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REGISTERED NUMBER: 05714223 (England and Wales)


Kervan Sofrasi Limited

Group Strategic Report,

Report of the Directors and

Audited

Consolidated Financial Statements

for the Year Ended 31 March 2024






Kervan Sofrasi Limited (Registered number: 05714223)






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




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Consolidated Income Statement 10

Consolidated Other Comprehensive Income 11

Consolidated Statement of Financial Position 12

Company Statement of Financial Position 14

Consolidated Statement of Changes in Equity 16

Company Statement of Changes in Equity 17

Consolidated Statement of Cash Flows 18

Notes to the Consolidated Statement of Cash Flows 19

Notes to the Consolidated Financial Statements 21


Kervan Sofrasi Limited

Company Information
for the year ended 31 March 2024







DIRECTORS: Mr E Aksu
Mr O Aksu





REGISTERED OFFICE: 239-241 Kennington Lane
London
SE11 5QU





REGISTERED NUMBER: 05714223 (England and Wales)





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

Kervan Sofrasi Limited (Registered number: 05714223)

Group Strategic Report
for the year ended 31 March 2024

The directors present their strategic report of the company and the group for the year ended 31 March 2024.

Kervan Sofrasi Ltd is the parent company of a group that has been operating as a restaurant from various sites in London since 2009. The company has been growing steadily since formation and the directors expect this trend to continue for the foreseeable future.

REVIEW OF BUSINESS
Turnover for the current year increased slightly compared to that of last year. The gross profit margin was also slightly higher than that of last year; however, net profit for the year was slightly lower than that of last year mainly due to steps being taken to improve customer experience and the expected impact on turnover and profitability in the future. The company had been growing steadily in the past decade and the directors are of the opinion that this trend in growth will continue for the foreseeable future. Measures have been put in place to enable the company to continue growing in the future and increase gross margins and the resultant effect on profit. The company's main strategy is to ensure customers are satisfied with the service they receive in addition to receiving a high standard of food.

PRINCIPAL RISKS AND UNCERTAINTIES
The main risks and uncertainty of Kervan Sofrasi Ltd is their ability to maintain their reputation and customers. They work very hard to prevent any damages to their reputation and a loss of their customers. Food quality and a great customer experience is key to maintaining their existing customer base and attracting new customers too.
To manage these risks the company ensures that quality produce is sourced from reliable suppliers and that their staff are trained regularly to ensure each customer's experience is excellent.

KEY PERFORMANCE INDICATORS
The main performance indicators are the sales and the profit margins. All other costs apart from cost of sales are fairly fixed. The directors monitor these on a monthly basis to ensure that all cost are kept within expectation. Exceptions are picked up in time and addressed to ensure that overheads are within 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 13,014 12,277
Gross Profit 7,001 6,711
Net Profit before tax 1,695 1,997

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.


Kervan Sofrasi Limited (Registered number: 05714223)

Group Strategic Report
for the year ended 31 March 2024

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.

FUTURE DEVELOPMENT
The directors expect a growth in sales in the future as the company continues to maintain its brand reputation and increasing its customer base.

ON BEHALF OF THE BOARD:





Mr E Aksu - Director


17 October 2024

Kervan Sofrasi Limited (Registered number: 05714223)

Report of the Directors
for the year ended 31 March 2024

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

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of a restaurant.

DIVIDENDS
An interim dividend of £2,000 per share was paid on 6 April 2023. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 March 2024 will be £ 200,000 .

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 E Aksu
Mr O Aksu

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group'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 group's auditors are aware of that information.

Kervan Sofrasi Limited (Registered number: 05714223)

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 E Aksu - Director


17 October 2024

Report of the Independent Auditors to the Members of
Kervan Sofrasi Limited

Opinion
We have audited the financial statements of Kervan Sofrasi Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated 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 group's and of the parent company affairs as at 31 March 2024 and of the group's 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 group 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 group's and the parent 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 Group 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
Kervan Sofrasi 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 Group 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 Group 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company 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 four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Kervan Sofrasi 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, money laundering 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
Kervan Sofrasi 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

17 October 2024

Kervan Sofrasi Limited (Registered number: 05714223)

Consolidated
Income Statement
for the year ended 31 March 2024

2024 2023
Notes £    £   

REVENUE 13,014,559 12,277,298

Cost of sales 6,012,773 5,565,946
GROSS PROFIT 7,001,786 6,711,352

Administrative expenses 5,240,709 4,617,272
1,761,077 2,094,080

Other operating income 114,626 48,711
OPERATING PROFIT 4 1,875,703 2,142,791

Interest receivable and similar income 4,257 -
1,879,960 2,142,791

Interest payable and similar expenses 5 184,420 145,314
PROFIT BEFORE TAXATION 1,695,540 1,997,477

