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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 2023






Masca Holding Limited (Registered number: 08984962)






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




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 2023







DIRECTORS: Mr S Cagin
Mr C Agcagul



REGISTERED OFFICE: Unit 2
The Britannia Centre
Lenthall Road
Loughton
IG10 3SQ



REGISTERED NUMBER: 08984962 (England and Wales)



SENIOR STATUTORY
AUDITOR:
Altan Kemal FCA FCCA



AUDITORS: Alton & Co
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 2023

The directors present their strategic report of the company and the group for the year ended 31 March 2023.

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 three dormant subsidiaries. Profitability over the period has been in line with expectation although net profit was lower than that of last year.There has been a positive correlation between turnover and the gross profit; the directors expect this trend of growth in sales and gross profit to continue for the foreseeable future. Overheads grew proportionally more than last year due to the expansion in the group. Overheads are semi- fixed thus there was a negative impact on group profits due to the increase in overheads resulting from the expansions. This is expected to reverse as sales grows and generate enough contribution to fully utilise the fixed costs. 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 2023

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 competitive 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 companies employees”

The directors recognise that the companies 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 companies policy for employees.

S172(1) (C) “The need to foster the companies 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 companies operations on the community and the environment”


Masca Holding Limited (Registered number: 08984962)

Group Strategic Report
for the year ended 31 March 2023

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 2023

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 Indicators over the last two years are as follows:

2023 2022
£    £   
Turnover 98,885 81,399
Rent receivable 697 651
Gross Profit 18,243 13,928
Net Profit before tax & exceptional
items

3,974

4,592

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 2023

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:





Mr S Cagin - Director


19 October 2023

Masca Holding Limited (Registered number: 08984962)

Report of the Directors
for the year ended 31 March 2023

The directors present their report with the financial statements of the company and the group for the year ended 31 March 2023.

PRINCIPAL ACTIVITIES
The principal activities of the group in the year under review were those of wholesale of fruit,vegetables and other groceries, cafe /restaurants, property management and construction.

DIVIDENDS
An interim dividend of £2,400 per share was paid on 26 April 2022. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 March 2023 will be £ 240,000 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2022 to the date of this report.

Mr S Cagin
Mr C Agcagul

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 2023

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:





Mr S Cagin - Director


19 October 2023

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 2023 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 2023 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, anti bribery regulations and money laundering regulation . 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.




Altan Kemal FCA FCCA (Senior Statutory Auditor)
for and on behalf of Alton & Co
Chartered Accountants
& Statutory Auditors
239-241 Kennington Lane
London
SE11 5QU

8 November 2023

Masca Holding Limited (Registered number: 08984962)

Consolidated
Income Statement
for the year ended 31 March 2023

2023 2022
Notes £    £   

REVENUE 98,885,739 81,399,483

Cost of sales 80,642,374 67,471,714
GROSS PROFIT 18,243,365 13,927,769

Administrative expenses 14,409,963 9,687,894
3,833,402 4,239,875

Other operating income 759,757 700,904
OPERATING PROFIT 4 4,593,159 4,940,779


Interest payable and similar expenses 6 619,110 348,809
PROFIT BEFORE TAXATION 3,974,049 4,591,970

Tax on profit 7 1,119,247 752,011
PROFIT FOR THE FINANCIAL
YEAR

2,854,802

3,839,959
Profit attributable to:
Owners of the parent 2,854,802 3,839,959

Masca Holding Limited (Registered number: 08984962)

Consolidated
Other Comprehensive Income
for the year ended 31 March 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 2,854,802 3,839,959


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE
INCOME FOR THE YEAR

2,854,802

3,839,959

Total comprehensive income attributable to:
Owners of the parent 2,854,802 3,839,959

Masca Holding Limited (Registered number: 08984962)

Consolidated Statement of Financial Position
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 5,179 5,736
Property, plant and equipment 11 15,046,455 15,179,719
Investments 12 - -
Investment property 13 11,608,957 11,608,957
26,660,591 26,794,412

CURRENT ASSETS
Inventories 14 10,680,723 5,963,083
Debtors 15 11,065,659 10,684,782
Cash at bank and in hand 9,050,080 7,120,374
30,796,462 23,768,239
CREDITORS
Amounts falling due within one year 16 14,729,928 10,310,585
NET CURRENT ASSETS 16,066,534 13,457,654
TOTAL ASSETS LESS CURRENT
LIABILITIES

