REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2023 |
FOR |
ANATOLIAN FOODS LTD |
REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2023 |
FOR |
ANATOLIAN FOODS LTD |
ANATOLIAN FOODS LTD (REGISTERED NUMBER: 05821475) |
CONTENTS OF THE FINANCIAL STATEMENTS |
For The Year Ended 31 MAY 2023 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 5 |
Income Statement | 8 |
Other Comprehensive Income | 9 |
Statement of Financial Position | 10 |
Statement of Changes in Equity | 11 |
Statement of Cash Flows | 12 |
Notes to the Statement of Cash Flows | 13 |
Notes to the Financial Statements | 14 |
ANATOLIAN FOODS LTD |
COMPANY INFORMATION |
For The Year Ended 31 MAY 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants & Statutory Auditors |
1 Kings Avenue |
London |
N21 3NA |
ANATOLIAN FOODS LTD (REGISTERED NUMBER: 05821475) |
STRATEGIC REPORT |
For The Year Ended 31 MAY 2023 |
The directors present their strategic report for the year ended 31 May 2023. |
REVIEW OF BUSINESS |
Business Performance and Position |
Anatolian Foods Ltd operates as a wholesaler and distributor of food and beverages, committed to providing a wide range of quality food products efficiently and reliably to our clients. For the fiscal year ending 31 May 2023, the company demonstrated substantial growth in both revenue and profitability, reflecting our dedication to operational excellence and market expansion. |
-Revenue:The company achieved a revenue of £15,338,724 in 2023, up from £11,935,917 in 2022, marking a significant year-over-year increase of 28.5%. |
-Gross Profit:Gross profit increased from £1,568,132 in 2022 to £2,387,336 in 2023, reflecting an improvement in gross margin due to effective cost management and higher sales volume. |
-Operating Profit:Operating profit rose to £451,273 from £352,684, indicating enhanced operational efficiency. |
-Net Profit:The net profit for the year was £288,175 higher than the previous year's £102,592, primarily due to increase in sales. |
Strategic Overview |
Our strategy is to continue expanding our market reach, optimizing our operations, and investing in technology to support growth. Key performance indicators (KPIs) include revenue growth, profit margins, liquidity ratios, and operational efficiency metrics. |
- Revenue Growth: Achieved 28.5% increase in revenue year-over-year. |
- Profit Margins: Improved gross profit margin, reflecting better cost management. |
- Liquidity: Current ratio improved to 1.70 from 1.53, indicating better short-term financial health. |
- Operational Efficiency: Increased operating profit margin due to effective cost control. |
External and Internal Trends |
- External: The food and beverage distribution market continues to grow, driven by increasing demand for diverse food products. Regulatory changes and macroeconomic factors such as inflation and supply chain disruptions remain key considerations. |
- Internal: Investments in motor vehicles and plant machinery (£255,500) highlight our focus on enhancing operational capacity. Our employee base has remained stable, with a focus on training and development to improve productivity. |
PRINCIPAL RISKS AND UNCERTAINTIES |
- Market Risk: Exposure to market fluctuations in food prices and demand can impact profitability. To mitigate this, we diversify our product range and maintain strong relationships with suppliers. |
- Operational Risk: Risks related to supply chain disruptions and operational inefficiencies are mitigated through robust supply chain management and continuous process improvements. |
- Financial Risk: The risk of liquidity constraints is managed through effective cash flow management and maintaining adequate credit facilities. |
- Regulatory Risk: Compliance with food safety and other regulations is ensured through regular audits and adherence to best practices. |
ANATOLIAN FOODS LTD (REGISTERED NUMBER: 05821475) |
STRATEGIC REPORT |
For The Year Ended 31 MAY 2023 |
OTHER MATTERS |
Long-term Decision Making and Business Relationships |
Our long-term strategy includes expanding into new markets, enhancing our product offerings, and investing in technology. We foster strong relationships with our employees, customers, and suppliers to ensure sustainable growth. Our commitment to maintaining a high business reputation is reflected in our operational practices and customer service. |
Employee and Environmental Considerations |
While specific environmental and employee-related disclosures are not mandatory for medium-sized entities, Anatolian Foods Ltd values sustainability and employee welfare. We continuously seek ways to reduce our environmental footprint and support our employees through training and development programs. |
Future Developments |
Looking ahead, Anatolian Foods Ltd plans to further enhance its market position by exploring new market opportunities, investing in advanced technologies, and continuing to improve operational efficiency. We are committed to adapting to changing market conditions and regulatory environments to ensure long-term success. |
ON BEHALF OF THE BOARD: |
