Cherry Lane Retail Centres Limited - Limited company accounts 23.2

REGISTERED NUMBER: 01603760 (England and Wales)

Strategic Report,

Report of the Directors and

Financial Statements

for the Year Ended 28 February 2023

for

Cherry Lane Retail Centres Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Statement of Income and Retained Earnings

9

Statement of Financial Position

10

Notes to the Financial Statements

11

DIRECTORS:

P R Fairley

N D Rubins

D Rubins (Chairman)

SECRETARY:

P R Fairley

REGISTERED OFFICE:

Westbridge Lodge

Pendock Lane

Bradmore

Nottingham

NG11 6PQ

REGISTERED NUMBER:

01603760 (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

The directors present their strategic report for the year ended 28 February 2023.

REVIEW OF BUSINESS

The company has reported another year of strong turnover and profit despite difficult trading conditions.

The garden centres and destination stores continued to enjoy a good year of trading and the board looks forward to an extensive capital investment programme to focus on portfolio expansion and further site acquisitions in this opportune market place.

The outlook for the next 12 months, regardless of external economic factors, is optimistic.

PRINCIPAL RISKS AND UNCERTAINTIES

The key business risks and uncertainties affecting the business of QD Commercial group, and hence Cherry Lane Retail Centres Limited as a wholly owned subsidiary, include its ability to continue its expansion, both geographically and in specific areas of trade. Competition from other retailers is also a source of future risk and uncertainty.

The group has been successful in recent years in expanding the volume of stocks sourced from abroad, including own brands. This activity exposes the group to certain foreign exchange fluctuation, but this risk has been largely eliminated by the forward purchasing of foreign currencies.

All of these risks impact, either directly or indirectly, the financial results and position of Cherry Lane Retail Centres Limited.

SECTION 172(1) STATEMENT

The directors of the company must act in accordance with a set of general duties, as detailed in section 172 of the UK Companies Act 2006. The directors fulfil these duties as follows:

Risk management

The company and group has a long-term strategic plan that effectively identifies, evaluates and mitigates the risks which it faces, ensuring they are sufficiently considered and, if applicable, hedged against for the future. The directors will invariably delegate day-to-day management and decision making to executive management, but will ensure that management is acting in accordance with the strategy and plans agreed by the board.

The interest of the company's employees

The board recognises that employees are central to the long-term success of the company. The company systematically provides employees with information on matters of concern to them, consulting them or their representatives regularly, so that their views can be taken into account when making decisions that are likely to affect their interests.

Business relationships with suppliers, customers and others

The group employs dedicated relationship managers to foster these relationships which also ensures the board has a high degree of visibility to take stakeholder considerations into account.

Community and environment

The group's approach is to use its position of strength to ensure it is an asset to the communities and people with which it interacts. The group strives to create positive change in reducing the environmental impact of its business.

ANALYSIS OF KEY PERFORMANCE INDICATORS

The Board look at turnover, margins and profitability when monitoring business performance.

Turnover decreased marginally by 0.3%. Margins are in line with the Board's expectations, and the net profit before taxation was £2,447,000, which is considered to be healthy given current market conditions.

The Board also consider key areas of the statement of financial position in order to understand the financial position of the company. At 28 February 2023, the net assets of the company had increased by 16% to £16,291,000.

The statement of financial position includes valuable fixtures, fittings and equipment at its portfolio of stores, together with stocks held at those stores at the year end. These assets have been financed by inter-company loans from other QD Commercial Group Holdings group companies. The Board are satisfied that the company's statement of financial position is in good shape, and that the company is well placed to take advantage of improving trading conditions and further expansion in the foreseeable future.

ON BEHALF OF THE BOARD:

N D Rubins - Director

26 October 2023

The directors present their report with the financial statements of the company for the year ended 28 February 2023.

DIVIDENDS

No dividends will be distributed for the year ended 28 February 2023.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 March 2022 to the date of this report.

