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Registration number: 14228022

Ourvita UK Limited

Filleted Financial Statements

for the Year Ended 31 December 2023

 

Ourvita UK Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 8

 

Ourvita UK Limited

Company Information

Directors

Mr R G Walker

Mr M Philouze

Registered office

15 Olympic Court Boardmans Way
Whitehills Business Park
Blackpool
Lancashire
FY4 5GU

Auditors

Horne Brooke Shenton
Chartered Accountants & Statutory Auditors
15 Olympic Court Boardmans Way
Whitehills Business Park
Blackpool
FY4 5GU

 

Ourvita UK Limited

(Registration number: 14228022)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed Assets

 

Tangible Assets

4

501

774

Current assets

 

Debtors

5

1,171,870

73,045

Cash at bank and in hand

 

27,632

13,699

 

1,199,502

86,744

Creditors: Amounts falling due within one year

6

(1,141,735)

(88,760)

Net current assets/(liabilities)

 

57,767

(2,016)

Net assets/(liabilities)

 

58,268

(1,242)

Capital and Reserves

 

Called up share capital

7

1,000

1,000

Retained Earnings

57,268

(2,242)

Shareholders' funds/(deficit)

 

58,268

(1,242)

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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 24 September 2024 and signed on its behalf by:
 

.........................................
Mr R G Walker
Director

 

Ourvita UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

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:
15 Olympic Court Boardmans Way
Whitehills Business Park
Blackpool
Lancashire
FY4 5GU
United Kingdom

These financial statements were authorised for issue by the Board on 24 September 2024.

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 that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 25 September 2024 was Deborah Walsh BA FCA, who signed for and on behalf of Horne Brooke Shenton.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities.

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.

 

Ourvita UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

Tangible Assets

Tangible Assets are stated in the balance sheet 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

Furniture, fittings and equipment

33.33% Straight Line

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.

Trade Debtors

Trade Debtors are amounts due from customers for services performed in the ordinary course of business.

Trade Debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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 subsequently measured at amortised cost using the effective interest method.

 

Ourvita UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 3).

 

Ourvita UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

4

Tangible Assets

Office equipment
£

Total
£

Cost or valuation

At 1 January 2023

819

819

At 31 December 2023

819

819

Depreciation

At 1 January 2023

45

45

Charge for the year

273

273

At 31 December 2023

318

318

Carrying amount

At 31 December 2023

501

501

At 31 December 2022

774

774

5

Debtors

Current

2023
£

2022
£

Prepayments

554

-

Accrued income

1,171,316

73,045

 

1,171,870

73,045

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade Creditors

 

-

782

Amounts owed to group undertakings and undertakings in which the company has a participating interest

9

1,104,543

70,000

Taxation and social security

 

21,473

5,168

Accruals and deferred income

 

15,462

12,700

Other creditors

 

257

110

 

1,141,735

88,760

 

Ourvita UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

7

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

1,000

1,000

1,000

1,000

       

8

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

9,384

10,384

Later than one year and not later than five years

16,421

25,805

25,805

36,189

The amount of non-cancellable operating lease payments recognised as an expense during the year was £9,384 (2022 - £13,171).

9

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

884,835

-

 

Ourvita UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Summary of transactions with parent

Farmaceutici Procemsa Spa
Ourvita UK Limited is a wholly owned subsidiary of Farmaceutici Procemsa Spa

 At 31st December 2023 funds held within the related company loan account in respect of Farmaceutici Procemsa Spa totalled £1,104,543 (2022 £70,000).
 

Summary of transactions with other related parties

Food Supplements Sarl
Parent company to Farmaceautici Procemsa Spa

 During the year, Food Supplements Sarl settled part of the 2023 employment costs on behalf of Ourvita UK limited totalling £276,934.

Food Supplements Sarl have waived the repayment of this related company loan and this has been recognised within the year end 2023 accounts.

 

Income and receivables from related parties

2023

Parent
£

Receipt of services

1,171,316

Amounts receivable from related party

1,171,316

2022

Parent
£

Receipt of services

73,045

Amounts receivable from related party

73,045

Loans from related parties

2023

Parent
£

Other related parties
£

Total
£

At start of period

70,000

-

70,000

Advanced

1,107,588

276,934

1,384,522

Repaid

(73,045)

-

(73,045)

Impairment

-

(276,934)

(276,934)

At end of period

1,104,543

-

1,104,543

2022

Parent
£

Total
£

Advanced

70,000

70,000

At end of period

70,000

70,000

10

Parent and ultimate parent undertaking

The company's immediate parent is Farmaceutici Procemsa Spa, incorporated in Italy.
  These financial statements are available upon request from Via Mentana 10, Nichelino (TO), 10042