AVA Produce Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07424791 (England and Wales)

AVA Produce Limited

Abridged Audited Financial Statements

for the Year Ended 31 March 2021

Page

Company Information

1

Abridged Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Mr S Cagin

Mr C Agcagul

REGISTERED OFFICE:

Unit 2

The Britannia Centre

Lenthall Road

Loughton

IG10 3SQ

REGISTERED NUMBER:

07424791 (England and Wales)

SENIOR STATUTORY AUDITOR:

Altan Kemal FCA FCCA

AUDITORS:

Alton & Co

Chartered Accountants

& Statutory Auditors

239-241 Kennington Lane

London

SE11 5QU

FIXED ASSETS

Property, plant and equipment

4

211

282

CURRENT ASSETS

Inventories

-

77,445

Debtors

2,370,355

1,492,083

Cash at bank

663,743

1,138,072

3,034,098

2,707,600

CREDITORS

Amounts falling due within one year

551,484

465,195

NET CURRENT ASSETS

2,482,614

2,242,405

TOTAL ASSETS LESS CURRENT LIABILITIES

2,482,825

2,242,687

PROVISIONS FOR LIABILITIES

5

40

52

NET ASSETS

2,482,785

2,242,635

CAPITAL AND RESERVES

Called up share capital

6

100

100

Retained earnings

7

2,482,685

2,242,535

SHAREHOLDERS' FUNDS

2,482,785

2,242,635

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

All the members have consented to the preparation of an abridged Income Statement and an abridged Statement of Financial Position for the year ended 31 March 2021 in accordance with Section 444(2A) of the Companies Act 2006.

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 27 July 2021 and were signed on its behalf by:

Mr S Cagin - Director

Mr C Agcagul - Director

1.	STATUTORY INFORMATION

AVA Produce 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 presentation currency of the financial statements is the Pound Sterling (£).

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.

Related party exemption

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 subsidiaries within the group.

Turnover

Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is recognised when customers take delivery of their goods and is derived from the ordinary activities of the business.

The accrual model is used in recognition of grants where grants are matched against the expenditure it is compensating for.

Tangible fixed assets

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

Computer equipment

-

25% on reducing balance

Stocks

Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is on first in first out basis. Net realisable value is the sales value of the stock less any additional cost to sell.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss 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.

Going concern

In the directors' assessment there are no material uncertainties that may cast significant doubt about the company's ability to continue as a going concern and there will be adequate financial resources available for the company to continue in operational existence for the foreseeable future. They have reviewed the impact of Covid 19 and Brexit to date and are of the view that they will not have any material impact on the operations of the company for the foreseeable future.

Consignment purchases

Goods acquired on consignment are not recognised as the company's purchases until the title of the goods changes to the company; this occurs when the goods are sold.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2020 - 2 ) .

4.	PROPERTY, PLANT AND EQUIPMENT

Totals

£

COST

At 1 April 2020

and 31 March 2021

1,588

DEPRECIATION

At 1 April 2020

1,306

Charge for year

71

At 31 March 2021

1,377

NET BOOK VALUE

At 31 March 2021

211

At 31 March 2020

282

5.	PROVISIONS FOR LIABILITIES

2021

2020

£

£

Deferred tax provision

40

52

Deferred

tax

£

Balance at 1 April 2020

52

Credit to Income Statement during year

(12

)

Balance at 31 March 2021

40

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

100

Ordinary

£1

100

100

7.

RESERVES

Retained

earnings

£

At 1 April 2020

2,242,535

Profit for the year

240,150

At 31 March 2021

2,482,685

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

The Report of the Auditors was unqualified.

Altan Kemal FCA FCCA (Senior Statutory Auditor)

for and on behalf of Alton & Co

9.	CONTINGENT LIABILITIES

All companies in the group are guarantors under a credit guarantee between Natwest Bank and Village Quality Products Limited. The balance outstanding at 31st March 2021 was nil (2020 - nil).

All companies in the group have guaranteed a loan between Natwest Bank (the lender) and RS Properties London Ltd (a subsidiary in the same group). The balance outstanding at 31st March 2021 was £14,634,748 (2020 - £3,910,996).

10.	PARENT COMPANY

The controlling party is Masca Holding Limited.