REGISTERED NUMBER: 08984962 (England and Wales) |
Masca Holding Limited |
Group Strategic Report, |
Report of the Directors and |
Audited |
Consolidated Financial Statements |
for the Year Ended 31 March 2022 |
REGISTERED NUMBER: 08984962 (England and Wales) |
Masca Holding Limited |
Group Strategic Report, |
Report of the Directors and |
Audited |
Consolidated Financial Statements |
for the Year Ended 31 March 2022 |
Masca Holding Limited (Registered number: 08984962) |
Contents of the Consolidated Financial Statements |
for the year ended 31 March 2022 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 7 |
Report of the Independent Auditors | 9 |
Consolidated Income Statement | 13 |
Consolidated Other Comprehensive Income | 14 |
Consolidated Statement of Financial Position | 15 |
Company Statement of Financial Position | 17 |
Consolidated Statement of Changes in Equity | 18 |
Company Statement of Changes in Equity | 19 |
Consolidated Statement of Cash Flows | 20 |
Company Statement of Cash Flows | 21 |
Notes to the Statements of Cash Flows | 22 |
Notes to the Consolidated Financial Statements | 24 |
Masca Holding Limited |
Company Information |
for the year ended 31 March 2022 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
Altan Kemal FCA FCCA |
AUDITORS: |
Chartered Accountants |
& Statutory Auditors |
239-241 Kennington Lane |
London |
SE11 5QU |
Masca Holding Limited (Registered number: 08984962) |
Group Strategic Report |
for the year ended 31 March 2022 |
The directors present their strategic report of the company and the group for the year ended 31 March 2022. |
Masca Holding Ltd is the parent company of twelve subsidiaries whose main business activities include wholesale of fruits, vegetables and other groceries as well as property management. The group's performance has been in accordance with the expectations of the directors. All companies in the group have shown a high degree of resilience in a competitive environment to achieve targeted results. |
REVIEW OF BUSINESS |
Turnover for the whole group has increased significantly compared to that of last year; the rise in turnover has been in line with expectations. All companies in the group are fully operational except two dormant subsidiaries. Profitability over the period has also been in line with expectations. There has been a positive correlation between turnover and the net profit; the directors expect this trend of growth in sales and profit to continue for the foreseeable future. The trading companies in the group sell mainly groceries and basic food items and the general economic cycle of the country has not impacted much on the industry in which they operate. The main threat to the group are their competitors. The company's main strategy is to provide a complete service to customers thereby increasing their customer base and the resulting impact on the turnover of the group. The various companies aim at specific markets (and customers) to ensure that a clear strategy to win and maintain these new customers is implemented and sustained. Also, within the group is a property management company which is part of the groups diversification strategy. |
The directors recognise the importance of all of its staff and would like to thank them for all their hard work and efforts throughout the year in helping the company make this remarkable achievement. |
The results for the year and the financial position of the company are shown in the annexed financial statements. |
PRINCIPAL RISKS AND UNCERTAINTIES |
Each company's ability to get insurance cover is key to their ability to acquire inputs on consignment. Most of the purchases are on consignment and the consignors require insurance cover to continue supplying on consignment. The level of cover for each company depends on the financial health of the company; this is managed by keeping a close watch on monthly results and dealing with poor performing lines on a timely basis. |
Furthermore, the products of the subsidiaries are mainly fresh and perishable, therefore stock levels are very low. Hence, the companies depend on the reliability of their suppliers to meet their orders at short notice to prevent stock outs leading to the loss of customers. To manage this risk for each product the company maintains more than one supplier to fulfil the required orders to ensure that the failure of one supplier will not affect their ability to meet anticipated demand and customer satisfaction for that matter. Also new product lines are constantly being introduced to ensure that a poor performance in one line will not have a significant impact on the group's turnover and also ensure that customers get all they want from a group member. |
Masca Holding Limited (Registered number: 08984962) |
Group Strategic Report |
for the year ended 31 March 2022 |
SECTION 172(1) STATEMENT |
General confirmation of Directors’ duties |
The directors have a clear framework for determining the matters within their remit and have approved Terms of Reference for the matters delegated to their assistants. Certain financial and strategic thresholds have been determined to identify matters requiring directors consideration and approval. |
When making decisions, each director ensures that he acts in the way he considers, in good faith, what would most likely promote the company’s success for the benefit of its members as a whole, and in doing so have considered (among other matters): |
S172(1) (A) “The likely consequences of any decision in the long term” |
