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REGISTERED NUMBER: 10664256 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

FOR

NUTREE LIFE LTD

NUTREE LIFE LTD (REGISTERED NUMBER: 10664256)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Income Statement 8

Other Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Notes to the Financial Statements 12


NUTREE LIFE LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: P Mroczak
A Hodgkinson
E L Towers





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





REGISTERED NUMBER: 10664256 (England and Wales)





AUDITORS: Wallwork Nelson & Johnson
Chartered Accountants & Statutory Auditors
Chandler House
7 Ferry Road Office Park
Riversway
Preston
Lancashire
PR2 2YH

NUTREE LIFE LTD (REGISTERED NUMBER: 10664256)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023

The directors present their strategic report for the year ended 31 March 2023.

Financial results

The company has increased the number of customers it supports as well as the services it provides to its client base which has resulted in new product development aligned with the new Government HFSS guidelines.


Key highlights

The principal activity of the company is to innovate new free from, plant based / vegan products.

During the year ending 31 March 2023, the company invested in upgrading its production lines and processes in order to create new types of protein bars not available on the market.

A group structure was created under the parent, Nutree Holdings Ltd, which purchased the manufacturing site, enabling solar power to be installed and secure its manufacturing capabilities.



Principle risks and uncertainties

The fallout from Covid and the effect of the Ukrainian war increased our lead times and raw material costs.

The increase in the cost of living has been a challenge.

However, the mitigating factors are the investments we made in our machinery, sustainability and staff with training.

Future developments

In the next twelve months, the company is expecting to grow its sales to £8.5m and diversify our brands portfolio and product offering.

In the longer term, the company plans to double its turnover in 3 years.

ON BEHALF OF THE BOARD:





P Mroczak - Director


29 February 2024

NUTREE LIFE LTD (REGISTERED NUMBER: 10664256)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2023

The directors present their report with the financial statements of the company for the year ended 31 March 2023.

DIVIDENDS
No interim dividend was paid during the year. The directors recommend a final dividend of £792.48 per share.

The total distribution of dividends for the year ended 31 March 2023 will be £ 79,247 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2022 to the date of this report.

P Mroczak
A Hodgkinson
E L Towers

Other changes in directors holding office are as follows:

K B Hamdan , A H Al-Mana and M H Al-Mana ceased to be directors after 31 March 2023 but prior to the date of this report.

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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

NUTREE LIFE LTD (REGISTERED NUMBER: 10664256)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2023


AUDITORS
The auditors, Wallwork Nelson & Johnson, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:




P Mroczak - Director


29 February 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
NUTREE LIFE LTD

Opinion
We have audited the financial statements of Nutree Life Ltd (the 'company') for the year ended 31 March 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and 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 31 March 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
NUTREE LIFE LTD


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.

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:

- Enquiry of management and those charged with governance around actual and potential litigation and claims.
- Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and
regulations.
- Reviewing minutes of meetings of those charged with governance.
- Reviewing financial statement disclosures and testing to support documentation to assess compliance with
applicable laws and regulations.
- Auditing the risk of management override of controls and evaluating the business rationale of significant
transactions outside the normal course of business.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
NUTREE LIFE LTD


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




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

29 February 2024

NUTREE LIFE LTD (REGISTERED NUMBER: 10664256)

INCOME STATEMENT
FOR THE YEAR ENDED 31 MARCH 2023

31/3/23 31/3/22
Notes £    £   

TURNOVER 5,698,748 7,189,472

Cost of sales 4,229,963 4,616,091
GROSS PROFIT 1,468,785 2,573,381

Administrative expenses 1,443,297 1,655,761
25,488 917,620

Other operating income 1,047,872 19,812
OPERATING PROFIT 4 1,073,360 937,432

Interest receivable and similar income 2,179 17
1,075,539 937,449

Interest payable and similar expenses 6 195,951 91,549
PROFIT BEFORE TAXATION 879,588 845,900

Tax on profit 7 292,633 82,222
PROFIT FOR THE FINANCIAL YEAR 586,955 763,678

NUTREE LIFE LTD (REGISTERED NUMBER: 10664256)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2023

31/3/23 31/3/22
Notes £    £   

PROFIT FOR THE YEAR 586,955 763,678


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

586,955

763,678

NUTREE LIFE LTD (REGISTERED NUMBER: 10664256)

BALANCE SHEET
31 MARCH 2023

31/3/23 31/3/22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 897,618 1,021,282
Tangible assets 10 3,114,294 2,265,339
4,011,912 3,286,621

CURRENT ASSETS
Stocks 11 549,689 574,865
Debtors 12 1,382,001 565,682
Cash at bank 958,467 890,515
2,890,157 2,031,062
CREDITORS
Amounts falling due within one year 13 3,208,414 2,206,152
NET CURRENT LIABILITIES (318,257 ) (175,090 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,693,655

3,111,531

CREDITORS
Amounts falling due after more than one
year

14

(1,678,030

)

(1,896,247

)

