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REGISTERED NUMBER: 08373109 (England and Wales)


Village Quality Products Limited
Trading as
Noble

Strategic Report,

Report of the Directors and

Audited Financial Statements

for the Year Ended 31 March 2024






Village Quality Products Limited (Registered number: 08373109)
Trading as Noble






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




Page

Company Information 1

Strategic Report 2

Report of the Directors 5

Report of the Independent Auditors 7

Income Statement 11

Other Comprehensive Income 12

Statement of Financial Position 13

Statement of Changes in Equity 15

Statement of Cash Flows 16

Notes to the Statement of Cash Flows 17

Notes to the Financial Statements 19


Village Quality Products Limited
Trading as Noble

Company Information
for the year ended 31 March 2024







DIRECTORS: Mr C Agcagul
Mr S Cagin



REGISTERED OFFICE: Unit 1
The Britannia Centre
Lenthall Road
Loughton
IG10 3SQ



REGISTERED NUMBER: 08373109 (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 Quality Products Limited (Registered number: 08373109)
Trading as Noble

Strategic Report
for the year ended 31 March 2024

The directors present their strategic report for the year ended 31 March 2024.

The company's performance has been in accordance with the expectations of the directors. The company has shown a high degree of resilience in a competitive industry to achieve targeted results.

REVIEW OF BUSINESS
There has been a decline in the company's turnover compared with last year. Profitability over the period has been in line with expectations decreasing in line with the decrease in sales. The directors are optimistic about growth in the future. This years slight decline is not expected to be repeated in the coming year. The directors expect growth in sales in the coming year and they expect this trend to continue in the foreseeable future. Village Quality Products Ltd mainly sells groceries and basic food items; the general economic fluctuations in the country do not impact much on the industry in which they operate and the main threat to the company is their competitors. The company's main strategy is to provide a complete service to customers thereby increasing their customer base and the resulting impact on the turnover. It also aims at concentrating on what it does best and ensuring that customers get the best possible service. The company aims at specific markets (and customers) to ensure that a clear strategy to win and maintain these customers are implemented and sustained.

The directors recognise the importance of all of its staff and would like to thank them for all their hard work and efforts throughout the year in helping the company make this remarkable achievement.

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

PRINCIPAL RISKS AND UNCERTAINTIES
The company's ability to get an insurance cover is key to their ability to acquire inputs on credit. Most of the company's creditors require an insurance cover to continue supplying on credit. The level of cover depends on the financial health of the company.This is managed by keeping close watch on monthly results and dealing with poor performing lines on a timely basis. Maintaining existing customers is also key to the companies growth and success.
To manage this risk, the company maintains more than one supplier in order to ensure that failure of one supplier will not affect their ability to meet anticipated demand and customer satisfaction for that matter. Also new product lines are being introduced to ensure that poor performance in one line might not have a significant impact on the company.


Village Quality Products Limited (Registered number: 08373109)
Trading as Noble

Strategic Report
for the year ended 31 March 2024

KEY PERFORMANCE INDICATORS
The main performance indicators are the sales and the profit margins. Most products are sold at a fixed margin thereby leading to a positive correlation between sales and profit. All other costs apart from cost of sales are fairly fixed. The directors monitor these on a monthly basis to ensure that poor performers are picked up on time and dealt with. They also ensure that other overheads are within cost limits as their effect on the ability to remain in operational existence and profitability is very critical.

The Key Performance Indicators over the last two years are as follows:

2024 2023
£    £   
Turnover 27,559 30,388
Gross Profit 7,285 6,434
Net Profit before tax 1,147 1,331

The directors believe that other variables of performance indicators are marginal and are not the best indicators of the overall performance, development and position of the company.

COMPANY POLICY ON PAYMENT OF CREDITORS
The policy of the company is to agree terms of payment prior to commencing trade with a supplier and to abide by those terms on a timely submission of invoices.

POLICY ON EMPLOYEES
The company is committed to achieving a working environment which provides equality of opportunity and freedom from unlawful discrimination on the basis of gender, sexual orientation, marital or civil partner status, gender reassignment, race, religion or belief, colour, nationality, ethnic or national origin, disability or age, pregnancy or maternity, trade union membership or the fact that they are part-time workers. The company's Equality and Diversity policy aims to remove unfair and discriminatory practices within the company and to encourage full contribution from its diverse community. The company is committed to actively opposing all forms of discrimination. The company also aims to provide a service that does not discriminate against its clients in the means by which they can access the services supplied by the company. The company believes that the directors, employees and customers are entitled to be treated with respect and dignity.The company's employment policy is to provide equal opportunity to all current and prospective employees without any discrimination. They endeavour to provide a work environment in which all individuals are treated with respect and dignity.