The directors understand the business and the evolving environment in which they operate, including the challenges of navigating through the Brexit transition and the economic turbulence. Based on the company's purpose to supply quality fruits, vegetables and other groceries by sourcing the best products, the strategy set by the directors is intended to strengthen the group's position to enable it play a leading role in the supply of fruits and vegetables in the UK at competetive prices whilst maintaining quality and promoting social responsibility. |
The rising standard of living of a growing UK population is likely to continue to drive demand for fresh fruits and vegetables for years to come. At the same time, changes in customers' shopping approach (online shopping and the need to deliver products to customers) means increased competition as a direct result of increasing customer choice. The long-term success of the business is dependent on its ability to adapt with those changes and distinguishing itself against the growing competition by way of maintaining quality and customer satisfaction. The directors also realise the importance of their business activities as a contributor to the health of society as they sell fresh produce. |
S172(1) (B) “The interests of the company’s employees” |
The directors recognise that the company's employees are fundamental and core to the business and necessary for the delivery of the directors' strategic ambitions. The success of the business depends on attracting, retaining and motivating employees. From ensuring that the business remains a responsible employer in all aspects, from pay and benefits to health and safety in the workplace environment, the directors factor the implications of decisions on employees and the wider workforce, where relevant and feasible. More information on this can be found within the company's policy for employees. |
S172(1) (C) “The need to foster the company’s business relationships with suppliers, customers and others” |
Delivering the directors' strategy requires strong mutually beneficial relationships with suppliers, customers, local authorities and governments. The company seeks the promotion and application of certain general principles in such relationships. The ability to promote these principles effectively is an important factor in the decision to enter into or remain in such relationships and this, alongside other standards, are described in the various policy statements of the company in the Strategic Report. The group's Business Principles are reviewed by the directors periodically. The directors also review and approve the group's approach to suppliers which is set out in the group's Supplier Policy. The business continuously assesses the priorities related to customers and those with whom they do business; the companies in the group engages with these customers based on the outcome of those assessments. |
S172(1) (D) “The impact of the company’s operations on the community and the environment” |
Masca Holding Limited (Registered number: 08984962) |
Group Strategic Report |
for the year ended 31 March 2022 |
This aspect is inherent in the directors' strategic ambitions, most notably on their ambitions to thrive in the food wholesale and retail sector. As such, the directors constantly monitor their effect on the community and environment; an important goal for the directors is to be a benefit to both local community and the greater environment. |
S172(1) (E) “The desirability of the company maintaining a reputation for high standards of business conduct” |
The group aims to meet the world’s growing need for more healthy food in ways which are economically, environmentally and socially responsible. The directors periodically review and approves clear frameworks to ensure that high standards are maintained both within and outside the businesses and the business relationships they maintain. This, complemented by the ways the directors are informed and monitor compliance with relevant governance standards help ensure decisions made mean that companies in the group act in ways that perpetually promote high standards of business conduct. |
S172(1) (F) “The need to act fairly as between members of the company” |
After weighing up all relevant factors, the directors consider which course of action best enables delivery of their strategies through the long-term by taking into consideration the impact on stakeholders. In doing so, the directors attempt to balance the company's interests and other stakeholders' interests and this can sometimes mean that certain stakeholder interests may not be fully aligned. However, the directors attempt to be as fair as possible to all in this regard. |
Culture |
The directors recognise that they have an important role when assessing and ensuring that the desired culture is embedded in all the values, attitudes and behaviours they demonstrate, including in all the business activities and stakeholder relationships. The directors have established honesty, integrity and respect for people as the group's core values. The General Business Principles, Code of Conduct, and Code of Ethics help everyone act in line with these values and comply with relevant laws and regulations. The group's Commitment and Policy on Health, Safety, Security, Environment & Social Performance applies across all the companies and is designed to help protect people and the environment. The directors strive to maintain a diverse and inclusive culture. |
Stakeholder engagement (including employee engagement) |
The directors also recognise the important role the companies in the group have to play in society and are deeply committed to public collaboration and stakeholder engagement; this commitment is at the heart of the group's strategic ambitions. The directors believe that they will only succeed by working with customers, governments and business partners. Working together is critical, particularly at a time when society, including businesses, governments and consumers, face complex and challenging issues. |