PROVISIONS FOR LIABILITIES 18 (446,624 ) (153,991 )
NET ASSETS 1,569,001 1,061,293

CAPITAL AND RESERVES
Called up share capital 19 100 100
Retained earnings 20 1,568,901 1,061,193
SHAREHOLDERS' FUNDS 1,569,001 1,061,293

The financial statements were approved by the Board of Directors and authorised for issue on 29 February 2024 and were signed on its behalf by:





P Mroczak - Director


NUTREE LIFE LTD (REGISTERED NUMBER: 10664256)

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

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 April 2021 100 338,765 338,865

Changes in equity
Dividends - (41,250 ) (41,250 )
Total comprehensive income - 763,678 763,678
Balance at 31 March 2022 100 1,061,193 1,061,293

Changes in equity
Dividends - (79,247 ) (79,247 )
Total comprehensive income - 586,955 586,955
Balance at 31 March 2023 100 1,568,901 1,569,001

NUTREE LIFE LTD (REGISTERED NUMBER: 10664256)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1. STATUTORY INFORMATION

Nutree Life Ltd 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirement of paragraph 3.17(d);
the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and
11.48(c);
the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirement of paragraph 33.7.

This information is included in the consolidated financial statements of Nutree Holdings Limited as at 31 March 2023 and these financial statements may be obtained from Unit 8 Dakota Business Park, Dakota Way, Burscough, United Kingdom, L40 8AF.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc - between 10 - 25% on reducing balance
Long leasehold - straight line between 25 - 28 years

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.


NUTREE LIFE LTD (REGISTERED NUMBER: 10664256)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

2. ACCOUNTING POLICIES - continued
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.

Research and development intangible asset
Development expenditure relating to creating healthy, delicious & 100% all-natural plant-based vegan protein nutrition products is to be written off in the profit and loss account in the year in which it is incurred.

Development expenditure which has been capitalised in previous years, will continue to be amortised, on a systematic basis, over the period in which the product is to be produced.

Deferred development expenditure is to be reviewed at the end of each accounting period. Where circumstances which have justified the deferral no longer apply the expenditure is to be written off immediately. Deferral of development expenditure is applied to all projects meeting the criteria set out in FRS 102 Section 18.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The 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.

NUTREE LIFE LTD (REGISTERED NUMBER: 10664256)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

3. EMPLOYEES AND DIRECTORS
31/3/23 31/3/22
£    £   
Wages and salaries 1,570,854 1,596,492
Social security costs 79,618 64,300
Other pension costs 14,360 26,769
1,664,832 1,687,561

The average number of employees during the year was as follows:
31/3/23 31/3/22

Directors 5 5
Employees 62 67
67 72

31/3/23 31/3/22
£    £   
Directors' remuneration 63,842 105,203
Directors' excess retirement benefits 1,347 -

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 3 -

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31/3/23 31/3/22
£    £   
Hire of plant and machinery 6,578 6,319
Other operating leases 141,708 141,708
Depreciation - owned assets 121,966 87,072
Depreciation - assets on hire purchase contracts 162,126 135,203
(Profit)/loss on disposal of fixed assets (545,180 ) 257
Development costs amortisation 123,664 94,048
Auditors' remuneration 20,000 -

5. EXCEPTIONAL ITEMS
31/3/23 31/3/22
£    £   
Loan write off (30,000 ) -

NUTREE LIFE LTD (REGISTERED NUMBER: 10664256)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

6. INTEREST PAYABLE AND SIMILAR EXPENSES
31/3/23 31/3/22
£    £   
Bank loan interest 130,784 52,428
Other interest 10,562 4,200
Hire purchase 54,605 34,921
195,951 91,549

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31/3/23 31/3/22
£    £   
Current tax:
UK corporation tax - (34,567 )

Deferred tax 292,633 116,789
Tax on profit 292,633 82,222

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31/3/23 31/3/22
£    £   
Profit before tax 879,588 845,900
Profit multiplied by the standard rate of corporation tax in the UK of 19%
(2022 - 19%)

167,122

160,721

Effects of:
Expenses not deductible for tax purposes 34,038 20,313
Income not taxable for tax purposes (103,584 ) -
Capital allowances in excess of depreciation - (96,911 )
Depreciation in excess of capital allowances 19,717 -
Utilisation of tax losses (43,865 ) -
R & D enhanced deduction (73,428 ) (118,690 )
Deferred tax 292,633 116,789
Total tax charge 292,633 82,222

Increases in the UK Corporation tax rate from 19% to 25% (19% effective from 1 April 2017, and 25% effective from 1 April 2023) have been substantively enacted. This will impact the company's future tax charge accordingly. The value of the deferred tax asset at the statement of financial position date has been calculated using the applicable rate when the asset/liability is expected to be realised.

