 | 7,259 | 9,880 |
Additions | 5,494 | 174 | - |
Disposals | - | (1,671 | ) | - |
Revaluations | 4,573 | - | 637 |
At 29 February 2024 | 66,289 | 5,762 | 10,517 |
DEPRECIATION |
At 1 March 2023 | - | 3,317 | 117 |
Charge for year | 390 | 433 | 57 |
Eliminated on disposal | - | (629 | ) | - |
Revaluation adjustments | (390 | ) | - | (174 | ) |
At 29 February 2024 | - | 3,121 | - |
NET BOOK VALUE |
At 29 February 2024 | 66,289 | 2,641 | 10,517 |
At 28 February 2023 | 56,222 | 3,942 | 9,763 |
QD Commercial Group Holdings Limited (Registered number: 08507095) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 29 February 2024 |
12. | TANGIBLE FIXED ASSETS - continued |
Group |
Fixtures |
and | Motor |
fittings | vehicles | Totals |
£'000 | £'000 | £'000 |
COST OR VALUATION |
At 1 March 2023 | 12,111 | 831 | 86,303 |
Additions | 2,053 | 544 | 8,265 |
Disposals | (144 | ) | (232 | ) | (2,047 | ) |
Revaluations | - | - | 5,210 |
At 29 February 2024 | 14,020 | 1,143 | 97,731 |
DEPRECIATION |
At 1 March 2023 | 7,981 | 380 | 11,795 |
Charge for year | 1,181 | 195 | 2,256 |
Eliminated on disposal | (77 | ) | (76 | ) | (782 | ) |
Revaluation adjustments | - | - | (564 | ) |
At 29 February 2024 | 9,085 | 499 | 12,705 |
NET BOOK VALUE |
At 29 February 2024 | 4,935 | 644 | 85,026 |
At 28 February 2023 | 4,130 | 451 | 74,508 |
The cost of depreciable assets included in land and buildings at 29 February 2024 was £46,308,478 (2023 - |
£40,770,732). |
Freehold land and buildings and long leasehold properties are included within tangible fixed assets at valuations of £66,289,000 and £10,517,000 respectively. |
The above properties were professionally revalued as at 29 February 2024 on an open market value existing use basis. Valuations were carried out by Lambert Smith Hampton and Birchall Steel Consultant Surveyors. The cost of depreciable assets included in land and buildings at 29 February 2024 was £46,308,478 (2023 - £40,770,732). |
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would be recognised if the assets had been carried under the historical cost model are as follows: |
Freehold property |
Cost - £40,769,278 (2023 - £35,275,896) |
Aggregate depreciation - £8,951,399 (2023 - £8,172,656) |
Carrying amount - £31,817,879 (2023 - £27,103,240). |
Long leasehold property |
Cost - £10,505,877 (2023 - £10,505,877) |
Aggregate depreciation - £2,666,982 (2023 - £2,527,043) |
Carrying amount - £7,838,895 (2023 - £7,978,834). |
The net book value of tangible fixed assets includes an amount of £424,541 (2023- £366,771) in respect of motor vehicle assets held under finance leases or hire purchase contracts. In addition, the net book value of tangible fixed assets includes an amount of £534,361 (2023- £438,166) in respect of fixtures and fittings assets held under such contracts. |
QD Commercial Group Holdings Limited (Registered number: 08507095) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 29 February 2024 |
12. | TANGIBLE FIXED ASSETS - continued |
Company |
Fixtures |
and | Motor |
fittings | vehicles | Totals |
£'000 | £'000 | £'000 |
COST |
At 1 March 2023 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 29 February 2024 |
DEPRECIATION |
At 1 March 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
13. | FIXED ASSET INVESTMENTS |
Group |
Listed |
investments |
£'000 |
COST |
At 1 March 2023 |
and 29 February 2024 | 500 |
NET BOOK VALUE |
At 29 February 2024 | 500 |
At 28 February 2023 | 500 |
Company |
Shares in |
group | Listed |
undertakings | investments | Totals |
£'000 | £'000 | £'000 |
COST |
At 1 March 2023 |
and 29 February 2024 | 703 |
PROVISIONS |
At 1 March 2023 |
and 29 February 2024 | 203 | - | 203 |
NET BOOK VALUE |
At 29 February 2024 | 500 |
At 28 February 2023 | 500 |
QD Commercial Group Holdings Limited (Registered number: 08507095) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 29 February 2024 |
13. | FIXED ASSET INVESTMENTS - continued |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Cherry Lane Retail Centres Limited |
