REGISTERED NUMBER: 11059072 (England and Wales) |
CDH Matur Holdings Limited |
Group Strategic Report, |
Report of the Director and |
Consolidated Financial Statements |
for the Year Ended 31 March 2023 |
REGISTERED NUMBER: 11059072 (England and Wales) |
CDH Matur Holdings Limited |
Group Strategic Report, |
Report of the Director and |
Consolidated Financial Statements |
for the Year Ended 31 March 2023 |
CDH Matur Holdings Limited (Registered number: 11059072) |
Contents of the Consolidated Financial Statements |
for the year ended 31 March 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Director | 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 |
Notes to the Consolidated Statement of Cash Flows | 21 |
Notes to the Consolidated Financial Statements | 23 |
CDH Matur Holdings Limited |
Company Information |
for the year ended 31 March 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
& Statutory Auditors |
239-241 Kennington Lane |
London |
SE11 5QU |
CDH Matur Holdings Limited (Registered number: 11059072) |
Group Strategic Report |
for the year ended 31 March 2023 |
The director presents his strategic report of the company and the group for the year ended 31 March 2023. |
CDH Matur Holdings Limited was incorporated on 10 November 2017 and became the parent company of all the companies on 1 April 2018 under a group restructuring. |
The group is made up of a wholesaler of fruits, vegetables and groceries and an investment company. The group's performance in the period under review has been consistent with the director's expectations for the year. The group has shown steady growth and the director expects that this trend will continue in the foreseeable future. |
REVIEW OF BUSINESS |
Turnover of the companies in the group have increased significantly compared to that of last year; the increase in turnover is due to the continuous growth of the business over the last few years. Profitability over the period has been in line with expectations with a positive correlation between turnover and the net profit. The companies in the group sell mainly groceries, fruits and vegetables and the general economic cycle of the country has not impacted much on the industry in which they operate. The main threat to the companies in the group are their competitors. The group's main strategy is to provide a complete service to customers thereby increasing their customer base and the resulting boosting impact on the turnover of the company. Each company aims at specific markets (and customers) to ensure that a clear strategy to win and maintain those customers is implemented and sustained.The investment company in the group is progressing with its investment in an overseas company which is yet to start yielding the expected results. This is expected to significantly improve the performance of the group once operations of these investments are fully materialised. |
The director recognises the importance of the staff employed and would like to thank them for all their hard work and efforts throughout the year. |
The results for the year and the financial position of the group are shown in the annexed financial statement. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The companies in the group's ability to get an insurance cover is key to their ability to acquire inputs on consignment. Most of the purchases of the group are on consignment and the consignors require an insurance cover to be in place to continue supplying on consignment. The level of cover depends on the financial health of the individual company. This is managed by keeping a close watch on monthly results and dealing with poor performing lines on a timely basis. Competitors are also a risk to the companies, however, this is managed by ensuring that prices are competitive, products are of good quality and also that the company provides a complete service in a bid to maintain existing customers. |
Furthermore, 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 the needs of customers are met and non performing lines are removed. |
CDH Matur Holdings Limited (Registered number: 11059072) |
Group Strategic Report |
for the year ended 31 March 2023 |
SECTION 172(1) STATEMENT |
General confirmation of Directors’ duties |
The director has a clear framework for determining the matters within their remit and have approved Terms of Reference for the matters delegated to his assistants. Certain financial and strategic thresholds have been determined to identify matters requiring director's consideration and approval. |
When making decisions, the 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 director understands the business and the evolving environment in which they operate, including the challenges of navigating through the Brexit transition. Based on the company's purpose to supply quality fruits, vegetables and other groceries by sourcing the best products, the strategy set by the director 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 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 director also realise the importance of their business activities as a contributor to the health of society as they sell fresh produce. |