SOCIAL, ENVIRONMENT AND ETHICAL MATTERS
The company believes that by operating in an ethical and social aware manner they will help preserve the environment; that being an integral part of efficient and profitable business management. The directors recognise that success in these areas depends on the involvement and commitment of everyone in the organisation.


Village Quality Products Limited (Registered number: 08373109)
Trading as Noble

Strategic Report
for the year ended 31 March 2024

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

ON BEHALF OF THE BOARD:





Mr S Cagin - Director


12 September 2024

Village Quality Products Limited (Registered number: 08373109)
Trading as Noble

Report of the Directors
for the year ended 31 March 2024

The directors present their report with the financial statements of the company for the year ended 31 March 2024.

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

DIVIDENDS
No dividends will be distributed for the year ended 31 March 2024.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report.

Mr C Agcagul
Mr S Cagin

POLITICAL DONATIONS AND EXPENDITURE
Donations made in the year were not political.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Village Quality Products Limited (Registered number: 08373109)
Trading as Noble

Report of the Directors
for the year ended 31 March 2024


AUDITORS
The auditors, Alton & Co, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr S Cagin - Director


12 September 2024

Report of the Independent Auditors to the Members of
Village Quality Products Limited

Opinion
We have audited the financial statements of Village Quality Products Limited (the 'company') for the year ended 31 March 2024 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Report of the Independent Auditors to the Members of
Village Quality Products Limited


Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Village Quality Products 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, anti bribery regulations and money laundering 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
Village Quality Products Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Altan Kemal FCA FCCA (Senior Statutory Auditor)
for and on behalf of Alton & Co
Chartered Accountants
& Statutory Auditors
239-241 Kennington Lane
London
SE11 5QU

12 September 2024

Village Quality Products Limited (Registered number: 08373109)
Trading as Noble

Income Statement
for the year ended 31 March 2024

2024 2023
Notes £    £   

TURNOVER 27,559,858 30,387,937

Cost of sales 20,275,070 24,044,639
GROSS PROFIT 7,284,788 6,343,298

Administrative expenses 6,827,137 6,051,431
457,651 291,867

Other operating income 714,322 1,040,676
OPERATING PROFIT 4 1,171,973 1,332,543


Interest payable and similar expenses 5 25,199 1,583
PROFIT BEFORE TAXATION 1,146,774 1,330,960

Tax on profit 6 254,945 241,576
PROFIT FOR THE FINANCIAL
YEAR

891,829

1,089,384

Village Quality Products Limited (Registered number: 08373109)
Trading as Noble

Other Comprehensive Income
for the year ended 31 March 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 891,829 1,089,384


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE
INCOME FOR THE YEAR

891,829

1,089,384

Village Quality Products Limited (Registered number: 08373109)
Trading as Noble

Statement of Financial Position
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 7 11,488 4,666
Tangible assets 8 754,122 785,876
765,610 790,542

CURRENT ASSETS
Stocks 9 4,849,075 4,544,935
Debtors 10 6,742,915 5,080,408
Cash at bank and in hand 3,720,677 3,597,788
15,312,667 13,223,131
CREDITORS
Amounts falling due within one year 11 9,329,531 8,156,663
NET CURRENT ASSETS 5,983,136 5,066,468
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,748,746

5,857,010

CREDITORS
Amounts falling due after more than one
year

12

(15,491

)

(2,319

)

PROVISIONS FOR LIABILITIES 15 (178,205 ) (191,470 )
NET ASSETS 6,555,050 5,663,221

Village Quality Products Limited (Registered number: 08373109)
Trading as Noble

Statement of Financial Position - continued
31 March 2024

2024 2023
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 16 1 1
Retained earnings 17 6,555,049 5,663,220
SHAREHOLDERS' FUNDS 6,555,050 5,663,221


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 Quality Products Limited (Registered number: 08373109)
Trading as Noble

Statement of Changes in Equity
for the year ended 31 March 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 April 2022 1 4,573,836 4,573,837

Changes in equity
Total comprehensive income - 1,089,384 1,089,384
Balance at 31 March 2023 1 5,663,220 5,663,221

Changes in equity
Total comprehensive income - 891,829 891,829
Balance at 31 March 2024 1 6,555,049 6,555,050

