Wedge Foods Limited 12033429 false 2023-07-01 2024-01-31 2024-01-31 The principal activity of the company is selling fish products. Digita Accounts Production Advanced 6.30.9574.0 true 12033429 2023-07-01 2024-01-31 12033429 2024-01-31 12033429 core:CurrentFinancialInstruments 2024-01-31 12033429 core:CurrentFinancialInstruments core:WithinOneYear 2024-01-31 12033429 core:Non-currentFinancialInstruments core:AfterOneYear 2024-01-31 12033429 core:FurnitureFittingsToolsEquipment 2024-01-31 12033429 core:MotorVehicles 2024-01-31 12033429 bus:SmallEntities 2023-07-01 2024-01-31 12033429 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-01-31 12033429 bus:FilletedAccounts 2023-07-01 2024-01-31 12033429 bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-01-31 12033429 bus:RegisteredOffice 2023-07-01 2024-01-31 12033429 bus:Director1 2023-07-01 2024-01-31 12033429 bus:Director2 2023-07-01 2024-01-31 12033429 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-01-31 12033429 core:FurnitureFittingsToolsEquipment 2023-07-01 2024-01-31 12033429 core:MotorVehicles 2023-07-01 2024-01-31 12033429 countries:EnglandWales 2023-07-01 2024-01-31 12033429 2023-06-30 12033429 core:FurnitureFittingsToolsEquipment 2023-06-30 12033429 core:MotorVehicles 2023-06-30 12033429 2022-07-01 2023-06-30 12033429 2023-06-30 12033429 core:CurrentFinancialInstruments 2023-06-30 12033429 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-30 12033429 core:Non-currentFinancialInstruments core:AfterOneYear 2023-06-30 12033429 core:FurnitureFittingsToolsEquipment 2023-06-30 12033429 core:MotorVehicles 2023-06-30 iso4217:GBP xbrli:pure

Registration number: 12033429

Wedge Foods Limited

Annual Report and Unaudited Financial Statements

for the period from 1 July 2023 to 31 January 2024

 

Wedge Foods Limited

Directors' Report
for the period from 1 July 2023 to 31 January 2024

The directors present their report and the financial statements for the period from 1 July 2023 to 31 January 2024.

Directors of the company

The directors who held office during the period were as follows:

D J Connolly

V Connolly

Principal activity

The principal activity of the company is selling fish products.

Small companies provision statement

This report has 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.

Approved and authorised by the Board on 30 October 2024 and signed on its behalf by:
 

.........................................
D J Connolly
Director

 

Wedge Foods Limited

(Registration number: 12033429)
Statement of Financial Position
31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

27,053

31,933

Current assets

 

Stocks

5

242,999

155,884

Debtors

6

267,128

237,946

Cash at bank and in hand

 

536,258

407,833

 

1,046,385

801,663

Creditors: Amounts falling due within one year

7

(67,504)

(164,991)

Net current assets

 

978,881

636,672

Total assets less current liabilities

 

1,005,934

668,605

Creditors: Amounts falling due after more than one year

7

(675,658)

(381,256)

Provisions for liabilities

(5,140)

-

Net assets

 

325,136

287,349

Capital and reserves

 

Called up share capital

100

100

Retained earnings

325,036

287,249

Shareholders' funds

 

325,136

287,349

For the financial period ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

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

The directors acknowledge their 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.

 

Wedge Foods Limited

(Registration number: 12033429)
Statement of Financial Position
31 January 2024

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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 30 October 2024 and signed on its behalf by:
 

.........................................
D J Connolly
Director

 

Wedge Foods Limited

Notes to the Unaudited Financial Statements
for the period from 1 July 2023 to 31 January 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Wiston House
1 Wiston Avenue
Worthing
West Sussex
BN14 7QL
United Kingdom

These financial statements were authorised for issue by the Board on 30 October 2024.

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 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 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.

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

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.

 

Wedge Foods Limited

Notes to the Unaudited Financial Statements
for the period from 1 July 2023 to 31 January 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position 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.

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:

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.

 

Wedge Foods Limited

Notes to the Unaudited Financial Statements
for the period from 1 July 2023 to 31 January 2024

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.

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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 2 (2023 - 2).

 

Wedge Foods Limited

Notes to the Unaudited Financial Statements
for the period from 1 July 2023 to 31 January 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2023

1,729

35,580

37,309

At 31 January 2024

1,729

35,580

37,309

Depreciation

At 1 July 2023

187

5,189

5,376

Charge for the period

433

4,447

4,880

At 31 January 2024

620

9,636

10,256

Carrying amount

At 31 January 2024

1,109

25,944

27,053

At 30 June 2023

1,542

30,391

31,933

5

Stocks

2024
£

2023
£

Other inventories

242,999

155,884

6

Debtors

Current

2024
£

2023
£

Trade debtors

247,758

225,881

Prepayments

1,076

1,026

Other debtors

18,294

11,039

 

267,128

237,946

 

Wedge Foods Limited

Notes to the Unaudited Financial Statements
for the period from 1 July 2023 to 31 January 2024

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

12,017

123,348

Taxation and social security

55,447

40,828

Accruals and deferred income

-

775

Other creditors

40

40

67,504

164,991

Creditors: amounts falling due after more than one year

2024
£

2023
£

Due after one year

Other non-current financial liabilities

675,658

381,256