Registered number
14619234
We Are Fair Trade Ltd
Filleted Accounts
31 March 2025
We Are Fair Trade Ltd
Registered number: 14619234
Balance Sheet
as at 31 March 2025
Notes 2025 2024
£ £
Fixed assets
Intangible assets 3 9,680 10,890
Tangible assets 4 3,600 -
13,280 10,890
Current assets
Stocks 16,742 41,482
Debtors 5 7,372 3,694
Cash at bank and in hand 7,514 42,419
31,628 87,595
Creditors: amounts falling due within one year 6 (229,990) (222,233)
Net current liabilities (198,362) (134,638)
Total assets less current liabilities (185,082) (123,748)
Creditors: amounts falling due after more than one year 7 (9,400) -
Net liabilities (194,482) (123,748)
Capital and reserves
Called up share capital 100 100
Profit and loss account (194,582) (123,848)
Shareholder's funds (194,482) (123,748)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mark Buchanan
Director
Approved by the board on 23 June 2025
We Are Fair Trade Ltd
Notes to the Accounts
for the year ended 31 March 2025
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are recognised at transaction price including any transaction costs.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are recognised at transaction price net of any transaction costs.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2025 2024
Number Number
Average number of persons employed by the company 2 4
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2024 12,100
At 31 March 2025 12,100
Amortisation
At 1 April 2024 1,210
Provided during the year 1,210
At 31 March 2025 2,420
Net book value
At 31 March 2025 9,680
At 31 March 2024 10,890
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
Additions 3,720
At 31 March 2025 3,720
Depreciation
Charge for the year 120
At 31 March 2025 120
Net book value
At 31 March 2025 3,600
5 Debtors 2025 2024
£ £
Other debtors 7,372 3,694
6 Creditors: amounts falling due within one year 2025 2024
£ £
Bank loans and overdrafts 2,400 -
Trade creditors 5,725 4,224
Taxation and social security costs 1,233 1,227
Other creditors 220,632 216,782
229,990 222,233
7 Creditors: amounts falling due after one year 2025 2024
£ £
Bank loans 9,400 -
8 Other information
We Are Fair Trade Ltd is a private company limited by shares and incorporated in England. Its registered office is:
2 Brook House
Ingleton
Carnforth
England
LA6 3DT
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