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Registered number: 11827150
Wheatoo Ltd
Financial Statements
For The Year Ended 28 February 2024
Upscale Consultants Limited
170
Kennington Lane
London
SE11 5DP
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 11827150
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 60,673 27,954
60,673 27,954
CURRENT ASSETS
Stocks 5 - 82,093
Debtors 6 1,110,794 686,265
Cash at bank and in hand - 8,788
1,110,794 777,146
Creditors: Amounts Falling Due Within One Year 7 (926,544 ) (691,124 )
NET CURRENT ASSETS (LIABILITIES) 184,250 86,022
TOTAL ASSETS LESS CURRENT LIABILITIES 244,923 113,976
Creditors: Amounts Falling Due After More Than One Year 8 (129,208 ) (110,065 )
NET ASSETS 115,715 3,911
CAPITAL AND RESERVES
Called up share capital 10 2 2
Profit and Loss Account 115,713 3,909
SHAREHOLDERS' FUNDS 115,715 3,911
Page 1
Page 2
For the year ending 28 February 2024 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 his 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 Profit and Loss Account.
On behalf of the board
Mr Yi Xu
Director
26th February 2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Wheatoo Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 11827150 . The registered office is Unit 9 Buzzard Creek Industrial Estate, River Road, Barking, IG11 0EL.
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 the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
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:
Motor Vehicles 10% on cost
Computer Equipment 33.33% on cost
2.4. Leasing and Hire Purchase Contracts
Assets obtained under 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 profit and loss account 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 profit and loss account 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 and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet 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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2.7. 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 statement of comprehensive income 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 reflect 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 and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2023: 3)
3 3
4. Tangible Assets
Motor Vehicles Computer Equipment Total
£ £ £
Cost
As at 1 March 2023 29,154 11,343 40,497
Additions 39,990 - 39,990
As at 28 February 2024 69,144 11,343 80,487
Depreciation
As at 1 March 2023 2,915 9,628 12,543
Provided during the period 6,305 966 7,271
As at 28 February 2024 9,220 10,594 19,814
Net Book Value
As at 28 February 2024 59,924 749 60,673
As at 1 March 2023 26,239 1,715 27,954
Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
2024 2023
£ £
Motor Vehicles 59,924 26,289
5. Stocks
2024 2023
£ £
Finished goods - 82,093
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6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 959,033 628,306
Other debtors 151,761 57,959
1,110,794 686,265
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 9,872 4,936
Trade creditors 236,910 35,977
Bank loans and overdrafts 40,826 5,910
Corporation tax 35,121 1,941
Other taxes and social security 21,042 17,400
Net wages 4,375 -
Other creditors - 7,871
Accruals and deferred income 35,000 -
Director's loan account 543,398 617,089
926,544 691,124
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 36,734 12,246
Bank loans 34,474 39,819
Other creditors 58,000 58,000
129,208 110,065
9. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 9,872 4,936
Later than one year and not later than five years 36,734 12,246
46,606 17,182
46,606 17,182
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
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