REGISTERED NUMBER: 13840142 (England and Wales) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE PERIOD 11 JANUARY 2022 TO 31 MARCH 2023 |
FOR |
NUTREE HOLDINGS LIMITED |
REGISTERED NUMBER: 13840142 (England and Wales) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE PERIOD 11 JANUARY 2022 TO 31 MARCH 2023 |
FOR |
NUTREE HOLDINGS LIMITED |
NUTREE HOLDINGS LIMITED (REGISTERED NUMBER: 13840142) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE PERIOD 11 JANUARY 2022 TO 31 MARCH 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 5 |
Consolidated Income Statement | 8 |
Consolidated Other Comprehensive Income | 9 |
Consolidated Balance Sheet | 10 |
Company Balance Sheet | 11 |
Consolidated Statement of Changes in Equity | 12 |
Company Statement of Changes in Equity | 13 |
Consolidated Cash Flow Statement | 14 |
Notes to the Consolidated Cash Flow Statement | 15 |
Notes to the Consolidated Financial Statements | 16 |
NUTREE HOLDINGS LIMITED |
COMPANY INFORMATION |
FOR THE PERIOD 11 JANUARY 2022 TO 31 MARCH 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants & Statutory Auditors |
Chandler House |
7 Ferry Road Office Park |
Riversway |
Preston |
Lancashire |
PR2 2YH |
NUTREE HOLDINGS LIMITED (REGISTERED NUMBER: 13840142) |
GROUP STRATEGIC REPORT |
FOR THE PERIOD 11 JANUARY 2022 TO 31 MARCH 2023 |
The directors present their strategic report of the company and the group for the period 11 January 2022 to 31 March 2023. |
Financial results |
The group has increased the number of customers it supports as well as the services it provides to its client base which has resulted in new product development aligned with the new Government HFSS guidelines. |
Key highlights |
The principal activity of the group is to innovate new free from, plant based / vegan products. |
During the period ending 31 March 2023, the group invested in upgrading its production lines and processes in order to create new types of protein bars not available on the market. |
A group structure was created under the parent, Nutree Holdings Ltd, which purchased the manufacturing site, enabling solar power to be installed and secure its manufacturing capabilities. |
Principle risks and uncertainties |
The fallout from Covid and the effect of the Ukrainian war increased our lead times and raw material costs. |
The increase in the cost of living has been a challenge. |
However, the mitigating factors are the investments we made in our machinery, sustainability and staff with training. |
Future developments |
In the next twelve months, the group is expecting to grow its sales to £8.5m and diversify our brands portfolio and product offering. |
In the longer term, the group plans to double its turnover in 3 years. |
ON BEHALF OF THE BOARD: |
NUTREE HOLDINGS LIMITED (REGISTERED NUMBER: 13840142) |
REPORT OF THE DIRECTORS |
FOR THE PERIOD 11 JANUARY 2022 TO 31 MARCH 2023 |
The directors present their report with the financial statements of the company and the group for the period 11 January 2022 to 31 March 2023. |
INCORPORATION |
The group was incorporated on 11 January 2022 . |
DIVIDENDS |
The total distribution of dividends for the period ended 31 March 2023 will be £ 79,247 . |
No interim dividend was paid during the year. The directors recommend a final dividend of £792.47 per share. |
DIRECTORS |
The directors who have held office during the period from 11 January 2022 to the date of this report are as follows: |
Both the directors who are eligible offer themselves for election at the forthcoming first Annual General Meeting. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
NUTREE HOLDINGS LIMITED (REGISTERED NUMBER: 13840142) |
REPORT OF THE DIRECTORS |
FOR THE PERIOD 11 JANUARY 2022 TO 31 MARCH 2023 |
AUDITORS |
The auditors, Wallwork Nelson & Johnson, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
NUTREE HOLDINGS LIMITED |
Opinion |
