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REGISTERED NUMBER: 08410834 (England and Wales)


Village Watermelons Limited

Audited Financial Statements

for the Year Ended 31 March 2024






Village Watermelons Limited (Registered number: 08410834)






Contents of the Financial Statements
for the year ended 31 March 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


Village Watermelons Limited

Company Information
for the year ended 31 March 2024







DIRECTORS: Mr C Agcagul
Mr S Cagin



REGISTERED OFFICE: Unit A1-A3 Brantwood Industrial Estate
Brantwood Road
London
N17 0DX



REGISTERED NUMBER: 08410834 (England and Wales)



SENIOR STATUTORY
AUDITOR:
Altan Kemal FCA FCCA



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

Village Watermelons Limited (Registered number: 08410834)

Statement of Financial Position
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 70,735 -

CURRENT ASSETS
Inventories 5 8,497 29,084
Debtors 6 2,685,752 2,593,021
Cash at bank and in hand 162,678 121,619
2,856,927 2,743,724
CREDITORS
Amounts falling due within one year 7 816,584 536,475
NET CURRENT ASSETS 2,040,343 2,207,249
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,111,078

2,207,249

PROVISIONS FOR LIABILITIES 9 17,684 -
NET ASSETS 2,093,394 2,207,249

CAPITAL AND RESERVES
Called up share capital 10 1,000 1,000
Retained earnings 11 2,092,394 2,206,249
SHAREHOLDERS' FUNDS 2,093,394 2,207,249

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 September 2024 and were signed on its behalf by:




Mr S Cagin - Director



Mr C Agcagul - Director


Village Watermelons Limited (Registered number: 08410834)

Notes to the Financial Statements
for the year ended 31 March 2024

1. STATUTORY INFORMATION

Village Watermelons Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
Masca Holdings Limited is the parent company of the group and copies of the consolidated accounts can be obtained from Unit 2, The Britannia Centre, Lenthall Road, Loughton, IG10 3SQ.

Turnover
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is recognised when the customer takes delivery of the goods and is derived from the ordinary activities of the business.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance

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

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.


Village Watermelons Limited (Registered number: 08410834)

Notes to the Financial Statements - continued
for the year ended 31 March 2024

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Consignment purchases
Goods acquired on consignment are not recognised as the company's purchases until the title of the goods changes to the company. This occurs when the goods are sold.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2023 - 11 ) .

4. PROPERTY, PLANT AND EQUIPMENT
Plant and
machinery
£   
COST
Additions 94,313
At 31 March 2024 94,313
DEPRECIATION
Charge for year 23,578
At 31 March 2024 23,578
NET BOOK VALUE
At 31 March 2024 70,735

Village Watermelons Limited (Registered number: 08410834)

Notes to the Financial Statements - continued
for the year ended 31 March 2024

5. INVENTORIES
2024 2023
£    £   
Finished goods 8,497 29,084

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 405,257 307,437
Amounts owed by group undertakings 2,274,173 2,271,173
Other debtors 6,322 14,411
2,685,752 2,593,021

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 563,866 308,067
Amounts owed to group undertakings 299,000 194,000
Taxation and social security (54,882 ) 4,808
Other creditors 8,600 29,600
816,584 536,475

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year - 15,841
Between one and five years - 15,841
- 31,682

9. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax provision 17,684 -

Deferred
tax
£   
Charge to Income Statement during year 17,684
Balance at 31 March 2024 17,684

Village Watermelons Limited (Registered number: 08410834)

Notes to the Financial Statements - continued
for the year ended 31 March 2024

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1,000 Ordinary £1 1,000 1,000

11. RESERVES
Retained
earnings
£   

At 1 April 2023 2,206,249
Deficit for the year (113,855 )
At 31 March 2024 2,092,394

12. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Altan Kemal FCA FCCA (Senior Statutory Auditor)
for and on behalf of Alton & Co

13. CONTINGENT LIABILITIES

All companies in the group are guarantors under a credit guarantee between Natwest Bank and Village Quality Products Limited. The balance outstanding at the year end was nil (2023 - nil).

The company has also provided guarantee under credit card arrangement between the Natwest Bank and the following companies in the group; Cyprofood Ltd, Village Quality Products Ltd and Masca Holding Ltd.

All companies in the group are guarantors under a overdraft facility between Natwest Bank and Cyprofood Limited. The balance outstanding at the year end was £2,997,988 (2023 - £1,987,556).

All companies in the group have guaranteed a loan between Natwest Bank (the lender) and RS Properties London Ltd (a subsidiary in the same group). The balance outstanding at the year end was£11,658,160 (2023 - £12,650,356).

14. OTHER FINANCIAL COMMITMENTS

The company is to pay a total annual rental fee of £186,016 (2023 - £15,841) under an operating lease agreement for the hire of motor vehicles and warehouse equipments.

15. PARENT COMPANY

The controlling party is Masca Holding Ltd.