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REGISTERED NUMBER: 01843973 (England and Wales)




















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: M Tedham
D Tedham





REGISTERED OFFICE: Units 6-8 Euro Way
Blagrove
Swindon
Wiltshire
SN5 8YW





REGISTERED NUMBER: 01843973 (England and Wales)

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:





M Tedham - Director


5 April 2024

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:

M Tedham - appointed 1 December 2022
D Tedham - appointed 1 December 2022
Ms S J Brockhurst - resigned 1 December 2022
G L Gibbs - resigned 1 December 2022
J B Knox - resigned 29 November 2022
I B Laing - resigned 31 October 2022
M W Sadofsky - resigned 1 December 2022

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:





M Tedham - Director


5 April 2024

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.




David Iain Black (Senior Statutory Auditor)
for and on behalf of Sumer Audit Co.
Statutory Auditors
Hermes House
Fire Fly Avenue
Swindon
Wiltshire
SN2 2GA

5 April 2024

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 7,548,884 11,665,647

Cost of sales 5,243,786 7,759,956
GROSS PROFIT 2,305,098 3,905,691

Distribution costs 408,922 721,151
Administrative expenses 2,201,859 4,646,802
2,610,781 5,367,953
OPERATING LOSS 5 (305,683 ) (1,462,262 )

Exceptional items 6 142,108 2,217,454
(447,791 ) (3,679,716 )


Interest payable and similar expenses 7 127,229 271,310
LOSS BEFORE TAXATION (575,020 ) (3,951,026 )

Tax on loss 8 (647,296 ) (60,262 )
PROFIT/(LOSS) FOR THE FINANCIAL YEAR 72,276 (3,890,764 )

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 72,276 (3,890,764 )


OTHER COMPREHENSIVE INCOME
Revaluation of freehold property (120,000 ) (55,516 )
Income tax relating to other comprehensive
income

30,000

(236,482

)
OTHER COMPREHENSIVE INCOME FOR
THE YEAR, NET OF INCOME TAX

(90,000

)

(291,998

)
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

(17,724

)

(4,182,762

)

Lifeplan Products Limited (Registered number: 01843973)

Balance Sheet
30 September 2023

2023 2022
as restated
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 59,799 86,014
Tangible assets 11 2,648,260 2,872,543
2,708,059 2,958,557

CURRENT ASSETS
Stocks 12 1,477,279 1,179,389
Debtors 13 1,317,832 888,316
Cash at bank and in hand 288,481 65,855
3,083,592 2,133,560
CREDITORS
Amounts falling due within one year 14 5,306,946 3,047,390
NET CURRENT LIABILITIES (2,223,354 ) (913,830 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

484,705

2,044,727

CREDITORS
Amounts falling due after more than one
year

15

(894,612

)

(1,837,384

)

PROVISIONS FOR LIABILITIES 18 - (599,526 )
NET LIABILITIES (409,907 ) (392,183 )

CAPITAL AND RESERVES
Called up share capital 19 616,867 616,867
Share premium 20 564,133 564,133
Revaluation reserve 20 619,447 709,447
Retained earnings 20 (2,210,354 ) (2,282,630 )
SHAREHOLDERS' FUNDS (409,907 ) (392,183 )

The financial statements were approved by the Board of Directors and authorised for issue on 5 April 2024 and were signed on its behalf by:





M Tedham - Director


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 554,367 1,608,134 126,633 1,001,445 3,290,579

Changes in equity
Issue of share capital 62,500 - 437,500 - 500,000
Total comprehensive income - (3,890,764 ) - (291,998 ) (4,182,762 )
Balance at 30 September 2022 616,867 (2,282,630 ) 564,133 709,447 (392,183 )

Changes in equity
Total comprehensive income - 72,276 - (90,000 ) (17,724 )
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 1,790,234 (2,056,516 )
Interest paid (104,024 ) (199,080 )
Interest element of hire purchase payments
paid

(23,205

)

(72,230

)
Tax paid - 75,441
Net cash from operating activities 1,663,005 (2,252,385 )

Cash flows from investing activities
Purchase of intangible fixed assets - (270,057 )
Purchase of tangible fixed assets (187,794 ) (103,847 )
Sale of intangible fixed assets - 873,567
Net cash from investing activities (187,794 ) 499,663

Cash flows from financing activities
Loan repayments in year (1,039,916 ) (90,757 )
Capital repayments in year (203,414 ) (386,905 )
Amount withdrawn by directors (9,255 ) -
Share issue - 500,000
Net group movement - 1,688,850
Net cash from financing activities (1,252,585 ) 1,711,188

Increase/(decrease) in cash and cash equivalents 222,626 (41,534 )
Cash and cash equivalents at beginning
of year

2

65,855

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 (575,020 ) (3,951,026 )
Depreciation charges 318,292 633,308
Investment written off - 1,694
Finance costs 127,229 271,310
(129,499 ) (3,044,714 )
(Increase)/decrease in stocks (297,890 ) 138,395
(Increase)/decrease in trade and other debtors (342,491 ) 727,904
Increase in trade and other creditors 2,560,114 121,899
Cash generated from operations 1,790,234 (2,056,516 )

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
65,855 222,626 288,481
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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company 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" 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
Goodwill, being the amount paid in connection with the acquisition of a business in 2014, is being amortised evenly over its estimated useful life of ten years.

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.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

Development costs have been fully amortised in the current year.