We have audited the financial statements of Nutree Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 31 March 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2023 and of the group's profit for the period then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
NUTREE HOLDINGS LIMITED |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
- | Enquiry of management and those charged with governance around actual and potential litigation and claims. |
- | Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and |
regulations. |
- | Reviewing minutes of meetings of those charged with governance. |
- | Reviewing financial statement disclosures and testing to support documentation to assess compliance with |
applicable laws and regulations. |
- | Auditing the risk of management override of controls and evaluating the business rationale of significant |
transactions outside the normal course of business. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
NUTREE HOLDINGS LIMITED |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants & Statutory Auditors |
Chandler House |
7 Ferry Road Office Park |
Riversway |
Preston |
Lancashire |
PR2 2YH |
NUTREE HOLDINGS LIMITED (REGISTERED NUMBER: 13840142) |
CONSOLIDATED INCOME STATEMENT |
FOR THE PERIOD 11 JANUARY 2022 TO 31 MARCH 2023 |
Notes | £ |
TURNOVER | 5,752,721 |
Cost of sales | 4,262,265 |
GROSS PROFIT | 1,490,456 |
Administrative expenses | 1,628,211 |
(137,755 | ) |
Other operating income | 1,048,911 |
OPERATING PROFIT | 4 | 911,156 |
Interest receivable and similar income | 2,179 |
913,335 |
Interest payable and similar expenses | 5 | 195,951 |
PROFIT BEFORE TAXATION | 717,384 |
Tax on profit | 6 | 244,582 |
PROFIT FOR THE FINANCIAL PERIOD |
Profit attributable to: |
Owners of the parent | 472,802 |
NUTREE HOLDINGS LIMITED (REGISTERED NUMBER: 13840142) |
CONSOLIDATED OTHER COMPREHENSIVE INCOME |
FOR THE PERIOD 11 JANUARY 2022 TO 31 MARCH 2023 |
Notes | £ |
PROFIT FOR THE PERIOD | 472,802 |
OTHER COMPREHENSIVE INCOME | - |
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD |
472,802 |
Total comprehensive income attributable to: |
Owners of the parent | 472,802 |
NUTREE HOLDINGS LIMITED (REGISTERED NUMBER: 13840142) |
CONSOLIDATED BALANCE SHEET |
31 MARCH 2023 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 9 | 897,618 |
Tangible assets | 10 | 5,375,645 |
Investments | 11 | - |
6,273,263 |
CURRENT ASSETS |
Stocks | 12 | 627,596 |
Debtors | 13 | 604,222 |
Cash at bank | 1,002,432 |
2,234,250 |
CREDITORS |
Amounts falling due within one year | 14 | 3,409,428 |
NET CURRENT LIABILITIES | (1,175,178 | ) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
5,098,085 |
CREDITORS |
Amounts falling due after more than one year |
15 |
(3,244,704 |
) |
PROVISIONS FOR LIABILITIES | 19 | (398,573 | ) |
NET ASSETS | 1,454,808 |
CAPITAL AND RESERVES |
Called up share capital | 20 | 200 |
Retained earnings | 21 | 1,454,608 |
SHAREHOLDERS' FUNDS | 1,454,808 |
The financial statements were approved by the Board of Directors and authorised for issue on 4 March 2024 and were signed on its behalf by: |
P Mroczak - Director |
NUTREE HOLDINGS LIMITED (REGISTERED NUMBER: 13840142) |
COMPANY BALANCE SHEET |
31 MARCH 2023 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 9 |
Tangible assets | 10 |
Investments | 11 |
CURRENT ASSETS |
Debtors | 13 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 14 |
NET CURRENT LIABILITIES | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
15 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 20 |
Retained earnings |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 87,263 |
The financial statements were approved by the Board of Directors and authorised for issue on |
NUTREE HOLDINGS LIMITED (REGISTERED NUMBER: 13840142) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE PERIOD 11 JANUARY 2022 TO 31 MARCH 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Changes in equity |
Issue of share capital | 200 | - | 200 |
Dividends | - | (79,247 | ) | (79,247 | ) |