42,727,125

40,252,066

CREDITORS
Amounts falling due after more than one
year

17

(12,120,434

)

(12,657,314

)

PROVISIONS FOR LIABILITIES 21 (1,522,191 ) (1,125,054 )
NET ASSETS 29,084,500 26,469,698

Masca Holding Limited (Registered number: 08984962)

Consolidated Statement of Financial Position - continued
31 March 2023

2023 2022
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 22 100 100
Fair value reserve 23 3,478,753 3,478,753
Retained earnings 23 25,605,647 22,990,845
SHAREHOLDERS' FUNDS 29,084,500 26,469,698


The financial statements were approved by the Board of Directors and authorised for issue on 19 October 2023 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 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 - -
Property, plant and equipment 11 84,261 91,695
Investments 12 546,579 546,354
Investment property 13 - -
630,840 638,049

CURRENT ASSETS
Debtors 15 3,110,657 2,295,559
Cash at bank 9,570 4,729
3,120,227 2,300,288
CREDITORS
Amounts falling due within one year 16 1,179,769 720,409
NET CURRENT ASSETS 1,940,458 1,579,879
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,571,298

2,217,928

PROVISIONS FOR LIABILITIES 21 1,070 697
NET ASSETS 2,570,228 2,217,231

CAPITAL AND RESERVES
Called up share capital 22 100 100
Retained earnings 23 2,570,128 2,217,131
SHAREHOLDERS' FUNDS 2,570,228 2,217,231

Company's profit for the financial year 592,997 735,825

The financial statements were approved by the Board of Directors and authorised for issue on 19 October 2023 and were signed on its behalf by:



Mr S Cagin - Director



Mr C Agcagul - Director


Masca Holding Limited (Registered number: 08984962)

Consolidated Statement of Changes in Equity
for the year ended 31 March 2023

Called up Fair
share Retained value
capital earnings reserve
£    £    £   

Balance at 1 April 2021 100 19,440,886 3,478,753

Changes in equity
Dividends - (290,000 ) -
Total comprehensive income - 3,839,959 -
Balance at 31 March 2022 100 22,990,845 3,478,753

Changes in equity
Dividends - (240,000 ) -
Total comprehensive income - 2,854,802 -
Balance at 31 March 2023 100 25,605,647 3,478,753
Non-controlling Total
Total interests equity
£    £    £   

Balance at 1 April 2021 22,919,739 - 22,919,739

Changes in equity
Dividends (290,000 ) - (290,000 )
Total comprehensive income 3,839,959 - 3,839,959
Balance at 31 March 2022 26,469,698 - 26,469,698

Changes in equity
Dividends (240,000 ) - (240,000 )
Total comprehensive income 2,854,802 - 2,854,802
Balance at 31 March 2023 29,084,500 - 29,084,500

Masca Holding Limited (Registered number: 08984962)

Company Statement of Changes in Equity
for the year ended 31 March 2023

Called up
share Retained Total
capital earnings equity
£    £    £   

Balance at 1 April 2021 100 1,771,306 1,771,406

Changes in equity
Dividends - (290,000 ) (290,000 )
Total comprehensive income - 735,825 735,825
Balance at 31 March 2022 100 2,217,131 2,217,231

Changes in equity
Dividends - (240,000 ) (240,000 )
Total comprehensive income - 592,997 592,997
Balance at 31 March 2023 100 2,570,128 2,570,228

Masca Holding Limited (Registered number: 08984962)

Consolidated Statement of Cash Flows
for the year ended 31 March 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 3,091,882 4,859,471
Interest paid (602,354 ) (347,982 )
Interest element of hire purchase
payments paid

(16,756

)

(827

)
Tax paid (769,950 ) (231,392 )
Net cash from operating activities 1,702,822 4,279,270

Cash flows from investing activities
Purchase of intangible fixed assets (420 ) (410 )
Purchase of tangible fixed assets (749,193 ) (1,663,551 )
Net cash from investing activities (749,613 ) (1,663,961 )

Cash flows from financing activities
Loan repayments in year (992,197 ) (992,196 )
Capital repayments in year 596,270 (4,640 )
Amount withdrawn by directors 25 -
Equity dividends paid (240,000 ) (290,000 )
Net cash from financing activities (635,902 ) (1,286,836 )

Increase in cash and cash equivalents 317,307 1,328,473
Cash and cash equivalents at
beginning of year

2

7,119,845

5,791,372

Cash and cash equivalents at end of
year

2

7,437,152

7,119,845

Masca Holding Limited (Registered number: 08984962)

