FQF Holdings Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 05806947

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2017

FOR

FQF HOLDINGS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr G J York

Mrs P R York

Mrs C J Haggis

Mr D Spray

SECRETARY:

Mr D Spray

REGISTERED OFFICE:

Quorn House

Comet Way

Hermitage Industrial Estate

Coalville

Leicestershire

LE67 3FS

REGISTERED NUMBER:

05806947

ACCOUNTANTS:

Magma Audit LLP

Unit 2

Charnwood Edge Business Park

Syston Road

Leicester

LE7 4UZ

FIXED ASSETS

Investments

4

937,501

CURRENT ASSETS

Debtors

5

866,525

789,815

Cash at bank

10

866,535

789,825

CREDITORS

Amounts falling due within one year

6

1,766,535

1,689,825

NET CURRENT LIABILITIES

(900,000

)

(900,000

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

37,501

CAPITAL AND RESERVES

Called up share capital

37,501

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 27 September 2018 and were signed on its behalf
by:

Mr G J York - Director

Mrs C J Haggis - Director

1.	STATUTORY INFORMATION

FQF Holdings Limited is a limited company, registered in England and Wales. Its registered office address is

Quorn House, Comet Way, Hermitage Industrial Estate, Coalville, Leics, LE67 3FS and the registered number is

05806947.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Investments in subsidiaries

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently

measured at cost less any accumulated impairment losses. The investments are assessed for impairment at

each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in

profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating

policies of the entity so as to obtain benefits from its activities.

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 non-puttable 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 profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an

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.

Debtors

Basic financial assets, including trade and other debtors, 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 method, less any impairment.

Cash and cash equivalents

Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and

other short-term highly liquid investments that mature in no more than three months from the date of acquisition

and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors

Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related

parties, 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. Such instruments are subsequently carried at amortised cost using the effective interest method, less

any impairment.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2016 - 4 ) .

4.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2017

and 31 December 2017

937,501

NET BOOK VALUE

At 31 December 2017

937,501

At 31 December 2016

937,501

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

Amounts owed by group undertakings

866,525

789,815

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

Amounts owed to group undertakings

1,766,535

1,669,825

Other creditors

-

20,000

1,766,535

1,689,825

7.

RESERVES

Retained

earnings

£

Profit for the year

275,184

Dividends

(275,184

)

At 31 December 2017

-

8.	FINANCIAL COMMITMENTS, GUARANTEES AND CONTINGENT LIABILITIES

The company has provided guarantees to its parent company's loan note holders to meet all present and future

payment obligations and liabilities of Quorn House Limited due, owing or incurred in respect of the notes.

The company guarantees to each of the note holders that whenever its parent, Quorn House Limited, does not

pay any of the obligations when due, to pay on demand the guaranteed obligations.

At the year end the value of the loan notes outstanding totalled £454,569 (2016 - £811,729). The balance is

repayable by 4 June 2024.