Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31falsefalseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2023-01-01false11Flavours14true 02530437 2023-01-01 2023-12-31 02530437 2022-01-01 2022-12-31 02530437 2023-12-31 02530437 2022-12-31 02530437 2022-01-01 02530437 c:Director4 2023-01-01 2023-12-31 02530437 d:PlantMachinery 2023-01-01 2023-12-31 02530437 d:PlantMachinery 2023-12-31 02530437 d:PlantMachinery 2022-12-31 02530437 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02530437 d:MotorVehicles 2023-01-01 2023-12-31 02530437 d:MotorVehicles 2023-12-31 02530437 d:MotorVehicles 2022-12-31 02530437 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02530437 d:OfficeEquipment 2023-01-01 2023-12-31 02530437 d:OfficeEquipment 2023-12-31 02530437 d:OfficeEquipment 2022-12-31 02530437 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02530437 d:ComputerEquipment 2023-01-01 2023-12-31 02530437 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02530437 d:Goodwill 2023-12-31 02530437 d:Goodwill 2022-12-31 02530437 d:CurrentFinancialInstruments 2023-12-31 02530437 d:CurrentFinancialInstruments 2022-12-31 02530437 d:Non-currentFinancialInstruments 2023-12-31 02530437 d:Non-currentFinancialInstruments 2022-12-31 02530437 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 02530437 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 02530437 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 02530437 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 02530437 d:ShareCapital 2023-01-01 2023-12-31 02530437 d:ShareCapital 2023-12-31 02530437 d:ShareCapital 2022-01-01 2022-12-31 02530437 d:ShareCapital 2022-12-31 02530437 d:ShareCapital 2022-01-01 02530437 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 02530437 d:RetainedEarningsAccumulatedLosses 2023-12-31 02530437 d:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 02530437 d:RetainedEarningsAccumulatedLosses 2022-12-31 02530437 d:RetainedEarningsAccumulatedLosses 2022-01-01 02530437 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 02530437 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 02530437 c:OrdinaryShareClass1 2023-01-01 2023-12-31 02530437 c:OrdinaryShareClass1 2023-12-31 02530437 c:FRS102 2023-01-01 2023-12-31 02530437 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 02530437 c:FullAccounts 2023-01-01 2023-12-31 02530437 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 02530437 d:Subsidiary1 2023-01-01 2023-12-31 02530437 d:Subsidiary1 1 2023-01-01 2023-12-31 02530437 2 2023-01-01 2023-12-31 02530437 6 2023-01-01 2023-12-31 02530437 d:Goodwill d:OwnedIntangibleAssets 2023-01-01 2023-12-31 02530437 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 02530437









QUEST VITAMINS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
QUEST VITAMINS LIMITED
REGISTERED NUMBER: 02530437

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
34,362
41,047

Tangible assets
 5 
43,090
64,072

Investments
 6 
50,000
50,000

  
127,452
155,119

Current assets
  

Stocks
 7 
707,048
640,848

Debtors: amounts falling due within one year
 8 
231,696
262,372

Cash at bank and in hand
 9 
179,392
630,283

  
1,118,136
1,533,503

Creditors: amounts falling due within one year
 10 
(220,362)
(295,136)

Net current assets
  
 
 
897,774
 
 
1,238,367

Total assets less current liabilities
  
1,025,226
1,393,486

Creditors: amounts falling due after more than one year
  
(50,000)
(50,000)

Provisions for liabilities
  

Deferred tax
 12 
(10,780)
(12,003)

  
 
 
(10,780)
 
 
(12,003)

Net assets
  
964,446
1,331,483


Capital and reserves
  

Called up share capital 
  
10,000
10,000

Profit and loss account
  
954,446
1,321,483

  
964,446
1,331,483


Page 1

 
QUEST VITAMINS LIMITED
REGISTERED NUMBER: 02530437
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

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

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

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

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

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 21 March 2024.




M G Cook
Director

The notes on pages 5 to 16 form part of these financial statements.

Page 2

 
QUEST VITAMINS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2023
10,000
1,321,483
1,331,483


Comprehensive income for the year

Profit for the year

-
32,963
32,963


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
32,963
32,963


Contributions by and distributions to owners

Dividends: Equity capital
-
(400,000)
(400,000)


Total transactions with owners
-
(400,000)
(400,000)


At 31 December 2023
10,000
954,446
964,446


The notes on pages 5 to 16 form part of these financial statements.

Page 3

 
QUEST VITAMINS LIMITED
 

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


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2022
10,000
1,484,154
1,494,154


Comprehensive income for the year

Profit for the year

-
10,213,564
10,213,564


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
10,213,564
10,213,564


Contributions by and distributions to owners

Dividends: Equity capital
-
(10,376,235)
(10,376,235)


Total transactions with owners
-
(10,376,235)
(10,376,235)


At 31 December 2022
10,000
1,321,483
1,331,483


The notes on pages 5 to 16 form part of these financial statements.

