REGISTERED NUMBER: 03916724 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2025

FOR

PREMIER QUALITY FOODS LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditor

6

Statement of Income and Retained Earnings

10

Balance Sheet

11

Cash Flow Statement

12

Notes to the Cash Flow Statement

13

Notes to the Financial Statements

15

DIRECTORS:

Mr R P O'Donnell

Mr A Wileman

Mr A P Wileman

Ms K Williams

SECRETARY:

Mr R P O'Donnell

REGISTERED OFFICE:

Unit 1-4 Kinsley Industrial Estate

Hoyle Mill Road

Kinsley

West Yorkshire

WF9 5JB

REGISTERED NUMBER:

03916724 (England and Wales)

INDEPENDENT AUDITOR:

Xeinadin Audit Limited

8th Floor, Beckett House

36 Old Jewry

London

EC2R 8DD

BANKERS:

Barclays Bank PLC

10-18 Queen Street

Barnsley

South Yorkshire

S70 1SJ

The directors present their strategic report for the year ended 28 February 2025.

REVIEW OF BUSINESS

Based in West Yorkshire, Premier Quality Foods distributes chilled, ambient, frozen and non food products to catering business's using a fleet of our own multi temperature delivery vehicles to customers throughout Yorkshire and surrounding counties.

The company has a loyal and long standing customer base. It is constantly striving to expand both its product range and increase the customer base, ensuring we remain one of the leading independent food service suppliers in the North of England.

For the year under review the directors are satisfied with the performance of the company.

PRINCIPAL RISKS AND UNCERTAINTIES

There is intense competition in the wholesale and retail food industry and the company is subject to fluctuations in commodity prices.

The directors continue to monitor the performance of the company throughout a number number of key performance indicator including turnover, gross margins and overall profitability.

Inflationary pressures pose a challenge. Whilst commodity prices are seeing increases we have so far been able to pass these increased product costs along with some additional increases to cover other increased operational costs.

All costs are monitored regularly by the directors, and, the company agreed a five year five rate electricity contract in 2020, fortunately this has mitigated any exposure to fluctuations in utility costs.

Changing customer needs and trends pose a risk to the company. The directors consider that the company is equipped to diversify its product portfolio to react in a timely fashion to any such changes. Stock is constantly monitored and physical inventory is taken of all items on a regular basis.

Close control of debtor levels have ensured the exposure relating to bad debts and cashflow have been kept to a minimum. Credit limits are reviewed by the directors on a regular basis.

Staff are recognised as a key business asset. Employment levels are closely monitored and weekly engagement with all employee teams is undertaken ensuring performance is continually monitored.

FINANCIAL RESULTS

During the year the company reported a profit before taxation of £1,103,442 (2024: £1,019,357) and generated sales of £24,255,215 (2024: £25,046,385) with a comparable GPM of 20.37% (2024: 19.14%).

Details of the results for the year are included in the attached financial statements.

COMPANY DEVELOPMENTS

The company continues to monitor activities and trends within the industry and is actively:

- Expanding product ranges in all areas to reflect changing consumer circumstances and identified trends

- Investing in new technology to increase the company's e-commerce presence and offerings

- Encouraging, training, motivating and rewarding employees to maintain employee engagement

- Achieving consistent sales growth and good company performance

COMPANY GOALS

The company aims continue to be:.

- Increase net profit by reviewing and implementing cost centre efficiencies

- Reduce stock losses and improve efficiencies

- Reduce customer errors and build on established goodwill and relationships

- Retain existing and recruit new employees by increasing employee benefits and engagement

- Improve delivery area efficiencies

- Increase customer base within existing delivery areas, rather than in increasing territory coverage

The directors take a long term view in reaching key decisions and take account the interests of all stakeholders as a whole.

It is the directors' intention to ensure that the management and operations of the business are conducted in a responsible manner, maintaining high standards of conduct and governance helping to contribute to the above goals.

ON BEHALF OF THE BOARD:

Mr R P O'Donnell - Director

27 November 2025

The directors present their report with the financial statements of the Company for the year ended 28 February 2025.

PRINCIPAL ACTIVITY

The principal activity of the Company in the year under review was that of the wholesale and distribution of foods.

DIVIDENDS

The total distribution of dividends for the year ended 28 February 2025 will be £ 475,000 .

DIRECTORS

The directors shown below have held office during the whole of the period from 1 March 2024 to the date of this report.

