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

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

AVA PRODUCE LIMITED - Company Information

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REGISTERED NUMBER: 07424791 (England and Wales)


AVA Produce Limited

Abridged Audited Financial Statements

for the Year Ended 31 March 2018





Alton & Co
Chartered Accountants
& Statutory Auditors
239-241 Kennington Lane
London
SE11 5QU








AVA Produce Limited (Registered number: 07424791)






Contents of the 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


AVA Produce Limited

Company Information
for the year ended 31 March 2018







DIRECTORS: Mr S Cagin
Mr C Agcagul



SECRETARY:



REGISTERED OFFICE: Unit A1-A3 Brantwood Industrial Estate
Brantwood Road
Tottenham
London
N17 0DX



REGISTERED NUMBER: 07424791 (England and Wales)



SENIOR STATUTORY
AUDITOR: 		Altan Kemal ACA FCCA



AUDITORS: Alton & Co
Chartered Accountants
& Statutory Auditors
239-241 Kennington Lane
London
SE11 5QU
Page 1
AVA Produce Limited (Registered number: 07424791)

Abridged Statement of Financial Position
31 March 2018

2018 2017
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 502 669

CURRENT ASSETS
Inventories 179,931 92,836
Debtors 1,089,252 834,087
Cash at bank 608,579 621,258
1,877,762 1,548,181
CREDITORS
Amounts falling due within one year 246,665 200,551
NET CURRENT ASSETS 1,631,097 1,347,630
TOTAL ASSETS LESS CURRENT
LIABILITIES
1,631,599
1,348,299

PROVISIONS FOR LIABILITIES 5 95 133
NET ASSETS 1,631,504 1,348,166

CAPITAL AND RESERVES
Called up share capital 6 100 100
Retained earnings 7 1,631,404 1,348,066
SHAREHOLDERS' FUNDS 1,631,504 1,348,166

The notes form part of these financial statements

Page 2 continued...
AVA Produce Limited (Registered number: 07424791)

Abridged Statement of Financial Position - continued
31 March 2018


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


The notes form part of these financial statements

Page 3
AVA Produce Limited (Registered number: 07424791)

Notes to the Financial Statements
for the year ended 31 March 2018

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 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 customers take delivery of their 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.
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.


Page 4 continued...
AVA Produce Limited (Registered number: 07424791)

Notes to the Financial Statements - continued
for the year ended 31 March 2018

2. ACCOUNTING POLICIES - continued
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.

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.

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 4 (2017 - 5 ) .

4. PROPERTY, PLANT AND EQUIPMENT
Totals
£   
COST
At 1 April 2017
and 31 March 2018 1,588
DEPRECIATION
At 1 April 2017 919
Charge for year 167
At 31 March 2018 1,086
NET BOOK VALUE
At 31 March 2018 502
At 31 March 2017 669

Page 5 continued...
AVA Produce Limited (Registered number: 07424791)

Notes to the Financial Statements - continued
for the year ended 31 March 2018

5. PROVISIONS FOR LIABILITIES
2018 2017
£    £   
Deferred tax provision 95 133

Deferred
tax
£   
Balance at 1 April 2017 133
Credit to Abridged Income Statement during year (38 )
Balance at 31 March 2018 95

6. CALLED UP SHARE CAPITAL


Allotted, issued and fully paid:
Number: Class: Nominal 2018 2017
value: £    £   
100 Ordinary £1 100 100

7. RESERVES
Retained
earnings
£   

At 1 April 2017 1,348,066
Profit for the year 283,338
At 31 March 2018 1,631,404

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).

Page 6 continued...
AVA Produce Limited (Registered number: 07424791)

Notes to the Financial Statements - continued
for the year ended 31 March 2018

10. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Masca Holding Limited.

Page 7