REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
FOR |
PREMIER QUALITY FOODS LIMITED |
REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
FOR |
PREMIER QUALITY FOODS LIMITED |
PREMIER QUALITY FOODS LIMITED (REGISTERED NUMBER: 03916724) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditor | 6 |
Income Statement | 9 |
Other Comprehensive Income | 10 |
Balance Sheet | 11 |
Statement of Changes in Equity | 12 |
Cash Flow Statement | 13 |
Notes to the Cash Flow Statement | 14 |
Notes to the Financial Statements | 16 |
PREMIER QUALITY FOODS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITOR: |
8th Floor, Beckett House |
36 Old Jewry |
London |
EC2R 8DD |
BANKERS: |
10 - 18 Queen Street |
Barnsley |
South Yorkshire |
S70 2AJ |
PREMIER QUALITY FOODS LIMITED (REGISTERED NUMBER: 03916724) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
The directors present their strategic report for the year ended 29 February 2024. |
REVIEW OF BUSINESS |
Based in West Yorkshire, Premier Quality Foods distributes chilled, ambient, frozen and non food products to catering business's using a fleet of our own multi temperature delivery vehicles to customers throughout Yorkshire and surrounding counties. |
The company has a loyal and long standing customer base. It is constantly striving to expand both its product range and increase the customer base, ensuring we remain one of the leading independent food service suppliers in the North of England. |
For the year under review the directors are satisfied with the performance of the company. |
PRINCIPAL RISKS AND UNCERTAINTIES |
There is intense competition in the wholesale and retail food industry and the company is subject to fluctuations in commodity prices. |
The directors continue to monitor the performance of the company throughout a number number of key performance indicator including turnover, gross margins and overall profitability. |
Inflationary pressures pose a challenge. Whilst commodity prices are seeing increases we have so far been able to pass these increased product costs along with some additional increases to cover other increased operational costs. |
All costs are monitored regularly by the directors, and, the company agreed a five year five rate electricity contract in 2020, fortunately this has mitigated any exposure to fluctuations in utility costs. |
Changing customer needs and trends pose a risk to the company. The directors consider that the company is equipped to diversify its product portfolio to react in a timely fashion to any such changes. Stock is constantly monitored and physical inventory is taken of high value items on a regular basis. |
Close control of debtor levels have ensured the exposure relating to bad debts and cashflow have been kept to a minimum.Credit limits are reviewed by the directors on a regular basis. |
Staff are recognised as a key business asset. Employment levels are closely monitored and weekly engagement with all employee teams is undertaken ensuring performance is continually monitored. |
FINANCIAL RESULTS |
During the year the company reported a profit before taxation of £952,646 (2022 £377,828) and generated sales of £22,171,190 (2022 £18,849,168) with a comparable GP of 20.01% (2022 19.45%). |
Details of the results for the year are included in the attached financial statements. |
PREMIER QUALITY FOODS LIMITED (REGISTERED NUMBER: 03916724) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
COMPANY DEVELOPMENTS |
The company continues to monitor activities and trends within the industry and is actively: |
- Expanding product ranges in all areas to reflect changing consumer circumstances and identified trends |
- Investing in new technology to increase the company's e-commerce presence and offerings |
- Encouraging, training, motivating and rewarding employees to maintain employee engagement |
- Achieving consistent sales growth and good company performance |
COMPANY GOALS |
The company aims continue to be:. |
- Increase net profit by reviewing and implementing cost centre efficiencies |
- Reduce stock losses and improve efficiencies |
- Reduce customer errors and build on established goodwill and relationships |
- Retain existing and recruit new employees by increasing employee benefits and engagement |
- Improve delivery area efficiencies |
- Increase customer base within existing delivery areas, rather than in increasing territory coverage |
The directors take a long term view in reaching key decisions and take account the interests of all stakeholders as a whole. |
It is the directors' intention to ensure that the management and operations of the business are conducted in a responsible manner, maintaining high standards of conduct and governance helping to contribute to the above goals. |
ON BEHALF OF THE BOARD: |
PREMIER QUALITY FOODS LIMITED (REGISTERED NUMBER: 03916724) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
The directors present their report with the financial statements of the company for the year ended 29 February 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of the wholesale and distribution of foods. |
DIVIDENDS |
The total distribution of dividends for the year ended 28 February 2023 was £500,000. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 March 2023 to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the 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 of the profit or loss of the company 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; |