S172(1) (B) “The interests of the company’s employees” |
The director recognises that the company's employees are fundamental and core to the business and necessary for the delivery of the director's 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 director factors the implications of decisions on employees and the wider workforce, where relevant and feasible. More information on this can be found within the company's policy for employees. |
S172(1) (C) “The need to foster the company’s business relationships with suppliers, customers and others” |
Delivering the director's 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 director periodically. The director also reviews and approves the group's approach to suppliers which is set out in the group's Supplier Policy. The business continuously assesses the priorities related to customers and those with whom they do business; the companies in the group engages with these customers based on the outcome of those assessments. |
S172(1) (D) “The impact of the company’s operations on the community and the environment” |
This aspect is inherent in the director's strategic ambitions, most notably on their ambitions to thrive in the food wholesale and retail sector. As such, the director constantly monitors their effect on the community and environment; an important goal for the director is to be a benefit to both the local community and the environment. |
CDH Matur Holdings Limited (Registered number: 11059072) |
Group Strategic Report |
for the year ended 31 March 2023 |
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 director periodically reviews 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 director is informed and monitors compliance with relevant governance standards, helps 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 director considers 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 director attempts 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 director attempts to be as fair as possible to all in this regard. |
Culture |
The director recognises that he has an important role when assessing and ensuring that the desired culture is embedded in all the values, attitudes and behaviours he demonstrates, including in all the business activities and stakeholder relationships. The director has 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 director strives to maintain a diverse and inclusive culture. |
Stakeholder engagement (including employee engagement) |
The director also recognises 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 director believes 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 director believes that working together, sharing knowledge and experience with others offer greater insights into their own business. |
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. |
CDH Matur Holdings Limited (Registered number: 11059072) |
Group Strategic Report |
for the year ended 31 March 2023 |
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. |
KEY PERFORMANCE INDICATORS |
The main performance indicators of the group are the turnover and the profit margins. Generally, products are sold at an agreed margin thereby leading to a positive correlation between the turnover and profit. However, due to the perishable nature of the fruits and vegetables, they may, at times, be sold at a reduced price. All other costs apart from cost of sales are fairly fixed. The director monitors all costs on a monthly basis to ensure that poor performers are picked up on time and dealt with accordingly. Also, it is ensured that overheads are kept within their limits as their effect on profit is critical. |
The key performance indicators are as follows: |
2023 | 2022 |
£ | £ |
Turnover | 205,993,328 | 169,027,082 |
Gross profit | 24,778,989 | 19,210,480 |
Net profit before tax & exceptional income |
6,685,567 |
6,486,635 |
The director believes that other variables of performance indicators are marginal and not the best indicators of the overall performance, development and position of the company. |
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 director 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 director recognises that success in these areas depends on the involvement and commitment of everyone in the organisation. |
CDH Matur Holdings Limited (Registered number: 11059072) |
Group Strategic Report |
for the year ended 31 March 2023 |
FUTURE DEVELOPMENT |
The director expects the growth in sales to continue in the future as the company explores new products and customers. |
BREXIT IMPACT ASSESSMENT |
The director does not expect Britain's departure from the European Union to have any significant impact on the operations of the company as they also have suppliers from the UK and countries outside the European Union. |
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: |
CDH Matur Holdings Limited (Registered number: 11059072) |
