Caseware UK (AP4) 2022.0.179 2022.0.179 2022-12-312022-12-312022-12-31The group trades as a wholesaler and retailer of a range of hemp products.2022-01-01falsetruetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 11973527 2022-01-01 2022-12-31 11973527 2021-01-01 2021-12-31 11973527 2022-12-31 11973527 2021-12-31 11973527 2021-01-01 11973527 c:Director1 2022-01-01 2022-12-31 11973527 d:PlantMachinery 2022-01-01 2022-12-31 11973527 d:ComputerEquipment 2022-01-01 2022-12-31 11973527 d:ComputerEquipment 2022-12-31 11973527 d:ComputerEquipment 2021-12-31 11973527 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 11973527 d:PatentsTrademarksLicencesConcessionsSimilar 2022-01-01 2022-12-31 11973527 d:PatentsTrademarksLicencesConcessionsSimilar 2022-12-31 11973527 d:PatentsTrademarksLicencesConcessionsSimilar 2021-12-31 11973527 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-01-01 2022-12-31 11973527 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-31 11973527 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2021-12-31 11973527 d:Goodwill 2022-01-01 2022-12-31 11973527 d:CopyrightsPatentsTrademarksServiceOperatingRights 2022-12-31 11973527 d:CopyrightsPatentsTrademarksServiceOperatingRights 2021-12-31 11973527 d:CurrentFinancialInstruments 2022-12-31 11973527 d:CurrentFinancialInstruments 2021-12-31 11973527 d:Non-currentFinancialInstruments 2022-12-31 11973527 d:Non-currentFinancialInstruments 2021-12-31 11973527 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 11973527 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 11973527 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 11973527 d:Non-currentFinancialInstruments d:AfterOneYear 2021-12-31 11973527 d:ShareCapital 2022-01-01 2022-12-31 11973527 d:ShareCapital 2022-12-31 11973527 d:ShareCapital 2021-01-01 2021-12-31 11973527 d:ShareCapital 2021-12-31 11973527 d:ShareCapital 2021-01-01 11973527 d:SharePremium 2022-01-01 2022-12-31 11973527 d:SharePremium 2022-12-31 11973527 d:SharePremium 2021-01-01 2021-12-31 11973527 d:SharePremium 2021-12-31 11973527 d:SharePremium 2021-01-01 11973527 d:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 11973527 d:RetainedEarningsAccumulatedLosses 2022-12-31 11973527 d:RetainedEarningsAccumulatedLosses 2021-01-01 2021-12-31 11973527 d:RetainedEarningsAccumulatedLosses 2021-12-31 11973527 d:RetainedEarningsAccumulatedLosses 2021-01-01 11973527 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-12-31 11973527 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2021-12-31 11973527 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 11973527 d:AcceleratedTaxDepreciationDeferredTax 2021-12-31 11973527 d:TaxLossesCarry-forwardsDeferredTax 2022-12-31 11973527 d:TaxLossesCarry-forwardsDeferredTax 2021-12-31 11973527 d:OtherDeferredTax 2022-12-31 11973527 d:OtherDeferredTax 2021-12-31 11973527 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2022-01-01 2022-12-31 11973527 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2022-12-31 11973527 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2021-12-31 11973527 c:FRS102 2022-01-01 2022-12-31 11973527 c:AuditExempt-NoAccountantsReport 2022-01-01 2022-12-31 11973527 c:FullAccounts 2022-01-01 2022-12-31 11973527 c:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 11973527 d:Subsidiary1 2022-01-01 2022-12-31 11973527 d:Subsidiary1 1 2022-01-01 2022-12-31 11973527 d:Subsidiary2 2022-01-01 2022-12-31 11973527 d:Subsidiary2 1 2022-01-01 2022-12-31 11973527 d:Subsidiary3 2022-01-01 2022-12-31 11973527 d:Subsidiary3 1 2022-01-01 2022-12-31 11973527 d:Subsidiary4 2022-01-01 2022-12-31 11973527 d:Subsidiary4 1 2022-01-01 2022-12-31 11973527 d:WithinOneYear 2022-12-31 11973527 d:WithinOneYear 2021-12-31 11973527 d:BetweenOneFiveYears 2022-12-31 11973527 d:BetweenOneFiveYears 2021-12-31 11973527 d:MoreThanFiveYears 2022-12-31 11973527 d:MoreThanFiveYears 2021-12-31 11973527 c:Consolidated 2022-12-31 11973527 c:ConsolidatedGroupCompanyAccounts 2022-01-01 2022-12-31 11973527 d:PatentsTrademarksLicencesConcessionsSimilar d:ExternallyAcquiredIntangibleAssets 2022-01-01 2022-12-31 11973527 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:ExternallyAcquiredIntangibleAssets 2022-01-01 2022-12-31 11973527 d:CopyrightsPatentsTrademarksServiceOperatingRights d:ExternallyAcquiredIntangibleAssets 2022-01-01 2022-12-31 11973527 2 2022-01-01 2022-12-31 11973527 4 2022-01-01 2022-12-31 11973527 6 2022-01-01 2022-12-31 11973527 d:ExternallyAcquiredIntangibleAssets 2022-01-01 2022-12-31 11973527 d:PatentsTrademarksLicencesConcessionsSimilar d:OwnedIntangibleAssets 2022-01-01 2022-12-31 11973527 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2022-01-01 2022-12-31 11973527 d:CopyrightsPatentsTrademarksServiceOperatingRights d:OwnedIntangibleAssets 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure

Registered number: 11973527










NATURECAN LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2022

 
NATURECAN LIMITED
REGISTERED NUMBER: 11973527

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022

2022
2021
Note
£
£

Fixed assets
  

Intangible assets
 4 
684,524
598,967

Tangible assets
 5 
61,299
11,021

  
745,823
609,988

Current assets
  

Stocks
  
7,588,052
2,110,287

Debtors
 7 
1,499,265
2,249,829

Cash at bank and in hand
 8 
1,013,619
528,124

  
10,100,936
4,888,240

Creditors: amounts falling due within one year
 9 
(2,877,483)
(2,991,183)

Net current assets
  
 
 
7,223,453
 
 
1,897,057

Total assets less current liabilities
  
7,969,276
2,507,045

Creditors: amounts falling due after more than one year
 10 
(38,299)
(38,299)

Provisions for liabilities
  

Other provisions
 13 
-
(253,357)

  
 
 
-
 
 
(253,357)

Net assets
  
7,930,977
2,215,389

Page 1

 
NATURECAN LIMITED
REGISTERED NUMBER: 11973527
    
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2022

2022
2021
Note
£
£

Capital and reserves
  

Called up share capital 
  
211
180

Share premium account
  
9,154,841
3,476,836

Foreign exchange reserve
  
(19,566)
(1,285)

Profit and loss account
  
(1,204,509)
(1,260,342)

  
7,930,977
2,215,389


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the consolidated statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 16 November 2023.






A J Duckworth
Director

The notes on pages 7 to 22 form part of these financial statements.

Page 2

 
NATURECAN LIMITED
REGISTERED NUMBER: 11973527

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022

2022
2021
Note
£
£

Fixed assets
  

Intangible assets
 4 
684,524
598,967

Tangible assets
 5 
16,708
11,021

Investments
 6 
44,116
44,016

  
745,348
654,004

Current assets
  

Stocks
  
6,038,925
2,110,287

Debtors
 7 
5,926,016
1,807,161

Cash at bank and in hand
 8 
374,805
381,442

  
12,339,746
4,298,890

Creditors: amounts falling due within one year
 9 
(5,110,461)
(2,431,580)

Net current assets
  
 
 
7,229,285
 
 
1,867,310

Total assets less current liabilities
  
7,974,633
2,521,314

  

Creditors: amounts falling due after more than one year
 10 
(38,299)
(38,299)

Provisions for liabilities
  

Other provisions
 13 
-
(253,357)

  
 
 
-
 
 
(253,357)

Net assets
  
7,936,334
2,229,658

Page 3

 
NATURECAN LIMITED
REGISTERED NUMBER: 11973527
    
COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2022

2022
2021
Note
£
£


Capital and reserves
  

Called up share capital 
  
211
180

Share premium account
  
9,154,841
3,476,836

Profit and loss account brought forward
  
(1,247,358)
(1,025,223)

Profit/(loss) for the year
  
28,640
(222,135)

Profit and loss account carried forward
  
(1,218,718)
(1,247,358)

  
7,936,334
2,229,658


The directors consider that the Company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the consolidated statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 16 November 2023.






A J Duckworth
Director

The notes on pages 7 to 22 form part of these financial statements.

Page 4

 
NATURECAN LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Share premium account
Foreign exchange reserve
Profit and loss account
Total equity

£
£
£
£
£


At 1 January 2021
180
3,476,815
-
(1,025,260)
2,451,735


Comprehensive income for the year

Loss for the year

-
-
-
(235,082)
(235,082)

Foreign exchange movement
-
-
(1,285)
-
(1,285)


Other comprehensive income for the year
-
-
(1,285)
-
(1,285)


Total comprehensive income for the year
-
-
(1,285)
(235,082)
(236,367)


Contributions by and distributions to owners

Shares issued during the year
-
21
-
-
21


Total transactions with owners
-
21
-
-
21



At 1 January 2022
180
3,476,836
(1,285)
(1,260,342)
2,215,389


Comprehensive income for the year

Profit for the year

-
-
-
55,833
55,833

Foreign exchange movement
-
-
(18,281)
-
(18,281)


Other comprehensive income for the year
-
-
(18,281)
-
(18,281)


Total comprehensive income for the year
-
-
(18,281)
55,833
37,552


Contributions by and distributions to owners

Shares issued during the year
31
5,678,005
-
-
5,678,036


Total transactions with owners
31
5,678,005
-
-
5,678,036


At 31 December 2022
211
9,154,841
(19,566)
(1,204,509)
7,930,977


The notes on pages 7 to 22 form part of these financial statements.