- | 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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
PREMIER QUALITY FOODS LIMITED (REGISTERED NUMBER: 03916724) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
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 company's auditor is 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 company's auditor is aware of that information. |
AUDITOR |
The auditor, Xeinadin Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITOR TO THE MEMBERS OF |
PREMIER QUALITY FOODS LIMITED |
Opinion |
I have audited the financial statements of Premier Quality Foods Limited (the 'company') for the year ended 29 February 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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 my opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 29 February 2024 and of its 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 |
I conducted my audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. My responsibilities under those standards are further described in the Auditor responsibilities for the audit of the financial statements section of my report. I am independent of the company in accordance with the ethical requirements that are relevant to my audit of the financial statements in the UK, including the FRC's Ethical Standard, and I have fulfilled my other ethical responsibilities in accordance with these requirements. I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my opinion. |
Conclusions relating to going concern |
In auditing the financial statements, I 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 I have performed, I have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the 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. |
My responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
REPORT OF THE INDEPENDENT AUDITOR TO THE MEMBERS OF |
PREMIER QUALITY FOODS LIMITED |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and my Report of the Auditor thereon. |
My opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in my report, I do not express any form of assurance conclusion thereon. |
In connection with my audit of the financial statements, my responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or my knowledge obtained in the audit or otherwise appears to be materially misstated. If I identify such material inconsistencies or apparent material misstatements, I am required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work I have performed, I conclude that there is a material misstatement of this other information, I am required to report that fact. I have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In my opinion, based on the work undertaken in the course of the audit: |
- | the information given in the 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 Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Matters on which I am required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, I have not identified material misstatements in the Strategic Report or the Report of the Directors. |
I have nothing to report in respect of the following matters where the Companies Act 2006 requires me to report to you if, in my opinion: |
- | adequate accounting records have not been kept, or returns adequate for my audit have not been received from branches not visited by me; or |
- | the 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 |
- | I have not received all the information and explanations I require for my audit. |
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 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 company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITOR TO THE MEMBERS OF |
PREMIER QUALITY FOODS LIMITED |
Auditor's responsibilities for the audit of the financial statements |
My 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 Auditor that includes my 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 my procedures are capable of detecting irregularities, including fraud is detailed below: |
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 my 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 my Report of the Auditor. |
Use of my 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. My audit work has been undertaken so that I might state to the company's members those matters I am required to state to them in a Report of the Auditor and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the company and the company's members as a body, for my audit work, for this report, or for the opinions I have formed. |
for and on behalf of |
8th Floor, Beckett House |
36 Old Jewry |
London |
EC2R 8DD |
PREMIER QUALITY FOODS LIMITED (REGISTERED NUMBER: 03916724) |
INCOME STATEMENT |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
29.2.24 | 28.2.23 |
Notes | £ | £ | £ | £ |
TURNOVER | 3 |
Cost of sales |
GROSS PROFIT |
Distribution costs |
Administrative expenses |
3,741,589 | 3,447,282 |
1,051,699 | 989,153 |
Other operating income | 4 |
OPERATING PROFIT | 6 |
Interest receivable and similar income |
1,059,920 | 992,823 |
Interest payable and similar expenses | 7 |
PROFIT BEFORE TAXATION |
Tax on profit | 8 |
PROFIT FOR THE FINANCIAL YEAR |
PREMIER QUALITY FOODS LIMITED (REGISTERED NUMBER: 03916724) |
OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
29.2.24 | 28.2.23 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
PREMIER QUALITY FOODS LIMITED (REGISTERED NUMBER: 03916724) |
BALANCE SHEET |
29 FEBRUARY 2024 |
29.2.24 | 28.2.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 10 |
CURRENT ASSETS |
Stocks | 11 |
Debtors | 12 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 13 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
14 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 18 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 19 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
PREMIER QUALITY FOODS LIMITED (REGISTERED NUMBER: 03916724) |
STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
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 |
PREMIER QUALITY FOODS LIMITED (REGISTERED NUMBER: 03916724) |
CASH FLOW STATEMENT |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
29.2.24 | 28.2.23 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Interest paid | ( |
) | ( |
) |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Sale of tangible fixed assets |
Interest received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
Loan repayments in year | ( |
) | ( |
) |
Capital repayments in year | ( |
) |
Amount introduced by directors | 475,000 | 59,733 |
Amount withdrawn by directors | (472,679 | ) | (42,463 | ) |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
(Decrease)/increase in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
841,815 |
Cash and cash equivalents at end of year |
2 |
968,845 |
1,087,126 |
PREMIER QUALITY FOODS LIMITED (REGISTERED NUMBER: 03916724) |
NOTES TO THE CASH FLOW STATEMENT |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
29.2.24 | 28.2.23 |
£ | £ |
Profit before taxation |
Depreciation charges |
Loss on disposal of fixed assets |
Finance costs | 40,563 | 40,177 |
Finance income | (7,279 | ) | (2,064 | ) |
1,285,394 | 1,181,382 |
Increase in stocks | ( |
) | ( |
) |
Decrease/(increase) in trade and other debtors | ( |
) |
(Decrease)/increase in trade and other creditors | ( |
) |
Cash generated from operations |
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 |
£ | £ |
Cash and cash equivalents | 968,845 | 1,087,126 |
Year ended 28 February 2023 |
28.2.23 | 1.3.22 |
£ | £ |
Cash and cash equivalents | 1,087,126 | 841,815 |
PREMIER QUALITY FOODS LIMITED (REGISTERED NUMBER: 03916724) |
NOTES TO THE CASH FLOW STATEMENT |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
Other |
non-cash |
At 1.3.23 | Cash flow | changes | At 29.2.24 |
£ | £ | £ | £ |
Net cash |
Cash at bank | 1,087,126 | (118,281 | ) | 968,845 |
1,087,126 | ( |
) | 968,845 |
Debt |
Finance leases | (417,235 | ) | 93,575 | (85,150 | ) | (408,810 | ) |
Debts falling due |
within 1 year | (187,500 | ) | 187,500 | - | - |
Debts falling due |
after 1 year | (250,000 | ) | 250,000 | - | - |
(854,735 | ) | 531,075 | (85,150 | ) | (408,810 | ) |
Total | 232,391 | 412,794 | (85,150 | ) | 560,035 |
PREMIER QUALITY FOODS LIMITED (REGISTERED NUMBER: 03916724) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
1. | STATUTORY INFORMATION |
Premier Quality Foods Limited is a |
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest pound. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Significant judgements and estimates |
No judgements have been made in the process of applying the below accounting policies that have had the most significant effect on amounts recognised in the financial statements. |
There are no key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover from the sale of wholesale food products is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on delivery of the goods. |
Tangible fixed assets |
Leasehold property improvement | - |
Plant and machinery | - |
Motor vehicles | - |
Tangible fixed assets are stated at cost or valuation less accumulated depreciation. Cost includes all costs directly attributable to making the asset capable of operating as intended. |
PREMIER QUALITY FOODS LIMITED (REGISTERED NUMBER: 03916724) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
2. | ACCOUNTING POLICIES - continued |
Stocks |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
PREMIER QUALITY FOODS LIMITED (REGISTERED NUMBER: 03916724) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
2. | ACCOUNTING POLICIES - continued |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Operating lease agreements |
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charges against profits on a straight line basis over the period of the lease. |
Financial instruments |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. |
Revenue grants |
Grants which are received for compensation for expenses or losses which have already been incurred are recognisable in income when the grant is received or receivable. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the company. |
28.2.24 | 28.2.23 |
£ | £ |
Sale of goods | 25,046,385 | 22,171,190 |
4. | OTHER OPERATING INCOME |
29.2.24 | 28.2.23 |
£ | £ |
Sundry receipts | 942 | 1,606 |
5. | EMPLOYEES AND DIRECTORS |
29.2.24 | 28.2.23 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
PREMIER QUALITY FOODS LIMITED (REGISTERED NUMBER: 03916724) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
5. | EMPLOYEES AND DIRECTORS - continued |