Tax on profit 6 428,903 416,733
PROFIT FOR THE FINANCIAL YEAR 1,266,637 1,580,744
Profit attributable to:
Owners of the parent 1,266,637 1,580,744

Kervan Sofrasi Limited (Registered number: 05714223)

Consolidated
Other Comprehensive Income
for the year ended 31 March 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 1,266,637 1,580,744


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,266,637

1,580,744

Total comprehensive income attributable to:
Owners of the parent 1,266,637 1,580,744

Kervan Sofrasi Limited (Registered number: 05714223)

Consolidated Statement of Financial Position
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 284 10,474
Property, plant and equipment 10 6,784,324 6,796,177
Investments 11 - -
Investment property 12 50,000 -
6,834,608 6,806,651

CURRENT ASSETS
Inventories 13 297,567 219,266
Debtors 14 1,660,455 1,661,870
Cash at bank and in hand 2,109,781 1,294,494
4,067,803 3,175,630
CREDITORS
Amounts falling due within one year 15 1,167,957 1,047,245
NET CURRENT ASSETS 2,899,846 2,128,385
TOTAL ASSETS LESS CURRENT
LIABILITIES

9,734,454

8,935,036

CREDITORS
Amounts falling due after more than one
year

16

(2,670,322

)

(2,937,745

)

PROVISIONS FOR LIABILITIES 20 (274,116 ) (273,912 )
NET ASSETS 6,790,016 5,723,379

Kervan Sofrasi Limited (Registered number: 05714223)

Consolidated Statement of Financial Position - continued
31 March 2024

2024 2023
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 21 100 100
Retained earnings 22 6,789,916 5,723,279
SHAREHOLDERS' FUNDS 6,790,016 5,723,379


The financial statements were approved by the Board of Directors and authorised for issue on 17 October 2024 and were signed on its behalf by:




Mr E Aksu - Director



Mr O Aksu - Director


Kervan Sofrasi Limited (Registered number: 05714223)

Company Statement of Financial Position
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 284 474
Property, plant and equipment 10 6,020,431 6,127,479
Investments 11 1,197,000 1,197,000
Investment property 12 - -
7,217,715 7,324,953

CURRENT ASSETS
Inventories 13 218,712 124,883
Debtors 14 505,995 513,200
Cash at bank and in hand 1,073,124 708,090
1,797,831 1,346,173
CREDITORS
Amounts falling due within one year 15 1,179,236 1,042,543
NET CURRENT ASSETS 618,595 303,630
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,836,310

7,628,583

CREDITORS
Amounts falling due after more than one
year

16

(2,670,322

)

(2,934,456

)

PROVISIONS FOR LIABILITIES 20 (173,812 ) (170,360 )
NET ASSETS 4,992,176 4,523,767

Kervan Sofrasi Limited (Registered number: 05714223)

Company Statement of Financial Position - continued
31 March 2024

2024 2023
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 21 100 100
Retained earnings 22 4,992,076 4,523,667
SHAREHOLDERS' FUNDS 4,992,176 4,523,767

Company's profit for the financial year 668,409 905,305


The financial statements were approved by the Board of Directors and authorised for issue on 17 October 2024 and were signed on its behalf by:




Mr E Aksu - Director



Mr O Aksu - Director


Kervan Sofrasi Limited (Registered number: 05714223)

Consolidated 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 100 4,342,535 4,342,635

Changes in equity
Dividends - (200,000 ) (200,000 )
Total comprehensive income - 1,580,744 1,580,744
Balance at 31 March 2023 100 5,723,279 5,723,379

Changes in equity
Dividends - (200,000 ) (200,000 )
Total comprehensive income - 1,266,637 1,266,637
Balance at 31 March 2024 100 6,789,916 6,790,016

Kervan Sofrasi Limited (Registered number: 05714223)

Company 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 100 3,818,362 3,818,462

Changes in equity
Dividends - (200,000 ) (200,000 )
Total comprehensive income - 905,305 905,305
Balance at 31 March 2023 100 4,523,667 4,523,767

Changes in equity
Dividends - (200,000 ) (200,000 )
Total comprehensive income - 668,409 668,409
Balance at 31 March 2024 100 4,992,076 4,992,176