ANATOLIAN FOODS LTD (REGISTERED NUMBER: 05821475) |
REPORT OF THE DIRECTORS |
For The Year Ended 31 MAY 2023 |
The directors present their report with the financial statements of the company for the year ended 31 May 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of wholesalers and distributors of food and beverages. |
DIVIDENDS |
An interim dividend of £ |
The total distribution of dividends for the year ended 31 May 2023 will be £ |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 June 2022 to the date of this report. |
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). 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. |
AUDITORS |
The auditors, AGK Partners, 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 |
ANATOLIAN FOODS LTD |
Opinion |
We have audited the financial statements of Anatolian Foods Ltd (the 'company') for the year ended 31 May 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 May 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. |
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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ANATOLIAN FOODS LTD |
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. |
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: |
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: |
- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognize non-compliance with applicable laws and regulations; |
- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the industry; |
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. |
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: |
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and |
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. |
To address the risk of fraud through management bias and override of controls, we: |
- performed analytical procedures to identify any unusual or unexpected relationships; |
- tested journal entries to identify unusual transactions; |
- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and |
- investigated the rationale behind significant or unusual transactions. |
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: |
- agreeing financial statement disclosures to underlying supporting documentation; |
- reading the minutes of meetings of those charged with governance; |
- enquiring of management as to actual and potential litigation and claims; and |
- reviewing correspondence with HMRC, relevant regulators, and the company's legal advisors. |
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. |
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. |
Other matters which we are required to address |
As disclosed in note 23 to the financial statements, the comparative figures in these financial statements are unaudited. Our opinion is not modified with respect to that matter. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ANATOLIAN FOODS LTD |
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 |
1 Kings Avenue |
London |
N21 3NA |
ANATOLIAN FOODS LTD (REGISTERED NUMBER: 05821475) |
INCOME STATEMENT |
For The Year Ended 31 MAY 2023 |
2023 | 2022 |
as restated |
(Unaudited) |
Notes | £ | £ |
REVENUE |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
438,623 | 286,658 |
Other operating income |
OPERATING PROFIT | 4 |
Interest receivable and similar income |
453,700 | 352,959 |
Interest payable and similar expenses | 6 |
PROFIT BEFORE TAXATION |
Tax on profit | 7 |
PROFIT FOR THE FINANCIAL YEAR |
ANATOLIAN FOODS LTD (REGISTERED NUMBER: 05821475) |
OTHER COMPREHENSIVE INCOME |
For The Year Ended 31 MAY 2023 |
2023 | 2022 |
as restated |
(Unaudited) |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
Note |
Prior year adjustment | 9 | ( |
) |
TOTAL COMPREHENSIVE INCOME SINCE LAST ANNUAL REPORT |
124,015 |
ANATOLIAN FOODS LTD (REGISTERED NUMBER: 05821475) |
STATEMENT OF FINANCIAL POSITION |
31 MAY 2023 |
2023 | 2022 |
as restated |
(Unaudited) |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Property, plant and equipment | 10 |
CURRENT ASSETS |
Inventories | 11 |
Debtors | 12 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 13 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
14 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 18 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 19 |
Retained earnings | 20 | 2,063,123 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
ANATOLIAN FOODS LTD (REGISTERED NUMBER: 05821475) |
STATEMENT OF CHANGES IN EQUITY |
For The Year Ended 31 MAY 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 June 2021 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 May 2022 |
Prior year adjustment | - | ( |
) | ( |
) |
As restated |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 May 2023 |
ANATOLIAN FOODS LTD (REGISTERED NUMBER: 05821475) |
STATEMENT OF CASH FLOWS |
For The Year Ended 31 MAY 2023 |
2023 | 2022 |
as restated |
(Unaudited) |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Interest paid | ( |
) | ( |
) |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Sale of tangible fixed assets |
Interest received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
