1 1 Worldwide Foods Sparkhill Limited 10423218 false 2023-06-01 2024-05-31 2024-05-31 The principal activity of the company is the wholesale and retail of grocery and related products. Digita Accounts Production Advanced 6.30.9574.0 true 10423218 2023-06-01 2024-05-31 10423218 2024-05-31 10423218 bus:OrdinaryShareClass1 2024-05-31 10423218 core:CurrentFinancialInstruments 2024-05-31 10423218 core:CurrentFinancialInstruments core:WithinOneYear 2024-05-31 10423218 core:Non-currentFinancialInstruments 2024-05-31 10423218 core:Non-currentFinancialInstruments core:AfterOneYear 2024-05-31 10423218 bus:SmallEntities 2023-06-01 2024-05-31 10423218 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 10423218 bus:FilletedAccounts 2023-06-01 2024-05-31 10423218 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 10423218 bus:RegisteredOffice 2023-06-01 2024-05-31 10423218 bus:Director1 2023-06-01 2024-05-31 10423218 bus:OrdinaryShareClass1 2023-06-01 2024-05-31 10423218 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 10423218 countries:England 2023-06-01 2024-05-31 10423218 2022-06-01 2023-05-31 10423218 2023-05-31 10423218 bus:OrdinaryShareClass1 2023-05-31 10423218 core:CurrentFinancialInstruments 2023-05-31 10423218 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 10423218 core:Non-currentFinancialInstruments 2023-05-31 10423218 core:Non-currentFinancialInstruments core:AfterOneYear 2023-05-31 xbrli:pure iso4217:GBP xbrli:shares

Registration number: 10423218

Worldwide Foods Sparkhill Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

Worldwide Foods Sparkhill Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

Worldwide Foods Sparkhill Limited

Company Information

Director

Mr Mohammed Arshad Alam

Registered office

753-770 Stratford Road
Sparkhill
Birmingham
B11 4DG

 

Worldwide Foods Sparkhill Limited

(Registration number: 10423218)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Current assets

 

Stocks

4

122,844

111,178

Debtors

5

1,497,804

963,281

Cash at bank and in hand

 

34,153

278,918

 

1,654,801

1,353,377

Creditors: Amounts falling due within one year

6

(1,491,347)

(1,192,031)

Total assets less current liabilities

 

163,454

161,346

Creditors: Amounts falling due after more than one year

6

(13,621)

(22,387)

Net assets

 

149,833

138,959

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

149,733

138,859

Shareholders' funds

 

149,833

138,959

For the financial year ending 31 May 2024 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 his 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 and 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.

Approved and authorised by the director on 3 February 2025
 

.........................................
Mr Mohammed Arshad Alam
Director

 

Worldwide Foods Sparkhill Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

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

The address of its registered office is:
753-770 Stratford Road
Sparkhill
Birmingham
B11 4DG
England

These financial statements were authorised for issue by the director on 3 February 2025.

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.

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.

Tax

The tax expense for the period comprises current 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.

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.

 

Worldwide Foods Sparkhill Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 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.

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.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

Worldwide Foods Sparkhill Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

4

Stocks

2024
£

2023
£

Other inventories

122,844

111,178

5

Debtors

Current

2024
£

2023
£

Other debtors

1,497,804

963,281

 

1,497,804

963,281

 

Worldwide Foods Sparkhill Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

122,444

47,500

Trade creditors

 

1,124,037

975,736

Taxation and social security

 

25,744

22,673

Accruals and deferred income

 

104,008

86,008

Other creditors

 

115,114

60,114

 

1,491,347

1,192,031

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

13,621

22,387

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

13,621

22,387

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,000

10,000

Bank overdrafts

74,944

-

Other borrowings

37,500

37,500

122,444

47,500