ACCOUNTS - Final Accounts

QUALITY WELSH FOOD CERTIFICATION LIMITED - Company Information

Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-312022-04-01falsefalseNo description of principal activity22true 04104141 2022-04-01 2023-03-31 04104141 2021-04-01 2022-03-31 04104141 2023-03-31 04104141 2022-03-31 04104141 c:Director2 2022-04-01 2023-03-31 04104141 d:CurrentFinancialInstruments 2023-03-31 04104141 d:CurrentFinancialInstruments 2022-03-31 04104141 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 04104141 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 04104141 d:ShareCapital 2023-03-31 04104141 d:ShareCapital 2022-03-31 04104141 d:RetainedEarningsAccumulatedLosses 2023-03-31 04104141 d:RetainedEarningsAccumulatedLosses 2022-03-31 04104141 c:OrdinaryShareClass1 2022-04-01 2023-03-31 04104141 c:OrdinaryShareClass1 2023-03-31 04104141 c:OrdinaryShareClass1 2022-03-31 04104141 c:FRS102 2022-04-01 2023-03-31 04104141 c:Audited 2022-04-01 2023-03-31 04104141 c:FullAccounts 2022-04-01 2023-03-31 04104141 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 04104141 c:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 04104141 2 2022-04-01 2023-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 04104141

QUALITY WELSH FOOD CERTIFICATION LIMITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023


QUALITY WELSH FOOD CERTIFICATION LIMITED REGISTERED NUMBER:04104141

BALANCE SHEET

AS AT 31 MARCH 2023

		2023		2022
Note		£		£


Current assets
Debtors: amounts falling due within one year	5	191,842		207,056
Cash at bank and in hand	6	436,241		638,389
		628,083		845,445
Creditors: amounts falling due within one year	7	(346,474)		(662,973)
Net current assets			281,609		182,472
Total assets less current liabilities			281,609		182,472

Net assets			281,609		182,472

Capital and reserves
Called up share capital	8	100	100
Profit and loss account		281,509	182,372
		281,609	182,472

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QUALITY WELSH FOOD CERTIFICATION LIMITED REGISTERED NUMBER:04104141

BALANCE SHEET (CONTINUED)

AS AT 31 MARCH 2023

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 October 2023.

DK Thomas

Director

The notes on pages 3 to 6 form part of these financial statements.

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QUALITY WELSH FOOD CERTIFICATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

1.	General information

Quality Welsh Food Certification Limited, 04104141, is a private company limited by shares, incorporated in England and Wales, with its registered office and principal place of business at Gorseland, North Road, Aberystwyth, Ceredigion, SY23 2WB.
The principal activity of the Company is that of farm certification.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Going concern

The Company's forecasts and projections, taking account of reasonable changes in trading performance, show that the Company is expected to operate within the levels of its current facilities.
After making enquiries, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The Company therefore continues to adopt the going concern basis in preparing its financial statements.
The Directors have also assessed the impact on the future of operations of the Company with regard to the Covid-19 outbreak. The Company is considered to be well positioned given the current environment with no impact on the going concern basis of the financial statements.

2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

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QUALITY WELSH FOOD CERTIFICATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.5

Taxation

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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are 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.

2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.9

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.

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations or future events that are believed to be reasonable under the circumstances.
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. In the opinion of the directors there are no estimates nor assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

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QUALITY WELSH FOOD CERTIFICATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).

Debtors

					2023	2022
					£	£


Trade debtors	19,996	14,800
Amounts owed by group undertakings	25,012	-
Other debtors	3,915	-
Prepayments and accrued income	142,919	192,256
	191,842	207,056

6.	Cash and cash equivalents
		2023	2022
		£	£

Cash at bank and in hand	436,243	638,389
	436,243	638,389

7.	Creditors: Amounts falling due within one year
		2023	2022
		£	£

Trade creditors	11,701	50,739
Amounts owed to group undertakings	5,973	297,876
Corporation tax	6,757	9,928
Other taxation and social security	-	5,788
Accruals and deferred income	322,043	298,642
	346,474	662,973

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QUALITY WELSH FOOD CERTIFICATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

8.	Share capital
		2023	2022
		£	£

Allotted, called up and fully paid

100 (2022 - 100) Ordinary shares of £1.00 each	100	100

Related party transactions

Group Companies
Welsh Agricultural Organisation Society Limited (WAOS) is the parent of this company and owns 75% of the share capital: WAOS provided managment services to the company during the year of £264,000 (2022: £271,408) and recharged recoverable costs of £17,765 (2022: £8,122). At the year end there was £5,973 due to WAOS (2022: £5,500).
Common Control Companies
Welsh Lamb and Beef Promotions Limited (WLBP): The directors considers WLBP a related party due to its close operating links and influence, shared management and objectives. The Company provided services to WLBP during the year of £822,076 (2022: £768,614). At the year end there was £25,012 due from WLBP (2022: due to £292,376).

10.	Controlling party

The ultimate controlling party is Welsh Agricultural Organisation Society Limited who own 75% of the share capital. Their registered office and principal place of business is Gorseland, North Road, Aberystwyth, Ceredigion, SY23 2WB.

11.	Auditors' information

The auditors' report on the financial statements for the year ended 31 March 2023 was unqualified.

The audit report was signed on 6 November 2023 by John Fletcher BA FCA (Senior statutory auditor) on behalf of WR Partners.

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