New loans in year |
Loan repayments in year | ( |
) | ( |
) |
Capital repayments in year | ( |
) |
Amount introduced by directors | 58,218 | - |
Equity dividends paid | ( |
) | ( |
) |
Loans to connected companies | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
Decrease in cash and cash equivalents | ( |
) | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
382,138 |
1,103,403 |
Cash and cash equivalents at end of year | 2 |
ANATOLIAN FOODS LTD (REGISTERED NUMBER: 05821475) |
NOTES TO THE STATEMENT OF CASH FLOWS |
For The Year Ended 31 MAY 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2023 | 2022 |
as restated |
(Unaudited) |
£ | £ |
Profit before taxation |
Depreciation charges |
Loss on disposal of fixed assets |
Government grants | ( |
) |
Finance costs | 47,325 | 57,204 |
Finance income | (2,427 | ) | (275 | ) |
770,278 | 435,692 |
Decrease/(increase) in inventories | ( |
) |
(Increase)/decrease in trade and other debtors | ( |
) |
(Decrease)/increase in trade and other creditors | ( |
) |
Cash generated from operations |
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 May 2023 |
31.5.23 | 1.6.22 |
£ | £ |
Cash and cash equivalents | 358,587 | 640,388 |
Bank overdrafts | ( |
) | ( |
) |
291,253 | 382,138 |
Year ended 31 May 2022 |
31.5.22 | 1.6.21 |
as restated |
(Unaudited) |
£ | £ |
Cash and cash equivalents | 640,388 | 1,257,782 |
Bank overdrafts | ( |
) | ( |
) |
382,138 | 1,103,403 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1.6.22 | Cash flow | At 31.5.23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 640,388 | (281,801 | ) | 358,587 |
Bank overdrafts | (258,250 | ) | 190,916 | (67,334 | ) |
382,138 | ( |
) | 291,253 |
Debt |
Finance leases | (239,519 | ) | (46,233 | ) | (285,752 | ) |
Debts falling due within 1 year | (509,098 | ) | 283,099 | (225,999 | ) |
Debts falling due after 1 year | (89,552 | ) | 38,897 | (50,655 | ) |
(838,169 | ) | 275,763 | (562,406 | ) |
Total | (456,031 | ) | 184,878 | (271,153 | ) |
ANATOLIAN FOODS LTD (REGISTERED NUMBER: 05821475) |
NOTES TO THE FINANCIAL STATEMENTS |
For The Year Ended 31 MAY 2023 |
1. | STATUTORY INFORMATION |
Anatolian Foods Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Significant judgements and estimates |
In the application of the company's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period or in the period of the revision and future periods where the revision affects both current and future periods. |
Revenue |
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and costs incurred or to be incurred in respect of the transaction can be measured reliably. |
Property, plant and equipment |
Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Such cost includes costs directly attributable to making the assets capable of operating as intended. |
The carrying value of tangible assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable. |
Leasehold Land and buildings - over the lease term of 5 years |
Plant and machinery - 20% on reducing balance |
Motor vehicles - 20% on reducing balance |
The company has adopted the policy of not to depreciate in the year of purchase of the asset, however full depreciation will be provided in the year of disposal. |
Inventories |
Inventories are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
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. |
ANATOLIAN FOODS LTD (REGISTERED NUMBER: 05821475) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 MAY 2023 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Assets held under finance leases and hire purchase contracts, which are those where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. |
The interest element of the rental obligations is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. |
Rentals paid under operating leases are charged to income on a straight line basis over the lease term. |
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. |
Financial instruments |
Cash and cash equivalents |
Cash and cash equivalents in the statement of financial position comprise cash at banks and in hand, short-term deposits and other short-term liquid investments with original maturities of three months or less that is readily convertible to a known amount of cash and are subject to insignificant risk of changes in values. |
Short-term debtors and creditors |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in profit or loss. |
The carrying value of all financial assets and liabilities are measured at amortised cost. |
3. | EMPLOYEES AND DIRECTORS |
2023 | 2022 |
as restated |
(Unaudited) |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2023 | 2022 |
as restated |
(Unaudited) |
ANATOLIAN FOODS LTD (REGISTERED NUMBER: 05821475) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 MAY 2023 |
3. | EMPLOYEES AND DIRECTORS - continued |
2023 | 2022 |
as restated |
(Unaudited) |
£ | £ |
Directors' remuneration |
4. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2023 | 2022 |
as restated |
(Unaudited) |
£ | £ |
Other operating leases |
Depreciation - owned assets |
Depreciation - assets on hire purchase contracts |