Kervan Sofrasi Limited (Registered number: 05714223)

Consolidated Statement of Cash Flows
for the year ended 31 March 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,286,512 1,689,864
Interest paid (184,420 ) (138,855 )
Interest element of hire purchase or finance
lease rental payments paid

-

(6,459

)
Tax paid (189,098 ) (897,116 )
Net cash from operating activities 1,912,994 647,434

Cash flows from investing activities
Purchase of tangible fixed assets (518,505 ) (2,732,828 )
Purchase of investment property (50,000 ) -
Interest received 4,257 -
Net cash from investing activities (564,248 ) (2,732,828 )

Cash flows from financing activities
New loans in year - 1,235,000
Loan repayments in year (332,781 ) (326,523 )
Capital repayments in year - (38,301 )
Amount withdrawn by directors (678 ) 738
Equity dividends paid (200,000 ) (200,000 )
Net cash from financing activities (533,459 ) 670,914

Increase/(decrease) in cash and cash equivalents 815,287 (1,414,480 )
Cash and cash equivalents at beginning of
year

2

1,294,494

2,708,974

Cash and cash equivalents at end of year 2 2,109,781 1,294,494

Kervan Sofrasi Limited (Registered number: 05714223)

Notes to the Consolidated 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 1,695,540 1,997,477
Depreciation charges 540,548 557,878
Finance costs 184,420 145,314
Finance income (4,257 ) -
2,416,251 2,700,669
Increase in inventories (78,301 ) (49,779 )
Increase in trade and other debtors (27,288 ) (1,160,199 )
(Decrease)/increase in trade and other creditors (24,150 ) 199,173
Cash generated from operations 2,286,512 1,689,864

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 2,109,781 1,294,494
Year ended 31 March 2023
31/3/23 1/4/22
£    £   
Cash and cash equivalents 1,294,494 2,708,974


Kervan Sofrasi Limited (Registered number: 05714223)

Notes to the Consolidated 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 1,294,494 815,287 2,109,781
1,294,494 815,287 2,109,781
Debt
Debts falling due within 1 year (344,446 ) 65,357 (279,089 )
Debts falling due after 1 year (2,937,745 ) 267,423 (2,670,322 )
(3,282,191 ) 332,780 (2,949,411 )
Total (1,987,697 ) 1,148,067 (839,630 )

Kervan Sofrasi Limited (Registered number: 05714223)

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

1. STATUTORY INFORMATION

Kervan Sofrasi 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 General 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.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

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 generated from the ordinary activities of the business and is recognised when customers take delivery of the goods.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2019, is being amortised evenly over its estimated useful life of five years.

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 five 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.
Freehold property - 2% on cost
Short leasehold - straight line over the life of the lease
Improvements to property - 10% on reducing balance
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance

Kervan Sofrasi Limited (Registered number: 05714223)

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

2. ACCOUNTING POLICIES - continued

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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

Cost of stocks are valued using the first in first out stock valuation method. Net realisable value is the estimated selling price less cost to sell.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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 group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Kervan Sofrasi Limited (Registered number: 05714223)

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

3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 1,933,536 1,860,760
Social security costs 65,020 61,298
Other pension costs 21,242 18,320
2,019,798 1,940,378

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

Director 2 2
Accounts, management and operations 170 171
172 173

2024 2023
£    £   
Directors' remuneration 28,800 28,800

4. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Hire of plant and machinery 371 -
Other operating leases 183,717 211,342
Depreciation - owned assets 488,778 547,687
Depreciation - assets on hire purchase contracts or finance leases 41,580 -
Goodwill amortisation 10,000 10,000
Patents and licences amortisation 190 190
Auditors' remuneration 14,182 14,000
Taxation compliance services 14,680 15,715
Other non- audit services 23,376 22,736
Foreign exchange differences 39 286

Kervan Sofrasi Limited (Registered number: 05714223)

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

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank loan interest 183,279 126,230
Interest and penalties 1,141 -
Loan - 12,625
Hire purchase - 6,459
184,420 145,314

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 428,698 316,182

Deferred tax 205 100,551
Tax on profit 428,903 416,733

7. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


8. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £1 each
Interim 200,000 200,000

Kervan Sofrasi Limited (Registered number: 05714223)

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

9. INTANGIBLE FIXED ASSETS

Group
Patents
and
Goodwill licences Totals
£    £    £   
COST
At 1 April 2023
and 31 March 2024 54,850 948 55,798
AMORTISATION
At 1 April 2023 44,850 474 45,324
Amortisation for year 10,000 190 10,190
At 31 March 2024 54,850 664 55,514
NET BOOK VALUE
At 31 March 2024 - 284 284
At 31 March 2023 10,000 474 10,474