Total comprehensive income | - | 472,802 | 472,802 |
Balance at 31 March 2023 | 200 | 393,555 | 393,755 |
NUTREE HOLDINGS LIMITED (REGISTERED NUMBER: 13840142) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE PERIOD 11 JANUARY 2022 TO 31 MARCH 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Changes in equity |
Issue of share capital | - |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 March 2023 |
NUTREE HOLDINGS LIMITED (REGISTERED NUMBER: 13840142) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE PERIOD 11 JANUARY 2022 TO 31 MARCH 2023 |
Notes | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 1,745,975 |
Interest paid | (141,346 | ) |
Interest element of hire purchase payments paid |
(54,605 |
) |
Taxation refund | 34,567 |
Net cash from operating activities | 1,584,591 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (3,095,298 | ) |
Sale of tangible fixed assets | 1,003,500 |
Cash arising on acquisitions | 476,766 |
Interest received | 2,179 |
Net cash from investing activities | (1,612,853 | ) |
Cash flows from financing activities |
New loans in year | 1,971,267 |
Loan repayments in year | (502,308 | ) |
Capital repayments in year | (319,914 | ) |
Amount introduced by directors | 100 |
Amount withdrawn by directors | (39,404 | ) |
Share issue | 200 |
Equity dividends paid | (79,247 | ) |
Net cash from financing activities | 1,030,694 |
Increase in cash and cash equivalents | 1,002,432 |
Cash and cash equivalents at beginning of period |
2 |
- |
Cash and cash equivalents at end of period |
2 |
1,002,432 |
NUTREE HOLDINGS LIMITED (REGISTERED NUMBER: 13840142) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE PERIOD 11 JANUARY 2022 TO 31 MARCH 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
£ |
Profit before taxation | 717,384 |
Depreciation charges | 407,904 |
Profit on disposal of fixed assets | (545,180 | ) |
Finance costs | 195,951 |
Finance income | (2,179 | ) |
773,880 |
Increase in stocks | (627,596 | ) |
Increase in trade and other debtors | (604,222 | ) |
Increase in trade and other creditors | 2,203,913 |
Cash generated from operations | 1,745,975 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Period ended 31 March 2023 |
31/3/23 | 11/1/22 |
£ | £ |
Cash and cash equivalents | 1,002,432 | - |
3. | ANALYSIS OF CHANGES IN NET DEBT |
Other |
non-cash |
At 11/1/22 | Cash flow | changes | At 31/3/23 |
£ | £ | £ | £ |
Net cash |
Cash at bank | - | 1,002,432 | 1,002,432 |
- | 1,002,432 | 1,002,432 |
Debt |
Finance leases | - | 1,329,250 | - | (1,710,944 | ) |
Debts falling due |
within 1 year | - | (320,055 | ) | - | (320,055 | ) |
Debts falling due |
after 1 year | - | (2,035,222 | ) | - | (2,035,222 | ) |
- | (1,026,027 | ) | - | (4,066,221 | ) |
Total | - | (23,595 | ) | - | (3,063,789 | ) |
NUTREE HOLDINGS LIMITED (REGISTERED NUMBER: 13840142) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE PERIOD 11 JANUARY 2022 TO 31 MARCH 2023 |
1. | STATUTORY INFORMATION |
Nutree Holdings Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Computer equipment | - |
Long leasehold - straight line between 25 - 28 years |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
NUTREE HOLDINGS LIMITED (REGISTERED NUMBER: 13840142) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 11 JANUARY 2022 TO 31 MARCH 2023 |
2. | ACCOUNTING POLICIES - continued |
Research and development |
Development expenditure relating to creating healthy, delicious & 100% all-natural plant-based vegan protein nutrition products is to be written off in the profit and loss account in the year in which it is incurred. |
Development expenditure which has been capitalised in previous years, will continue to be amortised, on a systematic basis, over the period in which the product is to be produced. |
Deferred development expenditure is to be reviewed at the end of each accounting period. Where circumstances which have justified the deferral no longer apply the expenditure is to be written off immediately. Deferral of development expenditure is applied to all projects meeting the criteria set out in FRS 102 Section 18. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