Report of the Director |
for the year ended 31 March 2023 |
The director presents his report with the financial statements of the company and the group for the year ended 31 March 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the group in the year under review was that of wholesale of fruit,vegetables and other groceries and property management. |
DIVIDENDS |
An interim dividend of £5,650 per share was paid on 6 April 2022. The director recommends that no final dividend be paid. |
The total distribution of dividends for the year ended 31 March 2023 will be £ 565,000 . |
DIRECTOR |
CHARITY DONATIONS AND EXPENDITURE |
Donations made during the financial year were non-political. |
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.We report in line with the SECR regulations which are provided below: |
2023 | 2022 |
Total Scope 1 emissions: Consumption of gas and transport fuel (tCO2e) | 452,096 | 630,197 |
Total Scope 2 emissions: Consumption of electricity (tCO2e) | 420,145 | 582,440 |
Total energy use (kWh equivalent of gas, transport fuel and electricity) | 3,867,503 | 5,272,529 |
Carbon intensity ratio (tCO2e/£'000 revenue) | 4.21 | 7.17 |
The footprint has been calculated in accordance with the government guidance on streamline reporting using factors found on the government website. |
Measures taken to improve energy efficiency |
In a bid to reduce the company's carbon footprint, the company actively monitors its energy consumption. It proactively ensures that all newly acquired assets are energy efficient and has replaced lights and equipments with LED and more efficient models. Management have also made employees aware of their strategy to maximise energy efficiency in the company to ensure they are all working towards the same unified goal. |
CDH Matur Holdings Limited (Registered number: 11059072) |
Report of the Director |
for the year ended 31 March 2023 |
STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations. |
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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 director is 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 he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
AUDITORS |
The auditors, Alton & Co, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
CDH Matur Holdings Limited |
Opinion |
We have audited the financial statements of CDH Matur Holdings 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 and Notes to the Consolidated 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 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 director's 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 director with respect to going concern are described in the relevant sections of this report. |
Other information |
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, 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 |
CDH Matur Holdings 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 Group Strategic Report and the Report of the Director 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 Director 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 Director. |
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 director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of director |
As explained more fully in the Statement of Director's Responsibilities set out on page eight, the director is 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 director determines 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 director is 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 director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
CDH Matur Holdings 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, money laundering 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 |
CDH Matur Holdings Limited |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants |
& Statutory Auditors |
239-241 Kennington Lane |
London |
SE11 5QU |
CDH Matur Holdings Limited (Registered number: 11059072) |
Consolidated |
Income Statement |
for the year ended 31 March 2023 |
2023 | 2022 |
Notes | £ | £ |
REVENUE | 205,993,328 | 169,027,082 |
Cost of sales | 181,214,339 | 149,816,602 |
GROSS PROFIT | 24,778,989 | 19,210,480 |
Administrative expenses | 18,261,236 | 13,585,048 |
6,517,753 | 5,625,432 |
Other operating income | 619,670 | 1,000,223 |
Gain/loss on revaluation of investments | 39,170 | - |
GROUP OPERATING PROFIT | 4 | 7,176,593 | 6,625,655 |
Share of operating loss in |
Associates | (10,758 | ) | (110,729 | ) |
Interest receivable and similar income | 7,074 | 42,591 |
7,172,909 | 6,557,517 |
Interest payable and similar expenses | 6 | 487,342 | 70,882 |
PROFIT BEFORE TAXATION | 6,685,567 | 6,486,635 |
Tax on profit | 7 | 1,569,274 | 1,293,588 |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 4,374,390 | 4,338,891 |
Non-controlling interests | 741,903 | 854,156 |
5,116,293 | 5,193,047 |
CDH Matur Holdings Limited (Registered number: 11059072) |
Consolidated |
Other Comprehensive Income |
for the year ended 31 March 2023 |
