1 false false false false false false false false false false true false false false false false false No description of principal activity 2022-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 158,916 80,582 15,892 96,474 62,442 78,334 273 155 428 xbrli:pure xbrli:shares iso4217:GBP 10088524 2022-04-01 2023-03-31 10088524 2023-03-31 10088524 2022-03-31 10088524 2021-04-01 2022-03-31 10088524 2022-03-31 10088524 2021-03-31 10088524 core:FurnitureFittings 2022-04-01 2023-03-31 10088524 bus:Director2 2022-04-01 2023-03-31 10088524 core:PatentsTrademarksLicencesConcessionsSimilar 2022-03-31 10088524 core:PatentsTrademarksLicencesConcessionsSimilar 2023-03-31 10088524 core:FurnitureFittings 2022-03-31 10088524 core:FurnitureFittings 2023-03-31 10088524 core:DeferredTaxation 2022-04-01 2023-03-31 10088524 core:WithinOneYear 2023-03-31 10088524 core:WithinOneYear 2022-03-31 10088524 core:AfterOneYear 2023-03-31 10088524 core:AfterOneYear 2022-03-31 10088524 core:ShareCapital 2023-03-31 10088524 core:ShareCapital 2022-03-31 10088524 core:RetainedEarningsAccumulatedLosses 2023-03-31 10088524 core:RetainedEarningsAccumulatedLosses 2022-03-31 10088524 core:PatentsTrademarksLicencesConcessionsSimilar 2022-04-01 2023-03-31 10088524 core:PatentsTrademarksLicencesConcessionsSimilar 2022-03-31 10088524 core:AcceleratedTaxDepreciationDeferredTax 2023-03-31 10088524 core:AcceleratedTaxDepreciationDeferredTax 2022-03-31 10088524 core:FurnitureFittings 2022-03-31 10088524 core:DeferredTaxation 2022-03-31 10088524 core:DeferredTaxation 2023-03-31 10088524 bus:SmallEntities 2022-04-01 2023-03-31 10088524 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 10088524 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 10088524 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 10088524 bus:FullAccounts 2022-04-01 2023-03-31 10088524 core:ComputerEquipment 2022-04-01 2023-03-31 10088524 core:ComputerEquipment 2022-03-31 10088524 core:ComputerEquipment 2023-03-31
COMPANY REGISTRATION NUMBER: 10088524
NOVO NUTRITION LTD
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 March 2023
NOVO NUTRITION LTD
STATEMENT OF FINANCIAL POSITION
31 March 2023
2023
2022
Note
£
£
£
£
FIXED ASSETS
Intangible assets
5
62,442
78,334
Tangible assets
6
1,711
1,434
---------
---------
64,153
79,768
CURRENT ASSETS
Stocks
215,886
159,796
Debtors
7
206,486
53,814
Cash at bank and in hand
215,199
27,488
----------
----------
637,571
241,098
CREDITORS: amounts falling due within one year
8
520,510
281,677
----------
----------
NET CURRENT ASSETS/(LIABILITIES)
117,061
( 40,579)
----------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
181,214
39,189
CREDITORS: amounts falling due after more than one year
9
21,665
31,667
PROVISIONS
10
428
273
----------
---------
NET ASSETS
159,121
7,249
----------
---------
NOVO NUTRITION LTD
STATEMENT OF FINANCIAL POSITION (continued)
31 March 2023
2023
2022
Note
£
£
£
£
CAPITAL AND RESERVES
Called up share capital
100
100
Profit and loss account
159,021
7,149
----------
-------
SHAREHOLDERS FUNDS
159,121
7,249
----------
-------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 2 November 2023 , and are signed on behalf of the board by:
A Coulson
Director
Company registration number: 10088524
NOVO NUTRITION LTD
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2023
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Suite D154, Dean Clough, Halifax, West Yorkshire, HX3 5AX.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors have given assurances that they will continue to support the company and the financial statements have therefore been prepared on a going concern basis.
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. There are not considered to be any judgements or accounting estimates or assumptions that have a significant impact on the financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for health food snacks supplied, stated net of discounts and of Value Added Tax.
Current and deferred tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Patents, trademarks and licences
-
10 years straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
15% reducing balance
Equipment
-
33% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants receivable relating to Covid-19 are accounted for under the accrual method and recognised immediately as income in the Statement of Income and Retained Earnings. Where applied for and received these grants include payments under the Coronavirus Job Retention Scheme (furlough payments), Small Business Grant and interest paid by the Government during the first 12 months of Bounce Bank Loans. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. INTANGIBLE ASSETS
Intellectual property, trademarks and licences
£
Cost
At 1 April 2022 and 31 March 2023
158,916
----------
Amortisation
At 1 April 2022
80,582
Charge for the year
15,892
----------
At 31 March 2023
96,474
----------
Carrying amount
At 31 March 2023
62,442
----------
At 31 March 2022
78,334
----------
6. TANGIBLE ASSETS
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 April 2022
827
3,285
4,112
Additions
1,166
1,166
----
-------
-------
At 31 March 2023
827
4,451
5,278
----
-------
-------
Depreciation
At 1 April 2022
461
2,217
2,678
Charge for the year
55
834
889
----
-------
-------
At 31 March 2023
516
3,051
3,567
----
-------
-------
Carrying amount
At 31 March 2023
311
1,400
1,711
----
-------
-------
At 31 March 2022
366
1,068
1,434
----
-------
-------
7. DEBTORS
2023
2022
£
£
Trade debtors
151,865
53,238
Other debtors
54,621
576
----------
---------
206,486
53,814
----------
---------
8. CREDITORS: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
10,000
9,998
Trade creditors
367,467
101,424
Corporation tax
39,337
9,790
Social security and other taxes
10,493
4,554
Other creditors
93,213
155,911
----------
----------
520,510
281,677
----------
----------
9. CREDITORS: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
21,665
31,667
---------
---------
10. PROVISIONS
Deferred tax (note 11)
£
At 1 April 2022
273
Additions
155
----
At 31 March 2023
428
----
11. DEFERRED TAX
The deferred tax included in the statement of financial position is as follows:
2023
2022
£
£
Included in provisions (note 10)
428
273
----
----
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
428
273
----
----
12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES
During the year, the directors had unsecured interest-free loans with the company which were in credit for the full period.