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REGISTERED NUMBER: 08287161 (England and Wales)


Mirpa Limited

Strategic Report,

Report of the Directors and

Audited Financial Statements

for the Year Ended 31 March 2023






Mirpa Limited (Registered number: 08287161)






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




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Income Statement 10

Other Comprehensive Income 11

Statement of Financial Position 12

Statement of Changes in Equity 13

Statement of Cash Flows 14

Notes to the Statement of Cash Flows 15

Notes to the Financial Statements 16


Mirpa Limited

Company Information
for the year ended 31 March 2023







DIRECTORS: Mr S Cagin
Mr C Agcagul



REGISTERED OFFICE: Stands 31-34
New Spitalfields Market
Sherrin Road, Leyton
London
E10 5SH



REGISTERED NUMBER: 08287161 (England and Wales)



SENIOR STATUTORY
AUDITOR:
Altan Kemal FCA FCCA



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

Mirpa Limited (Registered number: 08287161)

Strategic Report
for the year ended 31 March 2023

The directors present their strategic report for the year ended 31 March 2023.

Mirpa Ltd is a subsidiary of Masca holdings Ltd with the sale of fruit and vegetables as its main activity. The performance of the company has been in accordance with the expectations of the directors. The company has shown a high degree of resilience in a competitive industry enabling it to achieve targeted results.

REVIEW OF BUSINESS
Turnover for the company was higher than that of last year. Overall performance was also in line with that of last year. This was in line with the expectations of the directors. They expect the company to remain resilient in the face of competition from other players in the industry. The directors are optimistic that strategies put in place to enhance performance will enable the company's performance to be better in the coming years. The main threat to the company is its 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 overall performance of the company. The company's aim is to focus on specific markets (and customers) to ensure that a clear strategy to win and maintain customers is implemented and sustained.

The director recognizes 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 sustainable achievement.

The results for the year and the financial position of the company are shown in the annexed financial statements.

PRINCIPAL RISKS AND UNCERTAINTIES
The company's ability to get an insurance cover is key to their ability to acquire inputs on consignment. Most of the purchases are on consignment and the consignors require an insurance cover to continue supplying on consignment. The level of cover depends on the financial health of the company.This is managed by keeping close watch on monthly results and dealing with poor performing lines on a timely basis.
Furthermore, the company's products are mainly fresh and perishable, so stock levels are kept very low. The company therefore, depends on the reliability of the suppliers to meet their orders at short notice to prevent stock out and the resulting loss of sales and customers.
To manage this risk, the company maintains more than one supplier in order to ensure that failure of one supplier will not affect their ability to meet anticipated demand and customer satisfaction for that matter. New product lines are being introduced to ensure that a poor performance in one line might not have a significant impact on the company.

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. They also ensure that other overheads are within cost limits as their effect on the ability to remain in operational existence and profitability is critical.

2023 2022
£    £   
Turnover 30,220 25,784
Gross Profit 3,570 3,084
Net Profit 1,362 1,337

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 company.


Mirpa Limited (Registered number: 08287161)

Strategic Report
for the year ended 31 March 2023

COMPANY 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.

POLICY ON 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.

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.

FUTURE DEVELOPMENT
The directors expects a growth in sales in the future as the company explores new products and customers.

ON BEHALF OF THE BOARD:





Mr S Cagin - Director


19 October 2023

Mirpa Limited (Registered number: 08287161)

Report of the Directors
for the year ended 31 March 2023

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

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of wholesale of Fruit & Vegetables.

DIVIDENDS
No dividends will be distributed for the year ended 31 March 2023.

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.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the 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 of the profit or loss of the company 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;
-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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 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 company'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 company's auditors are aware of that information.

Mirpa Limited (Registered number: 08287161)

Report of the Directors
for the year ended 31 March 2023


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
Mirpa Limited

Opinion
We have audited the financial statements of Mirpa Limited (the 'company') for the year ended 31 March 2023 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement 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 company's affairs as at 31 March 2023 and of its 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 company 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 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.