Company Statement of Cash Flows
for the year ended 31 March 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 596,522 503,574
Tax paid (22,364 ) (5,066 )
Net cash from operating activities 574,158 498,508

Cash flows from investing activities
Purchase of tangible fixed assets (2,039 ) (100,964 )
Purchase of fixed asset investments (225 ) (100 )
Net cash from investing activities (2,264 ) (101,064 )

Cash flows from financing activities
Amount withdrawn by directors 25 -
Intercompany balance movement (333,897 ) (122,077 )
Equity dividends paid (240,000 ) (290,000 )
Net cash from financing activities (573,872 ) (412,077 )

Decrease in cash and cash equivalents (1,978 ) (14,633 )
Cash and cash equivalents at
beginning of year

2

4,200

18,833

Cash and cash equivalents at end of
year

2

2,222

4,200

Masca Holding Limited (Registered number: 08984962)

Notes to the Statements of Cash Flows
for the year ended 31 March 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
Group
2023 2022
£    £   
Profit before taxation 3,974,049 4,591,970
Depreciation charges 883,435 851,539
Finance costs 619,110 348,809
5,476,594 5,792,318
Increase in inventories (4,717,640 ) (1,470,786 )
Increase in trade and other debtors (380,668 ) (2,408,473 )
Increase in trade and other creditors 2,713,596 2,946,412
Cash generated from operations 3,091,882 4,859,471

Company
2023 2022
£    £   
Profit before taxation 648,459 758,886
Depreciation charges 9,473 9,269
657,932 768,155
Increase in trade and other debtors (205,401 ) (378,106 )
Increase in trade and other creditors 143,991 113,525
Cash generated from operations 596,522 503,574

Masca Holding Limited (Registered number: 08984962)

Notes to the Statements of Cash Flows
for the year ended 31 March 2023

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 2023
31/3/23 1/4/22 31/3/23 1/4/22
£    £    £    £   
Cash and cash equivalents 9,050,080 7,120,374 9,570 4,729
Bank overdrafts (1,612,928 ) (529 ) (7,348 ) (529 )
7,437,152 7,119,845 2,222 4,200
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 ) - (529 ) -
7,119,845 5,791,372 4,200 18,833


3. ANALYSIS OF CHANGES IN NET DEBT

Group
At 1/4/22 Cash flow At 31/3/23
£    £    £   
Net cash
Cash at bank and in hand 7,120,374 1,929,706 9,050,080
Bank overdrafts (529 ) (1,612,399 ) (1,612,928 )
7,119,845 317,307 7,437,152
Debt
Finance leases (11,598 ) (596,270 ) (607,868 )
Debts falling due within 1 year (992,196 ) - (992,196 )
Debts falling due after 1 year (12,650,356 ) 992,196 (11,658,160 )
(13,654,150 ) 395,926 (13,258,224 )
Total (6,534,305 ) 713,233 (5,821,072 )

Masca Holding Limited (Registered number: 08984962)

Notes to the Statements of Cash Flows
for the year ended 31 March 2023

3. ANALYSIS OF CHANGES IN NET DEBT - continued

Company
At 1/4/22 Cash flow At 31/3/23
£    £    £   
Net cash
Cash at bank 4,729 4,841 9,570
Bank overdrafts (529 ) (6,819 ) (7,348 )
4,200 (1,978 ) 2,222
Total 4,200 (1,978 ) 2,222

1. STATUTORY INFORMATION

Masca Holding 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 General 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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 2023

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 or the company obtains the right to the consideration using the cost based method at the stage of completion certified. Rental income 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.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

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.
Freehold property - 2% on cost
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

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 2023

2. ACCOUNTING POLICIES - continued

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing inventories to their present location and condition.

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. Work in progress is valued at the lower of all cost to date and the stage completion valuation.

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.