Registered office: England |
Nature of business: Retail garden centres and destination stores |
% |
Class of shares: | holding |
Ordinary £1 | 100.00 |
QD Market Towns Limited |
Registered office: England |
Nature of business: Retail of household goods and clothing |
% |
Class of shares: | holding |
Ordinary £1 | 100.00 |
QD Commercial Group (Property) Limited |
Registered office: England |
Nature of business: Property holding company |
% |
Class of shares: | holding |
Ordinary £1 | 100.00 |
The Match Club Limited t/a "Thingmebobs" |
Registered office: England |
Nature of business: Non-active |
% |
Class of shares: | holding |
Ordinary £1 | 100.00 |
QD Eastern Limited |
Registered office: England |
Nature of business: Non-active |
% |
Class of shares: | holding |
Ordinary £1 | 100.00 |
Westbridge International Group Limited |
Registered office: England |
Nature of business: Dormant |
% |
Class of shares: | holding |
Ordinary £1 | 100.00 |
14. | STOCKS |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£'000 | £'000 | £'000 | £'000 |
Finished goods | 18,912 | 20,730 |
QD Commercial Group Holdings Limited (Registered number: 08507095) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 29 February 2024 |
15. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£'000 | £'000 | £'000 | £'000 |
Trade debtors | 125 | 274 |
Amounts owed by group undertakings | - | - |
Other debtors | 436 | 200 |
Tax | 340 | - |
Prepayments | 1,193 | 1,095 |
2,094 | 1,569 |
16. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£'000 | £'000 | £'000 | £'000 |
Bank loans and overdrafts (see note 18) | 2,982 | 4,414 |
Hire purchase contracts (see note 19) | 287 | 168 |
Trade creditors | 11,038 | 11,390 |
Amounts owed to group undertakings | - | - |
Tax | 428 | (218 | ) | ( |
) | ( |
) |
Social security and other taxes | 515 | 402 |
VAT | 1,363 | 1,648 | 1,363 | 1,648 |
Other creditors | 1,685 | 313 |
Directors' loan accounts | 52 | 475 | 52 | 475 |
Accruals and deferred income | 1,390 | 2,453 |
19,740 | 21,045 |
17. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£'000 | £'000 | £'000 | £'000 |
Bank loans (see note 18) | 14,600 | 13,050 |
Preference shares (see note 18) | 135 | 135 |
Hire purchase contracts (see note 19) | 498 | 313 |
15,233 | 13,498 |
QD Commercial Group Holdings Limited (Registered number: 08507095) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 29 February 2024 |
18. | LOANS |
An analysis of the maturity of loans is given below: |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£'000 | £'000 | £'000 | £'000 |
Amounts falling due within one year or on | demand: |
Bank overdrafts | 1,582 | 3,179 |
Bank loans | 1,400 | 1,235 |
2,982 | 4,414 |
Amounts falling due between one and two | years: |
Bank loans - 1-2 years | 1,400 | 9,850 |
Preference shares | 135 | 135 | 135 | 135 |
1,535 | 9,985 |
Amounts falling due between two and five | years: |
Bank loans - 2-5 years | 13,200 | 3,200 |
The preference shares are non-equity redeemable cumulative shares of £1 each and carry the following rights: |
(i) to receive a dividend before the payment of any dividend to the ordinary shareholders upon recommendation by the directors. The dividends are cumulative. |
(ii) no voting rights. |
(iii) they are redeemable at the option of the holder. |
(iv) repayment at par, together with any dividend arrears, upon winding up, before any payment to the ordinary shareholders. |
The preference shares are classified as long-term liabilities of the group and company. Dividend payments made on these shares are included within interest paid in the income statement. |
19. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
2024 | 2023 |
£'000 | £'000 |
Net obligations repayable: |
Within one year | 287 | 168 |
Between one and five years | 498 | 313 |
785 | 481 |
Company |
Hire purchase contracts |
2024 | 2023 |
£'000 | £'000 |
Net obligations repayable: |
Within one year |
Between one and five years |
