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REGISTERED NUMBER: 08528927 (England and Wales)






















Strategic Report,

Report of the Directors and

Financial Statements

for the Year Ended 29 February 2024

for

QD Market Towns Limited

QD Market Towns Limited (Registered number: 08528927)






Contents of the Financial Statements
for the Year Ended 29 February 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Statement of Income and Retained Earnings 7

Balance Sheet 8

Notes to the Financial Statements 9


QD Market Towns Limited

Company Information
for the Year Ended 29 February 2024







DIRECTORS: P R Fairley
N D Rubins
D Rubins (Chairman)



SECRETARY: D Rubins



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



REGISTERED NUMBER: 08528927 (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 Market Towns Limited (Registered number: 08528927)

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
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 QD Commercial Group, and hence QD Market Towns Limited as a wholly owned subsidiary, 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.

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 Market Towns Limited.

ANALYSIS OF KEY PERFORMANCE INDICATORS
The Board look at turnover, margins and profitability when monitoring business performance.

Turnover for the year was £53,666,000, which represents a 73.6% increase over the previous year. Margins are in line with the Board's expectations.The increase in turnover reflects an internal restructuring within the QD group, whereby a number of retail stores were transferred into the company from another subsidiary.

The Board also consider key statement of financial position areas in order to understand the financial position of the company.

The statement of financial position includes valuable leasehold assets and fixtures & fittings at its portfolio of stores, together with stocks held at those stores at the year end. These assets have been financed by inter-company loans from other QD Commercial Group Holdings group companies.

The Board are satisfied that the company's statement of financial position is in line with expectations given the new group structure, and is well placed to take advantage of improving trading conditions in the future.

ON BEHALF OF THE BOARD:





N D Rubins - Director


19 November 2024

QD Market Towns Limited (Registered number: 08528927)

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 operating retail stores selling quality discount goods under the QD Stores brand.

DIVIDENDS
The directors do not recommend the payment of a dividend.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 March 2023 to the date of this report.

P R Fairley
N D Rubins
D Rubins (Chairman)

EMPLOYMENT OF DISABLED PERSONS
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.

QUALIFYING INDEMNITY PROVISION
The company takes out indemnity insurance on behalf of the directors.

ENGAGEMENT WITH EMPLOYEES
It is the company's policy to provide equal opportunities to all employees and this policy applies to existing and prospective employees. The company provides appropriate training at all levels and endeavours to assist employees to acquire skills and experience which enable them to fulfil their role and to develop their potential.

The company is committed to communication with employees by keeping them informed of performance and progress through briefings by management and the directors.

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's financial risk management policies.

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.

QD Market Towns Limited (Registered number: 08528927)

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 auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company'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 Market Towns Limited

Opinion
We have audited the financial statements of QD Market Towns Limited (the 'company') for the year ended 29 February 2024 which comprise the Statement of Income and Retained Earnings, Balance Sheet and 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 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
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 company 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 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 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 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 we are 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, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; 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
- we have not received all the information and explanations we require for our audit.

Report of the Independent Auditors to the Members of
QD Market Towns Limited


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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.

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 Market Towns Limited (Registered number: 08528927)

Statement of Income and
Retained Earnings
for the Year Ended 29 February 2024

2024 2023
Notes £'000 £'000 £'000 £'000

TURNOVER 3 53,666 30,922

Cost of sales 33,414 19,696
GROSS PROFIT 20,252 11,226

Sales and distribution costs 9,503 5,148
Administrative expenses 10,071 7,352
19,574 12,500
678 (1,274 )

Other operating income 153 282
OPERATING PROFIT/(LOSS) and
PROFIT/(LOSS) BEFORE TAXATION 831 (992 )

Tax on profit/(loss) 6 57 -
PROFIT/(LOSS) FOR THE FINANCIAL YEAR 774 (992 )

Retained earnings at beginning of year (4,120 ) (3,128 )

RETAINED EARNINGS AT END OF YEAR (3,346 ) (4,120 )

QD Market Towns Limited (Registered number: 08528927)

Balance Sheet
29 February 2024

2024 2023
Notes £'000 £'000 £'000 £'000
FIXED ASSETS
Tangible assets 7 2,095 1,688

CURRENT ASSETS
Stocks 8 5,465 3,267

CREDITORS
Amounts falling due within one year 9 10,698 8,884
NET CURRENT LIABILITIES (5,233 ) (5,617 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(3,138

)

(3,929

)

PROVISIONS FOR LIABILITIES 11 208 191
NET LIABILITIES (3,346 ) (4,120 )

CAPITAL AND RESERVES
Called up share capital 12 - -
Retained earnings 13 (3,346 ) (4,120 )
SHAREHOLDERS' FUNDS (3,346 ) (4,120 )

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 Market Towns Limited (Registered number: 08528927)

Notes to the Financial Statements
for the Year Ended 29 February 2024

1. STATUTORY INFORMATION

QD Market Towns 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 company is a private company limited by shares, registered in England and Wales. The address of the registered office and principal place of business is Westbridge Lodge, Pendock Lane, Bradmore, Nottingham, NG11 6PQ.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in sterling, which is the functional currency of the entity rounded to the nearest £'000.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows.

Related party exemption
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.

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 balance sheet 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:

Stock valuations - this involves judgements as to the extent to which provisions are required to account for the risk of obsolescence.

Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - Over the period of the lease
Fixtures and fittings - Straight line over 3, 5 or 10 years

Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, other costs incurred in bringing the stocks to their present location and condition and, where applicable, customs clearance and import duties.

