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Registration number: 04920489

Prepared for the registrar

Nutrition Centre Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Nutrition Centre Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Nutrition Centre Limited

Company Information

Directors

Mr D Galpin

Mrs H Galpin

Company secretary

Mr D Galpin

Registered office

133 Bath Road
Cheltenham
Gloucestershire
GL53 7LT

Accountants

Hazlewoods LLP
Staverton Court
Staverton
Cheltenham
GL51 0UX

 

Nutrition Centre Limited

(Registration number: 04920489)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

9,222

10,646

Current assets

 

Stocks

46,803

35,721

Cash at bank and in hand

 

1,547

465

 

48,350

36,186

Creditors: Amounts falling due within one year

6

(471,812)

(505,780)

Net current liabilities

 

(423,462)

(469,594)

Total assets less current liabilities

 

(414,240)

(458,948)

Creditors: Amounts falling due after more than one year

6

(30,403)

(35,659)

Net liabilities

 

(444,643)

(494,607)

Capital and reserves

 

Called up share capital

1,000

1,000

Profit and loss account

(445,643)

(495,607)

Shareholders' deficit

 

(444,643)

(494,607)

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

 

Nutrition Centre Limited

(Registration number: 04920489)
Balance Sheet as at 31 March 2024

Approved and authorised by the Board on 6 August 2024 and signed on its behalf by:
 


Mr D Galpin
Company secretary and director


Mrs H Galpin
Director

 

Nutrition Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
133 Bath Road
Cheltenham
Gloucestershire
GL53 7LT

 

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

If the forecasts are not met the shareholders have indicated that they will support any shortfall in funding, although there is no written agreement in place.The company therefore continues to adopt the going concern basis in preparing its financial statements.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
 

Judgements

No significant judgements have been made by management in preparing these financial statements.

Key sources of estimation uncertainty

No key sources of uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

 

Nutrition Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold land and buildings

4% straight line

Plant and machinery

10% and 15% written down value

Office equipment

33.3% of cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

 

Nutrition Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was as follows:

 

Nutrition Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

 

4

Intangible assets

Goodwill
 £

Total
£

Cost

At 1 April 2023

330,000

330,000

At 31 March 2024

330,000

330,000

Amortisation

At 1 April 2023

330,000

330,000

At 31 March 2024

330,000

330,000

Carrying amount

At 31 March 2024

-

-

 

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost

At 1 April 2023

20,939

54,440

75,379

At 31 March 2024

20,939

54,440

75,379

Depreciation

At 1 April 2023

15,197

49,536

64,733

Charge for the year

835

589

1,424

At 31 March 2024

16,032

50,125

66,157

Carrying amount

At 31 March 2024

4,907

4,315

9,222

At 31 March 2023

5,742

4,904

10,646

 

6

Creditors

Note

2024
 £

2023
 £

Due within one year

 

Loans and borrowings

7

433,725

475,544

Trade creditors

 

28,169

22,432

Social security and other taxes

 

2,888

1,226

Accrued expenses

 

7,030

6,578

 

471,812

505,780

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

30,403

35,659

 

Nutrition Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

 

7

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank borrowings

5,026

20,051

Other borrowings

428,699

455,493

433,725

475,544

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

30,403

35,659

 

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary A shares of £1 each

500

500

500

500

Ordinary B shares of £1 each

500

500

500

500

 

1,000

1,000

1,000

1,000

The different classes of shares referred to above carry separate rights to dividends, but in all other significant respects rank pari passu.

 

9

Related party transactions

Summary of transactions with key management

At the balance sheet date, the company owed £428,699 (2023 - £455,493) to the directors. This amount is included in other borrowings. There are no fixed repayment terms and no interest is charged on the loan.