Company Registration No. 15103301 (England and Wales)
CAVO COLONA HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
CAVO COLONA HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Athena Gourdoumbas
(Appointed 29 August 2023)
Panaghiotis Manuelides
(Appointed 29 August 2023)
Company number
15103301
Registered office
Sovereign House Unit 2
Dorma Trading Park
Staffa Road
London
E10 7QX
Auditor
HW Fisher LLP
Acre House
11-15 William Road
London
NW1 3ER
United Kingdom
CAVO COLONA HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Group statement of comprehensive income
7
Group balance sheet
8
Company balance sheet
9
Group statement of changes in equity
10
Company statement of changes in equity
11
Group statement of cash flows
12
Company statement of cash flows
13
Notes to the financial statements
14 - 26
CAVO COLONA HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2024
- 1 -

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

Fair review of the business

The group had a challenging but successful year seeing an increase in turnover of 31% to £36,059,147 (2023: £27,621,005 ) and an increase in profit before tax to £2,796,142 (2023: £1,845,061). The directors expect further challenges in the current year due to market forces, climate change, longer drought periods across the Mediterranean and Middle East, and disruption to international shipping lines causing delays. However, the directors remain positive for another good year.

 

The group continues to improve its wider corporate social responsibility and is committed to reducing its impact on the environment. Amongst other things the group is trying to reduce its usage of plastic across its product lines and is currently mapping its carbon footprint which will be used to reduce the group's impact on the environment. As part of this project the group has decided to install solar panels as part of its commitment to reducing electricity consumption and advancing our environmental policy. This initiative aligns with the group's strategy to achieve net zero targets by decreasing reliance on non-renewable energy sources and lowering greenhouse gas emissions. The solar panels are expected to generate a significant amount of the group's electricity needs, thus contributing to a sustainable energy mix and reducing the group’s overall carbon footprint. This investment not only supports the group's long-term environmental goals but also enhances resilience and operational efficiency reflecting our dedication to sustainable business practices.

 

The group is also exploring the application of AI and ways to incorporate this in operations and other areas of the business.

Principal risks and uncertainties

There are a number of risks affecting the business

 

 

 

 

Key performance indicators

The two key performance indicators of the group are the gross profits that it achieves on trading and the net assets of the group. At the balance sheet date The group had made a gross profit for the financial of £8,823,091 (2022: £6,693,216) the group had net assets of £12,505,143 (2023: £9,727,750). This is in line with the directors' expectations for the year.

On behalf of the board

Athena Gourdoumbas
Director
28 October 2024
CAVO COLONA HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JANUARY 2024
- 2 -

The directors present their annual report and financial statements for the year ended 31 January 2024.

 

Cavo Colona Holdings Limited were incorporated 29 August 2023. Group results have been presented on a merger basis.

Principal activities

The principal activity of the company and group continued to be that of the import and wholesale distribution of food products.

Results and dividends

The results for the year are set out on page 7.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Athena Gourdoumbas
(Appointed 29 August 2023)
Panaghiotis Manuelides
(Appointed 29 August 2023)
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
Athena Gourdoumbas
Director
28 October 2024
CAVO COLONA HOLDINGS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 JANUARY 2024
- 3 -

The directors are responsible for preparing the Annual Report 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). 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

CAVO COLONA HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CAVO COLONA HOLDINGS LIMITED
- 4 -
Opinion

We have audited the financial statements of Cavo Colona Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 January 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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:

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 Auditor's 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 group's and 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

CAVO COLONA HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CAVO COLONA HOLDINGS LIMITED
- 5 -
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 strategic report and the directors' report.

 

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:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 is 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 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 company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 an auditor's report 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

As part of our planning process:

The key procedures we undertook to detect irregularities including fraud during the course of the audit included:

 

CAVO COLONA HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CAVO COLONA HOLDINGS LIMITED
- 6 -

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. The primary responsibility for the prevention and detection of irregularities and fraud rests with the directors.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 an auditor's report 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.