Mr R P O'Donnell

Mr A Wileman

Mr A P Wileman

Ms K Williams

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.

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 auditor is unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

AUDITOR

The auditors, Xeinadin Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr R P O'Donnell - Director

27 November 2025

Opinion

We have audited the financial statements of Premier Quality Foods Limited (the 'Company') for the year ended 28 February 2025 which comprise the Statement of Income and Retained Earnings, Balance Sheet, Cash Flow Statement and Notes to the Cash Flow Statement, 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 28 February 2025 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 Auditor 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 Auditor 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.

Responsibilities of directors

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

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We design audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to the Companies Act 2006. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

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. The 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 Auditor.

Use of our report

This report is made solely to the Company's shareholders, 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 shareholders those matters we are required to state to them in a Report of the Auditor 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 shareholders as a body, for our audit work, for this report, or for the opinions we have formed.

Scott Mell FCA (Senior Statutory Auditor)

for and on behalf of Xeinadin Audit Limited

8th Floor, Beckett House

36 Old Jewry

London

EC2R 8DD

28 November 2025

TURNOVER

24,255,215

25,046,385

Cost of sales

19,313,231

20,253,097

GROSS PROFIT

4,941,984

4,793,288

Distribution costs

271,349

310,005

Administrative expenses

3,571,522

3,453,992

3,842,871

3,763,997

1,099,113

1,029,291

Other operating income

-

942

OPERATING PROFIT

4

1,099,113

1,030,233

Interest receivable and similar income

8,243

7,279

1,107,356

1,037,512

Interest payable and similar expenses

5

3,914

18,155

PROFIT BEFORE TAXATION

1,103,442

1,019,357

Tax on profit

6

304,642

285,616

PROFIT FOR THE FINANCIAL YEAR

798,800

733,741

Retained earnings at beginning of year

1,212,263

953,522

Dividends

7

(475,000

)

(475,000

)

RETAINED EARNINGS AT END OF YEAR

1,536,063

1,212,263

FIXED ASSETS

Tangible assets

8

961,939

698,634

CURRENT ASSETS

Stocks

9

534,693

520,056

Debtors

10

1,536,683

1,829,527

Cash at bank

1,376,085

968,845

3,447,461

3,318,428

CREDITORS

Amounts falling due within one year

11

2,433,234

2,385,490

NET CURRENT ASSETS

1,014,227

932,938

TOTAL ASSETS LESS CURRENT LIABILITIES

1,976,166

1,631,572

CREDITORS

Amounts falling due after more than one year

12

(268,336

)

(267,585

)

PROVISIONS FOR LIABILITIES

15

(171,757

)

(151,714

)

NET ASSETS

1,536,073

1,212,273

CAPITAL AND RESERVES

Called up share capital

16

10

10

Retained earnings

1,536,063

1,212,263

SHAREHOLDERS' FUNDS

1,536,073

1,212,273

The financial statements were approved by the Board of Directors and authorised for issue on 27 November 2025 and were signed on its behalf by:

Mr R P O'Donnell - Director

Cash flows from operating activities

Cash generated from operations

1

1,564,601

1,145,639

Interest paid

(3,914

)

(18,155

)

Tax paid

(260,441

)

(101,117

)

Net cash from operating activities

1,300,246

1,026,367

Cash flows from investing activities

Purchase of tangible fixed assets

(609,147

)

(255,907

)

Sale of tangible fixed assets

75,666

22,585

Interest received

8,243

7,279

Net cash from investing activities

(525,238

)

(226,043

)

Cash flows from financing activities

Loan repayments in year

-

(437,500

)

Capital repayments in year

1,461

(8,426

)

Amount introduced by directors

585,001

475,000

Amount withdrawn by directors

(479,230

)

(472,679

)

Equity dividends paid

(475,000

)

(475,000

)

Net cash from financing activities

(367,768

)

(918,605

)

Increase/(decrease) in cash and cash equivalents

407,240

(118,281

)

Cash and cash equivalents at beginning of year

2

968,845

1,087,126

Cash and cash equivalents at end of year

2

1,376,085

968,845

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2025

2024

£

£

Profit before taxation

1,103,442

1,019,357

Depreciation charges

252,262

222,774

Loss on disposal of fixed assets

17,913

9,979

Finance costs

3,914

18,155

Finance income

(8,243

)

(7,279

)

