IRIS Accounts Production v24.2.0.383 06041452 Board of Directors Board of Directors 1.4.23 31.3.24 31.3.24 true false true true false false false true false Ordinary 1.00000 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REGISTERED NUMBER: 06041452 (England and Wales)


Cyprofood Limited

Strategic Report,

Report of the Directors and

Audited Financial Statements

for the Year Ended 31 March 2024






Cyprofood Limited (Registered number: 06041452)






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


Cyprofood Limited

Company Information
for the year ended 31 March 2024







DIRECTORS: Mr S Cagin
Mr C Agcagul



SECRETARY: Mr S Cagin



REGISTERED OFFICE: Unit A1-A3,A6
Brantwood Industrial Estate
Brantwood Road
London
N17 0DX



REGISTERED NUMBER: 06041452 (England and Wales)



SENIOR STATUTORY
AUDITOR:
Altan Kemal FCA FCCA



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

Cyprofood Limited (Registered number: 06041452)

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 was a significant increase in the company's turnover compared with last year mainly due to the company's performance improvement drive and increasing the product lines. Profitability over the period has been in line with expectations.The directors expect this trend of growth in sales to continue leading to an increase in profit in the future. Cyprofood 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 consignment. Most of the purchases are on consignment and the consignors require an insurance cover to continue supplying on consignment. 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.
Furthermore, the company's products include fresh and perishable items and stock levels for these items are low. Therefore, they depend on the reliability of the suppliers to meet their orders at short notice to prevent stock out and the resulting loss of sales and customers.
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.


Cyprofood Limited (Registered number: 06041452)

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 an agreed 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 42,213 26,218
Gross Profit 8,325 4,997
Net Profit before tax 1,121 257

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.

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.


Cyprofood Limited (Registered number: 06041452)

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

Cyprofood Limited (Registered number: 06041452)

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 fruit,vegetables and other 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 S Cagin
Mr C Agcagul

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.

Cyprofood Limited (Registered number: 06041452)

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
Cyprofood Limited

Opinion
We have audited the financial statements of Cyprofood 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
Cyprofood 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
Cyprofood 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 and anti bribery 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
Cyprofood 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

Cyprofood Limited (Registered number: 06041452)

Income Statement
for the year ended 31 March 2024

2024 2023
Notes £    £   

REVENUE 42,212,830 26,218,095

Cost of sales 33,888,256 21,221,258
GROSS PROFIT 8,324,574 4,996,837

Administrative expenses 7,548,773 4,779,988
775,801 216,849

Other operating income 404,327 87,457
OPERATING PROFIT 5 1,180,128 304,306


Interest payable and similar expenses 6 58,736 46,881
PROFIT BEFORE TAXATION 1,121,392 257,425

Tax on profit 7 283,912 99,161
PROFIT FOR THE FINANCIAL
YEAR

837,480

158,264

Cyprofood Limited (Registered number: 06041452)

Other Comprehensive Income
for the year ended 31 March 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 837,480 158,264


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE
INCOME FOR THE YEAR

837,480

158,264

Cyprofood Limited (Registered number: 06041452)

Statement of Financial Position
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 8 148 185
Property, plant and equipment 9 845,056 889,852
Investments 10 1,000 1,000
846,204 891,037

CURRENT ASSETS
Inventories 11 3,877,273 4,104,568
Debtors 12 8,418,501 5,052,363
Cash at bank and in hand 2,854,403 2,349,375
15,150,177 11,506,306
CREDITORS
Amounts falling due within one year 13 9,865,845 6,979,248
NET CURRENT ASSETS 5,284,332 4,527,058
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,130,536

5,418,095

CREDITORS
Amounts falling due after more than one
year

14

(318,452

)

(430,335

)

PROVISIONS FOR LIABILITIES 18 (194,726 ) (207,882 )
NET ASSETS 5,617,358 4,779,878

Cyprofood Limited (Registered number: 06041452)

Statement of Financial Position - continued
31 March 2024

2024 2023
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 19 200,000 200,000
Retained earnings 20 5,417,358 4,579,878
SHAREHOLDERS' FUNDS 5,617,358 4,779,878


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


Cyprofood Limited (Registered number: 06041452)

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 200,000 4,421,614 4,621,614

Changes in equity
Total comprehensive income - 158,264 158,264
Balance at 31 March 2023 200,000 4,579,878 4,779,878

Changes in equity
Total comprehensive income - 837,480 837,480
Balance at 31 March 2024 200,000 5,417,358 5,617,358