Page 5

 
NATURECAN LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 January 2021
180
3,476,815
(1,025,223)
2,451,772


Comprehensive income for the year

Loss for the year

-
-
(222,135)
(222,135)


Contributions by and distributions to owners

Shares issued during the year
-
21
-
21


Total transactions with owners
-
21
-
21



At 1 January 2022
180
3,476,836
(1,247,358)
2,229,658


Comprehensive income for the year

Profit for the year

-
-
28,640
28,640


Contributions by and distributions to owners

Shares issued during the year
31
5,678,005
-
5,678,036


Total transactions with owners
31
5,678,005
-
5,678,036


At 31 December 2022
211
9,154,841
(1,218,718)
7,936,334


The notes on pages 7 to 22 form part of these financial statements.

Page 6

 
NATURECAN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


General information

The company is registered in England and Wales as a limited liability company with share capital. The registered office address is Bank Chambers, St. Petersgate, Stockport SK1 1AR.
The company trades as a wholesaler and retailer of a range of hemp products.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 May 2019.

 
2.3

Going concern

The directors have prepared financial forecasts and considered the company's cash requirements and ability to raise equity during the course of the period of 12 months following the date of approval of these financial statements and have concluded that there are no significant uncertainties regarding the ability of the company to continue to trade as a going concern.

Page 7

 
NATURECAN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Page 8

 
NATURECAN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.6

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

  
2.7

Research and Development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives or 10 years if lower.

If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.8

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.9

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.10

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.11

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Group in independently administered funds.

Page 9

 
NATURECAN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.12

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.13

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Group but are presented separately due to their size or incidence.

 
2.14

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Domain names
-
1
 year
Development expenditure
-
10
years
Websites
-
3
years

Page 10

 
NATURECAN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.15

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
2 to 15 years
Computer equipment
-
3 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.16

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.17

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis.

At each balance sheet date, stocks are assessed for impairment. If stock is 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. 

 
2.18

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.19

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. 

 
2.20

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 11

 
NATURECAN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.21

Provisions for liabilities

Provisions are made where an event has taken place that gives the Group a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of financial position.

 
2.22

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Group's Statement of financial position when the Group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the
Page 12

 
NATURECAN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)


2.22
Financial instruments (continued)

contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


3.


Employees

The average monthly number of employees, including directors, during the year was 39 (2021 - 28).

Page 13

 
NATURECAN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

4.


Intangible assets

Group





Domain names
Develop-
ment expenditure
Websites
Total

£
£
£
£



Cost


At 1 January 2022
17,114
559,523
101,258
677,895


Additions
6,619
57,452
111,605
175,676



At 31 December 2022

23,733
616,975
212,863
853,571



Amortisation


At 1 January 2022
13,673
25,838
39,417
78,928


Charge for the year on owned assets
6,470
46,416
37,233
90,119



At 31 December 2022

20,143
72,254
76,650
169,047



Net book value



At 31 December 2022
3,590
544,721
136,213
684,524



At 31 December 2021
3,441
533,685
61,841
598,967



Page 14

 
NATURECAN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
 
           4.Intangible assets (continued)

Company




Domain names
Develop-
ment expenditure
Websites
Total

£
£
£
£



Cost


At 1 January 2022
17,114
559,523
101,258
677,895


Additions
6,619
57,452
111,605
175,676



At 31 December 2022

23,733
616,975
212,863
853,571



Amortisation


At 1 January 2022
13,673
25,838
39,417
78,928


Charge for the year
6,470
46,416
37,233
90,119



At 31 December 2022

20,143
72,254
76,650
169,047



Net book value



At 31 December 2022
3,590
544,721
136,213
684,524



At 31 December 2021
3,441
533,685
61,841
598,967

Page 15

 
NATURECAN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

5.