8. DIVIDENDS
31/3/23 31/3/22
£    £   
Ordinary shares of £1 each
Final 79,247 41,250

NUTREE LIFE LTD (REGISTERED NUMBER: 10664256)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

9. INTANGIBLE FIXED ASSETS
Development
costs
£   
COST
At 1 April 2022
and 31 March 2023 1,236,636
AMORTISATION
At 1 April 2022 215,354
Amortisation for year 123,664
At 31 March 2023 339,018
NET BOOK VALUE
At 31 March 2023 897,618
At 31 March 2022 1,021,282

10. TANGIBLE FIXED ASSETS
Fixtures
Long Plant and and Computer
leasehold machinery fittings equipment Totals
£    £    £    £    £   
COST
At 1 April 2022 248,113 2,113,417 265,410 46,172 2,673,112
Additions 744,381 953,465 21,159 14,285 1,733,290
Disposals (210,000 ) (542,213 ) (1,524 ) (1,599 ) (755,336 )
At 31 March 2023 782,494 2,524,669 285,045 58,858 3,651,066
DEPRECIATION
At 1 April 2022 3,271 335,611 55,454 13,437 407,773
Charge for year 16,099 202,921 55,665 9,407 284,092
Eliminated on disposal (2,100 ) (152,221 ) (347 ) (425 ) (155,093 )
At 31 March 2023 17,270 386,311 110,772 22,419 536,772
NET BOOK VALUE
At 31 March 2023 765,224 2,138,358 174,273 36,439 3,114,294
At 31 March 2022 244,842 1,777,806 209,956 32,735 2,265,339

NUTREE LIFE LTD (REGISTERED NUMBER: 10664256)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

10. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 1 April 2022 1,727,477
Additions 778,843
Disposals (524,003 )
At 31 March 2023 1,982,317
DEPRECIATION
At 1 April 2022 279,139
Charge for year 162,126
Eliminated on disposal (149,423 )
At 31 March 2023 291,842
NET BOOK VALUE
At 31 March 2023 1,690,475
At 31 March 2022 1,448,338

11. STOCKS
31/3/23 31/3/22
£    £   
Stocks 549,689 574,865

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/23 31/3/22
£    £   
Trade debtors 625,729 423,455
Amounts owed by group undertakings 661,917 -
Other debtors 11,484 14,317
Tax - 34,567
Prepayments 82,871 93,343
1,382,001 565,682

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/23 31/3/22
£    £   
Bank loans and overdrafts (see note 15) 254,776 112,320
Hire purchase contracts (see note 16) 501,462 430,647
Trade creditors 1,265,331 869,898
Tax - (2 )
Social security and other taxes 99,746 41,235
VAT 126,180 280,980
Other creditors 509,502 471,074
Directors' current accounts 384,098 -
Accrued expenses 67,319 -
3,208,414 2,206,152

NUTREE LIFE LTD (REGISTERED NUMBER: 10664256)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31/3/23 31/3/22
£    £   
Bank loans (see note 15) 468,548 605,124
Hire purchase contracts (see note 16) 1,209,482 871,123
Directors' loan accounts - 420,000
1,678,030 1,896,247

15. LOANS

An analysis of the maturity of loans is given below:

31/3/23 31/3/22
£    £   
Amounts falling due within one year or on demand:
Bank loans 254,776 112,320

Amounts falling due between one and two years:
Bank loans - 1-2 years 112,314 112,320

Amounts falling due between two and five years:
Bank loans - 2-5 years 157,101 271,008

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 199,133 221,796

16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31/3/23 31/3/22
£    £   
Net obligations repayable:
Within one year 501,462 430,647
Between one and five years 1,179,882 871,123
In more than five years 29,600 -
1,710,944 1,301,770

Non-cancellable operating leases
31/3/23 31/3/22
£    £   
Within one year 150,000 -
Between one and five years 600,000 -
750,000 -

NUTREE LIFE LTD (REGISTERED NUMBER: 10664256)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

17. SECURED DEBTS

The following secured debts are included within creditors:

31/3/23 31/3/22
£    £   
Bank loans 723,324 717,444

The bank loans and overdraft are secured by a fixed and floating charge dated 10 August 2022 in favour of Lloyds Bank Commercial Finance Limited.

18. PROVISIONS FOR LIABILITIES
31/3/23 31/3/22
£    £   
Deferred tax 446,624 153,991

Deferred
tax
£   
Balance at 1 April 2022 153,991
Provided during year 207,347
Previous year adjustment 85,286
Balance at 31 March 2023 446,624

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31/3/23 31/3/22
value: £    £   
100 Ordinary £1 100 100

20. RESERVES
Retained
earnings
£   

At 1 April 2022 1,061,193
Profit for the year 586,955
Dividends (79,247 )
At 31 March 2023 1,568,901

21. PENSION COMMITMENTS

The company operates an independently administered defined contribution pension scheme on behalf of all its staff. The pension costs charge represents the contributions payable by the company in the year and amounts to £29,355 (2022: £26,818).

NUTREE LIFE LTD (REGISTERED NUMBER: 10664256)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

22. CAPITAL COMMITMENTS
31/3/23 31/3/22
£    £   
Contracted but not provided for in the
financial statements 130,530 -

23. ULTIMATE CONTROLLING PARTY

The controlling party is Nutree Holdings Limited.

The ultimate controlling party is Patrick Mroczak and Adam Hodgkinson.