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REGISTERED NUMBER: 08302747 (England and Wales)


Lotus Produce Limited

Abridged Audited Financial Statements

for the Year Ended 31 March 2023






Lotus Produce Limited (Registered number: 08302747)






Contents of the Financial Statements
for the year ended 31 March 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


Lotus Produce Limited

Company Information
for the year ended 31 March 2023







DIRECTORS: Mr S Cagin
Mr C Agcagul



REGISTERED OFFICE: Stand 8, New Spitalfields Market
1 Sherrin
Leyton
London
E10 5SH



REGISTERED NUMBER: 08302747 (England and Wales)



SENIOR STATUTORY
AUDITOR:
Altan Kemal FCA FCCA



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

Lotus Produce Limited (Registered number: 08302747)

Statement of Financial Position
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 1 1

CURRENT ASSETS
Inventories 5 1,048 820
Debtors 6 1,187,006 1,072,508
Cash at bank and in hand 23,327 104,173
1,211,381 1,177,501
CREDITORS
Amounts falling due within one year 7 203,497 235,191
NET CURRENT ASSETS 1,007,884 942,310
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,007,885

942,311

CAPITAL AND RESERVES
Called up share capital 9 20,000 20,000
Retained earnings 10 987,885 922,311
SHAREHOLDERS' FUNDS 1,007,885 942,311

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 for the year ended 31 March 2023 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 9 August 2023 and were signed on its behalf by:




Mr S Cagin - Director



Mr C Agcagul - Director


Lotus Produce Limited (Registered number: 08302747)

Notes to the Financial Statements
for the year ended 31 March 2023

1. STATUTORY INFORMATION

Lotus 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.
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.

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.
Short leasehold - straight line over the life of the lease

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.


Lotus Produce Limited (Registered number: 08302747)

Notes to the Financial Statements - continued
for the year ended 31 March 2023

2. ACCOUNTING POLICIES - continued
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 6 (2022 - 6 ) .

Lotus Produce Limited (Registered number: 08302747)

Notes to the Financial Statements - continued
for the year ended 31 March 2023

4. PROPERTY, PLANT AND EQUIPMENT
Short
leasehold
£   
COST
At 1 April 2022
and 31 March 2023 70,408
DEPRECIATION
At 1 April 2022
and 31 March 2023 70,407
NET BOOK VALUE
At 31 March 2023 1
At 31 March 2022 1

5. INVENTORIES
2023 2022
£    £   
Finished goods 1,048 820

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 106,698 74,680
Rent deposit 13,747 13,747
Amounts owed by group undertakings 1,060,491 975,491
VAT 6,070 8,590
1,187,006 1,072,508

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 162,990 202,238
Amounts owed to group undertakings 6,000 -
Corporation tax payable 15,381 14,785
Social security and other taxes 6,975 2,095
Pension control 37 31
Accrued expenses 12,114 16,042
203,497 235,191

Lotus Produce Limited (Registered number: 08302747)

Notes to the Financial Statements - continued
for the year ended 31 March 2023

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 59,992 59,992
Between one and five years 183,250 183,250
In more than five years 82,172 123,258
325,414 366,500

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
20,000 Ordinary £1 20,000 20,000

10. RESERVES
Retained
earnings
£   

At 1 April 2022 922,311
Profit for the year 65,574
At 31 March 2023 987,885

11. 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

12. 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).

Lotus Produce Limited (Registered number: 08302747)

Notes to the Financial Statements - continued
for the year ended 31 March 2023

13. OTHER FINANCIAL COMMITMENTS

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 (2022 - 36,203) subject to future review.The total remaining amount payable under this agreement is £253,421.

The company is to pay a total annual rental fee of £13,588 (2022 - £13,588) under an operating lease agreement for the hire of Motor vehicles and other warehouse equipments.

14. PARENT COMPANY

The controlling party is Masca Holdings Ltd is the parentcompany.