Mandy Janes (Senior Statutory Auditor)
For and on behalf of HW Fisher LLP
Chartered Accountants
Statutory Auditor
Acre House
11-15 William Road
London
NW1 3ER
United Kingdom
28 October 2024
CAVO COLONA HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2024
- 7 -
2024
2023
Notes
£
£
Turnover
3
36,059,147
27,621,005
Cost of sales
(27,236,056)
(20,927,789)
Gross profit
8,823,091
6,693,216
Distribution costs
(934,531)
(912,257)
Administrative expenses
(5,095,631)
(3,935,095)
Operating profit
4
2,792,929
1,845,864
Interest receivable and similar income
8
3,703
35
Interest payable and similar expenses
9
(490)
(838)
Profit before taxation
2,796,142
1,845,061
Tax on profit
10
(683,123)
(358,561)
Profit for the financial year
2,113,019
1,486,500
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
CAVO COLONA HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
1,285,385
1,211,874
Investments
13
141,345
141,345
1,426,730
1,353,219
Current assets
Stocks
16
4,266,670
4,972,386
Debtors
17
5,778,727
4,114,083
Cash at bank and in hand
4,176,335
3,490,488
14,221,732
12,576,957
Creditors: amounts falling due within one year
18
(3,751,842)
(4,168,687)
Net current assets
10,469,890
8,408,270
Total assets less current liabilities
11,896,620
9,761,489
Provisions for liabilities
Deferred tax liability
19
55,751
33,739
(55,751)
(33,739)
Net assets
11,840,869
9,727,750
Capital and reserves
Called up share capital
21
5,100
5,000
Profit and loss reserves
11,835,769
9,722,750
Total equity
11,840,869
9,727,750
The financial statements were approved by the board of directors and authorised for issue on 28 October 2024 and are signed on its behalf by:
28 October 2024
Athena Gourdoumbas
Director
CAVO COLONA HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 31 JANUARY 2024
31 January 2024
- 9 -
2024
Notes
£
£
Fixed assets
Investments
13
5,100
5,100
Current assets
Debtors falling due within one year
17
100
100
Creditors: amounts falling due within one year
18
(100)
Net current assets
-
0
Total assets less current liabilities
5,100
Net assets
5,100
Capital and reserves
Called up share capital
21
5,100
Total equity
5,100

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £0 (2023 - £0 profit).

The financial statements were approved by the board of directors and authorised for issue on 28 October 2024 and are signed on its behalf by:
28 October 2024
Athena Gourdoumbas
Director
Company Registration No. 15103301
CAVO COLONA HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024
- 10 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 February 2022
5,000
8,236,250
8,241,250
Year ended 31 January 2023:
Profit and total comprehensive income for the year
-
1,486,500
1,486,500
Balance at 31 January 2023
5,000
9,722,750
9,727,750
Year ended 31 January 2024:
Profit and total comprehensive income for the year
-
2,113,019
2,113,019
Issue of share capital
21
100
-
100
Balance at 31 January 2024
5,100
11,835,769
11,840,869
CAVO COLONA HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024
- 11 -
Share capital
Notes
£
Year ended 31 January 2024:
Profit and total comprehensive income for the year
-
Issue of share capital
21
5,100
Balance at 31 January 2024
5,100
CAVO COLONA HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2024
- 12 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
24
1,245,748
102,445
Interest paid
(490)
(838)
Income taxes paid
(483,036)
(319,334)
Net cash inflow/(outflow) from operating activities
762,222
(217,727)
Investing activities
Purchase of tangible fixed assets
(175,345)
(36,947)
Interest received
3,703
35
Net cash used in investing activities
(171,642)
(36,912)
Financing activities
Proceeds from issue of shares
100
-
Purchase of derivatives
95,167
(48,582)
Net cash generated from/(used in) financing activities
95,267
(48,582)
Net increase/(decrease) in cash and cash equivalents
685,847
(303,221)
Cash and cash equivalents at beginning of year
3,490,488
3,793,709
Cash and cash equivalents at end of year
4,176,335
3,490,488
CAVO COLONA HOLDINGS LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2024
- 13 -
2024
Notes
£
£
Cash flows from operating activities
Net increase in cash equivalents at beginning of year
-
Cash and cash equivalents at beginning of year
-
0
Cash and cash equivalents at end of year
-
0
CAVO COLONA HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 14 -
1
Accounting policies
Company information

Cavo Colona Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Sovereign House Unit 2, Dorma Trading Park, Staffa Road, London, E10 7QX.

