We Can Foods Limited - Accounts to registrar (filleted) - small 22.3
We Can Foods Limited - Accounts to registrar (filleted) - small 22.3
| REGISTERED NUMBER: |
| WE CAN FOODS LIMITED |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 |
| WE CAN FOODS LIMITED (REGISTERED NUMBER: 02244456) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 JUNE 2022 |
| 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 2022 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| The Exchange |
| 5 Bank Street |
| Bury |
| BL9 0DN |
| WE CAN FOODS LIMITED (REGISTERED NUMBER: 02244456) |
| STATEMENT OF FINANCIAL POSITION |
| 30 JUNE 2022 |
| 2022 | 2021 |
| Notes | £ | £ |
| FIXED ASSETS |
| Property, plant and equipment | 4 |
| CURRENT ASSETS |
| Inventories |
| Debtors | 5 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 6 | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| 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. |
| WE CAN FOODS LIMITED (REGISTERED NUMBER: 02244456) |
| STATEMENT OF FINANCIAL POSITION - continued |
| 30 JUNE 2022 |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| WE CAN FOODS LIMITED (REGISTERED NUMBER: 02244456) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 JUNE 2022 |
| 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 |
| The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For these reasons, they continue to adopt the going concern basis in preparing the financial statements. |
| 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 estimates 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 |
| Plant and machinery etc | - |
| 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. |
| 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. |
| WE CAN FOODS LIMITED (REGISTERED NUMBER: 02244456) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 JUNE 2022 |
| 2. | ACCOUNTING POLICIES - continued |
| 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. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the income statement in the period to which they relate. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| WE CAN FOODS LIMITED (REGISTERED NUMBER: 02244456) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 JUNE 2022 |
| 4. | PROPERTY, PLANT AND EQUIPMENT |
| Plant and |
| machinery |
| etc |
| £ |
| COST |
| At 1 July 2021 |
| Additions |
| At 30 June 2022 |
| DEPRECIATION |
| At 1 July 2021 |
| Charge for year |
| At 30 June 2022 |
| NET BOOK VALUE |
| At 30 June 2022 |
| At 30 June 2021 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2022 | 2021 |
| £ | £ |
| Trade debtors |
| Other debtors |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2022 | 2021 |
| £ | £ |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2022 | 2021 |
| £ | £ |
| Other creditors |
| WE CAN FOODS LIMITED (REGISTERED NUMBER: 02244456) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 JUNE 2022 |
| 8. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2022 | 2021 |
| £ | £ |
| Invoice discounting | 118,397 | 86,185 |
| The invoice discounting creditor is secured over the debts to which it relates. |