REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements |
for the Year Ended 30 September 2023 |
for |
Lifeplan Products Limited |
REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements |
for the Year Ended 30 September 2023 |
for |
Lifeplan Products Limited |
Lifeplan Products Limited (Registered number: 01843973) |
Contents of the Financial Statements |
for the Year Ended 30 September 2023 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 4 |
Income Statement | 7 |
Other Comprehensive Income | 8 |
Balance Sheet | 9 |
Statement of Changes in Equity | 10 |
Cash Flow Statement | 11 |
Notes to the Cash Flow Statement | 12 |
Notes to the Financial Statements | 13 |
Lifeplan Products Limited |
Company Information |
for the Year Ended 30 September 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
Lifeplan Products Limited (Registered number: 01843973) |
Strategic Report |
for the Year Ended 30 September 2023 |
The directors present their strategic report for the year ended 30 September 2023. |
REVIEW OF BUSINESS |
We continue to make progress and grow the business in the past 12 months in our UK and export markets (new customers and incremental expansion). |
We are satisfied that the external market in which we operate, will continue to grow and we expect to see continuing growth during the coming year. |
We have continued to upgrade machinery which has increased our efficiency, capacity and will regularly review options to improve service levels. We are now in a position to produce a wider offering than before due to improved machine capabilities. |
We have been following market trends and we have introduced new lines, such as the gluten free products, and expanded our D2C offerings. |
We have overcome the spending and cost constraints due to better management of costs, spend and debt management, to allow us to reinvest into new capabilities and new product ranges. |
PRINCIPAL RISKS AND UNCERTAINTIES |
As for many businesses of our size, the environment in which we operate continues to be challenging. The company operates in a highly competitive and heavily regulated market with pressure on retaining customers and maintaining margins. |
With these risks and uncertainties in mind, we are aware that any plans for the future development of the business may be subject to unforeseen events outside of our control. |
KEY PERFORMANCE INDICATORS |
We consider that our key financial performance indicators are those that communicate the finance performance and strength of the company as a whole, these being turnover, operating profit and return on capital employed. |
The company's turnover has decreased to £7,548,884 over the 12-month period from an annual turnover in 2022 of £11,665,647. This is because this turnover is based on a 12-month period and the previous turnover was based on a 16-month extended period. An operating profit of £72,276 compared to the previous operating loss of £3,890,764 was largely due to the adjustments made in the prior year and the increased margins we are now making. |
ON BEHALF OF THE BOARD: |
Lifeplan Products Limited (Registered number: 01843973) |
Report of the Directors |
for the Year Ended 30 September 2023 |
The directors present their report with the financial statements of the company for the year ended 30 September 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of the manufacture of pharmaceutical preparations. |
DIVIDENDS |
No dividends will be distributed for the year ended 30 September 2023. |
DIRECTORS |
The directors who have held office during the period from 1 October 2022 to the date of this report are as follows: |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the 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 of the profit or loss of the company 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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 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 company'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 company's auditors are aware of that information. |
AUDITORS |
The auditors, Sumer Audit Co., 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 |
Lifeplan Products Limited |
Opinion |
We have audited the financial statements of Lifeplan Products Limited (the 'company') for the year ended 30 September 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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 company's affairs as at 30 September 2023 and of its profit for the year 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 company 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 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 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 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 Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the 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. |