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
£    £   
Branded sales 2,051,086 3,336,379
Contract manufacturing 5,419,080 8,199,980
Other sales 78,718 129,288
7,548,884 11,665,647

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 6,280,376 8,620,799
Europe 865,162 1,631,718
Rest of World 403,346 1,413,130
7,548,884 11,665,647

4. EMPLOYEES AND DIRECTORS
Period
1.6.21
Year Ended to
30.9.23 30.9.22
as restated
£    £   
Wages and salaries 1,660,711 3,310,126
Social security costs 144,550 315,869
Other pension costs 50,551 83,665
1,855,812 3,709,660

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

63 90

Period
1.6.21
Year Ended to
30.9.23 30.9.22
as restated
£    £   
Directors' remuneration 48,023 463,843

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 7,769 8,091
Other operating leases 110,730 126,547
Depreciation - owned assets 292,077 415,742
Goodwill amortisation 10,305 13,741
Patents and licences amortisation 15,910 30,013
Development costs amortisation - 184,468
Auditors' remuneration 10,000 7,500
Foreign exchange differences 44,244 46,857

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 16,286 73,982
Credit insurance - 32,188
Loan 87,738 92,910
Hire purchase 14,081 44,235
Leasing 9,124 27,995
127,229 271,310

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 - (55,908 )

Deferred tax (647,296 ) (4,354 )
Tax on loss (647,296 ) (60,262 )

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 (575,020 ) (3,951,026 )
Loss multiplied by the standard rate of corporation tax in the UK of 22%
(2022 - 19%)

(126,504

)

(750,695

)

Effects of:
Expenses not deductible for tax purposes 6,975 321,566
Depreciation in excess of capital allowances 25,535 90,607
Adjustments to tax charge in respect of previous periods - (29,051 )
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 (120,000 ) 30,000 (90,000 )

1.6.21 to 30.9.22
Gross Tax Net
£    £    £   
Movement on revaluation reserve (55,516 ) (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 424,942 276,424 701,366
AMORTISATION
At 1 October 2022 389,231 226,121 615,352
Amortisation for year 10,305 15,910 26,215
At 30 September 2023 399,536 242,031 641,567
NET BOOK VALUE
At 30 September 2023 25,406 34,393 59,799
At 30 September 2022 35,711 50,303 86,014

11. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST OR VALUATION
At 1 October 2022 1,420,000 2,811,899 477,829
Additions - 132,849 14,244
Revaluations (120,000 ) - -
At 30 September 2023 1,300,000 2,944,748 492,073
DEPRECIATION
At 1 October 2022 - 1,478,216 377,601
Charge for year - 214,646 54,693
At 30 September 2023 - 1,692,862 432,294
NET BOOK VALUE
At 30 September 2023 1,300,000 1,251,886 59,779
At 30 September 2022 1,420,000 1,333,683 100,228

Motor Computer
vehicles equipment Totals
£    £    £   
COST OR VALUATION
At 1 October 2022 29,521 143,963 4,883,212
Additions - 40,701 187,794
Revaluations - - (120,000 )
At 30 September 2023 29,521 184,664 4,951,006
DEPRECIATION
At 1 October 2022 17,499 137,353 2,010,669
Charge for year 9,742 12,996 292,077
At 30 September 2023 27,241 150,349 2,302,746
NET BOOK VALUE
At 30 September 2023 2,280 34,315 2,648,260
At 30 September 2022 12,022 6,610 2,872,543

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 1,477,279 1,179,389

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
as restated
£    £   
Trade debtors 1,112,523 753,838
Directors' current accounts 9,255 -
Tax 26,857 26,857
Deferred tax asset 77,770 -
Prepayments 91,427 107,621
1,317,832 888,316

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
as restated
£    £   
Bank loans and overdrafts (see note 16) 196,839 407,685
Hire purchase contracts (see note 17) 115,165 204,877
Trade creditors 1,222,929 1,322,638
Social security and other taxes 32,838 214,633
VAT 108,518 97,079
Other creditors 3,470,252 698,356
Accrued expenses 160,405 102,122
5,306,946 3,047,390

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) 856,148 1,685,218
Hire purchase contracts (see note 17) 38,464 152,166
894,612 1,837,384

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 196,839 407,685

Amounts falling due between one and two years:
Bank loans - 1-2 years 211,230 1,685,218

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 201,612 -

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 118,787 217,455
Between one and five years 39,019 157,806
157,806 375,261

Finance charges repayable:
Within one year 3,622 12,578
Between one and five years 555 5,640
4,177 18,218

Net obligations repayable:
Within one year 115,165 204,877
Between one and five years 38,464 152,166
153,629 357,043

Non-cancellable operating leases
2023 2022
as restated
£    £   
Within one year 66,478 66,478
Between one and five years 92,877 159,354
159,355 225,832

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 297,618
Prior year adjustment 301,908
As restated 599,526
Provided during year (677,296 )
Balance at 30 September 2023 (77,770 )

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: as restated
£    £   
11,087,340 Ordinary 0.05 616,867 616,867

20. RESERVES
Retained Share Revaluation
earnings premium reserve Totals
£    £    £    £   

At 1 October 2022 (2,282,630 ) 564,133 709,447 (1,009,050 )
Profit for the year 72,276 72,276
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
£    £   
M Tedham
Balance outstanding at start of year - -
Amounts advanced 9,255 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 9,255 -

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.