Village Watermelons Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 08410834 (England and Wales)

Village Watermelons Limited

Audited Financial Statements

for the Year Ended 31 March 2023

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

Mr C Agcagul

Mr S Cagin

SECRETARY:

REGISTERED OFFICE:

Unit 2

The Britannia Centre

Lenthall Road

Loughton

IG10 3SQ

REGISTERED NUMBER:

08410834 (England and Wales)

SENIOR STATUTORY AUDITOR:

Altan Kemal FCA FCCA

AUDITORS:

Alton & Co

Chartered Accountants

& Statutory Auditors

239-241 Kennington Lane

London

SE11 5QU

CURRENT ASSETS

Inventories

4

29,084

30,077

Debtors

5

2,593,021

2,406,240

Cash at bank and in hand

121,639

132,809

2,743,744

2,569,126

CREDITORS

Amounts falling due within one year

6

536,475

479,355

NET CURRENT ASSETS

2,207,269

2,089,771

TOTAL ASSETS LESS CURRENT LIABILITIES

2,207,269

2,089,771

CAPITAL AND RESERVES

Called up share capital

8

1,000

1,000

Retained earnings

9

2,206,269

2,088,771

SHAREHOLDERS' FUNDS

2,207,269

2,089,771

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

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 9 August 2023 and were signed on its behalf by:

Mr S Cagin - Director

Mr C Agcagul - Director

1.	STATUTORY INFORMATION

Village Watermelons 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.

Masca Holdings Limited is the parent company of the group and copies of the consolidated accounts can be obtained from Unit 2, The Britannia Centre, Lenthall Road, Loughton, IG10 3SQ.

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 the customer takes delivery of the goods and is derived from the ordinary activities of the business.

Stocks

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

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.

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 11 (2022 - 8 ) .

4.	INVENTORIES

2023

2022

£

£

Finished goods

29,084

30,077

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

296,248

221,670

Deposits

11,189

7,403

Amounts owed by group undertakings

2,271,173

2,158,973

Tax

209

-

VAT

14,202

18,194

2,593,021

2,406,240

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade creditors

308,067

184,833

Amounts owed to group undertakings

194,000

224,000

Corporation tax payable

-

55,538

Social security and other taxes

4,568

5,484

Pension control

240

-

Accrued expenses

29,600

9,500

536,475

479,355

7.	LEASING AGREEMENTS

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

2023

2022

£

£

Within one year

15,841

15,841

Between one and five years

15,841

15,841

31,682

31,682

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2023

2022

value:

£

£

1,000

Ordinary

£1

1,000

1,000

9.

RESERVES

Retained

earnings

£

At 1 April 2022

2,088,771

Profit for the year

117,498

At 31 March 2023

2,206,269

10.	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

11.	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 the year end was nil (2022 - 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 the year end was £12,650,356 (2022 - £13,642,552).

All companies in the group are guarantors under a overdraft facility between Natwest Bank and Cyprofood Limited. The balance outstanding at the year end was £1,987,478 (2022 - nil).

12.	OTHER FINANCIAL COMMITMENTS

The company is to pay a total annual rental fee of £15,841 (2022 - £4,305) under an operating lease agreement for the hire of motor vehicles and warehouse equipments.

13.	PARENT COMPANY

The controlling party is Masca Holdings Ltd.