The average number of employees during the year was as follows: |
29.2.24 | 28.2.23 |
Management | 3 | 3 |
Sales | 10 | 10 |
Accounts | 6 | 6 |
Distribution | 33 | 33 |
29.2.24 | 28.2.23 |
£ | £ |
Directors' remuneration |
Information regarding the highest paid director is as follows: |
29.2.24 | 28.2.23 |
£ | £ |
Emoluments etc |
6. | OPERATING PROFIT |
The operating profit is stated after charging: |
29.2.24 | 28.2.23 |
£ | £ |
Depreciation - owned assets |
Depreciation - assets on hire purchase contracts |
Loss on disposal of fixed assets |
Auditors' remuneration |
7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
29.2.24 | 28.2.23 |
£ | £ |
Bank loan interest |
Other interest payable |
PREMIER QUALITY FOODS LIMITED (REGISTERED NUMBER: 03916724) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
8. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
29.2.24 | 28.2.23 |
£ | £ |
Current tax: |
UK corporation tax |
Overprovision prior year | 246 | (6,080 | ) |
Total current tax |
Deferred tax |
Tax on profit |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
29.2.24 | 28.2.23 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Capital allowances in excess of depreciation | ( |
) | ( |
) |
Loss/(profit) on disposal of fixed assets | 2,491 | 271 |
Expensive leased cars | - | 44 |
Research & development credit | - | (19,000 | ) |
Accountancy fees | - | 60 |
Deferred tax movement | 49,036 | 36,458 |
Customer entertaining | 200 | 643 |
Overprovision of prior year tax | 246 | (6,080 | ) |
Total tax charge | 285,616 | 131,249 |
PREMIER QUALITY FOODS LIMITED (REGISTERED NUMBER: 03916724) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
9. | DIVIDENDS |
29.2.24 | 28.2.23 |
£ | £ |
Interim dividends declared |
during the year |
10. | TANGIBLE FIXED ASSETS |
Leasehold |
property | Plant and | Motor |
improvement | machinery | vehicles | Totals |
£ | £ | £ | £ |
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 |
PREMIER QUALITY FOODS LIMITED (REGISTERED NUMBER: 03916724) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
10. | TANGIBLE FIXED ASSETS - continued |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST |
At 1 March 2023 |
Additions |
Disposals | ( |
) |
Reclassification/transfer | ( |
) |
At 29 February 2024 |
DEPRECIATION |
At 1 March 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
Reclassification/transfer | ( |
) |
At 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
11. | STOCKS |
29.2.24 | 28.2.23 |
£ | £ |
Goods for resale |
12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
29.2.24 | 28.2.23 |
£ | £ |
Trade debtors |
Other debtors |
Directors' current accounts | 457,794 | 460,115 |
VAT |
Prepayments and accrued income |
PREMIER QUALITY FOODS LIMITED (REGISTERED NUMBER: 03916724) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
29.2.24 | 28.2.23 |
£ | £ |
Bank loans (see note 15) |
Hire purchase contracts (see note 16) |
Trade creditors |
Corporation tax |
Social security and other taxes |
Other creditors |
Accruals and deferred income |
14. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
29.2.24 | 28.2.23 |
£ | £ |
Bank loans (see note 15) |
Hire purchase contracts (see note 16) |
15. | BANK LOANS |
An analysis of the maturity of bank loans is given below: |
29.2.24 | 28.2.23 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
PREMIER QUALITY FOODS LIMITED (REGISTERED NUMBER: 03916724) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
16. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
29.2.24 | 28.2.23 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable | operating leases |
29.2.24 | 28.2.23 |
£ | £ |
Within one year |
Between one and five years |
17. | SECURED DEBTS |
The following secured debts are included within creditors: |
29.2.24 | 28.2.23 |
£ | £ |
Bank loans |
Hire purchase contracts | 408,810 | 417,235 |
Bank loans are secured by a fixed and floating charge over the assets of the company. Interest is charged at commercial rates. |
Hire purchase liabilities are secured against the assets to which they relate. Interest is charged at commercial rates. |
PREMIER QUALITY FOODS LIMITED (REGISTERED NUMBER: 03916724) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
18. | PROVISIONS FOR LIABILITIES |
29.2.24 | 28.2.23 |
£ | £ |
Deferred tax | 151,714 | 102,678 |
Deferred |
tax |
£ |
Balance at 1 March 2023 |
Provided during year |
Balance at 29 February 2024 |
The deferred tax provision relates to accelerated capital allowances at the year end. |
19. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 29.2.24 | 28.2.23 |
value: | £ | £ |
Ordinary | £1 | 10 | 10 |
20. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 29 February 2024 and 28 February 2023: |
29.2.24 | 28.2.23 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
PREMIER QUALITY FOODS LIMITED (REGISTERED NUMBER: 03916724) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
20. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
21. | RELATED PARTY DISCLOSURES |
Other Related Parties |
29.2.24 | 28.2.23 |
£ | £ |
Sales | 13,485 | 29,545 |
Purchases | 1,138,591 | 1,051,891 |
Amount due from/(to) related party | 26,747 | 217,081 |
22. | FINANCIAL INSTRUMENTS |
The carrying amounts of the company's financial instruments measured at amortised cost are: |
29.2.24 | 28.2.23 |
£ | £ |
Financial assets | 2,701,371 | 2,898,014 |
Financial liabilities | 2,321,687 | 2,825,202 |