Northern Quality Food Ltd 13173495 false 2023-03-01 2024-02-29 2024-02-29 The principal activity of the company is licensed restaurant and fast food takeaway Digita Accounts Production Advanced 6.30.9574.0 true true 13173495 2023-03-01 2024-02-29 13173495 2024-02-29 13173495 bus:OrdinaryShareClass1 2024-02-29 13173495 core:CurrentFinancialInstruments 2024-02-29 13173495 core:CurrentFinancialInstruments core:WithinOneYear 2024-02-29 13173495 core:Non-currentFinancialInstruments 2024-02-29 13173495 core:Non-currentFinancialInstruments core:AfterOneYear 2024-02-29 13173495 core:OtherPropertyPlantEquipment 2024-02-29 13173495 bus:SmallEntities 2023-03-01 2024-02-29 13173495 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 13173495 bus:FilletedAccounts 2023-03-01 2024-02-29 13173495 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 13173495 bus:RegisteredOffice 2023-03-01 2024-02-29 13173495 bus:CompanySecretaryDirector1 2023-03-01 2024-02-29 13173495 bus:OrdinaryShareClass1 2023-03-01 2024-02-29 13173495 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 13173495 core:RevaluationReserve 2023-03-01 2024-02-29 13173495 core:OtherPropertyPlantEquipment 2023-03-01 2024-02-29 13173495 core:PlantMachinery 2023-03-01 2024-02-29 13173495 countries:England 2023-03-01 2024-02-29 13173495 2023-02-28 13173495 core:OtherPropertyPlantEquipment 2023-02-28 13173495 2022-03-01 2023-02-28 13173495 2023-02-28 13173495 bus:OrdinaryShareClass1 2023-02-28 13173495 core:CurrentFinancialInstruments 2023-02-28 13173495 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 13173495 core:Non-currentFinancialInstruments 2023-02-28 13173495 core:Non-currentFinancialInstruments core:AfterOneYear 2023-02-28 13173495 core:OtherPropertyPlantEquipment 2023-02-28 13173495 core:RevaluationReserve 2022-03-01 2023-02-28 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 13173495

Northern Quality Food Ltd

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

Northern Quality Food Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Northern Quality Food Ltd

Company Information

Director

Mr MHR Brown

Company secretary

Mr MHR Brown

Registered office

17 Brunt Street
Mansfield
Nottinghamshire
NG18 1AX

Accountants

Seals King & Co. Limited
Certified
17 Brunt Street
Mansfield
Nottinghamshire
NG18 1AX

 

Northern Quality Food Ltd

(Registration number: 13173495)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

92,451

107,018

Current assets

 

Stocks

5

10,000

10,000

Debtors

6

8,847

7,140

 

18,847

17,140

Creditors: Amounts falling due within one year

7

(559,600)

(396,853)

Net current liabilities

 

(540,753)

(379,713)

Total assets less current liabilities

 

(448,302)

(272,695)

Creditors: Amounts falling due after more than one year

7

-

(10,667)

Net liabilities

 

(448,302)

(283,362)

Capital and reserves

 

Called up share capital

8

1

1

Revaluation reserve

65,000

65,000

Retained earnings

(513,303)

(348,363)

Shareholders' deficit

 

(448,302)

(283,362)

For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 30 November 2024
 

.........................................
Mr MHR Brown
Company secretary and director

 

Northern Quality Food Ltd

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

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
17 Brunt Street
Mansfield
Nottinghamshire
NG18 1AX
England

These financial statements were authorised for issue by the director on 30 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

 

Northern Quality Food Ltd

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

Asset class

Depreciation method and rate

Plant and machinery

25% reducing value

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

 

Northern Quality Food Ltd

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

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 13 (2023 - 16).

 

Northern Quality Food Ltd

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

4

Tangible assets

Other tangible assets
£

Total
£

Cost or valuation

At 1 March 2023

168,588

168,588

At 29 February 2024

168,588

168,588

Depreciation

At 1 March 2023

61,570

61,570

Charge for the year

14,567

14,567

At 29 February 2024

76,137

76,137

Carrying amount

At 29 February 2024

92,451

92,451

At 28 February 2023

107,018

107,018

5

Stocks

2024
£

2023
£

Other inventories

10,000

10,000

6

Debtors

Current

2024
£

2023
£

Prepayments

8,316

6,750

Other debtors

531

390

 

8,847

7,140

 

Northern Quality Food Ltd

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

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

29,090

17,101

Trade creditors

 

221,843

154,171

Taxation and social security

 

19,309

11,335

Accruals and deferred income

 

3,332

1,375

Other creditors

 

286,026

212,871

 

559,600

396,853

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

-

10,667

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

1

1

1

1

       

9

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on revaluation of other assets

65,000

65,000

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on revaluation of other assets

65,000

65,000

 

Northern Quality Food Ltd

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

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Other borrowings

-

10,667

Current loans and borrowings

2024
£

2023
£

Bank overdrafts

10,268

1,101

Other borrowings

18,822

16,000

29,090

17,101