Company
Patents
and
Goodwill licences Totals
£    £    £   
COST
At 1 April 2023
and 31 March 2024 4,850 948 5,798
AMORTISATION
At 1 April 2023 4,850 474 5,324
Amortisation for year - 190 190
At 31 March 2024 4,850 664 5,514
NET BOOK VALUE
At 31 March 2024 - 284 284
At 31 March 2023 - 474 474

Kervan Sofrasi Limited (Registered number: 05714223)

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

10. PROPERTY, PLANT AND EQUIPMENT

Group
Improvements
Freehold Short to
property leasehold property
£    £    £   
COST
At 1 April 2023 4,609,821 50,636 1,799,240
Additions - - -
At 31 March 2024 4,609,821 50,636 1,799,240
DEPRECIATION
At 1 April 2023 85,331 31,688 659,296
Charge for year 27,659 1,700 93,175
At 31 March 2024 112,990 33,388 752,471
NET BOOK VALUE
At 31 March 2024 4,496,831 17,248 1,046,769
At 31 March 2023 4,524,490 18,948 1,139,944

Fixtures
Plant and and
machinery fittings Totals
£    £    £   
COST
At 1 April 2023 569,481 2,485,567 9,514,745
Additions 46,658 471,847 518,505
At 31 March 2024 616,139 2,957,414 10,033,250
DEPRECIATION
At 1 April 2023 454,574 1,487,679 2,718,568
Charge for year 40,391 367,433 530,358
At 31 March 2024 494,965 1,855,112 3,248,926
NET BOOK VALUE
At 31 March 2024 121,174 1,102,302 6,784,324
At 31 March 2023 114,907 997,888 6,796,177

Kervan Sofrasi Limited (Registered number: 05714223)

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

10. PROPERTY, PLANT AND EQUIPMENT - continued

Group

Fixed assets, included in the above, which are held under hire purchase contracts or finance leases are as follows:
Fixtures
and
fittings
£   
COST
At 1 April 2023
and 31 March 2024 127,864
DEPRECIATION
At 1 April 2023 55,941
Charge for year 41,580
At 31 March 2024 97,521
NET BOOK VALUE
At 31 March 2024 30,343
At 31 March 2023 71,923

Company
Improvements
Freehold Short to
property leasehold property
£    £    £   
COST
At 1 April 2023 4,609,821 22,968 1,346,579
Additions - - -
At 31 March 2024 4,609,821 22,968 1,346,579
DEPRECIATION
At 1 April 2023 85,331 22,968 438,030
Charge for year 27,659 - 90,855
At 31 March 2024 112,990 22,968 528,885
NET BOOK VALUE
At 31 March 2024 4,496,831 - 817,694
At 31 March 2023 4,524,490 - 908,549

Kervan Sofrasi Limited (Registered number: 05714223)

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

10. PROPERTY, PLANT AND EQUIPMENT - continued

Company

Fixtures
Plant and and
machinery fittings Totals
£    £    £   
COST
At 1 April 2023 316,907 1,381,225 7,677,500
Additions 21,453 225,314 246,767
At 31 March 2024 338,360 1,606,539 7,924,267
DEPRECIATION
At 1 April 2023 245,007 758,685 1,550,021
Charge for year 23,338 211,963 353,815
At 31 March 2024 268,345 970,648 1,903,836
NET BOOK VALUE
At 31 March 2024 70,015 635,891 6,020,431
At 31 March 2023 71,900 622,540 6,127,479

Included in cost of land and buildings is freehold land of £ 3,226,875 (2023 - £ 3,226,875 ) which is not depreciated.

11. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 April 2023
and 31 March 2024 1,197,000
NET BOOK VALUE
At 31 March 2024 1,197,000
At 31 March 2023 1,197,000

Kervan Sofrasi Limited (Registered number: 05714223)

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

11. FIXED ASSET INVESTMENTS - continued

The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Subsidiary

Sunshine Kebabs UK Limited
Registered office: 239-241 Kennington Lane, London SE11 5QU
Nature of business: Restaurant and take away
%
Class of shares: holding
Ordinary 100.00


12. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
Additions 50,000
At 31 March 2024 50,000
NET BOOK VALUE
At 31 March 2024 50,000

The directors have assessed the value of the property at 31 March 2024 and considers this to be the appropriate value of the investment property.