£ |
Wages and salaries | 1,581,486 |
Social security costs | 79,618 |
Other pension costs | 28,008 |
1,689,112 |
The average number of employees during the period was as follows: |
Directors | 5 |
Employees | 66 |
£ |
Directors' remuneration | 63,842 |
Directors' excess retirement benefits | 1,347 |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes | 3 |
NUTREE HOLDINGS LIMITED (REGISTERED NUMBER: 13840142) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 11 JANUARY 2022 TO 31 MARCH 2023 |
4. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
£ |
Hire of plant and machinery | 6,578 |
Other operating leases | 141,708 |
Depreciation - owned assets | 121,966 |
Depreciation - assets on hire purchase contracts | 162,126 |
Profit on disposal of fixed assets | (545,180 | ) |
Development costs amortisation | 123,664 |
Auditors' remuneration | 20,000 |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
£ |
Bank loan interest | 130,784 |
Other interest | 10,562 |
Hire purchase | 54,605 |
195,951 |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the period was as follows: |
£ |
Deferred tax | 244,582 |
Tax on profit | 244,582 |
7. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
8. | DIVIDENDS |
£ |
Final | 79,247 |
NUTREE HOLDINGS LIMITED (REGISTERED NUMBER: 13840142) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 11 JANUARY 2022 TO 31 MARCH 2023 |
9. | INTANGIBLE FIXED ASSETS |
Group |
Development |
costs |
£ |
COST |
Arising on acquisitions | 1,236,636 |
At 31 March 2023 | 1,236,636 |
AMORTISATION |
Amortisation for period | 123,664 |
Arising on acquisitions | 215,354 |
At 31 March 2023 | 339,018 |
NET BOOK VALUE |
At 31 March 2023 | 897,618 |
10. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
Long | Plant and | and | Computer |
leasehold | machinery | fittings | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
Additions | 3,005,732 | 953,465 | 21,159 | 14,285 | 3,994,641 |
Disposals | (210,000 | ) | (542,213 | ) | (1,524 | ) | (1,599 | ) | (755,336 | ) |
Arising on acquisitions | 248,113 | 2,113,417 | 265,410 | 46,172 | 2,673,112 |
At 31 March 2023 | 3,043,845 | 2,524,669 | 285,045 | 58,858 | 5,912,417 |
DEPRECIATION |
Charge for period | 16,099 | 202,921 | 55,665 | 9,407 | 284,092 |
Eliminated on disposal | (2,100 | ) | (152,221 | ) | (347 | ) | (425 | ) | (155,093 | ) |
Arising on acquisitions | 3,271 | 335,611 | 55,454 | 13,437 | 407,773 |
At 31 March 2023 | 17,270 | 386,311 | 110,772 | 22,419 | 536,772 |
NET BOOK VALUE |
At 31 March 2023 | 3,026,575 | 2,138,358 | 174,273 | 36,439 | 5,375,645 |
The long leasehold property was purchased on 24th March 2023, due to the date of acquisition, no depreciation has been charged in the year. |
NUTREE HOLDINGS LIMITED (REGISTERED NUMBER: 13840142) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 11 JANUARY 2022 TO 31 MARCH 2023 |
10. | TANGIBLE FIXED ASSETS - continued |
Group |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and |
machinery |
£ |
COST |
Additions | 778,843 |
Disposals | (524,003 | ) |
Arising on acquisitions | 1,727,477 |
At 31 March 2023 | 1,982,317 |
DEPRECIATION |
Charge for period | 162,126 |
Eliminated on disposal | (149,423 | ) |
Arising on acquisitions | 279,139 |
At 31 March 2023 | 291,842 |
NET BOOK VALUE |
At 31 March 2023 | 1,690,475 |
Company |
Long |
leasehold |
£ |
COST |
Additions |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
The long leasehold property was purchased on 24th March 2023, due to the date of acquisition, no depreciation has been charged in the year. |
11. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
Additions |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
NUTREE HOLDINGS LIMITED (REGISTERED NUMBER: 13840142) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 11 JANUARY 2022 TO 31 MARCH 2023 |
