REGISTERED NUMBER: 00808759 (England and Wales)

Financial Statements

for the Year Ended 28 February 2025

for

QD Eastern Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

P R Fairley

N D Rubins

D Rubins (Chairman)

SECRETARY:

D Rubins (Chairman)

REGISTERED OFFICE:

Westbridge Lodge

Pendock Lane

Bradmore

Nottingham

NG11 6PQ

REGISTERED NUMBER:

00808759 (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

TOTAL ASSETS LESS CURRENT LIABILITIES

-

-

CAPITAL AND RESERVES

Called up share capital

21

21

Retained earnings

(21

)

(21

)

-

-

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 1 October 2025 and were signed on its behalf by:

N D Rubins - Director

1.	STATUTORY INFORMATION

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.

The principal activity of the company was previously the operating of temporary and 'pop up' stores under the QD Stores brand.

With effect from 1 March 2023, and as part of a group reconstruction, the company's retail stores were transferred to a fellow group subsidiary, and from that date QD Eastern Limited ceased trading.

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.

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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

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.

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

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.

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.

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 initial term of the 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

As detailed in note 1, the company's retail stores were transferred to a fellow group company with effect from 1 March 2023 and from that date the company ceased trading. Consequently, the financial statements from that date onwards have been prepared on a non-going concern basis.

Where appropriate, 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 would take 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 any such support will be provided for the foreseeable future, defined as being no less than twelve months from the date of signing the accounts.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2024 - NIL).

4.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2025

2024

£'000

£'000

Within one year

-

270

Between one and five years

-

259

-

529

5.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Steven Newman LLB BFP FCA (Senior Statutory Auditor)

for and on behalf of Wright Vigar Limited

6.	CONTINGENT LIABILITIES

The company, together with its parent undertaking and fellow subsidiary undertaking, is jointly and severally liable for the combined value added tax liability of the group which, at 28 February 2025 totalled £1,034,162

(2024 -£1,362,609). All of this amount specifically relates to QD Commercial Holdings Limited (the group holding company).

7.	RELATED PARTY DISCLOSURES

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 companies within the group.

8.	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 Eastern Limited.

The only consolidated accounts prepared that incorporate the results of QD Eastern 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.