Village Quality Products Limited (Registered number: 08373109)
Trading as Noble

Statement of Cash Flows
for the year ended 31 March 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 459,222 2,263,176
Interest paid (23,067 ) (756 )
Interest element of hire purchase
payments paid

(2,132

)

(827

)
Tax paid (346,208 ) (63,104 )
Net cash from operating activities 87,815 2,198,489

Cash flows from investing activities
Purchase of intangible fixed assets (8,579 ) (420 )
Purchase of tangible fixed assets (225,532 ) -
Net cash from investing activities (234,111 ) (420 )

Cash flows from financing activities
New loans in year 200,000 -
Capital repayments in year 17,737 (4,639 )
Inter Company balance 52,052 (1,026,386 )
Net cash from financing activities 269,789 (1,031,025 )

Increase in cash and cash equivalents 123,493 1,167,044
Cash and cash equivalents at
beginning of year

2

3,597,184

2,430,140

Cash and cash equivalents at end of
year

2

3,720,677

3,597,184

Village Quality Products Limited (Registered number: 08373109)
Trading as Noble

Notes to the Statement of Cash Flows
for the year ended 31 March 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2024 2023
£    £   
Profit before taxation 1,146,774 1,330,960
Depreciation charges 255,445 264,402
Loss on disposal of fixed assets 3,600 -
Finance costs 25,199 1,583
1,431,018 1,596,945
Increase in stocks (304,140 ) (102,150 )
(Increase)/decrease in trade and other debtors (1,717,108 ) 688,110
Increase in trade and other creditors 1,049,452 80,271
Cash generated from operations 459,222 2,263,176

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 2024
31/3/24 1/4/23
£    £   
Cash and cash equivalents 3,720,677 3,597,788
Bank overdrafts - (604 )
3,720,677 3,597,184
Year ended 31 March 2023
31/3/23 1/4/22
£    £   
Cash and cash equivalents 3,597,788 2,430,140
Bank overdrafts (604 ) -
3,597,184 2,430,140


Village Quality Products Limited (Registered number: 08373109)
Trading as Noble

Notes to the Statement of Cash Flows
for the year ended 31 March 2024

3. ANALYSIS OF CHANGES IN NET FUNDS

At 1/4/23 Cash flow At 31/3/24
£    £    £   
Net cash
Cash at bank and in hand 3,597,788 122,889 3,720,677
Bank overdrafts (604 ) 604 -
3,597,184 123,493 3,720,677
Debt
Finance leases (6,959 ) (17,737 ) (24,696 )
Debts falling due within 1 year - (200,000 ) (200,000 )
(6,959 ) (217,737 ) (224,696 )
Total 3,590,225 (94,244 ) 3,495,981

Village Quality Products Limited (Registered number: 08373109)
Trading as Noble

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

1. STATUTORY INFORMATION

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

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


2. ACCOUNTING POLICIES

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

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

Turnover
Turnover 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. All turnover are derived from sales in the UK.

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.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Short leasehold - straight line over the life of the lease
Plant and machinery - 25% on reducing balance
FF & equipment - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

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

Cost is determined on a first in first out basis. Net realisable value is the selling price less any direct cost to sell.

Village Quality Products Limited (Registered number: 08373109)
Trading as Noble

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

2. ACCOUNTING POLICIES - continued

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 2,955,069 1,980,460
Social security costs 297,978 180,827
Other pension costs 29,577 16,907
3,282,624 2,178,194

Village Quality Products Limited (Registered number: 08373109)
Trading as Noble

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

3. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
2024 2023

Directors 2 2
Administration and finance 2 4
Operations 75 81
79 87

2024 2023
£    £   
Directors' remuneration - -

4. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Hire of plant and machinery 524,332 542,838
Leasing of motor vehicle 604,386 1,045,650
Depreciation - owned assets 243,874 260,968
Depreciation - assets on hire purchase contracts 9,812 2,535
Loss on disposal of fixed assets 3,600 -
Patents and licences amortisation 1,757 899
Auditors' remuneration 18,000 17,000
Taxation advisory services 1,000 1,000
Other non- audit services 17,800 14,913
Foreign exchange differences 10,654 -

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Interest and penalties 23,067 756
Hire purchase interest 2,132 827
25,199 1,583

Village Quality Products Limited (Registered number: 08373109)
Trading as Noble

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

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 268,210 244,834

Deferred tax provision (13,265 ) (3,258 )
Tax on profit 254,945 241,576

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 1,146,774 1,330,960
Profit multiplied by the standard rate of corporation tax in the UK
of 25% (2023 - 19%)