The companies continue to build on their long track record of working with others, such as customers and suppliers; the directors believe that working together, sharing knowledge and experience with others offers greater insights into their own business. |
Masca Holding Limited (Registered number: 08984962) |
Group Strategic Report |
for the year ended 31 March 2022 |
ENGAGEMENT WITH EMPLOYEES |
The company is committed to achieving a working environment which provides equality of opportunity and freedom from unlawful discrimination on the basis of gender, sexual orientation, marital or civil partner status, gender reassignment, race, religion or belief, colour, nationality, ethnic or national origin, disability or age, pregnancy or maternity, trade union membership or the fact that they are part-time workers. The company's Equality and Diversity policy aims to remove unfair and discriminatory practices within the company and to encourage full contribution from its diverse community. The company is committed to actively opposing all forms of discrimination. The company also aims to provide a service that does not discriminate against its clients in the means by which they can access the services supplied by the company. The company believes that the directors, employees and customers are entitled to be treated with respect and dignity.The company's employment policy is to provide equal opportunity to all current and prospective employees without any discrimination. They endeavour to provide a work environment in which all individuals are treated with respect and dignity. |
KEY PERFORMANCE INDICATORS |
The main performance indicators are the sales and the profit margins. Most products are sold at an agreed margin thereby leading to a positive correlation between sales and profit. All other costs apart from cost of sales are fairly fixed. The directors monitor these on a monthly basis to ensure that poor performers are picked up on time and dealt with accordingly. They also ensure that other overheads are within limits as their effects on the ability to remain in operational existence and profitability for that matter is very critical. |
The Key Performance Indicator over the last two years are as follows: |
2022 | 2021 |
£ | £ |
Turnover | 81,399 | 74,470 |
Rent receivable | 651 | 588 |
Gross Profit | 13,928 | 11,406 |
Net Profit before tax & exceptional items |
4,592 |
3,999 |
The directors believe that other variables of performance indicators are marginal and not the best indicators of the overall performance, development and position of the companies in the group. |
GROUPS POLICY ON PAYMENT OF CREDITORS |
The policy of the company is to agree terms of payment prior to commencing trade with a supplier and to abide by those terms on a timely submission of invoices. |
SOCIAL, ENVIRONMENT AND ETHICAL MATTERS |
The company believes that by operating in an ethical and social aware manner they will help preserve the environment; that being an integral part of efficient and profitable business management. The directors recognise that success in these areas depends on the involvement and commitment of everyone in the organisation. |
Masca Holding Limited (Registered number: 08984962) |
Group Strategic Report |
for the year ended 31 March 2022 |
FUTURE DEVELOPMENT |
The directors expects the growth in sales to continue in the future as the company explores new products and customers. |
There are no material uncertainties that may cast any doubt about the company's ability to continue trading in the foreseeable future. |
ON BEHALF OF THE BOARD: |
Masca Holding Limited (Registered number: 08984962) |
Report of the Directors |
for the year ended 31 March 2022 |
The directors present their report with the financial statements of the company and the group for the year ended 31 March 2022. |
PRINCIPAL ACTIVITY |
The principal activity of the group in the year under review was that of wholesale of fruit,vegetables and other groceries and property management. |
DIVIDENDS |
An interim dividend of £2900 per share was paid on 29 April 2021. The directors recommend that no final dividend be paid. |
The total distribution of dividends for the year ended 31 March 2022 will be £ 290,000 . |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 April 2021 to the date of this report. |
POLITICAL DONATIONS AND EXPENDITURE |
Donations made in the year were not political. |
ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS |
Our relationship with our customers is key to the ongoing success of the business. The needs and expectation of customers are an integral part of our business strategy. We plan to ensure that the group delivers products of a very high standard and complies with all food safety regulations. We encourage long term relationship with our suppliers through collaboration and development of high quality products and supply chains. |
STREAMLINED ENERGY AND CARBON REPORTING |
Where the company is a parent company that prepares consolidated accounts, information must be presented on a consolidated basis; except that it need only to include information from subsidiaries that are both large and consume more than 40,000 KWH of energy annually. |
None of the company's subsidiaries are large in themselves thus none is required to report on its own account. The parent company's energy consumption was below the annual threshold hence are not required to include the energy and carbon information reports on its own accounts and reports. |
The company has chosen as per the companies regulation 2018 not to include energy and carbon information reports on its own and the consolidated accounts and reports. |
