We Can Foods Limited - Accounts to registrar (filleted) - small 18.2

We Can Foods Limited - Accounts to registrar (filleted) - small 18.2

WE CAN FOODS LIMITED - Company Information

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REGISTERED NUMBER: 02244456 (England and Wales)















WE CAN FOODS LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2019





DTE Business Advisers Limited
Chartered Accountants
The Exchange
5 Bank Street
Bury
BL9 0DN








WE CAN FOODS LIMITED (REGISTERED NUMBER: 02244456)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


WE CAN FOODS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2019







DIRECTORS: R Butler
R A Simon
S C Muller
P Stephenson





REGISTERED OFFICE: Glebe Mill
Drury Lane
Chadderton
Oldham
OL9 7PH





REGISTERED NUMBER: 02244456 (England and Wales)





ACCOUNTANTS: DTE Business Advisers Limited
Chartered Accountants
The Exchange
5 Bank Street
Bury
BL9 0DN
1
WE CAN FOODS LIMITED (REGISTERED NUMBER: 02244456)

STATEMENT OF FINANCIAL POSITION
30 JUNE 2019

2019 2018
Notes £    £   
FIXED ASSETS
Property, plant and equipment 4 113,679 86,274

CURRENT ASSETS
Inventories 173,692 221,908
Debtors 5 361,772 224,378
Cash at bank and in hand 21,971 14,816
557,435 461,102
CREDITORS
Amounts falling due within one year 6 (713,327 ) (709,599 )
NET CURRENT LIABILITIES (155,892 ) (248,497 )
TOTAL ASSETS LESS CURRENT
LIABILITIES
(42,213
)
(162,223
)

CREDITORS
Amounts falling due after more than one
year
7
(128,910
)
(128,910
)
NET LIABILITIES (171,123 ) (291,133 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (171,223 ) (291,233 )
(171,123 ) (291,133 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of
each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections
394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial
statements, so far as applicable to the company.

The notes form part of these financial statements

2 continued...
WE CAN FOODS LIMITED (REGISTERED NUMBER: 02244456)

STATEMENT OF FINANCIAL POSITION - continued
30 JUNE 2019


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 11 November 2019 and were signed on its behalf
by:





R A Simon - Director


The notes form part of these financial statements

3
WE CAN FOODS LIMITED (REGISTERED NUMBER: 02244456)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019


1. STATUTORY INFORMATION

We Can Foods Limited is a private company, limited by shares, registered in England and Wales. The company's
registered number is 02244456 and the registered office address is Glebe Mill, Drury Lane, Chadderton,
Oldham, OL9 7PH.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The company has reported a post tax net profit of £120,010 (2018: net loss of £16,523) and had net liabilities of
£171,123 (2018: £291,133) at the statement of financial position date. The company is supported by the joint
venturer's who have indicated that they will continue to do so until such time as the company is in a stable
financial position.

As such the directors consider the going concern basis to be appropriate and no adjustments have been made
should the support be withdrawn.

Significant judgements and estimates
In the application of the company's accounting policies, the directors are required to make estimates and
judgements. The estimates are based on historical experience and other relevant factors. Actual results may differ
from these estimates.

The estimates are continually evaluated. Revisions to accounting estimates are recognised in the period in which
the estimate is revised.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying
amount of assets and liabilities are outlined below.

Estimating the useful economic life of an asset and the anticipated residual value are considered key judgement
in calculating an appropriate depreciation charge.

Revenue
Revenue comprises the aggregate of the fair value of the sale of goods, net of value added tax, rebates and
discounts.

Sale of goods revenue is recognised when the company has delivered products to the customer, the customer has
accepted the products and collection of the related receivables is anticipated.

Property, plant and equipment
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 20% on cost and 10% on cost

The residual values, estimated useful lives and depreciation method of property, plant and equipment are
reviewed, and adjusted as appropriate, at each statement of financial position date. The effects of any revision
are recognised in the income statement when the change arises.

4 continued...
WE CAN FOODS LIMITED (REGISTERED NUMBER: 02244456)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2019


2. ACCOUNTING POLICIES - continued

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

The cost comprises of actual purchase price.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial
assets and liabilities like trade and other accounts receivable and payable, loans from and to related parties.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for
objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised
in the income statement.

Basic financial liabilities are initially measured at transaction price and subsequently measured at amortised cost.

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.

Operating leases
Rentals paid under operating leases are charged to the income statement on a straight-line basis over the period
of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2018 - 17 ) .

5 continued...
WE CAN FOODS LIMITED (REGISTERED NUMBER: 02244456)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2019


4. PROPERTY, PLANT AND EQUIPMENT
Plant and
machinery
etc
£   
COST
At 1 July 2018 125,691
Additions 42,700
At 30 June 2019 168,391
DEPRECIATION
At 1 July 2018 39,417
Charge for year 15,295
At 30 June 2019 54,712
NET BOOK VALUE
At 30 June 2019 113,679
At 30 June 2018 86,274

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2019 2018
£    £   
Trade debtors 281,452 129,563
Other debtors 80,320 94,815
361,772 224,378

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2019 2018
£    £   
Trade creditors 292,239 346,312
Taxation and social security 5,140 5,044
Other creditors 415,948 358,243
713,327 709,599

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2019 2018
£    £   
Other creditors 128,910 128,910

6 continued...
WE CAN FOODS LIMITED (REGISTERED NUMBER: 02244456)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2019


8. SECURED DEBTS

The following secured debts are included within creditors:

2019 2018
£    £   
Invoice discounting 164,818 107,089

The invoice discounting creditor is secured over the debts to which it relates.

7