Report of the Independent Auditors to the Members of |
Lifeplan Products Limited |
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 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 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: |
Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to employment law and company legislation and we considered the extent to which non-compliance might have a material effect on the financial statements of the Company. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and Corporation Tax Act 2010. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to increase revenue or reduce expenditure, and management bias in accounting estimates and judgemental areas of the financial statements. Audit procedures performed by the audit engagement team included: |
- Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud; |
- Understanding of management's internal controls designed to prevent and detect irregularities, and fraud; |
- Reviewing the Company's legal costs to check for non-compliance with laws and regulations and fraud; |
- Review of tax compliance |
- Designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing of |
- Testing transactions entered into outside of the normal course of the Company's business; and |
- Identifying and testing journal entries, in particular any journal entries with fraud characteristics such as journals with round numbers |
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. |
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/auditors responsibilities. This description forms part of our Report of the Auditors. |
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 |
Lifeplan Products 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 |
Statutory Auditors |
Hermes House |
Fire Fly Avenue |
Swindon |
Wiltshire |
SN2 2GA |
Lifeplan Products Limited (Registered number: 01843973) |
Income Statement |
for the Year Ended 30 September 2023 |
Year Ended | Period |
30.9.23 | 1.6.21 to 30.9.22 |
as restated |
Notes | £ | £ | £ | £ |
TURNOVER | 3 |
Cost of sales |
GROSS PROFIT |
Distribution costs |
Administrative expenses |
2,610,781 | 5,367,953 |
OPERATING LOSS | 5 | ( |
) | ( |
) |
Exceptional items | 6 |
(447,791 | ) | (3,679,716 | ) |
Interest payable and similar expenses | 7 |
LOSS BEFORE TAXATION | ( |
) | ( |
) |
Tax on loss | 8 | ( |
) | ( |
) |
PROFIT/(LOSS) FOR THE FINANCIAL YEAR | ( |
) |
Lifeplan Products Limited (Registered number: 01843973) |
Other Comprehensive Income |
for the Year Ended 30 September 2023 |
Period |
1.6.21 |
Year Ended | to |
30.9.23 | 30.9.22 |
as restated |
Notes | £ | £ |
PROFIT/(LOSS) FOR THE YEAR | ( |
) |
OTHER COMPREHENSIVE INCOME |
Revaluation of freehold property | ( |
) | ( |
) |
Income tax relating to other comprehensive income |
( |
) |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
( |
) |
( |
) |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
( |
) |
( |
) |
Lifeplan Products Limited (Registered number: 01843973) |
Balance Sheet |
30 September 2023 |
2023 | 2022 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 |
Tangible assets | 11 |
CURRENT ASSETS |
Stocks | 12 |
Debtors | 13 |
Cash at bank and in hand |
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 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 18 | ( |
) |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 19 |
Share premium | 20 |
Revaluation reserve | 20 |
Retained earnings | 20 | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
The financial statements were approved by the Board of Directors and authorised for issue on |
Lifeplan Products Limited (Registered number: 01843973) |
Statement of Changes in Equity |
for the Year Ended 30 September 2023 |
Called up |
share | Retained | Share | Revaluation | Total |
capital | earnings | premium | reserve | equity |
£ | £ | £ | £ | £ |
Balance at 1 June 2021 |
Changes in equity |
Issue of share capital | - | - |
Total comprehensive income | - | ( |
) | - | ( |
) | ( |
) |
Balance at 30 September 2022 | 616,867 | (2,282,630 | ) | 564,133 | 709,447 | (392,183 | ) |
Changes in equity |
Total comprehensive income | - | - | ( |
) | ( |
) |
Balance at 30 September 2023 | 616,867 | (2,210,354 | ) | 564,133 | 619,447 | (409,907 | ) |