286,694

252,882

Effects of:
Expenses not deductible for tax purposes 3,713 111
Depreciation in excess of capital allowances 994 46,392


Group loss relief (36,456 ) (57,809 )
Total tax charge 254,945 241,576

Village Quality Products Limited (Registered number: 08373109)
Trading as Noble

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

7. INTANGIBLE FIXED ASSETS
Patents
and
licences
£   
COST
At 1 April 2023 8,993
Additions 8,579
At 31 March 2024 17,572
AMORTISATION
At 1 April 2023 4,327
Amortisation for year 1,757
At 31 March 2024 6,084
NET BOOK VALUE
At 31 March 2024 11,488
At 31 March 2023 4,666

8. TANGIBLE FIXED ASSETS
Short Plant and FF &
leasehold machinery equipment
£    £    £   
COST
At 1 April 2023 23,128 1,648,432 14,442
Additions - 157,848 37,720
Disposals - - -
At 31 March 2024 23,128 1,806,280 52,162
DEPRECIATION
At 1 April 2023 20,816 904,266 13,404
Charge for year 2,311 225,503 9,691
Eliminated on disposal - - -
At 31 March 2024 23,127 1,129,769 23,095
NET BOOK VALUE
At 31 March 2024 1 676,511 29,067
At 31 March 2023 2,312 744,166 1,038

Village Quality Products Limited (Registered number: 08373109)
Trading as Noble

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

8. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 April 2023 115,402 5,339 1,806,743
Additions 28,789 1,175 225,532
Disposals (15,170 ) - (15,170 )
At 31 March 2024 129,021 6,514 2,017,105
DEPRECIATION
At 1 April 2023 78,698 3,683 1,020,867
Charge for year 15,473 708 253,686
Eliminated on disposal (11,570 ) - (11,570 )
At 31 March 2024 82,601 4,391 1,262,983
NET BOOK VALUE
At 31 March 2024 46,420 2,123 754,122
At 31 March 2023 36,704 1,656 785,876

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 April 2023 24,035
Additions 28,789
Reclassification/transfer 28,498
At 31 March 2024 81,322
DEPRECIATION
At 1 April 2023 16,430
Charge for year 9,812
Reclassification/transfer 25,645
At 31 March 2024 51,887
NET BOOK VALUE
At 31 March 2024 29,435
At 31 March 2023 7,605

Village Quality Products Limited (Registered number: 08373109)
Trading as Noble

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

9. STOCKS
2024 2023
£    £   
Finished goods 4,849,075 4,544,935

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 5,887,813 4,198,373
Deposits 77,062 86,721
Purchase ledger debit balances 166,450 135,258
Amounts owed by group undertakings 136,860 191,461
VAT 112,443 165,706
Prepayments 362,287 302,889
6,742,915 5,080,408

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 13) - 604
Other loans (see note 13) 200,000 -
Hire purchase contracts (see note 14) 9,205 4,640
Trade creditors 6,570,854 5,553,918
Sales ledger credit bal 44,687 40,577
Amounts owed to group undertakings 2,243,285 2,245,832
Corporation tax payable 145,744 223,742
Social security and other taxes 83,600 61,745
Pension control 5,856 305
Accrued expenses 26,300 25,300
9,329,531 8,156,663

12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 14) 15,491 2,319

Village Quality Products Limited (Registered number: 08373109)
Trading as Noble

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

13. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts - 604
Other loans 200,000 -
200,000 604

14. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Gross obligations repayable:
Within one year 11,358 5,466
Between one and five years 19,406 2,733
30,764 8,199

Finance charges repayable:
Within one year 2,153 826
Between one and five years 3,915 414
6,068 1,240

Net obligations repayable:
Within one year 9,205 4,640
Between one and five years 15,491 2,319
24,696 6,959

Non-cancellable operating leases
2024 2023
£    £   
Within one year 47,751 896,890
Between one and five years 31,152 896,890
78,903 1,793,780

Village Quality Products Limited (Registered number: 08373109)
Trading as Noble

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

15. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax provision 178,205 191,470

Deferred
tax
£   
Balance at 1 April 2023 191,470
Provided during year (13,265 )
Excess capital all. over depre
Balance at 31 March 2024 178,205

16. CALLED UP SHARE CAPITAL

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

17. RESERVES
Retained
earnings
£   

At 1 April 2023 5,663,220
Profit for the year 891,829
At 31 March 2024 6,555,049

18. PARENT COMPANY

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

19. CONTINGENT LIABILITIES

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).

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 - 1,987,478).