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REGISTERED NUMBER: 03916724 (England and Wales)












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: Mr R P O'Donnell
Mr A Wileman
Mr A P Wileman
Ms K Williams



SECRETARY: Mr R P O'Donnell



REGISTERED OFFICE: Unit 1-4 Kinsley Industrial Estate
Hoyle Mill Road
Kinsley
West Yorkshire
WF9 5JB



REGISTERED NUMBER: 03916724 (England and Wales)



AUDITOR: Xeinadin Audit Limited
8th Floor, Beckett House
36 Old Jewry
London
EC2R 8DD



BANKERS: Barclays Bank Plc
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:





Mr R P O'Donnell - Director


20 November 2024

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.

Mr R P O'Donnell
Mr A Wileman
Mr A P Wileman
Ms K Williams

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:





Mr R P O'Donnell - Director


20 November 2024

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.




SCOTT MELL FCA (Senior Statutory Auditor)
for and on behalf of Xeinadin Audit Limited
8th Floor, Beckett House
36 Old Jewry
London
EC2R 8DD

20 November 2024

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 25,046,385 22,171,190

Cost of sales 20,253,097 17,734,755
GROSS PROFIT 4,793,288 4,436,435

Distribution costs 310,005 321,110
Administrative expenses 3,431,584 3,126,172
3,741,589 3,447,282
1,051,699 989,153

Other operating income 4 942 1,606
OPERATING PROFIT 6 1,052,641 990,759

Interest receivable and similar income 7,279 2,064
1,059,920 992,823

Interest payable and similar expenses 7 40,563 40,177
PROFIT BEFORE TAXATION 1,019,357 952,646

Tax on profit 8 285,616 131,249
PROFIT FOR THE FINANCIAL YEAR 733,741 821,397

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 733,741 821,397


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

733,741

821,397

PREMIER QUALITY FOODS LIMITED (REGISTERED NUMBER: 03916724)

BALANCE SHEET
29 FEBRUARY 2024

29.2.24 28.2.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 10 698,634 612,915

CURRENT ASSETS
Stocks 11 520,056 492,961
Debtors 12 1,829,527 1,878,063
Cash at bank 968,845 1,087,126
3,318,428 3,458,150
CREDITORS
Amounts falling due within one year 13 2,385,490 2,471,978
NET CURRENT ASSETS 932,938 986,172
TOTAL ASSETS LESS CURRENT LIABILITIES 1,631,572 1,599,087

CREDITORS
Amounts falling due after more than
one year

14

(267,585

)

(542,877

)

PROVISIONS FOR LIABILITIES 18 (151,714 ) (102,678 )
NET ASSETS 1,212,273 953,532

CAPITAL AND RESERVES
Called up share capital 19 10 10
Retained earnings 1,212,263 953,522
SHAREHOLDERS' FUNDS 1,212,273 953,532

The financial statements were approved by the Board of Directors and authorised for issue on 20 November 2024 and were signed on its behalf by:




Mr R P O'Donnell - Director


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 10 632,125 632,135

Changes in equity
Dividends - (500,000 ) (500,000 )
Total comprehensive income - 821,397 821,397
Balance at 28 February 2023 10 953,522 953,532

Changes in equity
Dividends - (475,000 ) (475,000 )
Total comprehensive income - 733,741 733,741
Balance at 29 February 2024 10 1,212,263 1,212,273

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 1,168,047 1,161,388
Interest paid (40,563 ) (40,177 )
Tax paid (101,117 ) (71,142 )
Net cash from operating activities 1,026,367 1,050,069

Cash flows from investing activities
Purchase of tangible fixed assets (255,907 ) (393,692 )
Sale of tangible fixed assets 22,585 1,502
Interest received 7,279 2,064
Net cash from investing activities (226,043 ) (390,126 )

Cash flows from financing activities
Loan repayments in year (437,500 ) (187,500 )
Capital repayments in year (8,426 ) 255,598
Amount introduced by directors 475,000 59,733
Amount withdrawn by directors (472,679 ) (42,463 )
Equity dividends paid (475,000 ) (500,000 )
Net cash from financing activities (918,605 ) (414,632 )

(Decrease)/increase in cash and cash equivalents (118,281 ) 245,311
Cash and cash equivalents at beginning
of year

2

1,087,126

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 1,019,357 952,646
Depreciation charges 222,774 189,196
Loss on disposal of fixed assets 9,979 1,427
Finance costs 40,563 40,177
Finance income (7,279 ) (2,064 )
1,285,394 1,181,382
Increase in stocks (27,095 ) (84,965 )
Decrease/(increase) in trade and other debtors 46,215 (114,135 )
(Decrease)/increase in trade and other creditors (136,467 ) 179,106
Cash generated from operations 1,168,047 1,161,388

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 (118,281 ) 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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The 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
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Leasehold property improvement - 10% on cost
Plant and machinery - 15% on reducing balance
Motor vehicles - 25% on reducing balance

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.