Cyprofood Limited (Registered number: 06041452)

Statement of Cash Flows
for the year ended 31 March 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,360,484 (1,987,477 )
Interest paid (37,590 ) (32,238 )
Interest element of hire purchase
payments paid

(21,146

)

(14,643

)
Net cash from operating activities 1,301,748 (2,034,358 )

Cash flows from investing activities
Purchase of tangible fixed assets (234,339 ) (539,961 )
Net cash from investing activities (234,339 ) (539,961 )

Cash flows from financing activities
Capital repayments in year (107,776 ) 560,794
Movement in inter company balances (1,460,300 ) 469,621
Net cash from financing activities (1,568,076 ) 1,030,415

Decrease in cash and cash equivalents (500,667 ) (1,543,904 )
Cash and cash equivalents at
beginning of year

2

356,645

1,900,549

Cash and cash equivalents at end of
year

2

(144,022

)

356,645

Cyprofood Limited (Registered number: 06041452)

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 1,121,392 257,425
Depreciation charges 279,172 292,416
Finance costs 58,736 46,881
1,459,300 596,722
Decrease/(increase) in inventories 227,295 (3,466,149 )
Increase in trade and other debtors (1,809,175 ) (838,646 )
Increase in trade and other creditors 1,483,064 1,720,596
Cash generated from operations 1,360,484 (1,987,477 )

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 2,854,403 2,349,375
Bank overdrafts (2,998,425 ) (1,992,730 )
(144,022 ) 356,645
Year ended 31 March 2023
31/3/23 1/4/22
£    £   
Cash and cash equivalents 2,349,375 1,909,144
Bank overdrafts (1,992,730 ) (8,595 )
356,645 1,900,549


Cyprofood Limited (Registered number: 06041452)

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

3. ANALYSIS OF CHANGES IN NET DEBT

At 1/4/23 Cash flow At 31/3/24
£    £    £   
Net cash
Cash at bank and in hand 2,349,375 505,028 2,854,403
Bank overdrafts (1,992,730 ) (1,005,695 ) (2,998,425 )
356,645 (500,667 ) (144,022 )
Debt
Finance leases (560,794 ) 107,776 (453,018 )
(560,794 ) 107,776 (453,018 )
Total (204,149 ) (392,891 ) (597,040 )

Cyprofood Limited (Registered number: 06041452)

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

1. STATUTORY INFORMATION

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

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 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

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Cyprofood Limited (Registered number: 06041452)

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

2. ACCOUNTING POLICIES - continued

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

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.

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.

Cyprofood Limited (Registered number: 06041452)

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

3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 2,948,590 1,687,747
Social security costs 271,359 149,516
Other pension costs 70,719 13,716
3,290,668 1,850,979

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

Directors 2 2
Administration & finance 2 4
Operations 91 96
95 102

4. DIRECTORS' EMOLUMENTS
2024 2023
£    £   
Directors' remuneration - -

5. OPERATING PROFIT

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

2024 2023
£    £   
Hire of plant and machinery 242,838 138,619
Leasing of motor vehicle 1,547,606 624,261
Depreciation - owned assets 273,538 170,074
Depreciation - assets on hire purchase contracts 5,597 122,305
Patents and licences amortisation 37 37
Auditors' remuneration 19,000 17,000
Taxation advisory services 1,000 1,000
Other non- audit services 21,630 21,476
Foreign exchange differences (6,626 ) (981 )

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank loan interest 30,000 32,156
Interest and penalties 7,590 82
Hire purchase interest 21,146 14,643
58,736 46,881

Cyprofood Limited (Registered number: 06041452)

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

7. 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 297,068 -

Deferred tax provision (13,156 ) 99,161
Tax on profit 283,912 99,161

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:

2024 2023
£    £   
Profit before tax 1,121,392 257,425
Profit multiplied by the standard rate of corporation tax in the UK
of 25% (2023 - 19%)

280,348

48,911

Effects of:
Expenses not deductible for tax purposes 2,303 2,019
Depreciation in excess of capital allowances 1,261 48,231
adjustment


Total tax charge 283,912 99,161

Cyprofood Limited (Registered number: 06041452)

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

8. INTANGIBLE FIXED ASSETS
Patents
and
licences
£   
COST
At 1 April 2023
and 31 March 2024 370
AMORTISATION
At 1 April 2023 185
Amortisation for year 37
At 31 March 2024 222
NET BOOK VALUE
At 31 March 2024 148
At 31 March 2023 185

