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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: N D Rubins
J R Collins
P R Fairley
K J Ottolangui
Mrs S Rubins
D Rubins (Chairman)
Mrs N Waterman


REGISTERED OFFICE: Westbridge Lodge
Pendock Lane
Bradmore
Nottingham
NG11 6PQ


REGISTERED NUMBER: 08507095 (England and Wales)


AUDITORS: Wright Vigar Limited
Statutory Auditors
Chartered Accountants & Business Advisers
Alexandra House
43 Alexandra St
Nottingham
Nottinghamshire
NG5 1AY


SOLICITORS: Freeths LLP
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:



N D Rubins - Director


19 November 2024

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.

N D Rubins
J R Collins
P R Fairley
K J Ottolangui
D Rubins (Chairman)
Mrs N Waterman

Other changes in directors holding office are as follows:

Mrs S Rubins - appointed 6 April 2023
Mrs S J Rubins Thomas - resigned 28 February 2024

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:





N D Rubins - Director


19 November 2024

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.




Steven Newman LLB BFP FCA (Senior Statutory Auditor)
for and on behalf of Wright Vigar Limited
Statutory Auditors
Chartered Accountants & Business Advisers
Alexandra House
43 Alexandra St
Nottingham
Nottinghamshire
NG5 1AY

19 November 2024

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 4,012 3,177

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 - 2
Tangible assets 12 2,385 1,881
Investments 13 500 500
2,885 2,383

CURRENT ASSETS
Stocks 14 5,623 6,484
Debtors 15 64,424 69,961
Cash at bank 380 367
70,427 76,812
CREDITORS
Amounts falling due within one year 16 24,506 23,188
NET CURRENT ASSETS 45,921 53,624
TOTAL ASSETS LESS CURRENT
LIABILITIES

48,806

56,007

CREDITORS
Amounts falling due after more than one
year

17

15,233

13,498
NET ASSETS 33,573 42,509

CAPITAL AND RESERVES
Called up share capital 22 68 68
Retained earnings 33,505 42,441
SHAREHOLDERS' FUNDS 33,573 42,509

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 19 November 2024 and were signed on its behalf by:





N D Rubins - Director


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 68 40,750 40,818

Changes in equity
Dividends - (559 ) (559 )
Total comprehensive income - 2,250 2,250
Balance at 28 February 2023 68 42,441 42,509

Changes in equity
Dividends - (980 ) (980 )
Total comprehensive income - (7,956 ) (7,956 )
Balance at 29 February 2024 68 33,505 33,573

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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102, 'The Financial Reporting Standard applicable in the UK and 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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and Buildings - Straight line over 50 years
Short leasehold - Over the period of the lease
Long leasehold - Over the period of the lease
Fixtures and fittings - Straight line over 3, 5 or 10 years and straight line over 7 years
Motor vehicles - Straight line over 4 years

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
1,595 1,583

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 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

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 4,213 823 5,036
Additions 775 543 1,318
Disposals (556 ) (232 ) (788 )
At 29 February 2024 4,432 1,134 5,566
DEPRECIATION
At 1 March 2023 2,783 372 3,155
Charge for year 375 195 570
Eliminated on disposal (468 ) (76 ) (544 )
At 29 February 2024 2,690 491 3,181
NET BOOK VALUE
At 29 February 2024 1,742 643 2,385
At 28 February 2023 1,430 451 1,881

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 203 500 703
PROVISIONS
At 1 March 2023
and 29 February 2024 203 - 203
NET BOOK VALUE
At 29 February 2024 - 500 500
At 28 February 2023 - 500 500

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 5,623 6,484

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 125 274 125 274
Amounts owed by group undertakings - - 62,668 68,392
Other debtors 436 200 438 200
Tax 340 - - -
Prepayments 1,193 1,095 1,193 1,095
2,094 1,569 64,424 69,961

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 2,982 4,414
Hire purchase contracts (see note 19) 287 168 287 168
Trade creditors 11,038 11,390 11,037 11,389
Amounts owed to group undertakings - - 5,436 2,341
Tax 428 (218 ) (230 ) (404 )
Social security and other taxes 515 402 515 402
VAT 1,363 1,648 1,363 1,648
Other creditors 1,685 313 1,674 302
Directors' loan accounts 52 475 52 475
Accruals and deferred income 1,390 2,453 1,390 2,453
19,740 21,045 24,506 23,188

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 14,600 13,050
Preference shares (see note 18) 135 135 135 135
Hire purchase contracts (see note 19) 498 313 498 313
15,233 13,498 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 1,582 3,179
Bank loans 1,400 1,235 1,400 1,235
2,982 4,414 2,982 4,414
Amounts falling due between one and two years:
Bank loans - 1-2 years 1,400 9,850 1,400 9,850
Preference shares 135 135 135 135
1,535 9,985 1,535 9,985
Amounts falling due between two and five years:
Bank loans - 2-5 years 13,200 3,200 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 287 168
Between one and five years 498 313
785 481

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 350 326
Between one and five years 646 476
In more than five years 1,428 1,474
2,424 2,276

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
67,500 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.