Willett Food Projects Ltd

Contents

Statement of Financial Position	1
Notes to the Unaudited Financial Statements	2 to 8

Willett Food Projects Ltd

(Registration number: 04429484)
Statement of Financial Position as at 30 April 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	4	13,444	21,895
Current assets
Debtors	5	77,407	192,070
Cash at bank and in hand		88,913	147,963
		166,320	340,033
Creditors: Amounts falling due within one year	6	(63,730)	(110,815)
Net current assets		102,590	229,218
Total assets less current liabilities		116,034	251,113
Provisions for liabilities		(3,563)	(6,260)
Net assets		112,471	244,853
Capital and reserves
Called up share capital		100	100
Profit and loss account		112,371	244,753
Shareholders' funds		112,471	244,853

For the financial year ending 30 April 2025 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 Statement of Comprehensive Income.

Approved and authorised by the director on 18 December 2025
 

Mr Nicholas Ian Willett Director

Willett Food Projects Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2025

1	General information

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

The address of its registered office is:
Knapp House
Pound Lane
Uplyme
Lyme Regis
Dorset
DT7 3TT
England

Principal activity

The principal activity of the company is food factory design consultancy.

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.

The financial statements are prepared in sterling which is the functional currency of the entity.

Willett Food Projects Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2025 (continued)

2	Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

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 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 and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position 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:

Asset class	Depreciation method and rate
Fixtures and fittings	20% Straight line
Office equipment	33.3% Straight line
Motor vehicles	20% Straight line

Willett Food Projects Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2025 (continued)

2	Accounting policies (continued)

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

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 statement of comprehensive income 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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the statement of comprehensive income and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Willett Food Projects Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2025 (continued)

2	Accounting policies (continued)

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.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 8 (2024 - 9).

Willett Food Projects Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2025 (continued)

4	Tangible assets

	Fixtures and fittings £	Office equipment £	Motor vehicles  £	Total £
Cost or valuation
At 1 May 2024	23,707	1,568	33,613	58,888
At 30 April 2025	23,707	1,568	33,613	58,888
Depreciation
At 1 May 2024	21,979	1,568	13,446	36,993
Charge for the year	1,728	-	6,723	8,451
At 30 April 2025	23,707	1,568	20,169	45,444
Carrying amount
At 30 April 2025	-	-	13,444	13,444
At 30 April 2024	1,728	-	20,167	21,895

5

Debtors

	Note	2025 £	2024 £
Trade debtors		73,414	174,414
Amounts owed by related parties	9	-	16,315
Prepayments		3,674	1,013
Income tax asset		319	328
		77,407	192,070

Willett Food Projects Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2025 (continued)

6

Creditors

Creditors: amounts falling due within one year

	Note	2025 £	2024 £
Due within one year
Loans and borrowings	8	-	2,467
Trade creditors		12,209	44,272
Amounts owed to group undertakings and undertakings in which the company has a participating interest	9	7,106	-
Taxation and social security		15,030	26,222
Accruals and deferred income		17,416	22,181
Other creditors		11,969	15,673
		63,730	110,815

Creditors: amounts falling due after more than one year

2025 £

2024 £

7

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

8	Loans and borrowings

Current loans and borrowings

	2025 £	2024 £
Hire purchase contracts	-	2,467

9	Related party transactions

On 17 October 2022 the company shareholders undertook a share for share exchange. As a result of this transaction, a corporate group was formed whereby Willett Food Projects Limited became a 100% owned trading subsidiary of Willett Property Holdings Limited (a company incorporated in England and Wales on 17 October 2022 with company number 14425059).

Summary of transactions with parent

Willett Food Projects Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2025 (continued)

9	Related party transactions (continued)

Willett Property Holdings Limited. Parent entity. As at the year end, Willett Food Projects Ltd owed £7,106 to its parent company (2024: Willett Food Projects Ltd was owed £16,315 by its parent company).