Company registration number 00765118 (England and Wales)
NUTRIAD LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
NUTRIAD LTD
COMPANY INFORMATION
Directors
Mr F Cohadon
Mr B Michienzi
(Appointed 6 June 2023)
Company number
00765118
Registered office
1 Telford Court
Chester Gates
Dunkirk Lea
Chester
CH1 6LT
Auditor
MHA
80 Mosley Street
Manchester
M2 3FX
NUTRIAD LTD
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Notes to the financial statements
12 - 22
NUTRIAD LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

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

Review of the business

Like the previous year, trading performance of Nutriad Limited shows an increase in 2023. Total sales increased by almost 5% in 2023 compared to 2022. This increase in sales has mainly been driven by an increase of around 9% in external sales (outside the group), representing 43% of total sales and a slight increase of 4% in intercompany sales, representing 57% of the total sales. The increase in intercompany sales of £380k was derived mainly from Belgium and Brazil. External sales have performed very well, increasing for £655k, this is due to a reliable performance in India, Peru and UK.

 

With a decrease of 23.3% points, the gross margin in 2023 (29.8%) has extremely reduced compared to the previous year (40.7%). The total volume increased, especially to the Belgian, Brazilian, Peruvian and British distributors. During FY 2022, all values of the products have been updated, that is why the variances were less in FY 2021. COGS increased by £2,585k in FY 2023.

 

The decrease in gross margin is the main driver for the decreasing operating income in 2023. Next to that, higher gains on foreign exchange, lower transportation costs and higher group costs have contributed to the lower pre-tax profit of £2.1m compared to £4.1m in 2022.

 

In September 2023, a dividend of £4m has been distributed to the shareholders, resulting in increasingly lower shareholder’s funds.

 

Higher levels for debtors and creditors reflected both the level of trading around the year-end and lower stocks are showing the uncertainties surrounding Brexit, Covid-19 & Russian-Ukraine war should no longer be seen as a major problem.

 

Key financial and other performance indicators were as follows:

 

 

2023

£000

2022

£000

Change

%

 

Turnover

 

19,186

 

18,341

 

4.61%

Gross profit

5,720

7,460

(23.3%)

Operating profit

2,077

4,103

(49.3%)

Profit/(loss) for the financial year

1,625

3,322

(51.1%)

Shareholder's funds

5,770

8,145

(29.1%)

Average number of employees

19

19

 

 

NUTRIAD LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Principal risks and uncertainties

Looking ahead, the directors do not see any new or material risks for the company. Nutriad Limited trades on a global basis in all major agricultural markets. Due to higher costs related to the direct impact of Brexit, the margin to the European operations will continue to be impacted.

 

The principal risks and uncertainties facing the company are likely to be:

 

Seasonal and geographic trends

Weather and local market trends in relation to customer and competitor developments can impact the business and Nutriad Limited will continue to mitigate these risks by maximizing geographic and species coverage and product line diversity.

 

Technology

Nutriad Limited will continue to invest in innovative technology to remain at the forefront of technological and legislative developments and to ensure compliance with potential regulatory changes.

 

Liquidity, interest rate and cash-flow risk

The company finances its operations through a mixture of retained profits, and where necessary to fund expansion or capital expenditure programmes, through intercompany and/or bank borrowings.

 

Management's objectives are to:

 

retain sufficient liquid funds to enable it to meet its day-to-day obligations as they fall due whilst maximizing returns on surplus funds.

minimize the company's exposure to fluctuating interest rates when seeking new borrowings.

match the repayment schedule of any external borrowings or overdrafts with the expected future cash flows expected to arise from the company's trading activities.

 

Where appropriate funds are invested in sterling bank deposit accounts and borrowings are all obtained from standard bank loan accounts. As such, there is low price risk exposure.

 

Where appropriate, funds are held primarily in short term variable rate deposit accounts. The directors believe that this gives them the flexibility to release cash resources at short notice and also allows them to take advantage of changing conditions in the finance markets as they arise. Deposits are usually with UK banks and the directors believe their choice of bank minimizes any credit risk associated with not placing funds on deposit with a UK clearing bank.

 

In 2024 the group will continue restructuring its world-wide invoicing flows and underlying IT structure. The aim of this project is to increase customer centricity and focus and further strengthen (financial) risk management. Nutriad Limited operations will continue to be focused on worldwide product management and marketing of the palatability product group. For 2024 we will continue to strengthen our product offering and expect increased sales via the Adisseo worldwide sales network.

Russian-Ukraine war

The company continues to address the impact of the Russian-Ukraine war on the business. Whilst the ongoing situation presents some challenges and uncertainties, the directors consider these on a regular basis and have prepared an outlook for 2024 and 2025 which demonstrates that the company should be able to continue to operate as a going concern for the near future.

