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Registered number: 07832944










WEEKS FOODS LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

 
WEEKS FOODS LIMITED
REGISTERED NUMBER: 07832944

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
165
549

  
165
549

Current assets
  

Stocks
  
1,650
1,650

Debtors: amounts falling due after more than one year
 5 
107,000
107,000

Debtors: amounts falling due within one year
 5 
39,970
58,600

Cash at bank and in hand
  
4,751
-

  
153,371
167,250

Creditors: amounts falling due within one year
 6 
(93,927)
(103,322)

Net current assets
  
 
 
59,444
 
 
63,928

Total assets less current liabilities
  
59,609
64,477

Creditors: amounts falling due after more than one year
 7 
(35,186)
(40,741)

  

Net assets
  
24,423
23,736


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
24,323
23,636

  
24,423
23,736


Page 1

 
WEEKS FOODS LIMITED
REGISTERED NUMBER: 07832944
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the income statement in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
Mr Paul Weeks
Director

Date: 21 September 2023

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
WEEKS FOODS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Weeks Food Limited is a private limited by shares and registered in England and Wales, registration number 07832944. The registered office is Newmans Lodge, Bury Road, Alpheton, Sudbury, Suffolk, CO10 9BP.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors have considered the company's position at the time of signing the financial statements, and based on this, the directors have concluded that they have a reasonable expectation that the company will have adequate resources to continue in operational existance for the forseeable future and they therefore continue to adopt the going concern basis of accounting in preparing the financial statements.

 
2.3

Revenue

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Page 3

 
WEEKS FOODS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Income statement in the same period as the related expenditure.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant & machinery
-
25% Straight line
Computer equipment
-
25% Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 4

 
WEEKS FOODS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.11

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recongnition of financial assets and libilities like trade and other debtors and creditors, loans from banks and other third parties, loan to related parties and investments in ordinary shares.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).

Page 5

 
WEEKS FOODS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

4.


Tangible fixed assets





Plant & machinery
Office equipment
Total

£
£
£



Cost or valuation


At 1 April 2022
6,000
1,937
7,937



At 31 March 2023

6,000
1,937
7,937



Depreciation


At 1 April 2022
6,000
1,388
7,388


Charge for the year on owned assets
-
384
384



At 31 March 2023

6,000
1,772
7,772



Net book value



At 31 March 2023
-
165
165



At 31 March 2022
-
549
549

Page 6

 
WEEKS FOODS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

5.


Debtors

2023
2022
£
£

Due after more than one year

Other debtors
107,000
107,000

107,000
107,000


2023
2022
£
£

Due within one year

Trade debtors
39,468
57,507

Other debtors
502
1,093

39,970
58,600



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
-
24,235

Bank loans
5,556
5,556

Trade creditors
37,060
32,578

Corporation tax
251
496

Other taxation and social security
1,069
648

Other creditors
48,391
38,209

Accruals and deferred income
1,600
1,600

93,927
103,322



7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
35,186
40,741

35,186
40,741


Page 7

 
WEEKS FOODS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

8.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
5,556
5,556


5,556
5,556

Amounts falling due 1-2 years

Bank loans
11,111
40,741


11,111
40,741

Amounts falling due 2-5 years

Bank loans
24,075
-


24,075
-


40,742
46,297



9.


Related party transactions

As at 31 March 2023, included in other creditors were amounts due to the directors of £48,391 (2022 - £38,209). The balance is interest-free and repayable on demand.
As at 31 March 2023, included in other debtors were amounts due from 2Weeks Properties Limited of £107,000 (2022 - £107,000), a company with directors in common. The balance is interest-free.

 
Page 8