REGISTERED NUMBER: 03089071 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

QUORN COUNTRY FOODS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

G J York

P R York

C J Haggis

D Spray

SECRETARY:

D Spray

REGISTERED OFFICE:

Quorn House

Comet Way

Hermitage Industrial Estate

Coalville Leicester

LE67 3FS

REGISTERED NUMBER:

03089071 (England and Wales)

ACCOUNTANTS:

Magma Audit LLP

Unit 2 Charnwood Edge Business Park

Syston Road, Leicester

LE7 4UZ

Magma Audit LLP is part

Of the Dains Group

FIXED ASSETS

Intangible assets

4

935

4,327

Tangible assets

5

578,339

1,000,756

Investments

6

-

-

579,274

1,005,083

CURRENT ASSETS

Stocks

698,406

706,610

Debtors

7

3,013,138

4,526,044

Cash at bank and in hand

18,765

9,700

3,730,309

5,242,354

CREDITORS

Amounts falling due within one year

8

(1,404,699

)

(2,711,708

)

NET CURRENT ASSETS

2,325,610

2,530,646

TOTAL ASSETS LESS CURRENT LIABILITIES

2,904,884

3,535,729

CREDITORS

Amounts falling due after more than one year

9

(133,336

)

(233,333

)

PROVISIONS FOR LIABILITIES

(80,500

)

(79,294

)

NET ASSETS

2,691,048

3,223,102

CAPITAL AND RESERVES

Called up share capital

50,000

50,000

Retained earnings

2,641,048

3,173,102

2,691,048

3,223,102

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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.

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

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

The financial statements were approved by the Board of Directors and authorised for issue on 16 September 2025 and were signed on its behalf by:

C J Haggis - Director

1.	STATUTORY INFORMATION

Quorn Country Foods Limited is a limited company, registered in England and Wales. Its registered office address is Quorn House Comet Way Hermitage Industrial Est, Coalville, Leicester, LE67 3FS and the registered number is 03089071.

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 presentation currency of the financial statements is pound sterling (£) and figures are rounded to the nearest £1.

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts and is recognised upon despatch.

Rendering of goods

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

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of 4 years.

Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold buildings

2% straight line basis

Leasehold buildings

2% straight line basis

Plant and machinery

10% / 25% straight line basis

Fixtures and fittings

10% / 15% straight line basis

Motor vehicles

25% straight line basis

Grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants have credited to the profit and loss account over the time period they relate to.

Investments in subsidiaries

Investment in the subsidiary company is held at cost less accumulated impairment losses.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Financial instruments

(i) Financial assets

Basic financial assets, including trade and other debtors, cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest rate method.

(ii) Financial liabilities

Basic financial liabilities, including trade and other creditors are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate.

Taxation

The tax expense for the year comprises current and deferred tax.

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:

- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Operating leases

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 109 (2023 - 112 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2024

and 31 December 2024

13,568

AMORTISATION

At 1 January 2024

9,241

Charge for year

3,392

At 31 December 2024

12,633

NET BOOK VALUE

At 31 December 2024

935

At 31 December 2023

4,327

5.	TANGIBLE FIXED ASSETS

Short

Freehold

leasehold

land &

land &

Plant and

buildings

buildings

machinery

£

£

£

COST

At 1 January 2024

590,496

132,841

2,373,613

Additions

-

-

69,910

Disposals

(404,232

)

(132,841

)

-

At 31 December 2024

186,264

-

2,443,523

DEPRECIATION

At 1 January 2024

150,116

46,497

1,975,456

Charge for year

4,650

-

105,964

Eliminated on disposal

(145,066

)

(46,497

)

-

At 31 December 2024

9,700

-

2,081,420

NET BOOK VALUE

At 31 December 2024

176,564

-

362,103

At 31 December 2023

440,380

86,344

398,157

Fixtures

and

Motor

fittings

vehicles

Totals

£

£

£

COST

At 1 January 2024

298,488

73,790

3,469,228

Additions

3,928

-

73,838

Disposals

-

-

(537,073

)

At 31 December 2024

302,416

73,790

3,005,993

DEPRECIATION

At 1 January 2024

265,657

30,746

2,468,472

Charge for year

21,684

18,447

150,745

Eliminated on disposal

-

-

(191,563

)

At 31 December 2024

287,341

49,193

2,427,654

NET BOOK VALUE

At 31 December 2024

15,075

24,597

578,339

At 31 December 2023

32,831

43,044

1,000,756

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

Additions

345,510

Disposals

(345,510

)

At 31 December 2024

-

NET BOOK VALUE

At 31 December 2024

-

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

4,166

600

Amounts owed by group undertakings

2,771,095

4,380,568

VAT

138,978

69,411

Prepayments

98,899

75,465

3,013,138

4,526,044

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

215,098

193,062

Hire purchase contracts (see note 10)

213

2,772

Trade creditors

737,859

672,110

Amounts owed to group undertakings

104,579

1,452,073

Tax

91,987

119,026

Social security and other taxes

41,865

33,606

Other creditors

19,805

16,672

Accruals and deferred income

176,527

184,913

Deferred government grants

16,766

37,474

1,404,699

2,711,708

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans - 1-2 years

100,000

100,000

Bank loans - 2-5 years

33,336

133,333

133,336

233,333

10.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

2024

2023

£

£

Net obligations repayable:

Within one year

213

2,772

Non-cancellable

operating leases

2024

2023

£

£

Within one year

244,118

156,368

Between one and five years

314,936

393,804

In more than five years

43,125

100,625

602,179

650,797

11.	POST BALANCE SHEET EVENTS

In 2025, Quorn House Holdings Limited the ultimate controlling party of the group undertook a capital reduction to demerge its shareholding in F&P Investments Limited such that F&P Investments Limited became a wholly owned subsidiary of FPI Capital Partners Limited.

12.	ULTIMATE CONTROLLING PARTY

During the year a group reorganisation happened. The ultimate controlling party is Quorn House Holdings Limited.