Other information
The directors are responsible for the other information. The other information comprises the information in the 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.

Report of the Independent Auditors to the Members of
Mirpa Limited


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 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 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or
- the 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 four, 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 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 company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Mirpa 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 regulation 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
Mirpa 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

Mirpa Limited (Registered number: 08287161)

Income Statement
for the year ended 31 March 2023

2023 2022
Notes £    £   

REVENUE 30,219,509 25,783,780

Cost of sales 26,649,215 22,699,569
GROSS PROFIT 3,570,294 3,084,211

Administrative expenses 2,205,492 1,746,753
OPERATING PROFIT 4 1,364,802 1,337,458


Interest payable and similar expenses 5 3,260 199
PROFIT BEFORE TAXATION 1,361,542 1,337,259

Tax on profit 6 260,005 253,896
PROFIT FOR THE FINANCIAL YEAR 1,101,537 1,083,363

Mirpa Limited (Registered number: 08287161)

Other Comprehensive Income
for the year ended 31 March 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 1,101,537 1,083,363


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,101,537

1,083,363

Mirpa Limited (Registered number: 08287161)

Statement of Financial Position
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 7 11,576 15,434

CURRENT ASSETS
Inventories 8 245,551 199,297
Debtors 9 7,799,067 7,918,947
Cash at bank and in hand 2,866,806 2,187,104
10,911,424 10,305,348
CREDITORS
Amounts falling due within one year 10 4,310,016 4,809,914
NET CURRENT ASSETS 6,601,408 5,495,434
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,612,984

5,510,868

PROVISIONS FOR LIABILITIES 12 2,894 2,315
NET ASSETS 6,610,090 5,508,553

CAPITAL AND RESERVES
Called up share capital 13 20,000 20,000
Retained earnings 14 6,590,090 5,488,553
SHAREHOLDERS' FUNDS 6,610,090 5,508,553

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


Mirpa Limited (Registered number: 08287161)

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 20,000 4,405,190 4,425,190

Changes in equity
Total comprehensive income - 1,083,363 1,083,363
Balance at 31 March 2022 20,000 5,488,553 5,508,553

Changes in equity
Total comprehensive income - 1,101,537 1,101,537
Balance at 31 March 2023 20,000 6,590,090 6,610,090

Mirpa Limited (Registered number: 08287161)

Statement of Cash Flows
for the year ended 31 March 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,191,215 755,630
Interest paid (3,260 ) (199 )
Tax paid (383,253 ) (96,707 )
Net cash from operating activities 1,804,702 658,724

Cash flows from financing activities
Movement in intercompany balances (1,125,000 ) (610,000 )
Net cash from financing activities (1,125,000 ) (610,000 )

Increase in cash and cash equivalents 679,702 48,724
Cash and cash equivalents at beginning of
year

2

2,187,104

2,138,380

Cash and cash equivalents at end of year 2 2,866,806 2,187,104

Mirpa Limited (Registered number: 08287161)

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

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2023 2022
£    £   
Profit before taxation 1,361,542 1,337,259
Depreciation charges 3,858 5,144
Finance costs 3,260 199
1,368,660 1,342,602
Increase in inventories (46,254 ) (53,434 )
Decrease/(increase) in trade and other debtors 169,880 (1,008,691 )
Increase in trade and other creditors 698,929 475,153
Cash generated from operations 2,191,215 755,630

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 March 2023
31/3/23 1/4/22
£    £   
Cash and cash equivalents 2,866,806 2,187,104
Year ended 31 March 2022
31/3/22 1/4/21
£    £   
Cash and cash equivalents 2,187,104 2,138,380


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1/4/22 Cash flow At 31/3/23
£    £    £   
Net cash
Cash at bank and in hand 2,187,104 679,702 2,866,806
2,187,104 679,702 2,866,806
Total 2,187,104 679,702 2,866,806

Mirpa Limited (Registered number: 08287161)

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

1. STATUTORY INFORMATION

Mirpa 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" 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 their order and it 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
Plant and machinery - 25% on reducing balance
FF & equipment - 25% on reducing balance
Computer equipment - 25% on reducing balance

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

Cost is based on the first in first out method of stock valuation and net realisable value is the sales value of the stock less any additional cost to sell.