QD Market Towns Limited (Registered number: 08528927)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

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.

Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

QD Market Towns Limited (Registered number: 08528927)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

2. ACCOUNTING POLICIES - continued

Deferred income
Certain of the company's leasehold properties 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 term of lease. Capital contributions from landlords are also treated as deferred credits. These are released to the income statement in accordance with the depreciation policy of the underlying fixed assets.

Going concern
The company commenced trading following a re-organisation of the QD Stores group in 2013. The company is currently reporting a loss, and the balance sheet is in deficit.

The company relies on the financial support of the parent undertaking, QD Commercial Group Holdings Limited to pay its debts as they fall due. This support takes the form of an inter-company loan account. The directors, who are also directors and shareholders of the parent company, have confirmed that QD Commercial Group Holdings Limited will not call in this loan if to do so would cause the company undue financial hardship.

The directors have further confirmed that this support will be provided for the foreseeable future, defined as being no less than twelve months from the date of signing the accounts. The directors conclude that it is appropriate for the accounts to be prepared on the going concern basis.

3. TURNOVER

The turnover and profit (2023 - loss) before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2024 2023
£'000 £'000
Sale of goods 53,666 30,922
53,666 30,922

An analysis of turnover by geographical market is given below:

2024 2023
£'000 £'000
United Kingdom 53,666 30,922
53,666 30,922

4. EMPLOYEES AND DIRECTORS
2024 2023
£'000 £'000
Wages and salaries 8,351 4,399
Other pension costs 115 58
8,466 4,457

The average number of employees during the year was as follows:
2024 2023

Office and management 92 60
Sales and distribution 442 303
534 363

2024 2023
£    £   
Directors' remuneration - -

QD Market Towns Limited (Registered number: 08528927)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

5. OPERATING PROFIT/(LOSS)

The operating profit (2023 - operating loss) is stated after charging:

2024 2023
£'000 £'000
Hire of plant and machinery 74 30
Other operating leases 2,654 1,592
Depreciation - owned assets 1,883 356
Loss on disposal of fixed assets 67 42
Cost of stock recognised as an expense 33,414 19,696

Auditor's remuneration is borne by the parent company, QD Commercial Group Holdings Limited.

6. 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 57 -
Tax on profit/(loss) 57 -

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/(loss) before tax 831 (992 )
Profit/(loss) multiplied by the standard rate of corporation tax in the UK of
25% (2023 - 19%)

208

(188

)

Effects of:
Expenses not deductible for tax purposes 34 -
Depreciation in excess of capital allowances 11 5
Utilisation of tax losses (196 ) 183
Total tax charge 57 -

QD Market Towns Limited (Registered number: 08528927)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

7. TANGIBLE FIXED ASSETS
Fixtures
Short and
leasehold fittings Totals
£'000 £'000 £'000
COST
At 1 March 2023 2,394 1,844 4,238
Additions 729 1,635 2,364
Disposals (239 ) (154 ) (393 )
At 29 February 2024 2,884 3,325 6,209
DEPRECIATION
At 1 March 2023 1,394 1,156 2,550
Charge for year 750 1,133 1,883
Eliminated on disposal (239 ) (80 ) (319 )
At 29 February 2024 1,905 2,209 4,114
NET BOOK VALUE
At 29 February 2024 979 1,116 2,095
At 28 February 2023 1,000 688 1,688

8. STOCKS
2024 2023
£'000 £'000
Finished goods 5,465 3,267

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£'000 £'000
Amounts owed to group undertakings 10,643 8,884
Tax 55 -
10,698 8,884

QD Commercial Group Holdings Limited holds a fixed and floating charge over all of the property and undertakings of the company as security for any debts owing to it from time to time.

10. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£'000 £'000
Within one year 1,212 1,428
Between one and five years 1,978 2,440
In more than five years 191 262
3,381 4,130

11. PROVISIONS FOR LIABILITIES
2024 2023
£'000 £'000
Other provisions
Deferred income 208 191

QD Market Towns Limited (Registered number: 08528927)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

11. PROVISIONS FOR LIABILITIES - continued

Deferred
income
£'000
Balance at 1 March 2023 191
Charge to Income Statement during year 17
Balance at 29 February 2024 208

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1 Ordinary shares £1 1 1

13. RESERVES

Profit and loss account:
This reserve records accumulated losses in the company.

14. PENSION COMMITMENTS

The amount recognised in profit or loss in relation to defined contribution plans was £115,394 (2023 - £58,284).

15. CONTINGENT LIABILITIES

The company, together with its parent undertaking and fellow subsidiary undertakings, is jointly and severally liable for the combined value added tax liability of the group which, at 29 February 2024 totalled £1,362,609 (2023 - £1,647,749). All of this amount specifically relates to QD Commercial Holdings Limited (the group holding company).

16. ULTIMATE CONTROLLING PARTY

The controlling party is QD Commercial Group Holdings Limited.

QD Commercial Group Holdings Limited is the parent company, registered in England and Wales.

The registered office and principal place of business of the ultimate parent company is that of QD Market Towns Limited.

The only consolidated accounts prepared that incorporate the results of QD Market Towns Limited are those of QD Commercial Group Holdings Limited. The consolidated accounts are available from Companies House.

The ultimate controlling party is Mr N D Rubins and Mr D Rubins, as majority shareholders of QD Commercial Group Holdings Limited.