Tangible fixed assets

Group






Plant and machinery
Computer equipment
Total

£
£
£



Cost or valuation


At 1 January 2022
-
14,599
14,599


Additions
44,591
12,338
56,929



At 31 December 2022

44,591
26,937
71,528



Depreciation


At 1 January 2022
-
3,578
3,578


Charge for the year on owned assets
-
6,651
6,651



At 31 December 2022

-
10,229
10,229



Net book value



At 31 December 2022
44,591
16,708
61,299



At 31 December 2021
-
11,021
11,021

Page 16

 
NATURECAN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

           5.Tangible fixed assets (continued)


Company






Computer equipment

£

Cost or valuation


At 1 January 2022
14,599


Additions
12,338



At 31 December 2022

26,937



Depreciation


At 1 January 2022
3,578


Charge for the year on owned assets
6,651



At 31 December 2022

10,229



Net book value



At 31 December 2022
16,708



At 31 December 2021
11,021






Page 17

 
NATURECAN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

6.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2022
44,016


Additions
100



At 31 December 2022
44,116





Direct subsidiary undertakings


The following were direct subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Naturecan KK
Japan
Ordinary
100%
Naturecan GmbH
Germany
Ordinary
100%
Naturecan LLC
United States of America
Ordinary
100%
Medcan Holdco Limited
England and Wales
Ordinary
100%


Indirect subsidiary undertaking


The following was an indirect subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Ropana Clinics Limited
England and Wales
Ordinary
100%

Page 18

 
NATURECAN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

7.


Debtors

Group
Group
Company
Company
2022
2021
2022
2021
£
£
£
£

Due after more than one year

Deferred tax asset
207,162
163,774
207,162
163,774

Due within one year

Trade debtors
361,261
1,216,884
198,752
776,415

Amounts owed by group undertakings
-
-
4,850,416
-

Other debtors
25,209
235,119
10,871
233,137

Prepayments and accrued income
905,633
634,052
658,815
633,835

1,499,265
2,249,829
5,926,016
1,807,161



8.


Cash and cash equivalents

Group
Group
Company
Company
2022
2021
2022
2021
£
£
£
£

Cash at bank and in hand
1,013,619
528,124
374,805
381,442

1,013,619
528,124
374,805
381,442



9.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2022
2021
2022
2021
£
£
£
£

Bank loans
5,972
33,001
5,972
33,001

Other loans
529,285
14,707
529,285
14,707

Trade creditors
1,922,169
1,594,792
1,753,989
1,054,203

Amounts owed to group undertakings
-
-
2,534,938
-

Corporation tax
3,862
1,711
-
-

Other taxation and social security
107,032
342,561
107,032
342,561

Other creditors
7,996
122,807
4,798
107,185

Accruals and deferred income
301,167
881,604
174,447
879,923

2,877,483
2,991,183
5,110,461
2,431,580


Other loans of £500,412 are secured against certain bank and cash balances.

Page 19

 
NATURECAN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

10.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2022
2021
2022
2021
£
£
£
£

Bank loans
38,299
38,299
38,299
38,299

38,299
38,299
38,299
38,299



11.


Financial instruments

Group
Group
Company
Company
2022
2021
2022
2021
£
£
£
£

Financial assets

Financial assets measured at fair value through profit or loss
1,013,619
528,124
412,964
381,442




Financial assets measured at fair value through profit or loss comprise bank and cash balances.


12.


Deferred taxation


Group





2022


£






At beginning of year
163,774


Charged to profit or loss
43,388



At end of year
207,162

Page 20

 
NATURECAN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
 
12.Deferred taxation (continued)

Company




2022


£






At beginning of year
163,774


Charged to profit or loss
43,388



At end of year
207,162

Group
Group
Company
Company
2022
2021
2022
2021
£
£
£
£

Accelerated capital allowances
(35,360)
(80,848)
(35,360)
(80,848)

Tax losses carried forward
241,879
244,124
241,879
244,124

Other short term timing differences
643
498
643
498

207,162
163,774
207,162
163,774


No reversal of the deferred tax asset is expected in the following 12 months.


13.


Provisions


Group





Other provision

£





At 1 January 2022
253,357


Utilised in year
(253,357)



At 31 December 2022
-

Page 21

 
NATURECAN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Company




Other provision
Total

£
£





At 1 January 2022
253,357
253,357


Utilised in year
(253,357)
(253,357)



At 31 December 2022
-
-


14.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £26,474 (2021 - £19,705). Contributions totalling £4,630 (2021 - £1,989 were payable to the fund at the balance sheet date and are included in creditors.


15.


Commitments under operating leases

At 31 December 2022 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
Company
Company
2022
2021
2022
2021
£
£
£
£

Not later than 1 year
28,862
1,223
1,625
1,223

Later than 1 year and not later than 5 years
108,946
-
-
-

Later than 5 years
127,104
-
-
-

264,912
1,223
1,625
1,223


16.


Related party transactions

The group has taken advantage of the exemption to disclose balances with other group entites as these are included in the consolidated accounts so presented.


17.


Controlling party

Naturecan Limited is the ultimate parent company.

 
Page 22