2023 | 2022 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 5,116,293 | 5,193,047 |
OTHER COMPREHENSIVE OTHER | COMPREHENSIVE INCOME |
Listed investments valuation gain | (39,170 | ) | - |
Transfer to fair value reserve | 29,378 | - |
Deferred tax provision | 9,792 | - |
Income tax relating to components of other comprehensive other comprehensive income |
- |
- |
OTHER COMPREHENSIVE FOR THE YEAR, NET OF INCOME TAX |
- |
- |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
5,116,293 |
5,193,047 |
Total comprehensive income attributable to: |
Owners of the parent | 4,396,261 | 4,476,391 |
Non-controlling interests | 720,032 | 716,656 |
5,116,293 | 5,193,047 |
CDH Matur Holdings Limited (Registered number: 11059072) |
Consolidated Statement of Financial Position |
31 March 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 | 2,848,379 | 609,408 |
Property, plant and equipment | 11 | 6,793,516 | 6,023,911 |
Investments | 12 |
Interest in associate | 51,726 | 62,484 |
Other investments | 1,103,186 | - |
Investment property | 13 | 22,482,371 | 13,015,816 |
33,279,178 | 19,711,619 |
CURRENT ASSETS |
Inventories | 14 | 15,936,869 | 10,354,271 |
Debtors | 15 | 14,810,611 | 12,270,017 |
Cash at bank and in hand | 10,832,804 | 7,805,270 |
41,580,284 | 30,429,558 |
CREDITORS |
Amounts falling due within one year | 16 | 29,814,235 | 20,240,762 |
NET CURRENT ASSETS | 11,766,049 | 10,188,796 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
45,045,227 |
29,900,415 |
CREDITORS |
Amounts falling due after more than one year |
17 |
(12,235,686 |
) |
(1,958,627 |
) |
PROVISIONS FOR LIABILITIES | 21 | (871,293 | ) | (538,017 | ) |
NET ASSETS | 31,938,248 | 27,403,771 |
CDH Matur Holdings Limited (Registered number: 11059072) |
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 | 1,202,413 | 1,173,035 |
Retained earnings | 23 | 26,210,956 | 22,430,944 |
SHAREHOLDERS' FUNDS | 27,413,469 | 23,604,079 |
NON-CONTROLLING INTERESTS | 24 | 4,524,779 | 3,799,692 |
TOTAL EQUITY | 31,938,248 | 27,403,771 |
The financial statements were approved by the director and authorised for issue on 28 November 2023 and were signed by: |
Mr A Matur - Director |
CDH Matur Holdings Limited (Registered number: 11059072) |
Company Statement of Financial Position |
31 March 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 |
Property, plant and equipment | 11 |
Investments | 12 |
Investment property | 13 |
CURRENT ASSETS |
Debtors | 15 |
Cash in hand |
CREDITORS |
Amounts falling due within one year | 16 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 22 |
Retained earnings | 23 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 552,118 | 601,881 |
The financial statements were approved by the director and authorised for issue on |
CDH Matur Holdings Limited (Registered number: 11059072) |
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 | 18,672,053 | 1,173,035 |
Changes in equity |
Dividends | - | (580,000 | ) | - |
Total comprehensive income | - | 4,338,891 | - |
Balance at 31 March 2022 | 100 | 22,430,944 | 1,173,035 |
Changes in equity |
Dividends | - | (565,000 | ) | - |
Total comprehensive income | - | 4,345,012 | 29,378 |
Balance at 31 March 2023 | 100 | 26,210,956 | 1,202,413 |
Non-controlling | Total |
Total | interests | equity |
£ | £ | £ |
Balance at 1 April 2021 | 19,845,188 | 3,083,036 | 22,928,224 |
Changes in equity |
Dividends | (580,000 | ) | - | (580,000 | ) |
Total comprehensive income | 4,338,891 | 716,656 | 5,055,547 |
Balance at 31 March 2022 | 23,604,079 | 3,799,692 | 27,403,771 |
Changes in equity |
Dividends | (565,000 | ) | - | (565,000 | ) |
Total comprehensive income | 4,374,390 | 720,032 | 5,094,422 |
Balance at 31 March 2023 | 27,413,469 | 4,519,724 | 31,933,193 |
CDH Matur Holdings Limited (Registered number: 11059072) |
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 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 March 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 March 2023 |
CDH Matur Holdings Limited (Registered number: 11059072) |
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 | 7,580,759 | 4,772,937 |
Interest paid | (485,951 | ) | (69,451 | ) |
Interest element of hire purchase payments paid |
(1,391 |
) |
(1,431 |
) |
Tax paid | (1,692,006 | ) | (1,072,396 | ) |
Net cash from operating activities | 5,401,411 | 3,629,659 |
Cash flows from investing activities |
Purchase of intangible fixed assets | (2,486,772 | ) | (52,179 | ) |
Purchase of tangible fixed assets | (1,837,470 | ) | (1,507,544 | ) |
Purchase of fixed asset investments | (1,064,016 | ) | (75,001 | ) |
Purchase of investment property | (9,966,555 | ) | - |
Sale of tangible fixed assets | (132,702 | ) | 9,426 |
Sale of fixed asset investments | - | 43,000 |
Sale of investment property | 500,000 | - |
Interest received | 7,074 | 42,591 |
Net cash from investing activities | (14,980,441 | ) | (1,539,707 | ) |
Cash flows from financing activities |
New loans in year | 11,950,000 | - |
Loan repayments in year | (663,331 | ) | (180,000 | ) |
Capital repayments in year | (12,942 | ) | (13,142 | ) |