Masca Holding Limited (Registered number: 08984962) |
Report of the Directors |
for the year ended 31 March 2022 |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
AUDITORS |
The auditors, Alton & Co, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Masca Holding Limited |
Opinion |
We have audited the financial statements of Masca Holding Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2022 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows, Company Statement of Cash Flows and Notes to the Statements of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2022 and of the group's profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Report of the Independent Auditors to the Members of |
Masca Holding Limited |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page eight, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
Masca Holding Limited |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
We obtained an understanding of the legal and regulatory framework that are applicable to the company and determined that the most significant are the food standards regulations, building safety regulations and anti bribery regulations. We understand how the company is complying with those regulations by making enquiries of management and key personel; we also reviewed correspondence files. We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements using our general commercial and sector experience, through discussion with the directors and other management (as required by auditing standards) and from inspection of the company's regulatory and legal correspondence. We discussed with the directors and other management the policies and procedures regarding compliance with laws and regulations. We communicated those identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. |
Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. Through these procedures, we did not become aware of actual or suspected non-compliance. |
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Report of the Independent Auditors to the Members of |
Masca Holding Limited |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants |
& Statutory Auditors |
239-241 Kennington Lane |
London |
SE11 5QU |
Masca Holding Limited (Registered number: 08984962) |
Consolidated |
Income Statement |
for the year ended 31 March 2022 |
2022 | 2021 |
Notes | £ | £ |
REVENUE | 81,399,483 | 74,469,920 |
Cost of sales | 67,471,714 | 63,063,545 |
GROSS PROFIT | 13,927,769 | 11,406,375 |
Administrative expenses | 9,687,894 | 7,791,063 |
4,239,875 | 3,615,312 |
Other operating income | 700,904 | 698,862 |
OPERATING PROFIT | 4 | 4,940,779 | 4,314,174 |
Interest receivable and similar income | - | 87 |
4,940,779 | 4,314,261 |
Interest payable and similar expenses | 5 | 348,809 | 314,982 |
PROFIT BEFORE TAXATION | 4,591,970 | 3,999,279 |
Tax on profit | 6 | 752,011 | 758,106 |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 3,818,572 | 3,241,218 |
Non-controlling interests | 21,387 | (45 | ) |
3,839,959 | 3,241,173 |
Masca Holding Limited (Registered number: 08984962) |
Consolidated |
Other Comprehensive Income |
for the year ended 31 March 2022 |
2022 | 2021 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 3,839,959 | 3,241,173 |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
3,839,959 |
3,241,173 |
Total comprehensive income attributable to: |
Owners of the parent | 3,818,617 | 3,241,218 |
Non-controlling interests | 21,342 | (45 | ) |
3,839,959 | 3,241,173 |
Masca Holding Limited (Registered number: 08984962) |
Consolidated Statement of Financial Position |
31 March 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 | 5,736 | 6,261 |
Property, plant and equipment | 10 | 15,179,719 | 727,034 |
Investments | 11 | - | - |
Investment property | 12 | 11,608,957 | 25,248,695 |
26,794,412 | 25,981,990 |
CURRENT ASSETS |
Inventories | 13 | 5,963,083 | 4,492,297 |
Debtors | 14 | 10,684,782 | 8,285,676 |
Cash at bank and in hand | 7,120,374 | 5,791,372 |
23,768,239 | 18,569,345 |
CREDITORS |
Amounts falling due within one year | 15 | 10,310,585 | 7,045,845 |
NET CURRENT ASSETS | 13,457,654 | 11,523,500 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
40,252,066 |
37,505,490 |
CREDITORS |
Amounts falling due after more than one year |
16 |
(12,657,314 |
) |
(13,654,150 |
) |
PROVISIONS FOR LIABILITIES | 20 | (1,125,054 | ) | (931,601 | ) |
NET ASSETS | 26,469,698 | 22,919,739 |
Masca Holding Limited (Registered number: 08984962) |
Consolidated Statement of Financial Position - continued |
31 March 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital | 21 | 100 | 100 |
Fair value reserve | 22 | 3,478,753 | 3,478,753 |
Retained earnings | 22 | 22,950,370 | 19,421,798 |
SHAREHOLDERS' FUNDS | 26,429,223 | 22,900,651 |
NON-CONTROLLING INTERESTS | 23 | 40,475 | 19,088 |
TOTAL EQUITY | 26,469,698 | 22,919,739 |
The financial statements were approved by the Board of Directors and authorised for issue on 13 September 2022 and were signed on its behalf by: |
Mr S Cagin - Director |
Mr C Agcagul - Director |
Masca Holding Limited (Registered number: 08984962) |
Company Statement of Financial Position |
31 March 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 |
Property, plant and equipment | 10 |
Investments | 11 |
Investment property | 12 |
CURRENT ASSETS |
Debtors | 14 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 15 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 20 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 21 |
Retained earnings | 22 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 735,825 | 21,595 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Masca Holding Limited (Registered number: 08984962) |