Page 4

 
QUEST VITAMINS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Quest Vitamins Limited is a private company limited by shares and incorporated in England.
The company's registered office is 3 Waterfront Business Park, Dudley Road, Brierley Hill, DY5 1LX

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

At the time of approving these financial statements the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the forseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

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

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

Page 5

 
QUEST VITAMINS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Revenue

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

Sale of goods

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

 
2.5

Interest income

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

 
2.6

Finance costs

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

 
2.7

Pensions

Defined contribution pension plan

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

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

Page 6

 
QUEST VITAMINS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

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

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

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

  
2.9

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives at a rate of 10% on cost for trademarks.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.10

Tangible fixed assets

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

Page 7

 
QUEST VITAMINS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.10
Tangible fixed assets (continued)

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

Depreciation is provided on the following basis:

Plant and machinery
-
20%
Property improvements
-
2%
Computer licences
-
33%
Computer equipment
-
20%

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

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

 
2.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.12

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.13

Debtors

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

 
2.14

Cash and cash equivalents

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

 
2.15

Creditors

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

Page 8

 
QUEST VITAMINS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.16

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Deferred tax liabilities are also presented within provisions but are measured in accordance with the accounting policy on taxation.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.17

Financial instruments

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

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

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

Basic financial assets

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

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

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
Page 9

 
QUEST VITAMINS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.17
Financial instruments (continued)


Impairment of financial assets

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

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

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

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

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

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

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

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.




Page 10

 
QUEST VITAMINS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.17
Financial instruments (continued)

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.18

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







11
14

Page 11

 
QUEST VITAMINS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Intangible assets




Trademarks

£



Cost


At 1 January 2023
62,620



At 31 December 2023

62,620



Amortisation


At 1 January 2023
21,573


Charge for the year on owned assets
6,685



At 31 December 2023

28,258



Net book value



At 31 December 2023
34,362



At 31 December 2022
41,047



Page 12

 
QUEST VITAMINS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





Plant and machinery
Property improvements
Computers
Total

£
£
£
£



Cost or valuation


At 1 January 2023
20,243
5,176
78,017
103,436


Disposals
(20,243)
-
(868)
(21,111)



At 31 December 2023

-
5,176
77,149
82,325



Depreciation


At 1 January 2023
20,243
1,036
18,085
39,364


Charge for the year on owned assets
-
1,035
19,828
20,863


Disposals
(20,243)
-
(749)
(20,992)



At 31 December 2023

-
2,071
37,164
39,235



Net book value



At 31 December 2023
-
3,105
39,985
43,090



At 31 December 2022
-
4,140
59,932
64,072


6.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
50,000



At 31 December 2023
50,000




Page 13

 
QUEST VITAMINS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Stocks

2023
2022
£
£

Finished goods
707,048
640,848

707,048
640,848



8.


Debtors

2023
2022
£
£


Trade debtors
171,836
47,185

Amounts owed by group undertakings
-
49,516

Other debtors
6,250
101,516

Prepayments and accrued income
53,610
64,155

231,696
262,372



9.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
179,392
630,283

179,392
630,283



10.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
44,668
98,912

Corporation tax
12,003
4,266

Other taxation and social security
31,683
34,336

Other creditors
4,289
-

Accruals and deferred income
127,719
157,622

220,362
295,136


Page 14

 
QUEST VITAMINS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Amounts owed to group undertakings
50,000
50,000

50,000
50,000



12.


Deferred taxation




2023


£






At beginning of year
(12,003)


Charged to profit or loss
1,223



At end of year
(10,780)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(10,780)
(12,003)

(10,780)
(12,003)


13.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



10,000  Ordinary shares of £1.00 each
10,000
10,000



14.


Pension commitments

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
Charge to profit or loss in respect of defined contribution schemes £8,770 (2022 - £10,815).

Page 15

 
QUEST VITAMINS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

15.


Controlling party

The parent company of Quest Vitamins Limited is Aliya Pharmaceutical Limited and its registered office is Sea Meadow House, Blackburne Highway, PO Box 116, Road Town, Tortola, British Virgin Islands.
Aliya Pharmaceutical Limite is ultimately controlled by M A Hassam, Dr A G Hassam and Dr Z Hassam.


16.



Subsidiary undertaking





The subsidiary company detailed below is a dormant company.


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Quest Nutra Pharma Limited
3 Waterfront Business Park, Dudley Road, Brierley Hill, DY5 1LX
Ordinary
100%

The aggregate of the share capital and reserves as at 31 December 2023 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)

Quest Nutra Pharma Limited
50,000
-

 
Page 16