9. PROPERTY, PLANT AND EQUIPMENT
Short Plant and FF &
leasehold machinery equipment
£    £    £   
COST
At 1 April 2023 50,455 1,078,589 509,511
Additions - 140,388 -
At 31 March 2024 50,455 1,218,977 509,511
DEPRECIATION
At 1 April 2023 22,590 578,134 182,621
Charge for year 5,045 160,211 81,723
At 31 March 2024 27,635 738,345 264,344
NET BOOK VALUE
At 31 March 2024 22,820 480,632 245,167
At 31 March 2023 27,865 500,455 326,890

Cyprofood Limited (Registered number: 06041452)

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

9. PROPERTY, PLANT AND EQUIPMENT - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 April 2023 51,250 52,638 1,742,443
Additions 22,387 71,564 234,339
At 31 March 2024 73,637 124,202 1,976,782
DEPRECIATION
At 1 April 2023 39,088 30,158 852,591
Charge for year 8,637 23,519 279,135
At 31 March 2024 47,725 53,677 1,131,726
NET BOOK VALUE
At 31 March 2024 25,912 70,525 845,056
At 31 March 2023 12,162 22,480 889,852

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 April 2023 652,293 - 652,293
Additions - 22,387 22,387
At 31 March 2024 652,293 22,387 674,680
DEPRECIATION
At 1 April 2023 285,378 - 285,378
Charge for year - 5,597 5,597
At 31 March 2024 285,378 5,597 290,975
NET BOOK VALUE
At 31 March 2024 366,915 16,790 383,705
At 31 March 2023 366,915 - 366,915

Cyprofood Limited (Registered number: 06041452)

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

10. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 April 2023
and 31 March 2024 1,000
NET BOOK VALUE
At 31 March 2024 1,000
At 31 March 2023 1,000

Fixed assets investments recorded at cost of £1,000, represents Cyprofood Ltd 55% interest in AVA Produce Limited. At 31 March 2024 the directors estimated the fair value of the investment based on their share of the net book value of AVA Produce Ltd to be £2,966,678 (2023 - £2,804,572). This company has been included in the consolidated accounts of Masca Holdings Ltd the parent company of the group and the owner of the remaining 45% shares.

11. INVENTORIES
2024 2023
£    £   
Finished goods 3,877,273 4,104,568

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 3,032,603 1,355,935
Purchase ledger debit balances 70,075 -
Rent deposit 110,682 64,640
Amounts owed by group undertakings 4,654,455 3,097,492
VAT 156,429 109,597
Prepayments 394,257 424,699
8,418,501 5,052,363

Cyprofood Limited (Registered number: 06041452)

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

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 15) 2,998,425 1,992,730
Hire purchase contracts (see note 16) 134,566 130,459
Trade creditors 4,799,612 3,332,756
Sales ledger credit bal 6,674 -
Amounts owed to group undertakings 1,538,247 1,441,584
Corporation tax payable 297,068 -
Social security and other taxes 61,314 51,091
Pension control 6,439 2,498
Accruals and deferred income - 2,430
Accrued expenses 23,500 25,700
9,865,845 6,979,248

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 16) 318,452 430,335

15. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 2,998,425 1,992,730

Cyprofood Limited (Registered number: 06041452)

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

16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Gross obligations repayable:
Within one year 156,816 150,501
Between one and five years 369,927 496,517
526,743 647,018

Finance charges repayable:
Within one year 22,250 20,042
Between one and five years 51,475 66,182
73,725 86,224

Net obligations repayable:
Within one year 134,566 130,459
Between one and five years 318,452 430,335
453,018 560,794

Non-cancellable operating leases
2024 2023
£    £   
Within one year 627,281 636,418
Between one and five years 2,242,725 1,881,544
In more than five years 249,000 249,000
3,119,006 2,766,962

17. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdrafts 2,998,425 1,992,730

Bank overdraft are secured by way of a fixed and floating charge over the assets of the company and a cross guarantee on all the assets of Masca holding Limited and its subsidiaries.

Cyprofood Limited (Registered number: 06041452)

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

18. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax provision 194,726 207,882

Deferred
tax
£   
Balance at 1 April 2023 207,882
Credit to Income Statement during year (13,156 )
Excess capital allowance
Balance at 31 March 2024 194,726

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
200,000 Ordinary £1 200,000 200,000

20. RESERVES
Retained
earnings
£   

At 1 April 2023 4,579,878
Profit for the year 837,480
At 31 March 2024 5,417,358

21. ULTIMATE PARENT COMPANY

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

22. 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 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).