Lifeplan Products Limited (Registered number: 01843973) |
Cash Flow Statement |
for the Year Ended 30 September 2023 |
Period |
1.6.21 |
Year Ended | to |
30.9.23 | 30.9.22 |
as restated |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | ( |
) |
Interest paid | ( |
) | ( |
) |
Interest element of hire purchase payments paid |
( |
) |
( |
) |
Tax paid |
Net cash from operating activities | ( |
) |
Cash flows from investing activities |
Purchase of intangible fixed assets | ( |
) |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Sale of intangible fixed assets |
Net cash from investing activities | ( |
) |
Cash flows from financing activities |
Loan repayments in year | ( |
) | ( |
) |
Capital repayments in year | ( |
) | ( |
) |
Amount withdrawn by directors | (9,255 | ) | - |
Share issue |
Net group movement |
Net cash from financing activities | ( |
) |
Increase/(decrease) in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
107,389 |
Cash and cash equivalents at end of year | 2 | 288,481 | 65,855 |
Lifeplan Products Limited (Registered number: 01843973) |
Notes to the Cash Flow Statement |
for the Year Ended 30 September 2023 |
1. | RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
Period |
1.6.21 |
Year Ended | to |
30.9.23 | 30.9.22 |
as restated |
£ | £ |
Loss before taxation | ( |
) | ( |
) |
Depreciation charges |
Investment written off | - | 1,694 |
Finance costs | 127,229 | 271,310 |
(129,499 | ) | (3,044,714 | ) |
(Increase)/decrease in stocks | ( |
) |
(Increase)/decrease in trade and other debtors | ( |
) |
Increase in trade and other creditors |
Cash generated from operations | ( |
) |
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: |
Year ended 30 September 2023 |
30.9.23 | 1.10.22 |
£ | £ |
Cash and cash equivalents | 288,481 | 65,855 |
Period ended 30 September 2022 |
30.9.22 | 1.6.21 |
as restated |
£ | £ |
Cash and cash equivalents | 65,855 | 107,389 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1.10.22 | Cash flow | At 30.9.23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 65,855 | 222,626 | 288,481 |
65,855 | 288,481 |
Debt |
Finance leases | (357,043 | ) | 203,414 | (153,629 | ) |
Debts falling due within 1 year | (407,685 | ) | 210,846 | (196,839 | ) |
Debts falling due after 1 year | (1,685,218 | ) | 829,070 | (856,148 | ) |
(2,449,946 | ) | 1,243,330 | (1,206,616 | ) |
Total | (2,384,091 | ) | 1,465,956 | (918,135 | ) |
Lifeplan Products Limited (Registered number: 01843973) |
Notes to the Financial Statements |
for the Year Ended 30 September 2023 |
1. | STATUTORY INFORMATION |
Lifeplan Products Limited is a |
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" including the Companies Act 2006. |
The financial statements have been prepared under the historical cost convention. |
Going Concern |
For the period ended 30 September 2023 the Company incurred a loss before tax of £575,020 (2022: £3,951,026). As at 30 September 2023 the Company had net liabilities of £409,907 (2022: £392,183). The management of the Company have assessed its ability to continue as a going concern and deems that the going concern assertion is appropriate. |
Based on a return to profitability and the continued support of the shareholders, the directors consider the going concern basis of preparation of the financial statements to be appropriate. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Goodwill |
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 |
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and impairment losses. |
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: |
Freehold land and buildings: revaluation basis |
Plant and equipment 25% straight line and 15% reducing balance |
Fixtures and fittings 10 - 50% straight line |
Computers 25-50% straight line |
Motor vehicles 33% straight line |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Lifeplan Products Limited (Registered number: 01843973) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments. |
Basic financial assets, including trade and other receivables and cash and bank balances, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method. |
Basic financial liabilities, including trade and other payables, bank loans and loans from fellow group companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Financial assets and liabilities are offset and 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. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the 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 year 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. |
Hire purchase and leasing commitments |