 

The Directors have identified measures which could be taken to mitigate any adverse monetary impact of the war, at the same time as delivering against the current strategy in the most appropriate way given the current control measures introduced by government following the war.

NUTRIAD LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

On behalf of the board

Mr F Cohadon
Director
28 August 2024
NUTRIAD LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -

The directors present their annual report and financial statements for the year ended 31 December 2023.

Principal activities

The principal activity of the company continued to be that of the manufacture and distribution of animal feed,flavours,sweeteners and other feed additives

Results and dividends

The results for the year are set out on page 9.

Ordinary dividends were paid amounting to £4,000,000 (2022: £850,000). The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr S P Martyn
(Resigned 1 June 2023)
Mr F Cohadon
Mr B Michienzi
(Appointed 6 June 2023)
Auditor

MHA were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Strategic report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of principal risks and uncertainties, and future developments.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr F Cohadon
Director
28 August 2024
NUTRIAD LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -

The directors are responsible for preparing the annual report 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:

 

 

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.

NUTRIAD LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF NUTRIAD LTD
- 6 -
Opinion

We have audited the financial statements of Nutriad Ltd (the 'company') for the year ended 31 December 2023 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including 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:

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 Auditor's 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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.

NUTRIAD LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF NUTRIAD LTD (CONTINUED)
- 7 -

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

 

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 directors' report.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 is 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.

Auditor's 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 an auditor's report 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud, are detailed below:

 

NUTRIAD LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF NUTRIAD LTD (CONTINUED)
- 8 -

Because of the industry in which the company operates, we identified the following areas as those most likely to have a material impact on the financial statements: animal feed regulations, employment law, and compliance with the Companies Act.

 

Owing to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). For instance, the further removed non-compliance is from the events and transactions reflected in the financial statements, the less likely the auditor is to become aware of it or to recognise the non-compliance.

 

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 an auditor's report 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.

Alexander Kelly BA FCA
Senior Statutory Auditor
For and on behalf of MHA, Statutory Auditor
Manchester, United Kingdom
28 August 2024
MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313)
NUTRIAD LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
2023
2022
Notes
£000
£000
Turnover
3
19,186
18,341
Cost of sales
(13,466)
(10,881)
Gross profit
5,720
7,460
Distribution costs
(610)
(650)
Administrative expenses
(3,033)
(2,707)
Operating profit
4
2,077
4,103
Interest receivable and similar income
7
51
-
0
Interest payable and similar expenses
8
(3)
-
0
Profit before taxation
2,125
4,103
Tax on profit
9
(500)
(781)
Profit for the financial year
1,625
3,322

The profit and loss account has been prepared on the basis that all operations are continuing operations.

NUTRIAD LTD
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 10 -
2023
2022
Notes
£000
£000
£000
£000
Fixed assets
Tangible assets
12
28
31
Current assets
Stocks
13
2,458
3,185
Debtors
14
3,918
3,654
Cash at bank and in hand
1,669
2,598
8,045
9,437
Creditors: amounts falling due within one year
15
(2,292)
(1,312)
Net current assets
5,753
8,125
Net assets
5,781
8,156
Capital and reserves
Called up share capital
18
11
11
Profit and loss reserves
5,770
8,145
Total equity
5,781
8,156

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 28 August 2024 and are signed on its behalf by:
Mr F Cohadon
Director
Company registration number 00765118 (England and Wales)
NUTRIAD LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
Share capital
Profit and loss reserves
Total
Notes
£000
£000
£000
Balance at 1 January 2022
11
5,673
5,684
Year ended 31 December 2022:
Profit and total comprehensive income
-
3,322
3,322
Dividends
10
-
(850)
(850)
Balance at 31 December 2022
11
8,145
8,156
Year ended 31 December 2023:
Profit and total comprehensive income
-
1,625
1,625
Dividends
10
-
(4,000)
(4,000)
Balance at 31 December 2023
11
5,770
5,781
NUTRIAD LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
1
Accounting policies
Company information

Nutriad Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 1 Telford Court, Chester Gates, Dunkirk Lea, Chester, CH1 6LT.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £000.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of Bluestar Adisseo. These consolidated financial statements are available from its registered office, Room 6518, Garden Hotel, 30 East Garden Road, Haiden District, Beijing.

 

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company 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.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

NUTRIAD LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 13 -

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Research and development expenditure

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.

1.5
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any 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:

Fixtures and fittings
10%-33% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

1.8
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 at 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, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

NUTRIAD LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 14 -
1.9
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

NUTRIAD LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 15 -
Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.11
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

NUTRIAD LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.14
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.15
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.16
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

NUTRIAD LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 17 -
2
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 amount 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

The directors do not consider there to be any judgments or key sources of estimation uncertainty.

