Silverfin false false 30/06/2024 01/07/2023 30/06/2024 Mrs M A Gore Ward 21/01/2008 Mr R D Gore Ward 30/11/1999 27 November 2024 The principal activity of the company continued to be that of potato merchants. 03679775 2024-06-30 03679775 bus:Director1 2024-06-30 03679775 bus:Director2 2024-06-30 03679775 2023-06-30 03679775 core:CurrentFinancialInstruments 2024-06-30 03679775 core:CurrentFinancialInstruments 2023-06-30 03679775 core:Non-currentFinancialInstruments 2024-06-30 03679775 core:Non-currentFinancialInstruments 2023-06-30 03679775 core:ShareCapital 2024-06-30 03679775 core:ShareCapital 2023-06-30 03679775 core:RetainedEarningsAccumulatedLosses 2024-06-30 03679775 core:RetainedEarningsAccumulatedLosses 2023-06-30 03679775 core:Goodwill 2023-06-30 03679775 core:Goodwill 2024-06-30 03679775 core:PlantMachinery 2023-06-30 03679775 core:Vehicles 2023-06-30 03679775 core:FurnitureFittings 2023-06-30 03679775 core:PlantMachinery 2024-06-30 03679775 core:Vehicles 2024-06-30 03679775 core:FurnitureFittings 2024-06-30 03679775 2023-07-01 2024-06-30 03679775 bus:FilletedAccounts 2023-07-01 2024-06-30 03679775 bus:SmallEntities 2023-07-01 2024-06-30 03679775 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 03679775 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 03679775 bus:Director1 2023-07-01 2024-06-30 03679775 bus:Director2 2023-07-01 2024-06-30 03679775 core:Goodwill core:TopRangeValue 2023-07-01 2024-06-30 03679775 core:PlantMachinery 2023-07-01 2024-06-30 03679775 core:Vehicles 2023-07-01 2024-06-30 03679775 core:FurnitureFittings core:TopRangeValue 2023-07-01 2024-06-30 03679775 2022-07-01 2023-06-30 03679775 core:FurnitureFittings 2023-07-01 2024-06-30 iso4217:GBP xbrli:pure

Company No: 03679775 (England and Wales)

WARDS (PRODUCE) LIMITED

Unaudited Financial Statements
For the financial year ended 30 June 2024
Pages for filing with the registrar

WARDS (PRODUCE) LIMITED

Unaudited Financial Statements

For the financial year ended 30 June 2024

Contents

WARDS (PRODUCE) LIMITED

BALANCE SHEET

As at 30 June 2024
WARDS (PRODUCE) LIMITED

BALANCE SHEET (continued)

As at 30 June 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 5 88,710 110,017
88,710 110,017
Current assets
Stocks 76,409 54,287
Debtors 6 648,231 509,064
Cash at bank and in hand 25,884 6,444
750,524 569,795
Creditors: amounts falling due within one year 7 ( 711,580) ( 595,456)
Net current assets/(liabilities) 38,944 (25,661)
Total assets less current liabilities 127,654 84,356
Creditors: amounts falling due after more than one year 8 ( 38,500) ( 64,500)
Net assets 89,154 19,856
Capital and reserves
Called-up share capital 1,100 1,100
Profit and loss account 88,054 18,756
Total shareholders' funds 89,154 19,856

For the financial year ending 30 June 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Wards (Produce) Limited (registered number: 03679775) were approved and authorised for issue by the Board of Directors on 27 November 2024. They were signed on its behalf by:

Mr R D Gore Ward
Director
WARDS (PRODUCE) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
WARDS (PRODUCE) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Wards (Produce) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 674 Manchester Road, Blackrod, Bolton, BL6 5RU, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Employee benefits

Short term benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Intangible assets

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill has been fully amortised.

Goodwill 10 years straight line
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery 20 % reducing balance
Vehicles 20 % reducing balance
Fixtures and fittings 3 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the Company’s accounting policies, the directors are required to make judgements that have a significant impact on the amounts recognised. The following are the critical judgements that the directors have made in the process of applying the Company’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

3. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 6 6

4. Intangible assets

Goodwill Total
£ £
Cost
At 01 July 2023 150,000 150,000
At 30 June 2024 150,000 150,000
Accumulated amortisation
At 01 July 2023 150,000 150,000
At 30 June 2024 150,000 150,000
Net book value
At 30 June 2024 0 0
At 30 June 2023 0 0

5. Tangible assets

Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £
Cost
At 01 July 2023 52,908 167,612 34,778 255,298
Additions 0 0 1,980 1,980
At 30 June 2024 52,908 167,612 36,758 257,278
Accumulated depreciation
At 01 July 2023 49,526 67,591 28,164 145,281
Charge for the financial year 676 20,004 2,607 23,287
At 30 June 2024 50,202 87,595 30,771 168,568
Net book value
At 30 June 2024 2,706 80,017 5,987 88,710
At 30 June 2023 3,382 100,021 6,614 110,017

6. Debtors

2024 2023
£ £
Trade debtors 627,945 472,540
Other debtors 20,286 36,524
648,231 509,064

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 26,000 26,000
Trade creditors 605,930 501,796
Taxation and social security 75,472 63,684
Other creditors 4,178 3,976
711,580 595,456

8. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 38,500 64,500