QD Commercial Group Holdings Limited (Registered number: 08507095) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 29 February 2024 |
19. | LEASING AGREEMENTS - continued |
Group |
Non-cancellable | operating leases |
2024 | 2023 |
£'000 | £'000 |
Within one year | 2,123 | 2,610 |
Between one and five years | 3,675 | 4,493 |
In more than five years | 5,607 | 5,903 |
11,405 | 13,006 |
Company |
Non-cancellable | operating leases |
2024 | 2023 |
£'000 | £'000 |
Within one year |
Between one and five years |
In more than five years |
20. | SECURED DEBTS |
At 29 February 2024, HSBC Bank PLC held legal charges over a number of the group's freehold and long leasehold properties. |
Assets held under hire purchase contracts are secured against the assets to which they relate. |
21. | PROVISIONS FOR LIABILITIES |
Group |
2024 | 2023 |
£'000 | £'000 |
Deferred tax | 7,030 | 4,864 |
Other provisions | 1,147 | 1,147 |
Aggregate amounts | 8,177 | 6,011 |
Group |
Deferred | Deferred |
tax | income |
£'000 | £'000 |
Balance at 1 March 2023 | 4,864 | 1,147 |
Charge to Statement of Comprehensive Income during year | - | 1 |
Revaluation of fixed assets | 2,166 | - |
Balance at 29 February 2024 | 7,030 | 1,148 |
22. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £'000 | £'000 |
Ordinary shares | £1 | 68 | 68 |
QD Commercial Group Holdings Limited (Registered number: 08507095) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 29 February 2024 |
23. | PENSION COMMITMENTS |
Contributions are made each year for the directors and certain employees of the group to externally insured defined contribution pension funds based upon the level of the directors and employees' remuneration. Contributions payable for the year for the group were £425,038 (2023- £378,102). Contributions payable for the year for the company were £157,699 (2023- £165,935). |
24. | CONTINGENT LIABILITIES |
The company, together with its subsidiary undertakings. has given cross guarantees in favour of HSBC Bank Plc to secure monies owing to the bank by member companies from time to time. |
At 29 February 2024, the company had a contingent liability in respect of bank indebtedness of its subsidiary undertakings. |
The company, together with its subsidiary undertakings, is jointly and severally liable for the combined value added tax liability of the group that, at 29 February 2024 totalled £1,362,609 (2023 -£1,647,749). All of this amount relates to the company. |
25. | CAPITAL COMMITMENTS |
Group capital expenditure authorised by the directors at 29 February 2024 was £Nil (2023- £Nil), and a further £Nil (2023- £Nil) was contracted for. |
26. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 29 February 2024 and 28 February 2023: |
2024 | 2023 |
£'000 | £'000 |
D Rubins (Chairman) |
Balance outstanding at start of year | 252 | 280 |
Amounts advanced | 166 | 233 |
Amounts repaid | (418 | ) | (261 | ) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | 1 | 252 |
N D Rubins |
Balance outstanding at start of year | 223 | 134 |
Amounts advanced | 320 | 304 |
Amounts repaid | (492 | ) | (214 | ) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | 51 | 223 |
27. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
QD Commercial Group Holdings Limited (Registered number: 08507095) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 29 February 2024 |
27. | RELATED PARTY DISCLOSURES - continued |
The following related party purchase ledger balances were included in creditors during the year: |
2024 2023 |
£ £ |
Mr N D Rubins - (4,596) |
During the year, Mr D Rubins and Mr N D Rubins, both of whom are directors of the company, were paid dividends totalling £289,694 (2023 - £283,592) and £200,000 (2023 - £185,800) respectively. |
In addition, Ms S J Rubins Thomas and Mr N D Rubins were paid a preference dividend of £1,416 (2023 - £Nil) and £2,832 (2023 - £Nil) respectively. |
28. | ULTIMATE CONTROLLING PARTY |
The controlling parties are Mr D Rubins and Mr N D Rubins, who are both directors of the company. |