3
Turnover and other revenue
2023
2022
£000
£000
Turnover analysed by class of business
Attributable to the principal activity
19,186
18,341
2023
2022
£000
£000
Turnover analysed by geographical market
United Kingdom
5,941
4,488
Rest of Europe
5,999
7,351
Rest of the World
7,246
6,502
19,186
18,341
2023
2022
£000
£000
Other revenue
Interest income
51
-
4
Operating profit
2023
2022
Operating profit for the year is stated after charging/(crediting):
£000
£000
Exchange losses/(gains)
301
(234)
Research and development costs
2
2
Fees payable to the company's auditor for the audit of the company's financial statements
30
28
Depreciation of owned tangible fixed assets
13
25
Operating lease charges
77
83
NUTRIAD LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 18 -
5
Employees

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

2023
2022
Number
Number
Laboratory
6
6
Distribution and sales
13
13
Total
19
19

Their aggregate remuneration comprised:

2023
2022
£000
£000
Wages and salaries
1,163
1,437
Social security costs
175
203
Pension costs
79
77
1,417
1,717
6
Directors' remuneration
2023
2022
£000
£000
Remuneration for qualifying services
127
219
7
Interest receivable and similar income
2023
2022
£000
£000
Interest income
Other interest income
51
-
0
8
Interest payable and similar expenses
2023
2022
£000
£000
Other interest
3
-
0
9
Taxation
2023
2022
£000
£000
Current tax
UK corporation tax on profits for the current period
499
781
NUTRIAD LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
9
Taxation
2023
2022
£000
£000
(Continued)
- 19 -
Deferred tax
Origination and reversal of timing differences
1
-
0
Total tax charge
500
781

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£000
£000
Profit before taxation
2,125
4,103
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2022: 19.00%)
531
780
Tax effect of expenses that are not deductible in determining taxable profit
-
0
1
Effect of change in corporation tax rate
(31)
-
0
Taxation charge for the year
500
781
10
Dividends
2023
2022
£000
£000
Final paid
4,000
850
11
Intangible fixed assets
Goodwill
£000
Cost
At 1 January 2023 and 31 December 2023
350
Amortisation and impairment
At 1 January 2023 and 31 December 2023
350
Carrying amount
At 31 December 2023
-
0
At 31 December 2022
-
0
NUTRIAD LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 20 -
12
Tangible fixed assets
Fixtures and fittings
£000
Cost
At 1 January 2023
571
Additions
10
At 31 December 2023
581
Depreciation and impairment
At 1 January 2023
540
Depreciation charged in the year
13
At 31 December 2023
553
Carrying amount
At 31 December 2023
28
At 31 December 2022
31
13
Stocks
2023
2022
£000
£000
Raw materials and consumables
1
4
Work in progress
335
298
Finished goods and goods for resale
2,122
2,883
2,458
3,185
14
Debtors
2023
2022
Amounts falling due within one year:
£000
£000
Trade debtors
1,698
1,502
Corporation tax recoverable
148
274
Amounts owed by group undertakings
1,982
1,811
Other debtors
17
-
0
Prepayments and accrued income
69
62
3,914
3,649
Deferred tax asset (note 16)
4
5
3,918
3,654
NUTRIAD LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 21 -
15
Creditors: amounts falling due within one year
2023
2022
£000
£000
Trade creditors
676
160
Amounts owed to group undertakings
1,065
530
Taxation and social security
31
127
Other creditors
118
115
Accruals and deferred income
402
380
2,292
1,312
16
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Assets
Assets
2023
2022
Balances:
£000
£000
Accelerated capital allowances
4
5
2023
Movements in the year:
£000
Asset at 1 January 2023
(5)
Charge to profit or loss
1
Asset at 31 December 2023
(4)

The deferred tax asset set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

17
Retirement benefit schemes
2023
2022
Defined contribution schemes
£000
£000
Charge to profit or loss in respect of defined contribution schemes
79
77

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

NUTRIAD LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
18
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£000
£000
Issued and fully paid
11000 of £1 each
11,000
11,000
11
11

The rights attached to the deferred ordinary shares of £1 each are summarised below:

 

 

 

19
Financial commitments, guarantees and contingent liabilities

The company has a guarantee in place in favour of HMRC for £22,000 dated 1 May 2019.

20
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2023
2022
£000
£000
Within one year
13
26
Between two and five years
28
10
41
36
21
Related party transactions

The company has taken advantage of the exemption conferred by Section 33 FRS 102, namely from disclosing any transactions entered into between two or members of the group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member.

22
Ultimate controlling party

For the duration of the current year and the previous year the ultimate parent company and controlling party was Bluestar Adisseo. The financial statements of the company are consolidated in the financial statements of Bluestar Adisseo. These consolidated financial statements are available from the register office,Room 6518,Garden Hotel,30 East Garden Road, Haidian District Beijng.

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