Consolidated Statement of Changes in Equity |
for the year ended 31 March 2022 |
Called up | Fair |
share | Retained | value |
capital | earnings | reserve |
£ | £ | £ |
Balance at 1 April 2020 | 100 | 16,180,580 | 3,478,753 |
Changes in equity |
Total comprehensive income | - | 3,241,218 | - |
Balance at 31 March 2021 | 100 | 19,421,798 | 3,478,753 |
Changes in equity |
Dividends | - | (290,000 | ) | - |
Total comprehensive income | - | 3,818,572 | - |
Balance at 31 March 2022 | 100 | 22,950,370 | 3,478,753 |
Non-controlling | Total |
Total | interests | equity |
£ | £ | £ |
Balance at 1 April 2020 | 19,659,433 | 19,133 | 19,678,566 |
Changes in equity |
Total comprehensive income | 3,241,218 | (45 | ) | 3,241,173 |
Balance at 31 March 2021 | 22,900,651 | 19,088 | 22,919,739 |
Changes in equity |
Dividends | (290,000 | ) | - | (290,000 | ) |
Total comprehensive income | 3,818,572 | 21,342 | 3,839,914 |
Balance at 31 March 2022 | 26,429,223 | 40,430 | 26,469,653 |
Masca Holding Limited (Registered number: 08984962) |
Company Statement of Changes in Equity |
for the year ended 31 March 2022 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 April 2020 |
Changes in equity |
Total comprehensive income | - |
Balance at 31 March 2021 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 March 2022 |
Masca Holding Limited (Registered number: 08984962) |
Consolidated Statement of Cash Flows |
for the year ended 31 March 2022 |
2022 | 2021 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 4,859,471 | 3,810,454 |
Interest paid | (347,982 | ) | (313,464 | ) |
Interest element of hire purchase payments paid |
(827 |
) |
(1,518 |
) |
Tax paid | (231,392 | ) | (733,692 | ) |
Net cash from operating activities | 4,279,270 | 2,761,780 |
Cash flows from investing activities |
Purchase of intangible fixed assets | (410 | ) | - |
Purchase of tangible fixed assets | (1,663,551 | ) | (767,198 | ) |
Purchase of investment property | - | (14,203,695 | ) |
Interest received | - | 87 |
Net cash from investing activities | (1,663,961 | ) | (14,970,806 | ) |
Cash flows from financing activities |
New loans in year | - | 17,577,083 |
Loan repayments in year | (992,196 | ) | (6,853,332 | ) |
Capital repayments in year | (4,640 | ) | (8,818 | ) |
Grants | - | 105,724 |
Equity dividends paid | (290,000 | ) | - |
Net cash from financing activities | (1,286,836 | ) | 10,820,657 |
Increase/(decrease) in cash and cash equivalents | 1,328,473 | (1,388,369 | ) |
Cash and cash equivalents at beginning of year |
2 |
5,791,372 |
7,179,741 |
Cash and cash equivalents at end of year |
2 |
7,119,845 |
5,791,372 |
Masca Holding Limited (Registered number: 08984962) |
Company Statement of Cash Flows |
for the year ended 31 March 2022 |
2022 | 2021 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Tax paid | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) |
Purchase of fixed asset investments | (100 | ) | (200 | ) |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
Intercompany balance movement | ( |
) | ( |
) |
Equity dividends paid | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
(Decrease)/increase in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
3,347 |
Cash and cash equivalents at end of year |
2 |
18,833 |
Masca Holding Limited (Registered number: 08984962) |
Notes to the Statements of Cash Flows |
for the year ended 31 March 2022 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
Group |
2022 | 2021 |
£ | £ |
Profit before taxation | 4,591,970 | 3,999,279 |
Depreciation charges | 851,539 | 235,634 |
Government grants | - | (105,724 | ) |
Finance costs | 348,809 | 314,982 |
Finance income | - | (87 | ) |
5,792,318 | 4,444,084 |
Increase in inventories | (1,470,786 | ) | (1,984,180 | ) |
Increase in trade and other debtors | (2,408,473 | ) | (506,223 | ) |
Increase in trade and other creditors | 2,946,412 | 1,856,773 |
Cash generated from operations | 4,859,471 | 3,810,454 |
Company |
2022 | 2021 |
£ | £ |
Profit before taxation |
Depreciation charges |
768,155 | 26,661 |
Increase in trade and other debtors | ( |
) |
Increase in trade and other creditors |
Cash generated from operations |
Masca Holding Limited (Registered number: 08984962) |
Notes to the Statements of Cash Flows |
for the year ended 31 March 2022 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Statements of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
Group | Company |
Year ended 31 March 2022 |
31/3/22 | 1/4/21 | 31/3/22 | 1/4/21 |
£ | £ | £ | £ |
Cash and cash equivalents | 7,120,374 | 5,791,372 | 4,729 | 18,833 |
Bank overdrafts | (529 | ) | - | ( |
) |
7,119,845 | 5,791,372 | 4,200 | 18,833 |
Year ended 31 March 2021 |
31/3/21 | 1/4/20 | 31/3/21 | 1/4/20 |
£ | £ | £ | £ |
Cash and cash equivalents | 5,791,372 | 7,182,875 | 18,833 | 5,013 |
Bank overdrafts | - | (3,134 | ) | ( |
) |
5,791,372 | 7,179,741 | 18,833 | 3,347 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
Group |
At 1/4/21 | Cash flow | At 31/3/22 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 5,791,372 | 1,329,002 | 7,120,374 |
Bank overdrafts | - | (529 | ) | (529 | ) |
5,791,372 | 1,328,473 | 7,119,845 |
Debt |
Finance leases | (16,238 | ) | 4,640 | (11,598 | ) |
Debts falling due within 1 year | (992,196 | ) | - | (992,196 | ) |
Debts falling due after 1 year | (13,642,552 | ) | 992,196 | (12,650,356 | ) |
(14,650,986 | ) | 996,836 | (13,654,150 | ) |
Total | (8,859,614 | ) | 2,325,309 | (6,534,305 | ) |
Masca Holding Limited (Registered number: 08984962) |
Notes to the Statements of Cash Flows |
for the year ended 31 March 2022 |
3. | ANALYSIS OF CHANGES IN NET DEBT - continued |
Company |
At 1/4/21 | Cash flow | At 31/3/22 |
£ | £ | £ |
Net cash |
Cash at bank | 18,833 | (14,104 | ) | 4,729 |