Amount withdrawn by directors | 1,800,217 | 93,147 |
Inter company balance with associate | - | (344,080 | ) |
Non controlling interest dividend paid | (132,500 | ) | (137,500 | ) |
Equity dividends paid | (565,000 | ) | (580,000 | ) |
Net cash from financing activities | 12,376,444 | (1,161,575 | ) |
Increase in cash and cash equivalents | 2,797,414 | 928,377 |
Cash and cash equivalents at beginning of year |
2 |
7,801,887 |
6,873,510 |
Cash and cash equivalents at end of year | 2 | 10,599,301 | 7,801,887 |
CDH Matur Holdings Limited (Registered number: 11059072) |
Notes to the Consolidated 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 | 6,685,567 | 6,486,635 |
Depreciation charges | 1,326,424 | 780,688 |
Loss/(profit) on disposal of fixed assets | 132,702 | (22,694 | ) |
Gain on revaluation of fixed assets | (39,170 | ) | - |
Interest in associate's profit or loss | - | 110,754 |
Finance costs | 487,342 | 70,882 |
Finance income | (7,074 | ) | (42,591 | ) |
8,585,791 | 7,383,674 |
Increase in inventories | (5,582,598 | ) | (3,746,022 | ) |
Increase in trade and other debtors | (4,026,585 | ) | (1,581,414 | ) |
Increase in trade and other creditors | 8,604,151 | 2,716,699 |
Cash generated from operations | 7,580,759 | 4,772,937 |
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 | 10,832,804 | 7,805,270 |
Bank overdrafts | (233,503 | ) | (3,383 | ) |
10,599,301 | 7,801,887 |
Year ended 31 March 2022 |
31/3/22 | 1/4/21 |
£ | £ |
Cash and cash equivalents | 7,805,270 | 6,873,510 |
Bank overdrafts | (3,383 | ) | - |
7,801,887 | 6,873,510 |
CDH Matur Holdings Limited (Registered number: 11059072) |
Notes to the Consolidated Statement of Cash Flows |
for the year ended 31 March 2023 |
3. | ANALYSIS OF CHANGES IN NET FUNDS/(DEBT) |
At 1/4/22 | Cash flow | At 31/3/23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 7,805,270 | 3,027,534 | 10,832,804 |
Bank overdrafts | (3,383 | ) | (230,120 | ) | (233,503 | ) |
7,801,887 | 2,797,414 | 10,599,301 |
Debt |
Finance leases | (51,569 | ) | 12,942 | (38,627 | ) |
Debts falling due within 1 year | (180,000 | ) | (996,667 | ) | (1,176,667 | ) |
Debts falling due after 1 year | (1,920,000 | ) | (10,290,001 | ) | (12,210,001 | ) |
(2,151,569 | ) | (11,273,726 | ) | (13,425,295 | ) |
Total | 5,650,318 | (8,476,312 | ) | (2,825,994 | ) |
CDH Matur Holdings Limited (Registered number: 11059072) |
Notes to the Consolidated Financial Statements |
for the year ended 31 March 2023 |
1. | STATUTORY INFORMATION |
CDH Matur Holdings Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Basis of consolidation |
The consolidated accounts are prepared in accordance with the Group's accounting principles and include the accounts of the Parent Company and all Group companies. |
The group accounts for all business combinations using the Merger accounting method. During the consolidation all intra group transactions, assets and liabilities 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. |
CDH Matur Holdings Limited (Registered number: 11059072) |
Notes to the Consolidated Financial Statements - continued |
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 |
The items in the financial statements where significant judgements have been made include the following:- |
Investment properties: Their valuations are based on their estimated market values. |
Listed investment: Their valuations are based on the stock market values at the balance sheet date. |
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 goods are physically delivered to or collected by the customer and in the case of rental income it is recognised at the end of the period when the company obtains the right to the consideration.Turnover is derived from ordinary activities of the company. |
Grants recognition |
The accrual model is used in recognition of grants where grants are matched against the expenditure it is compensating for. |
Goodwill |
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. |
CDH Matur Holdings Limited (Registered number: 11059072) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 March 2023 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Freehold property | - |
Short leasehold | - |
Improvements to property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Investments in associates |
Investments in associate undertakings are recognised at cost. |
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. |
Stocks |
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Cost of stocks is valued using the first in first out stock valuation method. Net realisable value is the estimated selling price less cost to sell. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
CDH Matur Holdings Limited (Registered number: 11059072) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 March 2023 |
2. | ACCOUNTING POLICIES - continued |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
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. |
Goods on consignment |
