Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-3121true2023-01-01falseRetail and distribution of natural protein products27trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 09935231 2023-01-01 2023-12-31 09935231 2022-01-01 2022-12-31 09935231 2023-12-31 09935231 2022-12-31 09935231 c:Director1 2023-01-01 2023-12-31 09935231 c:Director2 2023-01-01 2023-12-31 09935231 c:Director3 2023-01-01 2023-12-31 09935231 c:RegisteredOffice 2023-01-01 2023-12-31 09935231 d:FurnitureFittings 2023-01-01 2023-12-31 09935231 d:FurnitureFittings 2023-12-31 09935231 d:FurnitureFittings 2022-12-31 09935231 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 09935231 d:ComputerEquipment 2023-01-01 2023-12-31 09935231 d:ComputerEquipment 2023-12-31 09935231 d:ComputerEquipment 2022-12-31 09935231 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 09935231 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 09935231 d:ComputerSoftware 2023-12-31 09935231 d:ComputerSoftware 2022-12-31 09935231 d:OtherResidualIntangibleAssets 2023-01-01 2023-12-31 09935231 d:CurrentFinancialInstruments 2023-12-31 09935231 d:CurrentFinancialInstruments 2022-12-31 09935231 d:Non-currentFinancialInstruments 2023-12-31 09935231 d:Non-currentFinancialInstruments 2022-12-31 09935231 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 09935231 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 09935231 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 09935231 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 09935231 d:ShareCapital 2023-12-31 09935231 d:ShareCapital 2022-12-31 09935231 d:SharePremium 2023-12-31 09935231 d:SharePremium 2022-12-31 09935231 d:RetainedEarningsAccumulatedLosses 2023-12-31 09935231 d:RetainedEarningsAccumulatedLosses 2022-12-31 09935231 c:FRS102 2023-01-01 2023-12-31 09935231 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 09935231 c:FullAccounts 2023-01-01 2023-12-31 09935231 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 09935231 4 2023-01-01 2023-12-31 09935231 6 2023-01-01 2023-12-31 09935231 d:ComputerSoftware d:OwnedIntangibleAssets 2023-01-01 2023-12-31 09935231 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure
Registered number: 09935231














MISFITS HEALTH LTD
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2023

 
MISFITS HEALTH LTD
 
 
COMPANY INFORMATION


Directors
B J Green 
R Jakobi 
H Sether 




Registered number
09935231



Registered office
5 Elstree Gate
Elstree Way

Borehamwood

Hertfordshire

United Kingdom

NW6 1JD




Accountants
Sopher + Co LLP
Chartered Accountants

5 Elstree Gate

Elstree Way

Borehamwood

Hertfordshire

WD6 1JD





 
MISFITS HEALTH LTD
 

CONTENTS



Page
Statement of Financial Position
 
 
1 - 2
Notes to the Financial Statements
 
 
3 - 9


 
MISFITS HEALTH LTD
REGISTERED NUMBER:09935231

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
32,836
58,036

Tangible assets
 5 
8,983
13,525

Investments
 6 
8
-

  
41,827
71,561

Current assets
  

Stocks
  
753,172
1,923,112

Debtors: amounts falling due within one year
 7 
1,700,074
693,749

Cash at bank and in hand
  
945,410
1,535,923

  
3,398,656
4,152,784

Current liabilities
  

Creditors: amounts falling due within one year
 8 
(965,167)
(1,019,415)

Net current assets
  
 
 
2,433,489
 
 
3,133,369

Total assets less current liabilities
  
2,475,316
3,204,930

Creditors: amounts falling due after more than one year
 9 
(429,109)
(2,170,917)

Net assets
  
2,046,207
1,034,013


Capital and reserves
  

Called up share capital 
  
36
31

Share premium account
  
13,217,758
8,854,778

Profit and loss account
  
(11,171,587)
(7,820,796)

  
2,046,207
1,034,013


Page 1

 
MISFITS HEALTH LTD
REGISTERED NUMBER:09935231
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

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

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

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




H Sether
Director

Date: 16 July 2024

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
MISFITS HEALTH LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Misfits Health Ltd is a private company limited by shares incorporated in England and Wales.  The registered office is 5 Elstree Gate, Elstree Way, Borehamwood, Hertfordshire, United Kingdom, WD6 1JD.
The principal activity of the company continued to be that of the retail and distribution of natural protein products.
The company's functional and presentational currency is £ Sterling.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Exemption from preparing consolidated financial statements

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

 
2.3

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company will have the continued support from its lenders and has adequate resources to continue in operational existence for the foreseeable future. Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

 
2.4

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax and is recognised at the point of sale.

 
2.5

Research and development

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

 
2.6

Pensions

Defined contribution pension plan

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

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

Page 3

 
MISFITS HEALTH LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

 
2.8

Exceptional items

Exceptional Items relate to certain costs or income that are the result of a transaction or event that is outside the normal activities of the Company. These items are excluded from the Company’s underlying results in order to provide more comparable year-on-year trends, performance and position over time. This view is consistent with how management views the business and how performance is reported to the Board.

 
2.9

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Website
-
3
years

 
2.10

Tangible fixed assets

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

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Page 4

 
MISFITS HEALTH LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.10
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Fixtures and fittings
-
25%
on reducing balance
Computer equipment
-
33%
on straight line

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

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

 
2.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.12

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.   Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution of no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

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

 
2.13

Debtors

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

 
2.14

Cash and cash equivalents

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

 
2.15

Creditors

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

Page 5

 
MISFITS HEALTH LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.16

Financial instruments

Basic financial assets

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

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

Financial liabilities

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

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

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

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


3.


Employees

The average monthly number of employees, including directors, during the year was 21 (2022 - 27).

Page 6

 
MISFITS HEALTH LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Intangible assets




Website

£



Cost


At 1 January 2023
118,303



At 31 December 2023

118,303



Amortisation


At 1 January 2023
60,267


Charge for the year on owned assets
25,200



At 31 December 2023

85,467



Net book value



At 31 December 2023
32,836



At 31 December 2022
58,036



Page 7

 
MISFITS HEALTH LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





Fixtures and fittings
Computer equipment
Total

£
£
£



Cost


At 1 January 2023
939
26,734
27,673


Additions
258
3,579
3,837



At 31 December 2023

1,197
30,313
31,510



Depreciation


At 1 January 2023
537
13,611
14,148


Charge for the year on owned assets
149
8,230
8,379



At 31 December 2023

686
21,841
22,527



Net book value



At 31 December 2023
511
8,472
8,983



At 31 December 2022
402
13,123
13,525


6.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


Additions
8



At 31 December 2023
8




Page 8

 
MISFITS HEALTH LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Debtors

2023
2022
£
£


Trade debtors
278,323
365,322

Amounts owed by group undertakings
1,088,200
-

Other debtors
164,982
221,028

Prepayments and accrued income
168,569
107,399

1,700,074
693,749



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
10,139
9,890

Other loans
407,082
321,091

Trade creditors
357,990
447,270

Other taxation and social security
106,751
52,350

Other creditors
47,037
132,879

Accruals and deferred income
36,168
55,935

965,167
1,019,415



9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
14,814
24,891

Other loans
414,295
2,146,026

429,109
2,170,917


The bank loans are guaranteed by the UK Government under BBLS.
The other loans are secured by a way of fixed and floating charge dated 21 March 2022.


10.


Related party transactions

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

 
Page 9