Bank overdrafts | - | (529 | ) | (529 | ) |
18,833 | ( |
) | 4,200 |
Total | 18,833 | (14,633 | ) | 4,200 |
1. | STATUTORY INFORMATION |
Masca Holding Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Basis of consolidation |
The consolidated accounts are prepared in accordance with the Group's accounting principles and include the accounts of the Parent Company and all Group companies. In preparing Masca's consolidated financial statements any Intra-Group transactions have been eliminated. |
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. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
Masca Holding Limited (Registered number: 08984962) |
Notes to the Consolidated Financial Statements |
for the year ended 31 March 2022 |
2. | ACCOUNTING POLICIES - continued |
Significant judgements and estimates |
Preparation of the financial statements requires management to make significant judgements and estimates. In determining the carrying amounts of certain assets and liabilities, the Group makes assumptions of the effects of uncertain future events on those assets and liabilities at the balance sheet date. The Group’s estimates and assumptions are based on historical experience and expectation of future events and are reviewed periodically. Further information about key assumptions concerning the future, and other key sources of estimation uncertainty, are set out in the notes. |
Fair value measurements are estimates of the amounts for which assets or liabilities could be transferred at the measurement date, based on the assumption that such transfers take place between participants in principal markets and, where applicable, taking highest and best use into account. Where available, fair value measurements are derived from prices quoted in active markets for identical assets or liabilities. In the absence of such information, other observable inputs are used to estimate fair value. Inputs derived from external sources are corroborated or otherwise verified, as appropriate. In the absence of publicly available information, fair value is determined using estimation techniques that take into account market perspectives relevant to the asset or liability, in as far as they can reasonably be ascertained, based on predominantly unobservable inputs. |
Turnover |
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Group's turnover is recognised when the customer takes delivery of the goods except rental income which is recognised at the end of the quarter when the rent is due. All income is derived from the ordinary activities of the business. All companies in the group operate in the UK. |
The accrual model is used in recognition of grants where grants are matched against the expenditure it is compensating for. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Freehold property | - |
Short leasehold | - |
Plant and machinery | - |
FF & equipment | - |
Motor vehicles | - |
Computer equipment | - |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Masca Holding Limited (Registered number: 08984962) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 March 2022 |
2. | ACCOUNTING POLICIES - continued |
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 a first in first out basis and 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 Consolidated 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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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. |
Masca Holding Limited (Registered number: 08984962) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 March 2022 |
2. | ACCOUNTING POLICIES - continued |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group'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 |
2022 | 2021 |
£ | £ |
Wages and salaries | 3,468,166 | 3,093,065 |
Social security costs | 297,348 | 281,219 |
Other pension costs | 15,042 | 22,792 |
3,780,556 | 3,397,076 |
The average number of employees during the year was as follows: |
2022 | 2021 |
Directors | 2 | 2 |
Administration | 16 | 10 |
Operations | 135 | 121 |
2022 | 2021 |
£ | £ |
Directors' remuneration | 25,140 | 480,000 |
4. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2022 | 2021 |
£ | £ |
Hire of plant and machinery | 696,666 | 484,897 |
Leasing of motor vehicle | 1,298,998 | 934,734 |
Depreciation - owned assets | 847,224 | 230,233 |
Depreciation - assets on hire purchase contracts | 3,380 | 4,506 |
Patents and licences amortisation | 935 | 894 |
Auditors' remuneration | 94,000 | 73,000 |
Auditors' remuneration for non audit work | 142,247 | 107,223 |
Foreign exchange differences | 24,452 | (918 | ) |
Formation costs | 211 | - |
Masca Holding Limited (Registered number: 08984962) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 March 2022 |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2022 | 2021 |
£ | £ |
Bank interest | 298 | 905 |
Bank loan interest | 346,879 | 309,686 |
Interest and penalties | 805 | 2,873 |
Hire purchase interest | 827 | 1,518 |
348,809 | 314,982 |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2022 | 2021 |
£ | £ |
Current tax: |
UK corporation tax | 558,558 | 656,881 |
Deferred tax provision | 193,453 | 101,225 |
Tax on profit | 752,011 | 758,106 |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
2022 | 2021 |
£ | £ |
Profit before tax | 4,591,970 | 3,999,279 |
Profit multiplied by the standard rate of corporation tax in the UK of 19 % (2021 - 19 %) |
872,474 |
759,863 |
Effects of: |
Expenses not deductible for tax purposes | 566 | 646 |
Capital allowances in excess of depreciation | (54,057 | ) | (2,403 | ) |
Utilisation of tax losses | (66,972 | ) | - |
companies |
Total tax charge | 752,011 | 758,106 |
7. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
