IRIS Accounts Production v24.2.0.383 07424791 Board of Directors Board of Directors 1.4.23 31.3.24 31.3.24 12/9/24 false true false false false true false Auditors Opinion Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh074247912023-03-31074247912024-03-31074247912023-04-012024-03-31074247912022-03-31074247912022-04-012023-03-31074247912023-03-3107424791ns15:EnglandWales2023-04-012024-03-3107424791ns14:PoundSterling2023-04-012024-03-3107424791ns10:Director12023-04-012024-03-3107424791ns10:Director22023-04-012024-03-3107424791ns10:PrivateLimitedCompanyLtd2023-04-012024-03-3107424791ns10:SmallEntities2023-04-012024-03-3107424791ns10:Audited2023-04-012024-03-3107424791ns10:SmallCompaniesRegimeForDirectorsReport2023-04-012024-03-3107424791ns10:SmallCompaniesRegimeForAccounts2023-04-012024-03-3107424791ns10:AbridgedAccounts2023-04-012024-03-310742479112023-04-012024-03-3107424791ns10:OrdinaryShareClass12023-04-012024-03-3107424791ns10:RegisteredOffice2023-04-012024-03-3107424791ns5:CurrentFinancialInstruments2024-03-3107424791ns5:CurrentFinancialInstruments2023-03-3107424791ns5:ShareCapital2024-03-3107424791ns5:ShareCapital2023-03-3107424791ns5:RetainedEarningsAccumulatedLosses2024-03-3107424791ns5:RetainedEarningsAccumulatedLosses2023-03-3107424791ns5:IntangibleAssetsOtherThanGoodwill2023-04-012024-03-3107424791ns5:PatentsTrademarksLicencesConcessionsSimilar2023-04-012024-03-3107424791ns5:PlantMachinery2023-04-012024-03-3107424791ns5:ComputerEquipment2023-04-012024-03-3107424791ns5:IntangibleAssetsOtherThanGoodwill2023-03-3107424791ns5:IntangibleAssetsOtherThanGoodwill2024-03-3107424791ns5:IntangibleAssetsOtherThanGoodwill2023-03-3107424791ns5:PlantMachinery2023-03-3107424791ns5:ComputerEquipment2023-03-3107424791ns5:PlantMachinery2024-03-3107424791ns5:ComputerEquipment2024-03-3107424791ns5:PlantMachinery2023-03-3107424791ns5:ComputerEquipment2023-03-3107424791ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-03-3107424791ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-3107424791ns5:WithinOneYear2024-03-3107424791ns5:WithinOneYear2023-03-3107424791ns5:BetweenOneFiveYears2024-03-3107424791ns5:BetweenOneFiveYears2023-03-3107424791ns5:AllPeriods2024-03-3107424791ns5:AllPeriods2023-03-3107424791ns5:DeferredTaxation2023-03-3107424791ns5:DeferredTaxation2023-04-012024-03-3107424791ns5:DeferredTaxation2024-03-3107424791ns10:OrdinaryShareClass12024-03-3107424791ns5:RetainedEarningsAccumulatedLosses2023-03-3107424791ns5:RetainedEarningsAccumulatedLosses2023-04-012024-03-31
REGISTERED NUMBER: 07424791 (England and Wales)


AVA Produce Limited

Abridged Audited Financial Statements

for the Year Ended 31 March 2024






AVA Produce Limited (Registered number: 07424791)






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 4


AVA Produce Limited

Company Information
for the year ended 31 March 2024







DIRECTORS: Mr S Cagin
Mr C Agcagul



REGISTERED OFFICE: Unit 2
The Britannia Centre
Lenthall Road
Loughton
IG10 3SQ



REGISTERED NUMBER: 07424791 (England and Wales)



SENIOR STATUTORY
AUDITOR:
Altan Kemal FCA FCCA



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

AVA Produce Limited (Registered number: 07424791)

Statement of Financial Position
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 287 328
Property, plant and equipment 5 2,188 2,918
2,475 3,246

CURRENT ASSETS
Inventories 6 157,899 106,338
Debtors 7 3,827,855 2,940,537
Cash at bank and in hand 29,367 24,403
4,015,121 3,071,278
CREDITORS
Amounts falling due within one year 8 1,050,918 269,222
NET CURRENT ASSETS 2,964,203 2,802,056
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,966,678

2,805,302

PROVISIONS FOR LIABILITIES 10 548 730
NET ASSETS 2,966,130 2,804,572

CAPITAL AND RESERVES
Called up share capital 11 100 100
Retained earnings 12 2,966,030 2,804,472
SHAREHOLDERS' FUNDS 2,966,130 2,804,572

AVA Produce Limited (Registered number: 07424791)

Statement of Financial Position - continued
31 March 2024


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

All the members have consented to the preparation of an abridged Income Statement for the year ended 31 March 2024 in accordance with Section 444(2A) of the Companies Act 2006.

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


AVA Produce Limited (Registered number: 07424791)

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

1. STATUTORY INFORMATION

AVA Produce 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 customers take delivery of their goods and is derived from the ordinary activities of the business.

The accrual model is used in recognition of grants where grants are matched against the expenditure it is compensating for.

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.
Plant and machinery - 25% on reducing balance
Computer equipment - 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.

Cost is on first in first out basis. Net realisable value is the sales value of the stock less any additional cost to sell.

AVA Produce Limited (Registered number: 07424791)

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
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 2 (2023 - 2 ) .

AVA Produce Limited (Registered number: 07424791)

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

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 April 2023
and 31 March 2024 410
AMORTISATION
At 1 April 2023 82
Charge for year 41
At 31 March 2024 123
NET BOOK VALUE
At 31 March 2024 287
At 31 March 2023 328

5. PROPERTY, PLANT AND EQUIPMENT
Plant and Computer
machinery equipment Totals
£    £    £   
COST
At 1 April 2023
and 31 March 2024 500 6,065 6,565
DEPRECIATION
At 1 April 2023 219 3,428 3,647
Charge for year 71 659 730
At 31 March 2024 290 4,087 4,377
NET BOOK VALUE
At 31 March 2024 210 1,978 2,188
At 31 March 2023 281 2,637 2,918

6. INVENTORIES
2024 2023
£    £   
Finished goods 157,899 106,338

AVA Produce Limited (Registered number: 07424791)

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

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,965,577 520,090
Amounts owed by group undertakings 1,849,222 2,323,822
VAT 13,056 18,352
Prepayments and accrued income - 78,273
3,827,855 2,940,537

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 462,956 208,204
Amounts owed to group undertakings 539,500 -
Corporation tax payable 36,059 19,342
Social security and other taxes 3,509 9,267
Pension control 294 -
Accrued expenses 8,600 32,409
1,050,918 269,222

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 2,726 4,736
Between one and five years 2,726 4,736
5,452 9,472

10. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax provision 548 730

Deferred
tax
£   
Balance at 1 April 2023 730
Credit to Income Statement during year (182 )
Timing diff. cap. all. & depr.
Balance at 31 March 2024 548

AVA Produce Limited (Registered number: 07424791)

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

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100

12. RESERVES
Retained
earnings
£   

At 1 April 2023 2,804,472
Profit for the year 161,558
At 31 March 2024 2,966,030

13. 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

14. 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).

15. PARENT COMPANY

The controlling party is Cyprofood Limited.

The ultimate controlling party is Masca Holding Limited.