Masca Holding Limited (Registered number: 08984962)

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

2. ACCOUNTING POLICIES - continued

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 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
2023 2022
£    £   
Wages and salaries 5,891,756 3,468,166
Social security costs 554,898 297,348
Other pension costs 45,757 15,042
6,492,411 3,780,556

The average number of employees during the year was as follows:
2023 2022

Directors 2 2
Administration 16 16
Operations 258 135
276 153

2023 2022
£    £   
Directors' remuneration 25,140 25,140

Masca Holding Limited (Registered number: 08984962)

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

4. OPERATING PROFIT

The operating profit is stated after charging:

2023 2022
£    £   
Hire of plant and machinery 703,786 696,666
Leasing of motor vehicle 1,499,724 1,298,998
Depreciation - owned assets 744,458 847,224
Depreciation - assets on hire purchase contracts 137,999 3,380
Patents and licences amortisation 977 935
Foreign exchange differences 4,462 24,452
Formation costs 422 211

5. AUDITORS' REMUNERATION
2023 2022
£    £   
Fees payable to the company's auditors and their associates for the
audit of the company's financial statements

110,000

94,000
Auditors' remuneration for non audit work 137,516 142,247

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank interest - 298
Bank loan interest 596,944 346,879
Interest and penalties 5,410 805
Hire purchase interest 16,756 827
619,110 348,809

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 730,474 558,558
Corp tax adjust re previous yr (8,364 ) -
Total current tax 722,110 558,558

Deferred tax provision 397,137 193,453
Tax on profit 1,119,247 752,011

Masca Holding Limited (Registered number: 08984962)

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

7. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 3,974,049 4,591,970
Profit multiplied by the standard rate of corporation tax in the UK
of 19 % (2022 - 19 %)

755,069

872,474

Effects of:
Expenses not deductible for tax purposes 535 566
Capital allowances in excess of depreciation - (54,057 )
Depreciation in excess of capital allowances 223,436 -
Utilisation of tax losses 140,207 (66,972 )
companies
Total tax charge 1,119,247 752,011

8. 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.


9. DIVIDENDS
2023 2022
£    £   
Ordinary shares of £1 each
Interim 240,000 290,000

Masca Holding Limited (Registered number: 08984962)

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

10. INTANGIBLE FIXED ASSETS

Group
Patents
and
licences
£   
COST
At 1 April 2022 9,353
Additions 420
At 31 March 2023 9,773
AMORTISATION
At 1 April 2022 3,617
Amortisation for year 977
At 31 March 2023 4,594
NET BOOK VALUE
At 31 March 2023 5,179
At 31 March 2022 5,736

11. PROPERTY, PLANT AND EQUIPMENT

Group
Freehold Short Plant and
property leasehold machinery
£    £    £   
COST
At 1 April 2022 13,639,738 472,380 2,721,284
Additions - - 232,853
At 31 March 2023 13,639,738 472,380 2,954,137
DEPRECIATION
At 1 April 2022 272,795 346,817 1,200,019
Charge for year 272,795 15,404 434,493
At 31 March 2023 545,590 362,221 1,634,512
NET BOOK VALUE
At 31 March 2023 13,094,148 110,159 1,319,625
At 31 March 2022 13,366,943 125,563 1,521,265

Masca Holding Limited (Registered number: 08984962)

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

11. PROPERTY, PLANT AND EQUIPMENT - continued

Group

FF & Motor Computer
equipment vehicles equipment Totals
£    £    £    £   
COST
At 1 April 2022 222,247 166,652 47,934 17,270,235
Additions 436,889 52,634 26,817 749,193
At 31 March 2023 659,136 219,286 74,751 18,019,428
DEPRECIATION
At 1 April 2022 131,743 101,496 37,646 2,090,516
Charge for year 121,036 29,448 9,281 882,457
At 31 March 2023 252,779 130,944 46,927 2,972,973
NET BOOK VALUE
At 31 March 2023 406,357 88,342 27,824 15,046,455
At 31 March 2022 90,504 65,156 10,288 15,179,719

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 April 2022 - (25,348 ) (25,348 )
Additions - 52,634 52,634
Reclassification/transfer 652,293 49,383 701,676
At 31 March 2023 652,293 76,669 728,962
DEPRECIATION
At 1 April 2022 - (25,739 ) (25,739 )
Charge for year 122,305 15,694 137,999
Reclassification/transfer 163,073 39,634 202,707
At 31 March 2023 285,378 29,589 314,967
NET BOOK VALUE
At 31 March 2023 366,915 47,080 413,995
At 31 March 2022 - 391 391

Masca Holding Limited (Registered number: 08984962)

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

11. PROPERTY, PLANT AND EQUIPMENT - continued

Company
Short Plant and
leasehold machinery Totals
£    £    £   
COST
At 1 April 2022 96,072 4,892 100,964
Additions - 2,039 2,039
At 31 March 2023 96,072 6,931 103,003
DEPRECIATION
At 1 April 2022 8,046 1,223 9,269
Charge for year 8,046 1,427 9,473
At 31 March 2023 16,092 2,650 18,742
NET BOOK VALUE
At 31 March 2023 79,980 4,281 84,261
At 31 March 2022 88,026 3,669 91,695

12. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 April 2022 546,354
Additions 225
At 31 March 2023 546,579
NET BOOK VALUE
At 31 March 2023 546,579
At 31 March 2022 546,354

Masca Holding Limited (Registered number: 08984962)

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

12. FIXED ASSET INVESTMENTS - continued

The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Subsidiaries

Cyprofood Limited
Registered office: 239 - 241 Kennington Lane, London, SE11 5QU
Nature of business: Wholesaler of fruits, vegetables & groceries
%
Class of shares: holding
Ordinary 100.00

Mirpa limited
Registered office: Stands 31 - 34, New Spitafields Market, Sherrin Road, Leyton, London, E10 5SH
Nature of business: Fruits & vegetables wholesaler
%
Class of shares: holding
Ordinary 100.00

Lotus Limited
Registered office: Stand 8, New Spitafields Market, 1 Sherrin Road, Leyton, London, E10 5SH
Nature of business: Fruits & vegetables wholesaler
%
Class of shares: holding
Ordinary 100.00

Village Water Melons Limited
Registered office: Unit 2 The Britannia Centre, Lenthall Road, Loughton, United Kingdom, IG10 3SQ
Nature of business: Fruits wholesaler
%
Class of shares: holding
Ordinary 100.00

Village Quality Products Limited
Registered office: Unit 1 The Britannia Centre, Lenthall Road, Loughton, England, IG10 3SQ
Nature of business: Groceries wholesaler
%
Class of shares: holding
Ordinary 100.00

R S Properties Limited
Registered office: Unit 2 The Britannia Centre, Lenthall Road, Loughton, England, IG10 3SQ
Nature of business: Property development and management
%
Class of shares: holding
Ordinary 100.00

Masca Holding Limited (Registered number: 08984962)

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

12. FIXED ASSET INVESTMENTS - continued

AVA Produce Limited
Registered office: Unit 2 The Britannia Centre, Lenthall Road, Loughton, United Kingdom, IG10 3SQ
Nature of business: Fruits & vegetables wholesaler
%
Class of shares: holding
Ordinary shares held by group 100.00
Ordinary shares held by parent 45.00

Debden Design & Construction Limited
Registered office: Unit 2 The Britannia Centre, Lenthall Road, Loughton, England, IG10 3SQ
Nature of business: Construction & related services
%
Class of shares: holding
Ordinary 100.00

Malbat Limited
Registered office: Britannia Centre, Unit 1 Debden Ind. Estate, Debden, London, United Kingdom, IG10 3SQ
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00

Delmar London Limited
Registered office: Kimberley House, 31 Burnt Oak Broadway, Burnt Oak, Edgware, United Kingdom, HA8 5LD
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00

Hepsy Ltd
Registered office: Unit A6 Brantwood Industrial Estate, Brantwood Road, London, United Kingdom, N17 0DX
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00

All the above subsidiaries have been included in the consolidation.

Olive Branch Cafe Limited
Registered office: Unit B Brantwood Industrial Estate, Brantwood Road, London, England, N17 0DX
Nature of business: Cafe / restaurant
%
Class of shares: holding
Ordinary 100.00


Masca Holding Limited (Registered number: 08984962)

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

13. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1 April 2022
and 31 March 2023 11,608,957
NET BOOK VALUE
At 31 March 2023 11,608,957
At 31 March 2022 11,608,957

Fair value at 31 March 2023 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:

2023 2022
£    £   
Cost 7,309,072 7,309,072

Investment properties was valued on fair value basis on 12 March 2020 by Savills .

The value of investment properties have been assessed by the directors at 31 March 2023 and in their opinion the current values in the balance sheet are the appropriate values..