Goods acquired on consignment are not recognised as the company's purchases until the title of the goods changes to the company when the goods are sold. |
3. | EMPLOYEES AND DIRECTORS |
2023 | 2022 |
£ | £ |
Wages and salaries | 8,821,290 | 6,422,949 |
Social security costs | 778,509 | 544,920 |
Other pension costs | 98,493 | 125,586 |
9,698,292 | 7,093,455 |
The average number of employees during the year was as follows: |
2023 | 2022 |
Directors | 1 | 1 |
Finance and administration | 52 | 37 |
Operations | 356 | 265 |
2023 | 2022 |
£ | £ |
Director's remuneration | 402,757 | 297,191 |
CDH Matur Holdings Limited (Registered number: 11059072) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 March 2023 |
3. | EMPLOYEES AND DIRECTORS - continued |
Information regarding the highest paid director is as follows: |
2023 | 2022 |
£ | £ |
Emoluments etc | 162,188 | 155,571 |
4. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Hire of plant and machinery | 223,899 | 182,689 |
Other operating leases | 1,301,477 | 1,103,421 |
Depreciation - owned assets | 1,067,865 | 780,682 |
Loss/(profit) on disposal of fixed assets | 132,702 | (22,694 | ) |
Goodwill amortisation | 247,801 | - |
Patents and licences amortisation | - | 4 |
Auditors' remuneration | 72,140 | 66,340 |
Auditors' remuneration for non audit work | 131,887 | 119,363 |
Foreign exchange differences | 26,843 | (483,312 | ) |
Formation costs | - | 490 |
5. | EXCEPTIONAL ITEMS |
2023 | 2022 |
£ | £ |
Translation exchange losses | - | (385,423 | ) |
Exceptional item is made up of fair value adjustment on investment properties and foreign exchange translation movements. |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2023 | 2022 |
£ | £ |
Bank interest | 38 | - |
Bank loan interest | 409,002 | 54,609 |
Interest and penalties | (30,339 | ) | 14,842 |
Loan | 107,250 | - |
Hire purchase | 1,391 | 1,431 |
487,342 | 70,882 |
CDH Matur Holdings Limited (Registered number: 11059072) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 March 2023 |
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 | 1,120,315 | 1,145,628 |
Deferred tax | 448,959 | 147,960 |
Tax on profit | 1,569,274 | 1,293,588 |
UK corporation tax has been charged at 19 % (2022 - 19 %). |
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 | 6,685,567 | 6,486,635 |
Profit multiplied by the standard rate of corporation tax in the UK of 19 % (2022 - 19 %) |
1,270,258 |
1,232,461 |
Effects of: |
Expenses not deductible for tax purposes | 16,143 | 16,107 |
Income not taxable for tax purposes | 19,901 | (80,153 | ) |
Capital allowances in excess of depreciation | - | (34,265 | ) |
Depreciation in excess of capital allowances | 265,132 | - |
Tax on associates results | (2,044 | ) | 21,038 |
Unutilised Tax losses | (116 | ) | - |
Untaxed profit from foreign subsidiary | - | 138,400 |
translation |
Total tax charge | 1,569,274 | 1,293,588 |
CDH Matur Holdings Limited (Registered number: 11059072) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 March 2023 |
7. | TAXATION - continued |
Tax effects relating to effects of other comprehensive income |
2023 |
Gross | Tax | Net |
£ | £ | £ |
Listed investments valuation gain | (39,170 | ) | 9,792 | (29,378 | ) |
Transfer to fair value reserve | 29,378 | - | 29,378 |
Deferred tax provision | 9,792 | (9,792 | ) | - |
- | - | - |
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 | 565,000 | 580,000 |
CDH Matur Holdings Limited (Registered number: 11059072) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 March 2023 |
10. | INTANGIBLE FIXED ASSETS |
Group |
Patents |
and | Development |
Goodwill | licences | costs | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2022 | 233,170 | 26 | 609,408 | 842,604 |
Additions | 2,478,012 | - | 8,760 | 2,486,772 |
At 31 March 2023 | 2,711,182 | 26 | 618,168 | 3,329,376 |
AMORTISATION |
At 1 April 2022 | 233,170 | 26 | - | 233,196 |
Amortisation for year | 247,801 | - | - | 247,801 |
At 31 March 2023 | 480,971 | 26 | - | 480,997 |
NET BOOK VALUE |
At 31 March 2023 | 2,230,211 | - | 618,168 | 2,848,379 |
At 31 March 2022 | - | - | 609,408 | 609,408 |
11. | PROPERTY, PLANT AND EQUIPMENT |
Group |
Improvements |
Freehold | Short | to | Plant and |
property | leasehold | property | machinery |
£ | £ | £ | £ |
COST |
At 1 April 2022 | 4,198,384 | 313,646 | 124,964 | 884,267 |
Additions | - | 11,636 | - | 450,718 |
At 31 March 2023 | 4,198,384 | 325,282 | 124,964 | 1,334,985 |
DEPRECIATION |
At 1 April 2022 | 528,993 | 109,945 | 62,481 | 561,764 |
Charge for year | 58,777 | 21,175 | 12,496 | 190,180 |
At 31 March 2023 | 587,770 | 131,120 | 74,977 | 751,944 |
NET BOOK VALUE |
At 31 March 2023 | 3,610,614 | 194,162 | 49,987 | 583,041 |
At 31 March 2022 | 3,669,391 | 203,701 | 62,483 | 322,503 |
CDH Matur Holdings Limited (Registered number: 11059072) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 March 2023 |
11. | PROPERTY, PLANT AND EQUIPMENT - continued |
Group |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2022 | 3,760,985 | 1,227,129 | 227,990 | 10,737,365 |
Additions | 1,139,135 | 212,109 | 23,872 | 1,837,470 |
