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REGISTERED NUMBER: 02244456 (England and Wales)















WE CAN FOODS LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024






WE CAN FOODS LIMITED (REGISTERED NUMBER: 02244456)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


WE CAN FOODS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTORS: R A Simon
S C Muller





REGISTERED OFFICE: Glebe Mill
Drury Lane
Chadderton
Oldham
OL9 7PH





REGISTERED NUMBER: 02244456 (England and Wales)





ACCOUNTANTS: DJH Bury Limited
The Exchange
5 Bank Street
Bury
Lancashire
BL9 0DN

WE CAN FOODS LIMITED (REGISTERED NUMBER: 02244456)

STATEMENT OF FINANCIAL POSITION
30 JUNE 2024

2024 2023
Notes £    £   
FIXED ASSETS
Property, plant and equipment 4 57,009 75,224

CURRENT ASSETS
Inventories 163,525 222,716
Debtors 5 207,562 282,229
Cash at bank 32,761 17,190
403,848 522,135
CREDITORS
Amounts falling due within one year 6 (172,799 ) (305,394 )
NET CURRENT ASSETS 231,049 216,741
TOTAL ASSETS LESS CURRENT
LIABILITIES

288,058

291,965

CAPITAL AND RESERVES
Called up share capital 90 90
Retained earnings 287,968 291,875
288,058 291,965

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

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.

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

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 7 January 2025 and were signed on its behalf by:




R A Simon - Director


WE CAN FOODS LIMITED (REGISTERED NUMBER: 02244456)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024


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
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 20% on cost and 10% on cost

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 2024


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 15 (2023 - 13 ) .

WE CAN FOODS LIMITED (REGISTERED NUMBER: 02244456)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


4. PROPERTY, PLANT AND EQUIPMENT
Plant and
machinery
etc
£   
COST
At 1 July 2023 190,333
Additions 855
Disposals (341 )
At 30 June 2024 190,847
DEPRECIATION
At 1 July 2023 115,109
Charge for year 19,070
Eliminated on disposal (341 )
At 30 June 2024 133,838
NET BOOK VALUE
At 30 June 2024 57,009
At 30 June 2023 75,224

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 65,195 161,818
Other debtors 142,367 120,411
207,562 282,229

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 97,609 128,937
Taxation and social security 8,481 11,063
Other creditors 66,709 165,394
172,799 305,394

7. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Invoice discounting 616 73,163

The invoice discounting creditor is secured over the debts to which it relates.