Masca Holding Limited (Registered number: 08984962) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 March 2022 |
8. | DIVIDENDS |
2022 | 2021 |
£ | £ |
Ordinary shares of £1 each |
Interim | 290,000 | - |
9. | INTANGIBLE FIXED ASSETS |
Group |
Patents |
and |
licences |
£ |
COST |
At 1 April 2021 | 8,943 |
Additions | 410 |
At 31 March 2022 | 9,353 |
AMORTISATION |
At 1 April 2021 | 2,682 |
Amortisation for year | 935 |
At 31 March 2022 | 3,617 |
NET BOOK VALUE |
At 31 March 2022 | 5,736 |
At 31 March 2021 | 6,261 |
Masca Holding Limited (Registered number: 08984962) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 March 2022 |
10. | PROPERTY, PLANT AND EQUIPMENT |
Group |
Freehold | Short | Plant and |
property | leasehold | machinery |
£ | £ | £ |
COST |
At 1 April 2021 | - | 376,308 | 1,290,621 |
Additions | - | 96,072 | 1,430,663 |
Reclassification/transfer | 13,639,738 | - | - |
At 31 March 2022 | 13,639,738 | 472,380 | 2,721,284 |
DEPRECIATION |
At 1 April 2021 | - | 331,413 | 692,929 |
Charge for year | 272,795 | 15,404 | 507,090 |
At 31 March 2022 | 272,795 | 346,817 | 1,200,019 |
NET BOOK VALUE |
At 31 March 2022 | 13,366,943 | 125,563 | 1,521,265 |
At 31 March 2021 | - | 44,895 | 597,692 |
FF & | Motor | Computer |
equipment | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2021 | 110,207 | 148,703 | 41,107 | 1,966,946 |
Additions | 112,040 | 17,949 | 6,827 | 1,663,551 |
Reclassification/transfer | - | - | - | 13,639,738 |
At 31 March 2022 | 222,247 | 166,652 | 47,934 | 17,270,235 |
DEPRECIATION |
At 1 April 2021 | 101,577 | 79,778 | 34,215 | 1,239,912 |
Charge for year | 30,166 | 21,718 | 3,431 | 850,604 |
At 31 March 2022 | 131,743 | 101,496 | 37,646 | 2,090,516 |
NET BOOK VALUE |
At 31 March 2022 | 90,504 | 65,156 | 10,288 | 15,179,719 |
At 31 March 2021 | 8,630 | 68,925 | 6,892 | 727,034 |
Masca Holding Limited (Registered number: 08984962) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 March 2022 |
10. | PROPERTY, PLANT AND EQUIPMENT - continued |
Group |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST |
At 1 April 2021 | 24,035 |
Transfer to ownership | (49,383 | ) |
At 31 March 2022 | (25,348 | ) |
DEPRECIATION |
At 1 April 2021 | 10,515 |
Charge for year | 3,380 |
Transfer to ownership | (39,634 | ) |
At 31 March 2022 | (25,739 | ) |
NET BOOK VALUE |
At 31 March 2022 | 391 |
At 31 March 2021 | 13,520 |
Company |
Short | Plant and |
leasehold | machinery | Totals |
£ | £ | £ |
COST |
Additions |
At 31 March 2022 |
DEPRECIATION |
Charge for year |
At 31 March 2022 |
NET BOOK VALUE |
At 31 March 2022 |
Masca Holding Limited (Registered number: 08984962) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 March 2022 |
11. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 April 2021 |
Additions |
At 31 March 2022 |
NET BOOK VALUE |
At 31 March 2022 |
At 31 March 2021 |
The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following: |
Subsidiaries |
Registered office: 239 - 241 Kennington Lane, London, SE11 5QU |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Stands 31 - 34, New Spitafields Market, Sherrin Road, Leyton, London, E10 5SH |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Stand 8, New Spitafields Market, 1 Sherrin Road, Leyton, London, E10 5SH |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Unit 2 The Britannia Centre, Lenthall Road, Loughton, United Kingdom, IG10 3SQ |
Nature of business: |
% |
Class of shares: | holding |
Masca Holding Limited (Registered number: 08984962) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 March 2022 |
11. | FIXED ASSET INVESTMENTS - continued |
Registered office: Unit 1 The Britannia Centre, Lenthall Road, Loughton, England, IG10 3SQ |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Unit 2 The Britannia Centre, Lenthall Road, Loughton, England, IG10 3SQ |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Unit 2 The Britannia Centre, Lenthall Road, Loughton, United Kingdom, IG10 3SQ |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Unit 2 The Britannia Centre, Lenthall Road, Loughton, England, IG10 3SQ |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Britannia Centre, Unit 1 Debden Ind. Estate, Debden, London, United Kingdom, IG10 3SQ |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Kimberley House, 31 Burnt Oak Broadway, Burnt Oak, Edgware, United Kingdom, HA8 5LD |
Nature of business: |
% |
Class of shares: | holding |
All the above subsidiaries have been included in the consolidation. |
Masca Holding Limited (Registered number: 08984962) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 March 2022 |
12. | INVESTMENT PROPERTY |
Group |
Total |
£ |
FAIR VALUE |
At 1 April 2021 | 25,248,695 |
Reclassification/transfer | (13,639,738 | ) |
At 31 March 2022 | 11,608,957 |
NET BOOK VALUE |
At 31 March 2022 | 11,608,957 |
At 31 March 2021 | 25,248,695 |
Fair value at 31 March 2022 is represented by: |
£ |
Valuation in 2019 | 4,299,885 |
Cost | 7,309,072 |
11,608,957 |
If investment properties had not been revalued they would have been included at the following historical cost: |
2022 | 2021 |
£ | £ |
Cost | 7,309,072 | 20,953,938 |
Investment properties was valued on fair value basis on 31 March 2022 by the directors . |
13. | STOCKS |
Group |
2022 | 2021 |
£ | £ |
Finished goods | 5,963,083 | 4,492,297 |
Masca Holding Limited (Registered number: 08984962) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 March 2022 |
14. | DEBTORS |
Group | Company |
2022 | 2021 | 2022 | 2021 |
£ | £ | £ | £ |
Amounts falling due within one year: |
Trade debtors | 8,715,191 | 6,402,010 |
Deposits | 606,018 | 545,062 | - | - |
Purchase ledger debit balances | 404,051 | 364,757 | - | - |
Rent deposit | 220,831 | 135,805 | 85,026 | - |