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 company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | TURNOVER |
The turnover and loss before taxation are attributable to the one principal activity of the company. |
An analysis of turnover by class of business is given below: |
Period |
1.6.21 |
Year Ended | to |
30.9.23 | 30.9.22 |
as restated |
£ | £ |
Lifeplan Products Limited (Registered number: 01843973) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2023 |
3. | TURNOVER - continued |
An analysis of turnover by geographical market is given below: |
Period |
1.6.21 |
Year Ended | to |
30.9.23 | 30.9.22 |
as restated |
£ | £ |
United Kingdom |
Europe |
Rest of World | 403,346 | 1,413,130 |
4. | EMPLOYEES AND DIRECTORS |
Period |
1.6.21 |
Year Ended | to |
30.9.23 | 30.9.22 |
as restated |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
Period |
1.6.21 |
Year Ended | to |
30.9.23 | 30.9.22 |
as restated |
Period |
1.6.21 |
Year Ended | to |
30.9.23 | 30.9.22 |
as restated |
£ | £ |
Directors' remuneration |
Lifeplan Products Limited (Registered number: 01843973) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2023 |
5. | OPERATING LOSS |
The operating loss is stated after charging: |
Period |
1.6.21 |
Year Ended | to |
30.9.23 | 30.9.22 |
as restated |
£ | £ |
Hire of plant and machinery |
Other operating leases |
Depreciation - owned assets |
Goodwill amortisation |
Patents and licences amortisation |
Development costs amortisation |
Auditors' remuneration |
Foreign exchange differences |
6. | EXCEPTIONAL ITEMS |
The costs relate to re-organisation of the business. |
7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
Period |
1.6.21 |
Year Ended | to |
30.9.23 | 30.9.22 |
as restated |
£ | £ |
Bank interest |
Credit insurance |
Loan |
Hire purchase |
Leasing |
8. | TAXATION |
Analysis of the tax credit |
The tax credit on the loss for the year was as follows: |
Period |
1.6.21 |
Year Ended | to |
30.9.23 | 30.9.22 |
as restated |
£ | £ |
Current tax: |
UK corporation tax | ( |
) |
Deferred tax | ( |
) | ( |
) |
Tax on loss | ( |
) | ( |
) |
Lifeplan Products Limited (Registered number: 01843973) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2023 |
8. | TAXATION - continued |
Reconciliation of total tax credit included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
Period |
1.6.21 |
Year Ended | to |
30.9.23 | 30.9.22 |
as restated |
£ | £ |
Loss before tax | ( |
) | ( |
) |
Loss multiplied by the standard rate of corporation tax in the UK of (2022 - |
( |
) |
( |
) |
Effects of: |
Expenses not deductible for tax purposes |
Depreciation in excess of capital allowances |
Adjustments to tax charge in respect of previous periods | ( |
) |
R&D allowable expenses | - | (18,256 | ) |
Deferred tax expense | (647,296 | ) | (4,354 | ) |
R&D tax credit | - | (26,857 | ) |
Loss carried forward | 93,994 | 356,778 |
Total tax credit | (647,296 | ) | (60,262 | ) |
Tax effects relating to effects of other comprehensive income |
2023 |
Gross | Tax | Net |
£ | £ | £ |
Revaluation of freehold property | ( |
) | 30,000 | (90,000 | ) |
1.6.21 to 30.9.22 |
Gross | Tax | Net |
£ | £ | £ |
Movement on revaluation reserve | ( |
) | (236,482 | ) | (291,998 | ) |
9. | PRIOR YEAR ADJUSTMENT |
A material error in calculation of corporation tax for the period to 30 September 2022 has been identified and corrected by way of a prior year adjustment. This has resulted in a decrease of both the tax debtor and tax credit in the income statement of £210,360. |
The revaluation reserve used to calculate the deferred tax liability for the financial period to September 2022 was also identified as being materially incorrect and has been corrected by way of a prior year adjustment. This has resulted in a decrease in the revaluation reserve for 2022 of £291,998, and an increase in the deferred tax liability for the prior year of £301,908. |
Lifeplan Products Limited (Registered number: 01843973) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2023 |
10. | INTANGIBLE FIXED ASSETS |
Patents |
and |
Goodwill | licences | Totals |
£ | £ | £ |
COST |
At 1 October 2022 |
and 30 September 2023 |
AMORTISATION |
At 1 October 2022 |
Amortisation for year |
At 30 September 2023 |
NET BOOK VALUE |
At 30 September 2023 |
At 30 September 2022 |
11. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
COST OR VALUATION |
At 1 October 2022 |
Additions |
Revaluations | ( |
) |
At 30 September 2023 |
DEPRECIATION |
At 1 October 2022 |
Charge for year |
At 30 September 2023 |
NET BOOK VALUE |
