Company registration number 05436854 (England and Wales)
THE NATURAL HEALTH CHOICE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
PAGES FOR FILING WITH REGISTRAR
THE NATURAL HEALTH CHOICE LIMITED
COMPANY INFORMATION
Director
Mr WD Young
Secretary
Mr WD Young
Company number
05436854
Registered office
The Third Floor
Langdon House
Langdon Road
Swansea
West Glamorgan
SA1 8QY
Accountants
WBV Limited
The Third Floor
Langdon House, Langdon Road
SA1 Swansea Waterfront
Swansea
Wales
SA1 8QY
THE NATURAL HEALTH CHOICE LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Statement of changes in equity
3
Notes to the financial statements
4 - 6
THE NATURAL HEALTH CHOICE LIMITED
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF THE NATURAL HEALTH CHOICE LIMITED FOR THE YEAR ENDED 30 APRIL 2023
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of The Natural Health Choice Limited for the year ended 30 April 2023 which comprise, the balance sheet, the statement of changes in equity and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of The Natural Health Choice Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of The Natural Health Choice Limited and state those matters that we have agreed to state to the board of directors of The Natural Health Choice Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Natural Health Choice Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that The Natural Health Choice Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of The Natural Health Choice Limited. You consider that The Natural Health Choice Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of The Natural Health Choice Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
WBV Limited
16 November 2023
Chartered Accountants
The Third Floor
Langdon House, Langdon Road
SA1 Swansea Waterfront
Swansea
Wales
SA1 8QY
THE NATURAL HEALTH CHOICE LIMITED
BALANCE SHEET
AS AT 30 APRIL 2023
30 April 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,534
1,587
Current assets
Stocks
97,447
45,774
Debtors
4
8,386
7,775
Cash at bank and in hand
59,058
227,706
164,891
281,255
Creditors: amounts falling due within one year
5
(152,247)
(273,527)
Net current assets
12,644
7,728
Net assets
14,178
9,315
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
14,078
9,215
Total equity
14,178
9,315
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 16 November 2023
Mr WD Young
Director
Company registration number 05436854 (England and Wales)
THE NATURAL HEALTH CHOICE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2023
- 3 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 May 2021
100
453,230
453,330
Year ended 30 April 2022:
Profit and total comprehensive income
-
95,985
95,985
Dividends
-
(540,000)
(540,000)
Balance at 30 April 2022
100
9,215
9,315
Year ended 30 April 2023:
Profit and total comprehensive income
-
79,863
79,863
Dividends
-
(75,000)
(75,000)
Balance at 30 April 2023
100
14,078
14,178
THE NATURAL HEALTH CHOICE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
- 4 -
1
Accounting policies
Company information
The Natural Health Choice Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Third Floor, Langdon House, Langdon Road, Swansea, West Glamorgan, SA1 8QY.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents net invoiced sales of natural health products, excluding value added tax.
1.3
Tangible fixed assets
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
12.5% on cost
Fixtures and fittings
15% on cost
Computers
25% on cost
1.4
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
THE NATURAL HEALTH CHOICE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
1
1
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 May 2022
61,126
19,025
80,151
Additions
918
918
At 30 April 2023
61,126
19,943
81,069
Depreciation and impairment
At 1 May 2022
61,126
17,438
78,564
Depreciation charged in the year
971
971
At 30 April 2023
61,126
18,409
79,535
Carrying amount
At 30 April 2023
1,534
1,534
At 30 April 2022
1,587
1,587
THE NATURAL HEALTH CHOICE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 6 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
8,386
7,775
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
76,179
8,055
Corporation tax
19,050
22,418
Other taxation and social security
5,872
Other creditors
57,018
237,182
152,247
273,527