Amounts owed by group undertakings | - | - |
Tax | - | 9,367 |
VAT | 348,579 | 379,946 |
Prepayments | 390,112 | 424,188 |
10,684,782 | 8,261,135 |
Amounts falling due after more than one | year: |
Prepayments and accrued income | - | 24,541 |
Aggregate amounts | 10,684,782 | 8,285,676 |
15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2022 | 2021 | 2022 | 2021 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 17) | 992,725 | 992,196 |
Hire purchase contracts (see note 18) | 4,640 | 4,640 |
Trade creditors | 8,188,875 | 5,403,540 |
Sales ledger credit bal | 26,192 | - | - | - |
Rent deposits control | 207,480 | 207,458 | - | - |
Amounts owed to group undertakings | - | - |
Corporation tax payable | 549,020 | 231,221 |
Social security and other taxes | 121,708 | 86,789 |
Pension control | 8,626 | 8,644 | - | - |
VAT | - | - | - | 1,723 |
Directors' current accounts | 1,057 | 1,057 | 1,057 | 1,057 |
Accrued expenses | 210,262 | 110,300 |
10,310,585 | 7,045,845 |
Masca Holding Limited (Registered number: 08984962) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 March 2022 |
16. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group |
2022 | 2021 |
£ | £ |
Bank loans (see note 17) | 12,650,356 | 13,642,552 |
Hire purchase contracts (see note 18) | 6,958 | 11,598 |
12,657,314 | 13,654,150 |
17. | LOANS |
An analysis of the maturity of loans is given below: |
Group | Company |
2022 | 2021 | 2022 | 2021 |
£ | £ | £ | £ |
Amounts falling due within one year or | on demand: |
Bank overdrafts | 529 | - |
Natwest bank loans | 992,196 | 992,196 |
992,725 | 992,196 |
Amounts falling due between one and | two years: |
Bank loans - 1-2 years | 992,196 | 992,196 |
Amounts falling due between two and | five years: |
Bank loans - 2-5 years | 2,976,588 | 2,976,588 |
Amounts falling due in more than five | years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 8,681,572 | 9,673,768 | - | - |
Masca Holding Limited (Registered number: 08984962) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 March 2022 |
18. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
2022 | 2021 |
£ | £ |
Gross obligations repayable: |
Within one year | 5,466 | 5,466 |
Between one and five years | 8,199 | 13,665 |
13,665 | 19,131 |
Finance charges repayable: |
Within one year | 826 | 826 |
Between one and five years | 1,241 | 2,067 |
2,067 | 2,893 |
Net obligations repayable: |
Within one year | 4,640 | 4,640 |
Between one and five years | 6,958 | 11,598 |
11,598 | 16,238 |
19. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group |
2022 | 2021 |
£ | £ |
Bank loans | 13,642,552 | 14,634,748 |
Bank Loans are secured by way of a fixed charges over unit 16 - 20 Lumina Way, Enfield, EN1 1FS, and The Britania Centre, Lenthall Road, Loughton, IG10 3SQ and a floating charge over all the other assets of the company. |
20. | PROVISIONS FOR LIABILITIES |
Group | Company |
2022 | 2021 | 2022 | 2021 |
£ | £ | £ | £ |
Deferred tax provision | 1,125,054 | 931,601 | 697 | - |
Masca Holding Limited (Registered number: 08984962) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 March 2022 |
20. | PROVISIONS FOR LIABILITIES - continued |
Group |
Deferred |
tax |
£ |
Balance at 1 April 2021 | 931,601 |
Timing diff. on equipments | 193,453 |
Balance at 31 March 2022 | 1,125,054 |
Company |
Deferred |
tax |
£ |
Excess cap. all. over depre | 697 |
Balance at 31 March 2022 |
21. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
22. | RESERVES |
Group |
Fair |
Retained | value |
earnings | reserve | Totals |
£ | £ | £ |
At 1 April 2021 | 19,421,798 | 3,478,753 | 22,900,551 |
Profit for the year | 3,818,572 | 3,818,572 |
Dividends | (290,000 | ) | (290,000 | ) |
At 31 March 2022 | 22,950,370 | 3,478,753 | 26,429,123 |
Masca Holding Limited (Registered number: 08984962) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 March 2022 |
22. | RESERVES - continued |
Company |
Retained |
earnings |
£ |
At 1 April 2021 |
Profit for the year |
Dividends | ( |
) |
At 31 March 2022 |
23. | NON-CONTROLLING INTERESTS |
This is other shareholders 25% interest in Debden Construction Ltd's equity made up of; |
£ |
Balance brought forward | 19,133 |
Share in current years profit | 21,342 |
Balance at the year end | 40,475 |
24. | 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 (2021 - 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 £13,642,552 (2021 - £14,634,748). |
25. | OTHER FINANCIAL COMMITMENTS |
1.0 Under various lease contracts for the premises from which the companies operate, the group paid annual rent totalling £743,792 (2020 - 743,792) subject to future review as follows: |
a. Under a lease contract for Units A1-A4 & A6 Brantwood Industrial Estate expiring in September 2029; the company is to pay an annual rent of £330,865 (2021 - £330,865) subject to future rent reviews. Total remaining amount payable under this agreement is £2,528,909. |
b.The group paid rent and service charge of £151,172 (2021 - £114,857) per annum subject to future review under a lease agreement for Stands number 31,32,33 and 34 Spitafields Market, which expires in May 2030. The total remaining amount payable under this agreement is £1,209,376. |
c. Under a lease agreement for stand number 8 at Spitafields Market, which expired in May 2030 the company is to pay an annual rent of £36,203 (2021 - 36,203) subject to future review.The total remaining amount payable under this agreement is £289,624. |
d. Annual rent of £225,552 (2021 - £225,552) 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 £676,656. |
2.0 The group paid a total annual rental fee of £768,356 (2021 - £591,209) under various operating lease agreements for the hire of motor vehicles and other warehouse equipments. |