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Registration number: 11084289

Worldwide Foods (Old Trafford) Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 May 2024

 

Worldwide Foods (Old Trafford) Limited

(Registration number: 11084289)
Balance Sheet as at 30 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

38,750

61,500

Current assets

 

Stocks

5

137,829

217,928

Debtors

6

714,216

255,745

Cash at bank and in hand

 

13,363

340

 

865,408

474,013

Creditors: Amounts falling due within one year

7

(551,212)

(403,828)

Net current assets

 

314,196

70,185

Net assets

 

352,946

131,685

Capital and reserves

 

Called up share capital

4

4

Retained earnings

352,942

131,681

Shareholders' funds

 

352,946

131,685

For the financial year ending 30 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 14 March 2025
 

.........................................
Mr Perez Alam
Director

 

Worldwide Foods (Old Trafford) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 May 2024

1

General information

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

The address of its registered office is:
Pennine Distribution Centre
Queensway
Rochdale
OL11 2NU

These financial statements were authorised for issue by the director on 14 March 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

 

Worldwide Foods (Old Trafford) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 May 2024

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.

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.

 

Worldwide Foods (Old Trafford) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 May 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 31 (2023 - 30).

4

Tangible assets

Plant and machinery
£

Total
£

Cost or valuation

At 31 May 2023

152,433

152,433

At 30 May 2024

152,433

152,433

Depreciation

At 31 May 2023

90,933

90,933

Charge for the year

22,750

22,750

At 30 May 2024

113,683

113,683

Carrying amount

At 30 May 2024

38,750

38,750

At 30 May 2023

61,500

61,500

5

Stocks

2024
£

2023
£

Other inventories

137,829

217,928

 

Worldwide Foods (Old Trafford) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 May 2024

6

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

24,653

51,655

Amounts owed by related parties

618,681

87,557

Prepayments

 

-

41,991

Other debtors

 

70,882

74,542

   

714,216

255,745

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

24,296

31,395

Trade creditors

 

272,163

272,440

Taxation and social security

 

57,636

64,884

Accruals and deferred income

 

35,109

35,109

Other creditors

 

162,008

-

 

551,212

403,828

8

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

24,296

31,395