1,369,288

1,262,986

Increase in stocks

(14,637

)

(27,095

)

Decrease in trade and other debtors

187,073

46,215

Increase/(decrease) in trade and other creditors

22,877

(136,467

)

Cash generated from operations

1,564,601

1,145,639

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 28 February 2025

28.2.25

1.3.24

£

£

Cash and cash equivalents

1,376,085

968,845

Year ended 29 February 2024

29.2.24

1.3.23

£

£

Cash and cash equivalents

968,845

1,087,126

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.3.24

Cash flow

At 28.2.25

£

£

£

Net cash

Cash at bank

968,845

407,240

1,376,085

968,845

407,240

1,376,085

Debt

Finance leases

(408,810

)

(1,461

)

(410,271

)

(408,810

)

(1,461

)

(410,271

)

Total

560,035

405,779

965,814

1.	STATUTORY INFORMATION

Premier Quality Foods 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 financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest pound.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention.

Significant judgements and estimates

No judgements have been made in the process of applying the below accounting policies that have had the most significant effect on amounts recognised in the financial statements.

There are no key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year

Turnover

Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts.

Turnover from the sale of wholesale food products is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on delivery of the goods.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Leasehold property improvements

- 10% on cost

Plant and machinery

- 15% reducing balance

Motor vehicles

- 25% reducing balance

Assets are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

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.

Research and development

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

Hire purchase and leasing commitments

Assets acquired under hire purchase contracts are capitalised and depreciated over the shorter of the lease term and the expected useful life of the asset. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease liability using the effective interest method. The related obligations, net of future finance charges, are included in creditors.

Rentals payable and receivable under operating leases are charged to the profit and loss account 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.

3.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

2,306,305

2,249,655

Social security costs

247,763

235,787

Other pension costs

45,388

43,803

2,599,456

2,529,245

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

2025

2024

Management

3

3

Sales

10

10

Administration

6

6

Distribution

35

33

54

52

2025

2024

£

£

Directors' remuneration

314,720

307,541

Directors' pension contributions to money purchase schemes

1,321

1,321

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

1

1

Information regarding the highest paid director is as follows:

2025

2024

£

£

Emoluments etc

116,395

114,695

4.	OPERATING PROFIT

The operating profit is stated after charging:

2025

2024

£

£

Depreciation - owned assets

129,649

99,136

Depreciation - assets on hire purchase contracts

122,614

123,638

Loss on disposal of fixed assets

17,913

9,979

Auditors' remuneration

16,500

15,800

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Bank loan interest

-

18,155

Other interest payable

3,914

-

3,914

18,155

6.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2025

2024

£

£

Current tax:

UK corporation tax

257,098

236,334

Corporation tax under/(over) provision

27,501

246

Total current tax

284,599

236,580

Deferred tax

20,043

49,036

Tax on profit

304,642

285,616

UK corporation tax has been charged at 25% (2024 - 25%).

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2025

2024

£

£

Profit before tax

1,103,442

1,019,357

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

275,861

254,839

Effects of:

Expenses not deductible for tax purposes

1,753

200

Capital allowances in excess of depreciation

(25,053

)

(11,064

)

Adjustments to tax charge in respect of previous periods

28,349

246

Loss/(profit) on disposal of fixed assets

3,689

2,444

Change in standard Corporation Tax rate

-

(10,085

)

Deferred tax movement

20,043

49,036

Total tax charge

304,642

285,616

7.

DIVIDENDS

2025

2024

£

£

Interim dividends declared

during the year

475,000

475,000

475,000

475,000

8.	TANGIBLE FIXED ASSETS

Leasehold

property

Plant and

Motor

improvement

machinery

vehicles

Totals

£

£

£

£

COST

At 1 March 2024

128,278

617,218

1,355,301

2,100,797

Additions

-

-

609,147

609,147

Disposals

-

-

(341,078

)

(341,078

)

At 28 February 2025

128,278

617,218

1,623,370

2,368,866

DEPRECIATION

At 1 March 2024

128,278

470,980

802,905

1,402,163

Charge for year

-

20,923

231,340

252,263

Eliminated on disposal

-

-

(247,499

)

(247,499

)

At 28 February 2025

128,278

491,903

786,746

1,406,927

NET BOOK VALUE

At 28 February 2025

-

125,315

836,624

961,939

At 29 February 2024

-

146,238

552,396

698,634