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REGISTERED NUMBER: 05821475 (England and Wales)










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: Mr Y Donmez
Mr M Gec





SECRETARY: Mr M Gec





REGISTERED OFFICE: 1 Kings Avenue
Winchmore Hill
London
N21 3NA





REGISTERED NUMBER: 05821475 (England and Wales)





AUDITORS: AGK Partners
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:





Mr Y Donmez - Director


5 August 2024

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 £20 per share was paid on 30 December 2022. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 May 2023 will be £ 200,000 .

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

Mr Y Donmez
Mr M Gec

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:





Mr Y Donmez - Director


5 August 2024

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.




Alekos Christofi (Senior Statutory Auditor)
for and on behalf of AGK Partners
Chartered Accountants & Statutory Auditors
1 Kings Avenue
London
N21 3NA

5 August 2024

ANATOLIAN FOODS LTD (REGISTERED NUMBER: 05821475)

INCOME STATEMENT
For The Year Ended 31 MAY 2023

2023 2022
as restated
(Unaudited)
Notes £    £   

REVENUE 15,338,724 11,935,917

Cost of sales 12,951,388 10,367,785
GROSS PROFIT 2,387,336 1,568,132

Administrative expenses 1,948,713 1,281,474
438,623 286,658

Other operating income 12,650 66,026
OPERATING PROFIT 4 451,273 352,684

Interest receivable and similar income 2,427 275
453,700 352,959

Interest payable and similar expenses 6 47,325 57,204
PROFIT BEFORE TAXATION 406,375 295,755

Tax on profit 7 118,200 193,163
PROFIT FOR THE FINANCIAL YEAR 288,175 102,592

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 288,175 102,592


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

288,175

102,592
Note
Prior year adjustment 9 (164,160 )
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 10 939,656 1,003,161

CURRENT ASSETS
Inventories 11 542,700 934,990
Debtors 12 3,240,459 2,846,870
Cash at bank and in hand 358,587 640,388
4,141,746 4,422,248
CREDITORS
Amounts falling due within one year 13 2,435,736 2,886,571
NET CURRENT ASSETS 1,706,010 1,535,677
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,645,666

2,538,838

CREDITORS
Amounts falling due after more than one
year

14

(282,157

)

(301,555

)

PROVISIONS FOR LIABILITIES 18 (202,211 ) (164,160 )
NET ASSETS 2,161,298 2,073,123

CAPITAL AND RESERVES
Called up share capital 19 10,000 10,000
Retained earnings 20 2,151,298 2,063,123
SHAREHOLDERS' FUNDS 2,161,298 2,073,123

The financial statements were approved by the Board of Directors and authorised for issue on 5 August 2024 and were signed on its behalf by:





Mr Y Donmez - Director


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 10,000 2,020,531 2,030,531

Changes in equity
Dividends - (60,000 ) (60,000 )
Total comprehensive income - 266,752 266,752
Balance at 31 May 2022 10,000 2,227,283 2,237,283
Prior year adjustment - (164,160 ) (164,160 )
As restated 10,000 2,063,123 2,073,123

Changes in equity
Dividends - (200,000 ) (200,000 )
Total comprehensive income - 288,175 288,175
Balance at 31 May 2023 10,000 2,151,298 2,161,298

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 1,016,196 1,134,062
Interest paid (47,325 ) (57,204 )
Tax paid (44,125 ) (124,532 )
Net cash from operating activities 924,746 952,326

Cash flows from investing activities
Purchase of tangible fixed assets (255,500 ) (206,764 )
Sale of tangible fixed assets 168,946 22,500
Interest received 2,427 275
Net cash from investing activities (84,127 ) (183,989 )

Cash flows from financing activities
New loans in year - 244,339
Loan repayments in year (512,912 ) (925,308 )
Capital repayments in year 46,233 (18,012 )
Amount introduced by directors 58,218 -
Equity dividends paid (200,000 ) (60,000 )
Loans to connected companies (323,043 ) (730,621 )
Net cash from financing activities (931,504 ) (1,489,602 )

Decrease in cash and cash equivalents (90,885 ) (721,265 )
Cash and cash equivalents at beginning
of year