12. | STOCKS |
Group |
£ |
Stocks | 627,596 |
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
£ | £ |
Trade debtors | 509,867 |
Other debtors | 11,484 |
Deferred tax asset | - | 7,328 |
Prepayments | 82,871 |
604,222 |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
£ | £ |
Bank loans and overdrafts (see note 16) | 320,055 |
Hire purchase contracts (see note 17) | 501,462 |
Trade creditors | 1,285,594 |
Amounts owed to group undertakings | - |
Social security and other taxes | 99,746 |
VAT | 106,434 | - |
Other creditors | 531,837 |
Directors' current accounts | 383,998 | - |
Accrued expenses | 180,302 |
3,409,428 |
15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
£ | £ |
Bank loans (see note 16) | 2,035,222 |
Hire purchase contracts (see note 17) | 1,209,482 |
3,244,704 |
NUTREE HOLDINGS LIMITED (REGISTERED NUMBER: 13840142) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 11 JANUARY 2022 TO 31 MARCH 2023 |
16. | LOANS |
An analysis of the maturity of loans is given below: |
Group | Company |
£ | £ |
Amounts falling due within one year or on | demand: |
Bank loans | 320,055 |
Amounts falling due between one and two | years: |
Bank loans - 1-2 years | 177,592 |
Amounts falling due between two and five | years: |
Bank loans - 2-5 years | 352,935 |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 1,504,695 | 1,305,562 |
17. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire |
purchase |
contracts |
£ |
Net obligations repayable: |
Within one year | 501,462 |
Between one and five years | 1,179,882 |
In more than five years | 29,600 |
1,710,944 |
18. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group | Company |
£ | £ |
Bank loans | 2,355,277 |
Hire purchase contracts | 1,710,944 | - |
4,066,221 |
The bank loans and overdraft are secured by a fixed and floating charge dated 10 August 2022 and by way of a mortgage dated 24 March 2023 over the properties, Unit 7 & 8 Dakota Business Park, Dakota Way, Burscough, Ormskirk, L40 8AF in favour of Lloyds Bank Commercial Finance Limited |
The hire purchase liabilities are secured over the related assets. |
NUTREE HOLDINGS LIMITED (REGISTERED NUMBER: 13840142) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 11 JANUARY 2022 TO 31 MARCH 2023 |
19. | PROVISIONS FOR LIABILITIES |
Group |
£ |
Deferred tax | 398,573 |
Group |
Deferred |
tax |
£ |
Provided during period | 159,296 |
Previous year adjustment | 85,286 |
Arising on acquisitions | 153,991 |
Balance at 31 March 2023 | 398,573 |
Company |
Deferred |
tax |
£ |
Credit to Income Statement during period | ( |
) |
Balance at 31 March 2023 | ( |
) |
20. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal |
value: | £ |
Ordinary | £1 | 200 |
200 Ordinary shares of £1 were issued during the period |
21. | RESERVES |
Group |
Retained |
earnings |
£ |
At 11 January 2022 | 1,061,053 |
Profit for the period | 472,802 |
Dividends | (79,247 | ) |
At 31 March 2023 | 1,454,608 |
22. | PENSION COMMITMENTS |
The group operates an independently administered defined contribution pension scheme on behalf of all its staff. The pension costs charge represents the contributions payable by the group in the period and amounts to £29,355. |
NUTREE HOLDINGS LIMITED (REGISTERED NUMBER: 13840142) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 11 JANUARY 2022 TO 31 MARCH 2023 |
23. | CAPITAL COMMITMENTS |
£ |
Contracted but not provided for in the |
financial statements | 130,350 |
24. | RELATED PARTY DISCLOSURES |
During the period, total dividends of £79,247 were paid to the directors . |
25. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is Patrick Mroczak and Adam Hodgkinson. |
26. | SUBSIDIARIES |
The group accounts consolidate, on the acquisition basis, the results of the wholly owned subsidiaries Nutree Life Limited (Company number 10664256) and Bar1 Brands Limited (Company number 14078900). Both subsidiaries have year ends that are coterminous with the holding company. |