At 30 September 2023 |
At 30 September 2022 |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 October 2022 |
Additions |
Revaluations | ( |
) |
At 30 September 2023 |
DEPRECIATION |
At 1 October 2022 |
Charge for year |
At 30 September 2023 |
NET BOOK VALUE |
At 30 September 2023 |
At 30 September 2022 |
Lifeplan Products Limited (Registered number: 01843973) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2023 |
11. | TANGIBLE FIXED ASSETS - continued |
Freehold property in Lutterworth was valued on an open market basis on 22 February 2023 by a firm of chartered surveyors. The historical cost of the building is £474,071. |
12. | STOCKS |
2023 | 2022 |
as restated |
£ | £ |
Finished goods |
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
as restated |
£ | £ |
Trade debtors |
Directors' current accounts | 9,255 | - |
Tax |
Deferred tax asset |
Prepayments |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
as restated |
£ | £ |
Bank loans and overdrafts (see note 16) |
Hire purchase contracts (see note 17) |
Trade creditors |
Social security and other taxes |
VAT | 108,518 | 97,079 |
Other creditors |
Accrued expenses |
Included in other creditors is a loan from the University of Derby of £1,366 (2022: £17,389). The interest rate charged on this loan is 5% and the final repayment was in October 2023. |
15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
as restated |
£ | £ |
Bank loans (see note 16) |
Hire purchase contracts (see note 17) |
16. | LOANS |
An analysis of the maturity of loans is given below: |
2023 | 2022 |
as restated |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Lifeplan Products Limited (Registered number: 01843973) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2023 |
16. | LOANS - continued |
2023 | 2022 |
as restated |
£ | £ |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 443,306 | - |
The bank loans are secured by fixed and floating charges over the property and assets of the company. |
The company has a number of Coronavirus Business Interruption Loans with a total amount outstanding at the year end of £478,242 (2022: £994,918). These loans are interest free for the first 12 months, with an interest rate thereafter of 6% above base rate. The loans have been taken out over periods of 5 or 6 years with the final repayments due in December 2026. |
Included in bank loans is an outstanding mortgage with Lloyds Bank £574,745 (2022: £597,283). The interest rate on this loan is 2.9% above base rate. The mortgage is over a term of 20 years and final repayment is due in December 2037. |
17. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
2023 | 2022 |
as restated |
£ | £ |
Gross obligations repayable: |
Within one year |
Between one and five years |
Finance charges repayable: |
Within one year |
Between one and five years |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable operating | leases |
2023 | 2022 |
as restated |
£ | £ |
Within one year |
Between one and five years |
Lifeplan Products Limited (Registered number: 01843973) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2023 |
18. | PROVISIONS FOR LIABILITIES |
2022 |
as restated |
£ |
Deferred tax | 599,526 |
Deferred |
tax |
£ |
Balance at 1 October 2022 |
As previously reported |
Prior year adjustment |
As restated | 599,526 |
Provided during year | ( |
) |
Balance at 30 September 2023 | ( |
) |
19. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | as restated |
£ | £ |
Ordinary | 0.05 | 616,867 | 616,867 |
20. | RESERVES |
Retained | Share | Revaluation |
earnings | premium | reserve | Totals |
£ | £ | £ | £ |
At 1 October 2022 | ( |
) | (1,009,050 | ) |
Profit for the year |
Revaluation | - | - | (90,000 | ) | (90,000 | ) |
At 30 September 2023 | (2,210,354 | ) | 564,133 | 619,447 | (1,026,774 | ) |
21. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the year ended 30 September 2023 and the period ended 30 September 2022: |
2023 | 2022 |
as restated |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
22. | ULTIMATE CONTROLLING PARTY |
The controlling party is M Tedham. |
Lifeplan Products Limited (Registered number: 01843973) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2023 |
23. | RELATED PARTY DISCLOSURES |
Companies under common control |
2023 | 2022 |
as restated |
£ | £ |
Sales | 546,964 | - |
Purchases | 222,087 | - |
Amount due to related party | 3,388,765 | - |
An intercompany loan due of £57,252 and an intercompany debtor of £69,252 were written off during the year. Both balances related to companies owned by the previous owner of the Company. |