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Registered number: 07856064
Wholecreations Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Unaudited Financial Statements
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—6
Page 1
Statement of Financial Position
Registered number: 07856064
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 170,884 78,364
170,884 78,364
CURRENT ASSETS
Stocks 158,220 200,684
Debtors 5 526,064 247,289
Cash at bank and in hand 483,146 467,505
1,167,430 915,478
Creditors: Amounts Falling Due Within One Year 6 (832,535 ) (433,362 )
NET CURRENT ASSETS (LIABILITIES) 334,895 482,116
TOTAL ASSETS LESS CURRENT LIABILITIES 505,779 560,480
Creditors: Amounts Falling Due After More Than One Year 7 (132,789 ) (133,041 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (42,720 ) (14,888 )
NET ASSETS 330,270 412,551
CAPITAL AND RESERVES
Called up share capital 9 100 100
Income Statement 330,170 412,451
SHAREHOLDERS' FUNDS 330,270 412,551
Page 1
Page 2
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
Ms Katherine Barrett
Director
7 November 2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Wholecreations Limited is a private company, limited by shares. It is incorporated in England & Wales, under a registered number of 07856064 . The registered office is Brightwell Grange, Britwell Road, Burnham, Buckinghamshire, SL1 8DF.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of consideration received or receivable, net of discounts and value added taxes. It includes revenue earned from the wholesale and retail sale of vegetarian and vegan-friendly gluten-free food, and is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point of delivery.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 33% straight line
Motor Vehicles 33% straight line
Fixtures & Fittings 15% straight line
Computer Equipment 33% straight line
2.4. Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the income statement so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to income statement as incurred.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs.
2.6. Financial Instruments
Basic financial instruments are recognised at amortised cost using the effective interest method.
2.7. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.8. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the income statement because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in the income statement, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.9. Pensions
The company operates a defined contribution pension scheme. Contributions are charged to the income statement as they become payable in accordance with the rules of the scheme.
2.10. Research and Development Expenditure
All expenditure incurred on research and development is charged to the income statement as it is incurred.
2.11. Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the income statement, directors report, and notes to the financial statements relating to the income statement.
3. Average Number of Employees
The average number of employees, including directors, during the year was 4 (2022: 4)
4 4
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 January 2023 4,253 73,500 8,634 16,754 103,141
Additions 718 107,660 1,649 3,882 113,909
As at 31 December 2023 4,971 181,160 10,283 20,636 217,050
Depreciation
As at 1 January 2023 3,144 2,747 5,000 13,886 24,777
Provided during the period 709 16,970 1,383 2,327 21,389
As at 31 December 2023 3,853 19,717 6,383 16,213 46,166
Net Book Value
As at 31 December 2023 1,118 161,443 3,900 4,423 170,884
As at 1 January 2023 1,109 70,753 3,634 2,868 78,364
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Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
2023 2022
£ £
Motor Vehicles 161,443 70,753
161,443 70,753
5. Debtors
2023 2022
£ £
Due within one year
Trade debtors 454,624 210,100
Other debtors 71,440 37,189
526,064 247,289
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 29,221 8,162
Trade creditors 681,690 366,232
Bank loans and overdrafts 31,935 30,000
Other creditors 20,316 13,253
Taxation and social security 69,373 15,715
832,535 433,362
7. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 90,925 55,696
Bank loans 41,864 77,345
132,789 133,041
8. Secured Creditors
Of the creditors falling due within and after more than one year the following amounts are secured by way of a fixed and floating charge.
2023 2022
£ £
Bank loans and overdrafts 73,799 107,345
9. Share Capital
2023 2022
Allotted, called up and fully paid £ £
97 Ordinary Shares of £ 1.00 each 97 97
3 Ordinary B shares of £ 1.00 each 3 3
100 100
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10. Other Commitments
At the end of the period the company's commitments, guarantees and contingencies totalled £36,007 (2022: £31,142).
11. Pension Commitments
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. At the statement of financial position date no unpaid contributions were due to the fund (2022: nil).
12. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 January 2023 Amounts advanced Amounts repaid Amounts written off As at 31 December 2023
£ £ £ £ £
Ms Katherine Barrett - 45,805 - - 45,805
The above-noted loan was unsecured and repayable on demand and was subject to interest charges of between 2% and 2.25% during the year ended 31 December 2023.
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