 

The group consists of Cavo Colona Holdings Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

 

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’: Interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

1.2
Basis of consolidation

The consolidated financial statements incorporate those of Cavo Colona Limited and its subsidiaries (ie an entity that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits).

 

On 13 December 2023, Cavo Colona Holdings Limited became the parent company of Odysea Limited and AM-PM Enterprises, Limited following a group restructure. The group accounts have been prepared in accordance with the merger accounting principles as permitted due to the shareholders of Cavo Colona Limited being the same as the previous parent, Odysea Limited and their rights, relative to each other, remain unchanged. The company results are for the period from incorporation to 31 January 2024.

 

All financial statements are made up to 31 January 2024.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

CAVO COLONA HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 15 -
1.3
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future.

 

Post year-end the company and group has remained profitable, which has been driven by growth in the group's supermarket and online sectors. The directors expect further challenges in the current year due to market forces, climate change, longer drought periods across the Mediterranean and Middle East, and disruption to international shipping lines causing delays. However, the directors remain positive for another good year.

 

In the opinion of the directors, the group has sufficient financial and other resources to be able to continue as a going concern for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
33% on cost
1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
2% straight line
Leasehold improvements
2% straight line
Plant and equipment
25% reducing balance
Fixtures and fittings
25% reducing balance
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.7
Fixed asset investments

Interests in subsidiaries and other unlisted investments are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in or .

CAVO COLONA HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 16 -

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.8
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

1.9
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is measured on a first in first out basis, and comprises direct materials and, where applicable, those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.10
Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks.

1.11
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

CAVO COLONA HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 17 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.12
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

CAVO COLONA HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 18 -
1.13
Derivatives

The company enters into foreign exchange forward contracts in order to manage its exposure to foreign exchange risk.

 

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

 

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

1.14
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.15
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.16
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.17
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

1.18
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

CAVO COLONA HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 19 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant.

 

The directors believe there are no material judgements or key sources of estimation uncertainty that require disclosure in the financial statements.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Turnover - Wholesale food
36,059,147
27,621,005
2024
2023
£
£
Other significant revenue
Interest income
3,703
35
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
36,059,147
27,621,005
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange gains
(70,222)
(202,730)
Exchange differences apart from those arising on financial instruments measured at fair value through profit or loss
(165,389)
(154,148)
Depreciation of owned tangible fixed assets
101,834
75,235
Operating lease charges
62,682
64,938
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company's subsidiaries
33,403
32,780
CAVO COLONA HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 20 -
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Warehouse
8
8
-
-
Technical
3
3
-
-
Admin
27
26
-
-
Total
38
37
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
1,532,138
1,387,442
-
0
-
0
Social security costs
171,728
163,162
-
-
Pension costs
100,911
81,999
-
0
-
0
1,804,777
1,632,603
-
0
-
0
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
223,333
204,667
Company pension contributions to defined contribution schemes
62,200
60,600
285,533
265,267
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
114,649
119,187
Company pension contributions to defined contribution schemes
51,321
36,321
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
3,703
35
CAVO COLONA HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
8
Interest receivable and similar income
(Continued)
- 21 -

Investment income includes the following:

Interest on financial assets not measured at fair value through profit or loss
3,703
35
9
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
490
838
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
661,111
348,891
Deferred tax
Origination and reversal of timing differences
22,012
9,670
Total tax charge
683,123
358,561