N D Rubins

D Rubins (Chairman)

Other changes in directors holding office are as follows:

P R Fairley - appointed 31 March 2022

G E Moxon - resigned 31 March 2022

EMPLOYMENT OF DISABLED PERSONS

Full and fair consideration is given to applications for employment made by disabled persons, having regard to their particular abilities and career development is encouraged on the basis of their aptitude and ability. Employees becoming disabled will, wherever possible, be retained in employment and retrained if necessary.

QUALIFYING INDEMNITY PROVISION

The company takes out indemnity insurance on behalf of the directors.

ENGAGEMENT WITH EMPLOYEES

It is the company's policy to provide equal opportunities to all employees and this policy applies to existing and prospective employees. The company provides appropriate training at all levels and endeavours to assist employees to acquire skills and experience which enable them to fulfil their role and to develop their potential.

The company is committed to communication with employees by keeping them informed of performance and progress through briefings by management and the directors.

STREAMLINED ENERGY AND CARBON REPORTING

The company's greenhouse gas emissions and energy consumption information is included within the consolidated disclosures reported within the group financial statements of QD Commercial Group Holdings Limited, and consequently no company specific information is contained within these accounts.

DISCLOSURE IN THE STRATEGIC REPORT

The directors have prepared a review of the business, together with a summary of the principal risks and uncertainties affecting the company, and these are detailed within the Strategic Report. The report includes an explanation of the company's financial risk management policies.

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;

-	state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

-	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 auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:

N D Rubins - Director

26 October 2023

Opinion

We have audited the financial statements of Cherry Lane Retail Centres Limited (the 'company') for the year ended 28 February 2023 which comprise the Statement of Income and Retained Earnings, Statement of Financial Position and 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 2023 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 Auditors' 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 Auditors 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 pages four and five, 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 Auditors 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.

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

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.

Our approach included obtaining an understanding of the legal and regulatory frameworks that are applicable to the company and we determined those that are most significant. Based on the results of our risk assessment we designed audit procedures to identify non-compliance with such laws and regulations. The specific procedures included enquiry of management and those charged with governance around actual and potential litigation and claims.

In addition, and based on the results of our risk assessment we designed audit procedures to identify and address material misstatements in relation to fraud. Specifically we considered the risk of fraud through management override that may lead to a misappropriation of assets or inappropriate financial reporting. In response, we performed audit work over the risk of management override of controls, including testing journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.

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. This 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 Auditors.

Use of our report

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

Steven Newman LLB BFP FCA (Senior Statutory Auditor)

for and on behalf of Wright Vigar Limited

Statutory Auditors

Chartered Accountants & Business Advisers

Alexandra House

43 Alexandra St

Nottingham

Nottinghamshire

NG5 1AY

26 October 2023

TURNOVER

4

68,279

68,473

Cost of sales

40,910

40,692

GROSS PROFIT

27,369

27,781

Sales and distribution costs

11,439

9,508

Administrative expenses

14,864

12,795

26,303

22,303

1,066

5,478

Other operating income

1,381

821

OPERATING PROFIT and

PROFIT BEFORE TAXATION

2,447

6,299

Tax on profit

7

195

1,136

PROFIT FOR THE FINANCIAL YEAR

2,252

5,163

Retained earnings at beginning of year

14,016

8,853

RETAINED EARNINGS AT END OF YEAR

16,268

14,016

FIXED ASSETS

Tangible assets

8

4,649

4,077

CURRENT ASSETS

Stocks

9

9,509

8,881

Debtors

10

2,341

1,092

11,850

9,973

CREDITORS

Amounts falling due within one year

11

208

11

NET CURRENT ASSETS

11,642

9,962

TOTAL ASSETS LESS CURRENT LIABILITIES

16,291

14,039

CAPITAL AND RESERVES

Called up share capital

13

18

18

Capital redemption reserve

14

5

5

Retained earnings

14

16,268

14,016

SHAREHOLDERS' FUNDS

16,291

14,039

The financial statements were approved by the Board of Directors and authorised for issue on 26 October 2023 and were signed on its behalf by:

N D Rubins - Director

1.	STATUTORY INFORMATION

Cherry Lane Retail Centres 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 principal activity of the company is that of operating a chain of garden centres and destination stores under the Cherry Lane, QD Stores and Lathams of Potter Heigham brands. The stores predominantly sell gardening products, clothing and household goods.