At 31 March 2023 | 4,900,120 | 1,439,238 | 251,862 | 12,574,835 |
DEPRECIATION |
At 1 April 2022 | 2,825,853 | 498,130 | 126,288 | 4,713,454 |
Charge for year | 518,567 | 235,276 | 31,394 | 1,067,865 |
At 31 March 2023 | 3,344,420 | 733,406 | 157,682 | 5,781,319 |
NET BOOK VALUE |
At 31 March 2023 | 1,555,700 | 705,832 | 94,180 | 6,793,516 |
At 31 March 2022 | 935,132 | 728,999 | 101,702 | 6,023,911 |
Included in cost of land and buildings is freehold land of £1,259,515 (2022 - £1,259,515) which is not depreciated. |
12. | FIXED ASSET INVESTMENTS |
Group |
Interest |
in | Listed |
associate | investments | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 April 2022 | 62,484 | - | 62,484 |
Additions | - | 1,064,016 | 1,064,016 |
Share of profit/(loss) | (10,758 | ) | - | (10,758 | ) |
Revaluations | - | 39,170 | 39,170 |
At 31 March 2023 | 51,726 | 1,103,186 | 1,154,912 |
NET BOOK VALUE |
At 31 March 2023 | 51,726 | 1,103,186 | 1,154,912 |
At 31 March 2022 | 62,484 | - | 62,484 |
CDH Matur Holdings Limited (Registered number: 11059072) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 March 2023 |
12. | FIXED ASSET INVESTMENTS - continued |
Group |
Cost or valuation at 31 March 2023 is represented by: |
Interest |
in | Listed |
associate | investments | Totals |
£ | £ | £ |
Valuation in 2023 | (10,758 | ) | 39,170 | 28,412 |
Cost | 62,484 | 1,064,016 | 1,126,500 |
51,726 | 1,103,186 | 1,154,912 |
If listed investments had not been revalued they would have been included at the following historical cost: |
2023 | 2022 |
£ | £ |
Cost | 1,064,016 | - |
Listed investments were valued on an open market basis on 31 March 2023 by Mr Ali Matur - Director . |
Company |
Shares in | Interest |
group | in |
undertakings | associate | Totals |
£ | £ | £ |
COST |
At 1 April 2022 |
and 31 March 2023 | 50 | 115,170 |
NET BOOK VALUE |
At 31 March 2023 | 115,170 |
At 31 March 2022 | 115,170 |
CDH Matur Holdings Limited (Registered number: 11059072) |
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 |
Registered office: 239-241 Kennington Lane, London SE11 5QU |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Stand 97 Market Pavillion, Near Spitalfields Market 1 Sherrin Road, Leyton, London E10 5SQ |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Unit 8 Edmonton Trade Park, 10 Advent Way, London N18 3AJ |
Nature of business: |
% |
Class of shares: | holding |
Registered office: 462 Muswell Hill Broadway, London N10 1BS |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Unit 15 A&B Eley Estate, Edmonton, London N18 3BB |
Nature of business: |
% |
Class of shares: | holding |
CDH Matur Holdings Limited (Registered number: 11059072) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 March 2023 |
12. | FIXED ASSET INVESTMENTS - continued |
Registered office: Unit 8 Edmonton Trade Park, 10 Advent Way, London N18 3AJ |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Icerenkoy Mahallesi Topcu Ibrahim SK.No:8-10D/5 Atasehir/Istanbul Turkey |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Unit 15 A&B Eley Estate, Edmonton, London N18 3BB |
Nature of business: |
% |
Class of shares: | holding |
Registered office: 1264 High Road, London N20 9HH |
Nature of business: |
% |
Class of shares: | holding |
Associated companies |
Registered office: 6-8 Upper Tooting Road, Tooting Bec, London SW17 7PG |
Nature of business: |
% |
Class of shares: | holding |
Registered office: 9 Eden Close, London, England EN3 6YN |
Nature of business: |
% |
Class of shares: | holding |
CDH Matur Holdings Limited (Registered number: 11059072) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 March 2023 |
12. | FIXED ASSET INVESTMENTS - continued |
Registered office: Markays House, Gordon Road, Waltham Abbey EN9 1AF |
Nature of business: |
% |
Class of shares: | holding |
13. | INVESTMENT PROPERTY |
Group |
Total |
£ |
FAIR VALUE |
At 1 April 2022 | 13,015,816 |
Additions | 9,966,555 |
Disposals | (500,000 | ) |
At 31 March 2023 | 22,482,371 |
NET BOOK VALUE |
At 31 March 2023 | 22,482,371 |
At 31 March 2022 | 13,015,816 |
Fair value at 31 March 2023 is represented by: |
£ |
Valuation in 2019 | 1,173,035 |
Cost | 21,309,336 |
22,482,371 |
If investment properties had not been revalued they would have been included at the following historical cost: |
2023 | 2022 |
£ | £ |
Cost | 21,309,337 | 11,842,782 |
Investment property was valued on an open market basis on 31 March 2023 by Mr A Matur - director . |
CDH Matur Holdings Limited (Registered number: 11059072) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 March 2023 |
14. | STOCKS |
Group |
2023 | 2022 |
£ | £ |
Finished goods | 15,936,869 | 10,354,271 |
15. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Trade debtors | 11,766,497 | 8,768,923 |
Purchase ledger debit balance | 1,138,347 | 188,711 | - | - |
Rent deposits | 230,651 | 230,651 | - | - |
Amounts owed by group undertakings | - | - |
Amounts owed by associates | 446,713 | 446,713 |
Other debtors | 1,629 | 2,820 |
Tenants deposits | 48,593 | 46,913 | - | - |
No description | 163,264 | - | - | - |