Loss on disposal of fixed assets |
Foreign exchange differences | ( |
) |
5. | AUDITORS' REMUNERATION |
2023 | 2022 |
as restated |
(Unaudited) |
£ | £ |
Fees payable to the company's auditors for the audit of the company's financial statements |
7,500 |
- |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2023 | 2022 |
as restated |
(Unaudited) |
£ | £ |
Interest payable |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2023 | 2022 |
as restated |
(Unaudited) |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax |
Tax on profit |
ANATOLIAN FOODS LTD (REGISTERED NUMBER: 05821475) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 MAY 2023 |
7. | TAXATION - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2023 | 2022 |
as restated |
(Unaudited) |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of (2022 - |
Effects of: |
Expenses not deductible for tax purposes |
Income not taxable for tax purposes |
Capital allowances in excess of depreciation | ( |
) | ( |
) |
Other adjustments | (9,405 | ) | - |
Deferred tax | 38,051 | 164,160 |
Total tax charge | 118,200 | 193,163 |
8. | DIVIDENDS |
2023 | 2022 |
as restated |
(Unaudited) |
£ | £ |
Ordinary shares of £1 each |
Interim |
9. | PRIOR YEAR ADJUSTMENT |
During the year to 31 May 2023, a prior year adjustment has been made in respect of a deferred tax provision for fixed assets, as a result of this adjustment, the deferred tax provision as at 1st June 2022 has been restated from £ Nil to £164,160 and retained earnings as at 1st June 2022 has been restated from £2,227,283 to £2,063,123. |
10. | PROPERTY, PLANT AND EQUIPMENT |
Leasehold |
Land and | Plant and | Motor |
buildings | machinery | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 June 2022 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 31 May 2023 |
DEPRECIATION |
At 1 June 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31 May 2023 |
NET BOOK VALUE |
At 31 May 2023 |
At 31 May 2022 |
ANATOLIAN FOODS LTD (REGISTERED NUMBER: 05821475) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 MAY 2023 |
10. | PROPERTY, PLANT AND EQUIPMENT - continued |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST |
Additions |
At 31 May 2023 |
DEPRECIATION |
Charge for year |
At 31 May 2023 |
NET BOOK VALUE |
At 31 May 2023 |
11. | INVENTORIES |
2023 | 2022 |
as restated |
(Unaudited) |
£ | £ |
Stocks |
12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
as restated |
(Unaudited) |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
VAT |
Prepayments |
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
as restated |
(Unaudited) |
£ | £ |
Bank loans and overdrafts (see note 15) |
Hire purchase contracts (see note 16) |
Trade creditors |
Amounts owed to group undertakings |
Tax |
Social security and other taxes |
VAT | - | 21,896 |
Other creditors |
Directors' current accounts | 58,218 | - |
Accrued expenses |
ANATOLIAN FOODS LTD (REGISTERED NUMBER: 05821475) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 MAY 2023 |
14. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
as restated |
(Unaudited) |
£ | £ |
Bank loans (see note 15) |
Hire purchase contracts (see note 16) |
15. | LOANS |
An analysis of the maturity of loans is given below: |
2023 | 2022 |
as restated |
(Unaudited) |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
Bank loans |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
16. | LEASING AGREEMENTS |
Minimum lease payments under hire purchase fall due as follows: |
2023 | 2022 |
as restate |
(Unaudited |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
17. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
as restated |
(Unaudited) |
£ | £ |
Bank overdrafts | 67,334 | 258,250 |
Bank loans | 307,158 | 598,650 |
The bank loans and overdraft are secured by way of fixed and floating charges on the company's and connected companies assets and there is also a limited guarantee provided by the directors. |
ANATOLIAN FOODS LTD (REGISTERED NUMBER: 05821475) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 MAY 2023 |
18. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
as restated |
(Unaudited) |
£ | £ |
Deferred tax | 202,211 | 164,160 |
Deferred |
tax |
£ |
Balance at 1 June 2022 |
Provided during year |
Balance at 31 May 2023 |
19. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 10,000 | 10,000 |
20. | RESERVES |
Retained |
earnings |
£ |
At 1 June 2022 |
Prior year adjustment | ( |
) |
Profit for the year |
Dividends | ( |
) |
At 31 May 2023 |
21. | RELATED PARTY DISCLOSURES |
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. |
Included in other debtors is an amount of £781,340 (2022: £565,385) due from connected companies with common control. The amount is interest free and repayable on demand. |
Included in other creditors is an amount of £58,218 (2022: £Nil) due to the directors of the Company. The amount is interest free and repayable on demand. |
22. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is Anatolian Holdings Limited. |
23. | ADDITIONAL DISCLOSURE |
The comparative figures were not audited. |