2.	STATEMENT OF COMPLIANCE

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" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows.

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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

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

Tangible fixed assets

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

Short leasehold

-

over the lease term

Fixtures and fittings

-

Straight line over 3, 5 or 10 years

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.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, other costs incurred in bringing the stocks to their present location and condition and, where applicable, customs clearance and import duties.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

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.

Going concern

Given the structure of the QD Commercial group, the company relies on the financial support of the parent undertaking, QD Commercial Group Holdings Limited to pay its debts as they fall due as the parent company holds the group's cash balances.

This support takes 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 this support will be provided for the foreseeable future, defined as being no less than twelve months from the date of signing the accounts.

The directors conclude that it is appropriate for the accounts to be prepared on the going concern basis.

4.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2023

2022

£'000

£'000

Sale of goods

68,279

68,473

68,279

68,473

An analysis of turnover by geographical market is given below:

2023

2022

£'000

£'000

United Kingdom

68,279

68,473

68,279

68,473

5.	EMPLOYEES AND DIRECTORS

2023

2022

£'000

£'000

Wages and salaries

10,345

8,654

Other pension costs

130

112

10,475

8,766

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

2023

2022

Office and management

109

106

Sales and distribution

782

659

891

765

2023

2022

£

£

Directors' remuneration

-

-

6.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023

2022

£'000

£'000

Hire of plant and machinery

201

209

Operating lease income

(538

)

(392

)

Depreciation - owned assets

618

558

Profit on disposal of fixed assets

-

(3

)

Cost of stocks recognised as an expense

40,910

40,692

Auditor's remuneration is borne by the parent company, QD Commercial Group Holdings Limited.

7.

TAXATION

Analysis of the tax charge

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

2023

2022

£'000

£'000

Current tax:

UK corporation tax

195

1,136

Tax on profit

195

1,136

Reconciliation of total tax charge included in profit and loss

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

2023

2022

£'000

£'000

Profit before tax

2,447

6,299

Profit multiplied by the standard rate of corporation tax in the UK of 19% (2022 - 19%)

465

1,197

Effects of:

Expenses not deductible for tax purposes

(2

)

(38

)

Capital allowances in excess of depreciation

(99

)

(23

)

Utilisation of tax losses

(169

)

-

Total tax charge

195

1,136

8.	TANGIBLE FIXED ASSETS

Fixtures

Short

and

leasehold

fittings

Totals

£'000

£'000

£'000

COST

At 1 March 2022

2,946

4,111

7,057

Additions

414

776

1,190

At 28 February 2023

3,360

4,887

8,247

DEPRECIATION

At 1 March 2022

369

2,611

2,980

Charge for year

148

470

618

At 28 February 2023

517

3,081

3,598

NET BOOK VALUE

At 28 February 2023

2,843

1,806

4,649

At 28 February 2022

2,577

1,500

4,077

9.

STOCKS

2023

2022

£'000

£'000

Finished goods

9,509

8,881

10.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£'000

£'000

Amounts owed by group undertakings

2,341

1,092

11.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£'000

£'000

Tax

195

-

Other creditors

13

11

208

11

QD Commercial Group Holdings Limited holds a fixed and floating charge over all of the property and undertakings of the company as security for any debts owing to it from time to time.

12.	LEASING AGREEMENTS

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

2023

2022

£'000

£'000

Within one year

418

489

Between one and five years

872

1,116

In more than five years

4,167

4,352

5,457

5,957

13.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2023

2022

value:

£'000

£'000

18,000

Ordinary shares

£1

18

18

14.

RESERVES

Profit and loss account:

This reserve records accumulated profits in the company.

15.	PENSION COMMITMENTS

The amount recognised in profit or loss in relation to defined contribution plans was £130,462 (2022: £112,091).

16.	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 2023 totalled £1,647,749 (2022 - £757,516). All of this amount specifically relates to QD Commercial Holdings Limited (the group holding company).

17.	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.

18.	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 Cherry Lane Retail Centres Limited.

The only consolidated accounts prepared that include the results of Cherry Lane Retail Centres 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.