Directors' current accounts | 103,042 | 1,741,803 | - | - |
Tax | 1,094 | - |
Tax refundable section 455 | 689,112 | 537,436 | - | - |
Prepayments and accrued income | 45 | 382 |
Prepayments | 221,624 | 305,665 |
14,810,611 | 12,270,017 |
CDH Matur Holdings Limited (Registered number: 11059072) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 March 2023 |
16. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 18) | 1,410,170 | 183,383 |
Hire purchase contracts (see note 19) | 12,942 | 12,942 |
Trade creditors | 25,786,409 | 17,793,876 |
Tenants deposits | 16,093 | 24,761 | - | - |
Tax | 1,000,386 | 1,419,307 |
Social security and other taxes | 211,994 | 120,072 |
Net wages control account | 326,761 | - | - | - |
Pension control account | 24,283 | 18,939 | - | - |
VAT | 231,981 | 68,818 | - | - |
Directors' current accounts | 161,456 | - | 2,086 | 1,253 |
Accruals and deferred income | 101,538 | 101,538 |
Accrued expenses | 530,222 | 497,126 |
29,814,235 | 20,240,762 |
17. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group |
2023 | 2022 |
£ | £ |
Bank loans (see note 18) | 12,210,001 | 1,920,000 |
Hire purchase contracts (see note 19) | 25,685 | 38,627 |
12,235,686 | 1,958,627 |
CDH Matur Holdings Limited (Registered number: 11059072) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 March 2023 |
18. | LOANS |
An analysis of the maturity of loans is given below: |
Group |
2023 | 2022 |
£ | £ |
Amounts falling due within one year or on | demand: |
Bank overdrafts | 233,503 | 3,383 |
Bank loans | 1,176,667 | 180,000 |
1,410,170 | 183,383 |
Amounts falling due between one and two | years: |
Bank loans - 1-2 years | 1,176,667 | 180,000 |
Amounts falling due between two and five | years: |
Bank loans - 2-5 years | 3,530,000 | 540,000 |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 7,503,334 | 1,200,000 |
19. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
2023 | 2022 |
£ | £ |
Net obligations repayable: |
Within one year | 12,942 | 12,942 |
Between one and five years | 25,685 | 38,627 |
38,627 | 51,569 |
CDH Matur Holdings Limited (Registered number: 11059072) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 March 2023 |
19. | LEASING AGREEMENTS - continued |
Group |
Non-cancellable operating | leases |
2023 | 2022 |
£ | £ |
Within one year | 1,496,996 | 1,163,586 |
Between one and five years | 5,660,502 | 4,384,007 |
In more than five years | 6,041,024 | 8,139,130 |
13,198,522 | 13,686,723 |
20. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group |
2023 | 2022 |
£ | £ |
Bank loans | 13,386,668 | 2,100,000 |
Bank loans are secured by fixed and floating charge over all the assets of the group. |
All companies in the group have given an unlimited cross guarantee under the loan agreements. |
21. | PROVISIONS FOR LIABILITIES |
Group |
2023 | 2022 |
£ | £ |
Deferred tax | 871,293 | 538,017 |
Group |
Deferred |
tax |
£ |
Balance at 1 April 2022 | 538,017 |
Charge to Income Statement during year | 323,484 |
Capital allowance in excess |
Revaluation of investments | 9,792 |
Balance at 31 March 2023 | 871,293 |
CDH Matur Holdings Limited (Registered number: 11059072) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 March 2023 |
22. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
23. | RESERVES |
Group |
Fair |
Retained | value |
earnings | reserve | Totals |
£ | £ | £ |
At 1 April 2022 | 22,430,944 | 1,173,035 | 23,603,979 |
Profit for the year | 4,374,390 | 4,374,390 |
Dividends | (565,000 | ) | (565,000 | ) |
Fair value reserve | (29,378 | ) | 29,378 | - |
At 31 March 2023 | 26,210,956 | 1,202,413 | 27,413,369 |
Company |
Retained |
earnings |
£ |
At 1 April 2022 |
Profit for the year |
Dividends | ( |
) |
At 31 March 2023 |
CDH Matur Holdings Limited (Registered number: 11059072) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 March 2023 |
24. | NON-CONTROLLING INTERESTS |
Minority interest in the current profit and loss results is stated after tax. In the balance sheet, it is their share of the reserves and issued share capital of the subsidiaries at 31 March 2022. |
2023 | 2022 |
£ | £ |
Interest in shares | 227,400 | 227,400 |
Interest in reserves b/f | 3,709,897 | 2,851,475 |
Interest in profit for the year | 720,032 | 858,317 |
Interest in dividend paid | (132,500 | ) | (137,500 | ) |
--------------- | -------------- |
4,524,829 | 3,799,692 |
======== | ======= |
25. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 31 March 2023 and 31 March 2022: |
2023 | 2022 |
£ | £ |
Mr A Matur |
Balance outstanding at start of year | 1,741,803 | 1,834,950 |
Amounts repaid | (1,638,761 | ) | (93,147 | ) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | 103,042 | 1,741,803 |
26. | RELATED PARTY DISCLOSURES |
Entities with control, joint control or significant influence over the entity |
2023 | 2022 |
£ | £ |
Sales | 392,233 | 198,747 |
Purchases | 2,682,414 | 2,308,247 |
Transfers | - | 344,080 |
Amount due from related party | 446,713 | 446,713 |
27. | ULTIMATE CONTROLLING PARTY |
The controlling party is Mr A Matur. |