28.2.2428.2.23
££
Sale of goods25,046,38522,171,190

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 2,249,655 2,117,462
Social security costs 235,787 234,122
Other pension costs 43,803 42,797
2,529,245 2,394,381

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
52 52

29.2.24 28.2.23
£    £   
Directors' remuneration 307,541 303,896

Information regarding the highest paid director is as follows:
29.2.24 28.2.23
£    £   
Emoluments etc 114,695 110,172

6. OPERATING PROFIT

The operating profit is stated after charging:

29.2.24 28.2.23
£    £   
Depreciation - owned assets 99,136 59,651
Depreciation - assets on hire purchase contracts 123,638 129,545
Loss on disposal of fixed assets 9,979 1,427
Auditors' remuneration 26,756 13,500

7. INTEREST PAYABLE AND SIMILAR EXPENSES
29.2.24 28.2.23
£    £   
Bank loan interest 40,563 31,795
Other interest payable - 8,382
40,563 40,177

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 236,334 100,871
Overprovision prior year 246 (6,080 )
Total current tax 236,580 94,791

Deferred tax 49,036 36,458
Tax on profit 285,616 131,249

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 1,019,357 952,646
Profit multiplied by the standard rate of corporation tax in the UK
of 24% (2023 - 19%)

244,646

181,003

Effects of:
Capital allowances in excess of depreciation (11,003 ) (62,150 )
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 475,000 500,000
475,000 500,000

10. TANGIBLE FIXED ASSETS
Leasehold
property Plant and Motor
improvement machinery vehicles Totals
£    £    £    £   
COST
At 1 March 2023 128,278 596,000 1,122,768 1,847,046
Additions - 21,218 319,839 341,057
Disposals - - (87,306 ) (87,306 )
At 29 February 2024 128,278 617,218 1,355,301 2,100,797
DEPRECIATION
At 1 March 2023 115,450 445,166 673,515 1,234,131
Charge for year 12,828 25,814 184,132 222,774
Eliminated on disposal - - (54,742 ) (54,742 )
At 29 February 2024 128,278 470,980 802,905 1,402,163
NET BOOK VALUE
At 29 February 2024 - 146,238 552,396 698,634
At 28 February 2023 12,828 150,834 449,253 612,915

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 653,324
Additions 156,574
Disposals (40,991 )
Reclassification/transfer (63,574 )
At 29 February 2024 705,333
DEPRECIATION
At 1 March 2023 264,489
Charge for year 123,638
Eliminated on disposal (10,248 )
Reclassification/transfer (43,459 )
At 29 February 2024 334,420
NET BOOK VALUE
At 29 February 2024 370,913
At 28 February 2023 388,835

11. STOCKS
29.2.24 28.2.23
£    £   
Goods for resale 520,056 492,961

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Trade debtors 1,123,715 1,041,823
Other debtors 151,017 308,950
Directors' current accounts 457,794 460,115
VAT 36,928 11,874
Prepayments and accrued income 60,073 55,301
1,829,527 1,878,063

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) - 187,500
Hire purchase contracts (see note 16) 141,225 124,358
Trade creditors 1,903,680 1,963,868
Corporation tax 236,334 100,871
Social security and other taxes 54,635 40,114
Other creditors 9,197 6,599
Accruals and deferred income 40,419 48,668
2,385,490 2,471,978

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
29.2.24 28.2.23
£    £   
Bank loans (see note 15) - 250,000
Hire purchase contracts (see note 16) 267,585 292,877
267,585 542,877

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 - 187,500

Amounts falling due between two and five years:
Bank loans - 2-5 years - 250,000

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 141,225 124,358
Between one and five years 267,585 292,877
408,810 417,235

Non-cancellable operating leases
29.2.24 28.2.23
£    £   
Within one year 10,140 16,970
Between one and five years 659 8,562
10,799 25,532

17. SECURED DEBTS

The following secured debts are included within creditors:

29.2.24 28.2.23
£    £   
Bank loans - 437,500
Hire purchase contracts 408,810 417,235
408,810 854,735

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 102,678
Provided during year 49,036
Balance at 29 February 2024 151,714

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: £    £   
10 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
£    £   
Mr A P Wileman
Balance outstanding at start of year 130,706 167,671
Amounts advanced 169,848 163,035
Amounts repaid (190,000 ) (200,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 110,554 130,706

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

Mr A Wileman
Balance outstanding at start of year 259,238 216,774
Amounts advanced 229,397 292,464
Amounts repaid (262,500 ) (250,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 226,135 259,238

Mr R P O'Donnell
Balance outstanding at start of year 70,171 92,940
Amounts advanced 123,434 77,231
Amounts repaid (72,500 ) (100,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 121,105 70,171

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