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REGISTERED NUMBER: 12807968 (England and Wales)












Unaudited Financial Statements

for the Year Ended 31 August 2024

for

Quality Food Corporation Ltd

Quality Food Corporation Ltd (Registered number: 12807968)






Contents of the Financial Statements
for the year ended 31 August 2024




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


Quality Food Corporation Ltd

Company Information
for the year ended 31 August 2024







DIRECTORS: D E Beiley
S C Matthews
Mrs L Beiley
S Douglas





REGISTERED OFFICE: 50 Atomic House
High Pavement
Nottingham
Nottinghamshire
NG1 1HW





REGISTERED NUMBER: 12807968 (England and Wales)





ACCOUNTANTS: Clayton & Brewill
Chartered Accountants
Cawley House
149-155 Canal Street
Nottingham
Nottinghamshire
NG1 7HR

Quality Food Corporation Ltd (Registered number: 12807968)

Abridged Balance Sheet
31 August 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,508 1,825

CURRENT ASSETS
Stocks 229,114 425,916
Debtors 1,540,985 994,240
Prepayments and accrued income 5,447 1,725
Cash at bank 177,853 446,097
1,953,399 1,867,978
CREDITORS
Amounts falling due within one year 1,363,105 1,447,868
NET CURRENT ASSETS 590,294 420,110
TOTAL ASSETS LESS CURRENT
LIABILITIES

591,802

421,935

ACCRUALS AND DEFERRED INCOME 25,964 49,166
NET ASSETS 565,838 372,769

CAPITAL AND RESERVES
Called up share capital 6 105 105
Share premium 975 975
Retained earnings 564,758 371,689
SHAREHOLDERS' FUNDS 565,838 372,769

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Quality Food Corporation Ltd (Registered number: 12807968)

Abridged Balance Sheet - continued
31 August 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 August 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 March 2025 and were signed on its behalf by:





D E Beiley - Director


Quality Food Corporation Ltd (Registered number: 12807968)

Notes to the Financial Statements
for the year ended 31 August 2024

1. STATUTORY INFORMATION

Quality Food Corporation Ltd 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 presentation currency of the financial statements is the Pound Sterling (£).


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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 33% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Quality Food Corporation Ltd (Registered number: 12807968)

Notes to the Financial Statements - continued
for the year ended 31 August 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price, including transaction costs. Financial assets classified as debtors within one year are not amortised and are therefore measured at transaction price plus transaction costs. Assets receivable after more than one year are subsequently carried at amortised cost using the effective interest rate method unless the arrangement constitues a financing transaction. In this latter case, the transaction is measured at the present value of future receipts discounted at a market rate of interest.

We derecongise financial assets are in three scenarios. Firstly, when the contractual rights to the cash flows from the assets expire or are settled. Secondly, when all the risks and rewards of the ownership of the asset substantially transfer to another party. Thirdly, when control of the asset transfers to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Basic financial liabilities, including trade and other payables, bank loans and intercompany loans, are initially recognised at transaction price. If the arrangement constitutes a financing transaction, the debt instrument is measured at the present value of future receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probably that some or all of the facility will be drawn down. In this case, the fees is deferred until the draw-down occurs. To the extent that there is no evidence that it is probably that some or all of the facility will be drawn down, th fee is capitalised as a prepayment for liquidity services and amortised over the period of the facility to which it relates.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. We classify trade creditors are current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments.

Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in the profit or loss in finance costs or income as appropriate.

The company does not apply hedge accounting for interest rate and foreign exchange derivatives.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or has expired.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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.


Quality Food Corporation Ltd (Registered number: 12807968)

Notes to the Financial Statements - continued
for the year ended 31 August 2024

2. ACCOUNTING POLICIES - continued
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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 4 ) .

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 September 2023 3,238
Additions 1,516
Disposals (373 )
At 31 August 2024 4,381
DEPRECIATION
At 1 September 2023 1,413
Charge for year 1,460
At 31 August 2024 2,873
NET BOOK VALUE
At 31 August 2024 1,508
At 31 August 2023 1,825

5. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Factoring account - 387,097

A fixed and floating charge was created on 24th August 2021 with Ultimate Finance over all present and future assets.

Quality Food Corporation Ltd (Registered number: 12807968)

Notes to the Financial Statements - continued
for the year ended 31 August 2024

6. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
400 Ordinary A 10p 40 40
400 Ordinary B 10p 40 40
250 Ordinary C 10p 25 25
105 105