Mirpa Limited (Registered number: 08287161)

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
2023 2022
£    £   
Wages and salaries 646,154 646,479
Social security costs 59,548 54,422
Other pension costs 4,572 3,928
710,274 704,829

Mirpa Limited (Registered number: 08287161)

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

3. EMPLOYEES AND DIRECTORS - continued

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

Directors 2 2
Administration 1 2
Operations 36 26
39 30

2023 2022
£    £   
Directors' remuneration - 9,428

4. OPERATING PROFIT

The operating profit is stated after charging:

2023 2022
£    £   
Hire of plant and machinery 142,620 35,164
Leasing of motor vehicle 206,998 214,865
Depreciation - owned assets 3,858 5,144
Auditors' remuneration 16,000 15,000
Auditors' remuneration for non audit work 17,764 17,033

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank interest - 199
Interest and penalties 3,260 -
3,260 199

Mirpa Limited (Registered number: 08287161)

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

6. 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 259,426 255,491

Deferred tax provision 579 (1,595 )
Tax on profit 260,005 253,896

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 1,361,542 1,337,259
Profit multiplied by the standard rate of corporation tax in the UK of 19%
(2022 - 19%)

258,693

254,079

Effects of:
Expenses not deductible for tax purposes - 434
Capital allowances in excess of depreciation - (617 )
Depreciation in excess of capital allowances 1,312 -
adjustment
Total tax charge 260,005 253,896

Mirpa Limited (Registered number: 08287161)

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

7. PROPERTY, PLANT AND EQUIPMENT
Short Plant and FF & Computer
leasehold machinery equipment equipment Totals
£    £    £    £    £   
COST
At 1 April 2022
and 31 March 2023 232,317 138,150 48,684 10,709 429,860
DEPRECIATION
At 1 April 2022 232,316 127,777 45,028 9,305 414,426
Charge for year - 2,593 914 351 3,858
At 31 March 2023 232,316 130,370 45,942 9,656 418,284
NET BOOK VALUE
At 31 March 2023 1 7,780 2,742 1,053 11,576
At 31 March 2022 1 10,373 3,656 1,404 15,434

8. INVENTORIES
2023 2022
£    £   
Finished goods 245,551 199,297

9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 3,197,143 3,428,945
Deposits 112,924 75,056
Rent deposit 57,418 57,418
Amounts owed by group undertakings 4,329,882 4,279,882
VAT 63,754 42,750
Prepayments 37,946 34,896
7,799,067 7,918,947

Mirpa Limited (Registered number: 08287161)

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

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 2,527,797 1,784,176
Amounts owed to group undertakings 1,603,053 2,678,053
Corporation tax payable 131,664 255,491
Social security and other taxes 17,701 18,774
Pension Control Accounts 2,496 1,238
Accrued expenses 27,305 72,182
4,310,016 4,809,914

11. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 335,566 335,566
Between one and five years 907,032 907,032
In more than five years 151,172 302,344
1,393,770 1,544,942

12. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax provision 2,894 2,315

Deferred
tax
£   
Balance at 1 April 2022 2,315
Excess cap all. over depre 579
Balance at 31 March 2023 2,894

13. CALLED UP SHARE CAPITAL

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

Mirpa Limited (Registered number: 08287161)

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

14. RESERVES
Retained
earnings
£   

At 1 April 2022 5,488,553
Profit for the year 1,101,537
At 31 March 2023 6,590,090

15. ULTIMATE PARENT COMPANY

Masca Holding Limited is regarded by the directors as being the company's ultimate parent company.

16. 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).