13. STOCKS

Group Company
2024 2023 2024 2023
£    £    £    £   
Finished goods 297,567 219,266 218,712 124,883

Kervan Sofrasi Limited (Registered number: 05714223)

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

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 47,776 53,127 28,646 17,447
Rent deposit 16,738 16,738 2,050 2,050
Island Fitness Ltd 1,466,441 1,465,021 411,420 410,000
Ezra's Kitchen Ltd 17,593 - - -
Payment on account 14,300 - 14,300 -
Kervan Assets Ltd 394 - 394 -
Kervan Ltd 144 - 144 -
Tax - 28,703 - 28,703
Prepayments 97,069 98,281 49,041 55,000
1,660,455 1,661,870 505,995 513,200

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans and overdrafts (see note 17) 279,089 344,446 279,089 281,171
Trade creditors 278,572 199,473 139,960 128,123
Ezra's Kitchen Ltd - 9,179 - -
Amounts owed to group undertakings - - 378,535 378,535
Tax 254,928 44,031 167,442 -
Social security and other taxes 14,158 13,831 7,527 6,983
Pension control account 4,149 3,217 2,919 2,377
VAT 264,893 359,097 161,845 202,486
Directors' current accounts 1,038 1,716 248 630
Accrued expenses 71,130 72,255 41,671 42,238
1,167,957 1,047,245 1,179,236 1,042,543

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans (see note 17) 2,670,322 2,937,745 2,670,322 2,934,456

Kervan Sofrasi Limited (Registered number: 05714223)

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

17. LOANS

An analysis of the maturity of loans is given below:

Group Company
2024 2023 2024 2023
£    £    £    £   
Amounts falling due within one year or on demand:
Bank loans 279,089 344,446 279,089 281,171
Amounts falling due between one and two years:
Bank loans - 1-2 years 267,235 284,460 267,235 281,171
Amounts falling due between two and five years:
Bank loans - 2-5 years 560,455 663,355 560,455 663,355
Amounts falling due in more than five years:
Repayable by instalments
Bank loans more 5 yr by instal 1,842,632 1,989,930 1,842,632 1,989,930

18. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Non-cancellable operating leases
2024 2023
£    £   
Within one year 160,000 160,000
Between one and five years 640,000 640,000
In more than five years 520,000 680,000
1,320,000 1,480,000

Kervan Sofrasi Limited (Registered number: 05714223)

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

19. SECURED DEBTS

The following secured debts are included within creditors:

Company
2024 2023
£    £   
Bank loans 2,949,411 3,215,627

Bank loans are secured by the way of fixed first legal charge on the following properties.
1. 171 Hertford Road, London and its associated assets.
2. 107 Chase Side, London and its associated assets.
3. 80 Church Street, London and its associated assets.

The directors have given personal guarantee for the loans in the amount of £355,000 and a first legal charge on 10 Hyde Way, London and its associated assets, a property they own personally.

20. PROVISIONS FOR LIABILITIES

Group Company
2024 2023 2024 2023
£    £    £    £   
Deferred tax 274,116 273,912 173,812 170,360

Group
Deferred
tax
£   
Balance at 1 April 2023 273,912
Charge to Income Statement during year 204
Balance at 31 March 2024 274,116

Company
Deferred
tax
£   
Balance at 1 April 2023 170,360
Charge to Income Statement during year 3,452
Balance at 31 March 2024 173,812

Kervan Sofrasi Limited (Registered number: 05714223)

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

21. CALLED UP SHARE CAPITAL

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

22. RESERVES

Group
Retained
earnings
£   

At 1 April 2023 5,723,279
Profit for the year 1,266,637
Dividends (200,000 )
At 31 March 2024 6,789,916

Company
Retained
earnings
£   

At 1 April 2023 4,523,667
Profit for the year 668,409
Dividends (200,000 )
At 31 March 2024 4,992,076


23. RELATED PARTY DISCLOSURES

Entities with control, joint control or significant influence over the entity
2024 2023
£    £   
Transfers to related parties 28,730 1,278,092
Transfers from related parties - 137,250
Amount due to related parties 378,535 387,714
Amount due from related parties 1,863,107 1,843,556

Kervan Sofrasi Limited (Registered number: 05714223)

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

Key management personnel of the entity or its parent (in the aggregate)

The directors have given personal guarantee for the bank loan in the amount of £355,000 and a first legal charge on 10 Hyde Way, London and its associated assets, a property they own personally.