14. STOCKS

Group
2023 2022
£    £   
Work-in-progress 492,000 -
Finished goods 10,188,723 5,963,083
10,680,723 5,963,083

Masca Holding Limited (Registered number: 08984962)

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

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Trade debtors 8,780,879 8,715,191 307,486 188,113
Deposits 251,693 606,018 - -
Purchase ledger debit balances 315,279 404,051 - -
Rent deposit 270,831 220,831 85,026 85,026
Amounts owed by group undertakings - - 2,527,150 1,917,453
Tax 209 - - -
VAT 334,121 348,579 - 38,033
Prepayments and accrued income 78,273 - - -
Prepayments 1,034,374 390,112 190,995 66,934
11,065,659 10,684,782 3,110,657 2,295,559

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans and overdrafts (see note 18) 2,605,124 992,725 7,348 529
Hire purchase contracts (see note 19) 145,594 4,640 - -
Trade creditors 10,780,359 8,188,875 204,539 80,932
Sales ledger credit bal 40,577 26,192 - -
Rent deposits control 208,233 207,480 - -
Amounts owed to group undertakings - - 839,088 563,288
Corporation tax payable 501,389 549,020 55,089 22,364
Social security and other taxes 195,487 121,708 22,378 29,239
Pension control 8,123 8,626 686 -
No description 2,630 - - -
VAT - - 23,059 -
Wages & salaries control 659 - - -
Directors' current accounts 1,082 1,057 1,082 1,057
Accruals and deferred income 2,430 - - -
Accrued expenses 238,241 210,262 26,500 23,000
14,729,928 10,310,585 1,179,769 720,409

Masca Holding Limited (Registered number: 08984962)

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

17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR

Group
2023 2022
£    £   
Bank loans (see note 18) 11,658,160 12,650,356
Hire purchase contracts (see note 19) 462,274 6,958
12,120,434 12,657,314

18. LOANS

An analysis of the maturity of loans is given below:

Group Company
2023 2022 2023 2022
£    £    £    £   
Amounts falling due within one year or on demand:
Bank overdrafts 1,612,928 529 7,348 529
Natwest bank loans 992,196 992,196 - -
2,605,124 992,725 7,348 529
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 7,689,376 8,681,572 - -

Masca Holding Limited (Registered number: 08984962)

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

19. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2023 2022
£    £   
Gross obligations repayable:
Within one year 169,025 5,466
Between one and five years 536,414 8,199
705,439 13,665

Finance charges repayable:
Within one year 23,431 826
Between one and five years 74,140 1,241
97,571 2,067

Net obligations repayable:
Within one year 145,594 4,640
Between one and five years 462,274 6,958
607,868 11,598

Group
Non-cancellable operating leases
2023 2022
£    £   
Within one year 2,267,032 2,267,032
Between one and five years 4,350,723 4,576,275
In more than five years 777,247 1,218,505
7,395,002 8,061,812

Company
Non-cancellable operating leases
2023 2022
£    £   
Within one year 248,207 248,207
Between one and five years 392,048 392,048
In more than five years 294,903 294,903
935,158 935,158

Masca Holding Limited (Registered number: 08984962)

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

20. SECURED DEBTS

The following secured debts are included within creditors:

Group
2023 2022
£    £   
Bank overdrafts 1,612,928 -
Bank loans 12,650,356 13,642,552
14,263,284 13,642,552

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.

21. PROVISIONS FOR LIABILITIES

Group Company
2023 2022 2023 2022
£    £    £    £   
Deferred tax provision 1,522,191 1,125,054 1,070 697

Group
Deferred
tax
£   
Balance at 1 April 2022 1,125,054
Excess cap. all. over depre. 397,137
Balance at 31 March 2023 1,522,191

Company
Deferred
tax
£   
Balance at 1 April 2022 697
Excess cap. all. over depre 373
Balance at 31 March 2023 1,070

22. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100

Masca Holding Limited (Registered number: 08984962)

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

23. RESERVES

Group
Fair
Retained value
earnings reserve Totals
£    £    £   

At 1 April 2022 22,990,845 3,478,753 26,469,598
Profit for the year 2,854,802 2,854,802
Dividends (240,000 ) (240,000 )
At 31 March 2023 25,605,647 3,478,753 29,084,400

Company
Retained
earnings
£   

At 1 April 2022 2,217,131
Profit for the year 592,997
Dividends (240,000 )
At 31 March 2023 2,570,128


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 (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 an overdraft facility between Natwest Bank and Cyprofood Limited. The balance outstanding at the year end was £1,987,478 (2022 - nil).

Masca Holding Limited (Registered number: 08984962)

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

25. RELATED PARTY DISCLOSURES

Companies under common control but not subsidiaries

2023 2022
£ £
Rent receivable 97,500
Trade Debtors nil nil
Trade Creditors nil nil
Transfer from related party nil nil
Transfer to related parties 230,021 nil
Inter company balances due from related parties 230,021 nil
nter company balances due to related parties nil nil