W M Wholesale Bakery Limited 12475908 false 2022-03-01 2023-02-28 2023-02-28 The principal activity of the company is Bakery Digita Accounts Production Advanced 6.30.9574.0 true true 12475908 2022-03-01 2023-02-28 12475908 2023-02-28 12475908 bus:Director1 1 2023-02-28 12475908 bus:OrdinaryShareClass1 bus:CumulativeShares 2023-02-28 12475908 bus:Revised 2023-02-28 12475908 core:CurrentFinancialInstruments 2023-02-28 12475908 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 12475908 core:Non-currentFinancialInstruments core:AfterOneYear 2023-02-28 12475908 core:MotorVehicles 2023-02-28 12475908 core:OtherPropertyPlantEquipment 2023-02-28 12475908 bus:SmallEntities 2022-03-01 2023-02-28 12475908 bus:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 12475908 bus:AbridgedAccounts 2022-03-01 2023-02-28 12475908 bus:SmallCompaniesRegimeForAccounts 2022-03-01 2023-02-28 12475908 bus:RegisteredOffice 2022-03-01 2023-02-28 12475908 bus:Director1 2022-03-01 2023-02-28 12475908 bus:Director1 1 2022-03-01 2023-02-28 12475908 bus:OrdinaryShareClass1 bus:CumulativeShares 2022-03-01 2023-02-28 12475908 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 12475908 bus:Agent1 2022-03-01 2023-02-28 12475908 core:Goodwill 2022-03-01 2023-02-28 12475908 core:CommercialMotorVehicles 2022-03-01 2023-02-28 12475908 core:MotorVehicles 2022-03-01 2023-02-28 12475908 core:OtherPropertyPlantEquipment 2022-03-01 2023-02-28 12475908 core:PlantMachinery 2022-03-01 2023-02-28 12475908 countries:UnitedKingdom 2022-03-01 2023-02-28 12475908 2022-02-28 12475908 bus:Director1 1 2022-02-28 12475908 core:MotorVehicles 2022-02-28 12475908 core:OtherPropertyPlantEquipment 2022-02-28 12475908 2021-03-01 2022-02-28 12475908 2022-02-28 12475908 bus:Director1 1 2022-02-28 12475908 bus:OrdinaryShareClass1 bus:CumulativeShares 2022-02-28 12475908 core:CurrentFinancialInstruments 2022-02-28 12475908 core:CurrentFinancialInstruments core:WithinOneYear 2022-02-28 12475908 core:Non-currentFinancialInstruments core:AfterOneYear 2022-02-28 12475908 core:MotorVehicles 2022-02-28 12475908 core:OtherPropertyPlantEquipment 2022-02-28 12475908 bus:Director1 1 2021-03-01 2022-02-28 12475908 bus:Director1 1 2021-02-28 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 12475908

W M Wholesale Bakery Limited

Unaudited Filleted Abridged Financial Statements

for the Year Ended 28 February 2023

 

W M Wholesale Bakery Limited

Contents

Company Information

1

Accountants' Report

2

Abridged Balance Sheet

3 to 4

Notes to the Unaudited Abridged Financial Statements

5 to 11

 

W M Wholesale Bakery Limited

Company Information

Director

Ms Linda James

Registered office

4 High Street
Pontardawe
Swansea
SA8 4HU

Accountants

Fergusons & Peters
Chartered Accountants
4 High Street
Pontardawe
Swansea
SA8 4HU

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
W M Wholesale Bakery Limited
for the Year Ended 28 February 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of W M Wholesale Bakery Limited for the year ended 28 February 2023 as set out on pages 3 to 11 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of W M Wholesale Bakery Limited, as a body, in accordance with the terms of our engagement letter dated 21 February 2020. Our work has been undertaken solely to prepare for your approval the accounts of W M Wholesale Bakery Limited and state those matters that we have agreed to state to the Board of Directors of W M Wholesale Bakery Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than W M Wholesale Bakery Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that W M Wholesale Bakery Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of W M Wholesale Bakery Limited. You consider that W M Wholesale Bakery Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of W M Wholesale Bakery Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Fergusons & Peters
Chartered Accountants
4 High Street
Pontardawe
Swansea
SA8 4HU

29 November 2023

 

W M Wholesale Bakery Limited

(Registration number: 12475908)
Abridged Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

400

600

Tangible assets

5

22,191

12,491

 

22,591

13,091

Current assets

 

Stocks

6

42,500

10,250

Debtors

7

47,666

26,112

Cash at bank and in hand

 

12,454

10,233

 

102,620

46,595

Creditors: Amounts falling due within one year

(67,196)

(17,585)

Net current assets

 

35,424

29,010

Total assets less current liabilities

 

58,015

42,101

Creditors: Amounts falling due after more than one year

(37,080)

(22,183)

Accruals and deferred income

 

(3,945)

(1,269)

Net assets

 

16,990

18,649

Capital and reserves

 

Called up share capital

8

1

1

Retained earnings

16,989

18,648

Shareholders' funds

 

16,990

18,649

For the financial year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

 

W M Wholesale Bakery Limited

(Registration number: 12475908)
Abridged Balance Sheet as at 28 February 2023

Approved and authorised by the director on 29 November 2023
 

.........................................
Ms Linda James
Director

 

W M Wholesale Bakery Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 28 February 2023

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
4 High Street
Pontardawe
Swansea
SA8 4HU

The principal place of business is:
Gloucester Bakery
Gors Avenue
Swansea
SA1 6RH

These financial statements were authorised for issue by the director on 29 November 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

W M Wholesale Bakery Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 28 February 2023

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% per annum straight line

Commercial vehicles

20% per annum straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Purchased goodwill

5 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

 

W M Wholesale Bakery Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 28 February 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

W M Wholesale Bakery Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 28 February 2023

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 18 (2022 - 18).

 

W M Wholesale Bakery Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 28 February 2023

4

Intangible assets

Total
£

Cost or valuation

At 1 March 2022

1,000

At 28 February 2023

1,000

Amortisation

At 1 March 2022

400

Amortisation charge

200

At 28 February 2023

600

Carrying amount

At 28 February 2023

400

At 28 February 2022

600

5

Tangible assets

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 March 2022

18,000

2,458

20,458

Additions

12,995

4,244

17,239

At 28 February 2023

30,995

6,702

37,697

Depreciation

At 1 March 2022

7,200

767

7,967

Charge for the year

6,199

1,340

7,539

At 28 February 2023

13,399

2,107

15,506

Carrying amount

At 28 February 2023

17,596

4,595

22,191

At 28 February 2022

10,800

1,691

12,491

6

Stocks

2023
£

2022
£

Raw materials and consumables

42,500

10,250

 

W M Wholesale Bakery Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 28 February 2023

7

Debtors

Debtors includes £Nil (2022 - £Nil) due after more than one year.

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

1

1

1

1

         

9

Related party transactions

 

W M Wholesale Bakery Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 28 February 2023

Transactions with the director

2023

At 1 March 2022
£

At 28 February 2023
£

Ms Linda James

Shareholders loan

(22,183)

(22,183)

     
   

 

2022

At 1 March 2021
£

Advances to director
£

At 28 February 2022
£

Ms Linda James

Shareholders loan

-

(22,183)

(22,183)