2

382,138

1,103,403

Cash and cash equivalents at end of year 2 291,253 382,138

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 406,375 295,755
Depreciation charges 200,632 138,018
Loss on disposal of fixed assets 118,373 8,016
Government grants - (63,026 )
Finance costs 47,325 57,204
Finance income (2,427 ) (275 )
770,278 435,692
Decrease/(increase) in inventories 392,290 (700,210 )
(Increase)/decrease in trade and other debtors (59,561 ) 870,549
(Decrease)/increase in trade and other creditors (86,811 ) 528,031
Cash generated from operations 1,016,196 1,134,062

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 (67,334 ) (258,250 )
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 (258,250 ) (154,379 )
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 (90,885 ) 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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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 579,413 467,395
Social security costs 38,754 24,171
Other pension costs 11,264 7,772
629,431 499,338

The average number of employees during the year was as follows:
2023 2022
as restated
(Unaudited)

31 28

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 18,616 17,995

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
as restated
(Unaudited)
£    £   
Other operating leases 515,721 379,717
Depreciation - owned assets 148,464 138,018
Depreciation - assets on hire purchase contracts 52,168 -
Loss on disposal of fixed assets 118,373 8,016
Foreign exchange differences 15,653 (38,411 )

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 47,325 57,204

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 80,149 29,003

Deferred tax 38,051 164,160
Tax on profit 118,200 193,163

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 406,375 295,755
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2022 - 19%)

101,594

56,193

Effects of:
Expenses not deductible for tax purposes 18,369 5,833
Income not taxable for tax purposes 606 53
Capital allowances in excess of depreciation (31,015 ) (33,076 )
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 200,000 60,000

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 17,116 706,090 1,191,875 1,915,081
Additions - 19,275 236,225 255,500
Disposals - (164,308 ) (246,121 ) (410,429 )
At 31 May 2023 17,116 561,057 1,181,979 1,760,152
DEPRECIATION
At 1 June 2022 17,116 448,134 446,670 911,920
Charge for year - 51,591 149,041 200,632
Eliminated on disposal - (95,482 ) (196,574 ) (292,056 )
At 31 May 2023 17,116 404,243 399,137 820,496
NET BOOK VALUE
At 31 May 2023 - 156,814 782,842 939,656
At 31 May 2022 - 257,956 745,205 1,003,161

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 385,829
At 31 May 2023 385,829
DEPRECIATION
Charge for year 52,168
At 31 May 2023 52,168
NET BOOK VALUE
At 31 May 2023 333,661

11. INVENTORIES
2023 2022
as restated
(Unaudited)
£    £   
Stocks 542,700 934,990

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
as restated
(Unaudited)
£    £   
Trade debtors 1,274,482 1,445,957
Amounts owed by group undertakings 795,654 461,626
Other debtors 1,111,446 915,399
VAT 33,497 -
Prepayments 25,380 23,888
3,240,459 2,846,870

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
as restated
(Unaudited)
£    £   
Bank loans and overdrafts (see note 15) 293,333 767,348
Hire purchase contracts (see note 16) 54,250 27,516
Trade creditors 1,231,237 1,477,754
Amounts owed to group undertakings - 10,985
Tax 158,255 122,231
Social security and other taxes 8,183 32,410
VAT - 21,896
Other creditors 397,888 414,649
Directors' current accounts 58,218 -
Accrued expenses 234,372 11,782
2,435,736 2,886,571

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) 50,655 89,552
Hire purchase contracts (see note 16) 231,502 212,003
282,157 301,555

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 67,334 258,250
Bank loans 225,999 509,098
293,333 767,348

Amounts falling due between two and five years:
Bank loans - 2-5 years 50,655 89,552

16. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2023 2022
as restate
(Unaudited
£    £   
Net obligations repayable:
Within one year 54,250 27,516
Between one and five years 231,502 212,003
285,752 239,519

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
374,492 856,900

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 164,160
Provided during year 38,051
Balance at 31 May 2023 202,211

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
10,000 Ordinary £1 10,000 10,000

20. RESERVES
Retained
earnings
£   

At 1 June 2022 2,227,283
Prior year adjustment (164,160 )
2,063,123
Profit for the year 288,175
Dividends (200,000 )
At 31 May 2023 2,151,298

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.