Village Quality Products Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08373109 (England and Wales)

Village Quality Products Limited

Abridged Audited Financial Statements

for the Year Ended 31 March 2018

Page

Company Information

1

Abridged Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Mr C Agcagul

Mr S Cagin

SECRETARY:

REGISTERED OFFICE:

Unit A3 Circular Point

Hickman Avenue

London

E4 9JG

REGISTERED NUMBER:

08373109 (England and Wales)

SENIOR STATUTORY AUDITOR:

Altan Kemal ACA FCCA

AUDITORS:

Alton & Co

Chartered Accountants

& Statutory Auditors

239-241 Kennington Lane

London

SE11 5QU

FIXED ASSETS

Property, plant and equipment

4

94,021

136,301

CURRENT ASSETS

Inventories

1,876,713

1,384,138

Debtors

1,420,402

1,381,146

Cash at bank and in hand

82,425

82,997

3,379,540

2,848,281

CREDITORS

Amounts falling due within one year

1,858,053

1,700,129

NET CURRENT ASSETS

1,521,487

1,148,152

TOTAL ASSETS LESS CURRENT LIABILITIES

1,615,508

1,284,453

CREDITORS

Amounts falling due after more than one year

(22,128

)

(81,729

)

PROVISIONS FOR LIABILITIES

5

(10,645

)

(18,139

)

NET ASSETS

1,582,735

1,184,585

CAPITAL AND RESERVES

Called up share capital

6

1

1

Retained earnings

7

1,582,734

1,184,584

SHAREHOLDERS' FUNDS

1,582,735

1,184,585

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.

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 2018 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 on 5 July 2018 and were signed on its behalf by:

Mr S Cagin - Director

Mr C Agcagul - Director

1.	STATUTORY INFORMATION

Village Quality Products 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 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.

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 the customer takes delivery of the goods and is derived from the

ordinary activities of the business.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Short leasehold

-

straight line over the life of the lease

Plant and machinery

-

25% on reducing balance

FF & equipment

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

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 determined on a first in first out basis. Net realisable value is the selling price less any direct

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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet.

Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held

under finance leases are depreciated over their estimated useful lives or the lease term, whichever is

the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The

capital element of the future payments is treated as a liability.

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 of the company's ability to continue as a going concern, 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 36 (2017 - 37 ) .

4.	PROPERTY, PLANT AND EQUIPMENT

Totals

£

COST

At 1 April 2017

273,732

Additions

5,196

Disposals

(24,596

)

At 31 March 2018

254,332

DEPRECIATION

At 1 April 2017

137,431

Charge for year

29,029

Eliminated on disposal

(6,149

)

At 31 March 2018

160,311

NET BOOK VALUE

At 31 March 2018

94,021

At 31 March 2017

136,301

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals

£

COST

At 1 April 2017

76,807

Disposals

(24,596

)

Reclassification/transfer

135,064

At 31 March 2018

187,275

DEPRECIATION

At 1 April 2017

28,992

Charge for year

21,587

Eliminated on disposal

(6,149

)

Reclassification/transfer

78,084

At 31 March 2018

122,514

NET BOOK VALUE

At 31 March 2018

64,761

At 31 March 2017

47,815

5.	PROVISIONS FOR LIABILITIES

2018

2017

£

£

Deferred tax provision

10,645

18,139

Deferred

tax

£

Balance at 1 April 2017

18,139

Credit to Abridged Income Statement during year

(7,494

)

Balance at 31 March 2018

10,645

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

1

Ordinary

£1

1

1

7.

RESERVES

Retained

earnings

£

At 1 April 2017

1,184,584

Profit for the year

398,150

At 31 March 2018

1,582,734

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

The Report of the Auditors was unqualified.

Altan Kemal ACA 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 2018 was nil (2017 - 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 2018

was £4,296,590 (2017 - 4,497,011).

10.	OTHER FINANCIAL COMMITMENTS

The company is to pay a total annual rental fee of £185,193 (2017 - £210,269) under an operating

lease agreement for the hire of Motor vehicles and other warehouse equipments.

Annual rent of £225,551 (2017 - £225,551) is payable quarterly by the company under it's lease rental

agreement which expires in 2025 for the rent of 26 Hickman Ave, London E4 9JG.The Total

remaining amount payable under this agreement is £1,578,857.

11.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Masca Holdings Ltd.