IRIS Accounts Production v23.4.0.336 13840142 Board of Directors 31.3.23 11.1.22 31.3.23 31.3.23 innovating new free from, plant based / vegan products. true true false true true false false false true false Ordinary 1.00000 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh138401422022-01-10138401422023-03-31138401422022-01-112023-03-31138401422022-01-1013840142ns15:EnglandWales2022-01-112023-03-3113840142ns14:PoundSterling2022-01-112023-03-3113840142ns10:Director12022-01-112023-03-3113840142ns10:Consolidated2023-03-3113840142ns10:ConsolidatedGroupCompanyAccounts2022-01-112023-03-3113840142ns10:PrivateLimitedCompanyLtd2022-01-112023-03-3113840142ns10:Consolidatedns10:FRS1022022-01-112023-03-3113840142ns10:Consolidatedns10:Audited2022-01-112023-03-3113840142ns10:SmallCompaniesRegimeForDirectorsReport2022-01-112023-03-3113840142ns10:SmallCompaniesRegimeForAccounts2022-01-112023-03-3113840142ns10:Consolidatedns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2022-01-112023-03-3113840142ns10:LargeMedium-sizedCompaniesRegimeForAccountsns10:Consolidated2022-01-112023-03-3113840142ns10:FullAccounts2022-01-112023-03-311384014212022-01-112023-03-3113840142ns10:OrdinaryShareClass12022-01-112023-03-3113840142ns10:OrdinaryShareClass112022-01-112023-03-3113840142ns10:Consolidated2022-01-112023-03-3113840142ns10:Director22022-01-112023-03-3113840142ns10:RegisteredOffice2022-01-112023-03-3113840142ns5:CurrentFinancialInstruments2023-03-3113840142ns5:Non-currentFinancialInstruments2023-03-3113840142ns5:ShareCapital2023-03-3113840142ns5:RetainedEarningsAccumulatedLosses2023-03-3113840142ns5:ShareCapital2022-01-112023-03-3113840142ns5:RetainedEarningsAccumulatedLosses2022-01-112023-03-3113840142ns5:IntangibleAssetsOtherThanGoodwill2022-01-112023-03-3113840142ns5:DevelopmentCostsCapitalisedDevelopmentExpenditure2022-01-112023-03-3113840142ns5:PlantMachinery2022-01-112023-03-3113840142ns5:FurnitureFittings2022-01-112023-03-3113840142ns5:ComputerEquipment2022-01-112023-03-3113840142ns5:LongLeaseholdAssetsns5:LandBuildings2022-01-112023-03-3113840142ns5:LongLeaseholdAssetsns5:LandBuildings2023-03-3113840142ns5:AdditionsToInvestments2023-03-3113840142ns5:CostValuation2023-03-3113840142ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-3113840142ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2023-03-3113840142ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-03-3113840142ns5:Secured2023-03-3113840142ns5:DeferredTaxation2022-01-112023-03-3113840142ns5:DeferredTaxation2023-03-3113840142ns10:OrdinaryShareClass12023-03-31
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: A Hodgkinson
P Mroczak





REGISTERED OFFICE: Unit 8
Dakota Business Park
Dakota Way
Burscough
Lancashire
L40 8AF





REGISTERED NUMBER: 13840142 (England and Wales)





AUDITORS: Wallwork Nelson & Johnson
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:





P Mroczak - Director


4 March 2024

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:

A Hodgkinson - appointed 11 January 2022
P Mroczak - appointed 11 January 2022

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:




P Mroczak - Director


4 March 2024

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.




Paul Woodburn (Senior Statutory Auditor)
for and on behalf of Wallwork Nelson & Johnson
Chartered Accountants & Statutory Auditors
Chandler House
7 Ferry Road Office Park
Riversway
Preston
Lancashire
PR2 2YH

4 March 2024

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 472,802
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 2,261,351
Investments 11 200
2,261,551

CURRENT ASSETS
Debtors 13 7,328
Cash at bank 14,054
21,382
CREDITORS
Amounts falling due within one year 14 708,043
NET CURRENT LIABILITIES (686,661 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,574,890

CREDITORS
Amounts falling due after more than one
year

15

1,566,674
NET ASSETS 8,216

CAPITAL AND RESERVES
Called up share capital 20 200
Retained earnings 8,016
SHAREHOLDERS' FUNDS 8,216

Company's profit for the financial year 87,263

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

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)

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 200 - 200
Dividends - (79,247 ) (79,247 )
Total comprehensive income - 87,263 87,263
Balance at 31 March 2023 200 8,016 8,216

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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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.

Development costs are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 10% on reducing balance
Fixtures and fittings - 25% on reducing balance
Computer equipment - 25% on reducing balance

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
71

£   
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 2,261,351
At 31 March 2023 2,261,351
NET BOOK VALUE
At 31 March 2023 2,261,351

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 200
At 31 March 2023 200
NET BOOK VALUE
At 31 March 2023 200


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 7,328

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR


Group Company
£    £   
Bank loans and overdrafts (see note 16) 320,055 65,278
Hire purchase contracts (see note 17) 501,462 -
Trade creditors 1,285,594 -
Amounts owed to group undertakings - 530,782
Social security and other taxes 99,746 -
VAT 106,434 -
Other creditors 531,837 -
Directors' current accounts 383,998 -
Accrued expenses 180,302 111,983
3,409,428 708,043

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR


Group Company
£    £   
Bank loans (see note 16) 2,035,222 1,566,674
Hire purchase contracts (see note 17) 1,209,482 -
3,244,704 1,566,674

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 65,278
Amounts falling due between one and two years:
Bank loans - 1-2 years 177,592 65,278
Amounts falling due between two and five years:
Bank loans - 2-5 years 352,935 195,834
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 1,631,952
Hire purchase contracts 1,710,944 -
4,066,221 1,631,952

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 (7,328 )
Balance at 31 March 2023 (7,328 )

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal
value: £   
200 Ordinary £1 200

200 Ordinary shares of £1 were issued during the period for cash of £ 200 .

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.