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
2,796,142
1,845,061
Expected tax charge based on the standard rate of corporation tax in the UK of 24.03% (2023: 19.00%)
671,913
350,562
Tax effect of expenses that are not deductible in determining taxable profit
2,205
1,615
Effect of overseas tax rates
-
0
(46)
Deferred tax adjustments
6,972
7,178
Fixed asset differences
2,033
(748)
Taxation charge
683,123
358,561
CAVO COLONA HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 22 -
11
Intangible fixed assets
Group
Software
£
Cost
At 1 February 2023 and 31 January 2024
44,312
Amortisation and impairment
At 1 February 2023 and 31 January 2024
44,312
Carrying amount
At 31 January 2024
-
0
At 31 January 2023
-
0
The company had no intangible fixed assets at 31 January 2024 or 31 January 2023.
12
Tangible fixed assets
Group
Freehold land and buildings
Leasehold improvements
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 February 2023
1,278,448
165,265
1,118
447,791
11,995
1,904,617
Additions
-
0
-
0
-
0
56,355
118,990
175,345
At 31 January 2024
1,278,448
165,265
1,118
504,146
130,985
2,079,962
Depreciation and impairment
At 1 February 2023
230,322
112,702
1,070
336,654
11,995
692,743
Depreciation charged in the year
25,569
13,152
16
33,350
29,747
101,834
At 31 January 2024
255,891
125,854
1,086
370,004
41,742
794,577
Carrying amount
At 31 January 2024
1,022,557
39,411
32
134,142
89,243
1,285,385
At 31 January 2023
1,048,126
52,563
48
111,137
-
0
1,211,874
The company had no tangible fixed assets at 31 January 2024 or 31 January 2023.
CAVO COLONA HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 23 -
13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
5,100
-
0
Unlisted investments
141,345
141,345
-
0
-
0
141,345
141,345
5,100
-
0
Movements in fixed asset investments
Group
Investments other than loans
£
Cost or valuation
At 1 February 2023 and 31 January 2024
141,345
Carrying amount
At 31 January 2024
141,345
At 31 January 2023
141,345
Movements in fixed asset investments
Company
Shares in group undertakings
£
Cost or valuation
At 1 February 2023
-
Additions
5,100
At 31 January 2024
5,100
Carrying amount
At 31 January 2024
5,100
At 31 January 2023
-
14
Subsidiaries

Details of the company's subsidiaries at 31 January 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
AM-PM Enterprises Ltd
England
Ordinary
100.00
Odysea Europe B.V
The Netherlands
Ordinary
100.00
Odysea Limited
England
Ordinary
100.00
CAVO COLONA HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 24 -
15
Financial instruments
Group
Company
2024
2023
2024
2023
£
£
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
-
25,936
-
-
Carrying amount of financial liabilities
Measured at fair value through profit or loss
- Other financial liabilities
69,231
-
-
-
16
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
4,266,670
4,972,386
-
0
-
0
17
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
5,514,144
3,831,731
-
0
-
0
Derivative financial instruments
-
25,936
-
-
Other debtors
168,858
165,059
100
-
0
Prepayments and accrued income
95,725
91,357
-
0
-
0
5,778,727
4,114,083
100
-
18
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
3,036,265
3,807,423
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
100
-
0
Corporation tax payable
374,376
196,301
-
0
-
0
Other taxation and social security
43,233
38,599
-
-
Derivative financial instruments
69,231
-
0
-
0
-
0
Other creditors
56,338
11,615
-
0
-
0
Accruals and deferred income
172,399
114,749
-
0
-
0
3,751,842
4,168,687
100
-
0
CAVO COLONA HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 25 -
19
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
55,751
33,739
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 February 2023
33,739
-
Charge to profit or loss
22,012
-
Liability at 31 January 2024
55,751
-
20
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
100,911
81,999

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

21
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
5,100
5,000
5,100
-

On incorporation 100 Ordinary shares were issued at nominal value.

 

On 13 October 2023 a further 5000 Ordinary shares were issued at nominal value.

22
Directors' transactions

Included within other debtors are amounts due from the directors of £36,000 (2023: £38,400). These amounts are unsecured and interest free.

CAVO COLONA HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 26 -
23
Controlling party

The company's ultimate controlling party is P Manuelides

24
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
2,113,019
1,486,500
Adjustments for:
Taxation charged
683,123
358,561
Finance costs
490
838
Investment income
(3,703)
(35)
Depreciation and impairment of tangible fixed assets
101,834
75,235
Movements in working capital:
Decrease/(increase) in stocks
705,716
(1,379,291)
Increase in debtors
(1,690,580)
(767,941)
(Decrease)/increase in creditors
(664,151)
328,578
Cash generated from operations
1,245,748
102,445
25
Analysis of changes in net funds - group
1 February 2023
Cash flows
31 January 2024
£
£
£
Cash at bank and in hand
3,490,488
685,847
4,176,335
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