Company registration number 03712400 (England and Wales)
EUROPEAN NUTRICEUTICAL PRODUCTS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
EUROPEAN NUTRICEUTICAL PRODUCTS LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
EUROPEAN NUTRICEUTICAL PRODUCTS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
5
5,437,326
-
0
Current assets
-
-
Creditors: amounts falling due within one year
7
(614,490)
(25,940)
Net current liabilities
(614,490)
(25,940)
Total assets less current liabilities
4,822,836
(25,940)
Creditors: amounts falling due after more than one year
8
(5,206,254)
-
0
Net liabilities
(383,418)
(25,940)
Capital and reserves
Called up share capital
9
1,000
1,000
Profit and loss reserves
(384,418)
(26,940)
Total equity
(383,418)
(25,940)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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 were approved by the board of directors and authorised for issue on 1 August 2024 and are signed on its behalf by:
T G Verne
J Bienfait
Director
Director
Company registration number 03712400 (England and Wales)
EUROPEAN NUTRICEUTICAL PRODUCTS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2022
1,000
(25,674)
(24,674)
Year ended 31 December 2022:
Loss and total comprehensive income
-
(1,266)
(1,266)
Balance at 31 December 2022
1,000
(26,940)
(25,940)
Year ended 31 December 2023:
Loss and total comprehensive income
-
(357,478)
(357,478)
Balance at 31 December 2023
1,000
(384,418)
(383,418)
EUROPEAN NUTRICEUTICAL PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting Policies
General information

European Nutriceutical Products Limited is a private company limited by shares incorporated in England and Wales. The registered office is Ibex House, Baker Street, Weybridge, Surrey, KT13 8AH.

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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

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

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

 

European Nutriceutical Products Limited is a wholly owned subsidiary of Cosmo France and the results of European Nutriceutical Products Limited are included in the consolidated financial statements of Cosmo France which are available from the registered office at 1198, Avenue du Docteur Maurice Donat, ZAC du Fond de L'Orme, 06250 Mougins, France.

1.2
Going concern

The financial statements have been prepared on a going concern basis. The Directors have considered relevant information, including the annual budget, forecast future cash flows, continued financial support from the parent company and the impact of subsequent events in making their assessment.

 

In this context, European Nutriceutical Products Limited has obtained from EA Pharma, the parent company, the financial support for operating, financing and investment activities until 31 December 2024.

 

Based on these assessments and having regard to the resources available to the entity, the Directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and accounts.

1.3
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

EUROPEAN NUTRICEUTICAL PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting Policies
(Continued)
- 4 -
1.4
Cash at bank and in hand

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.

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.

1.5
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.

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.

1.6
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.

EUROPEAN NUTRICEUTICAL PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
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.

 

In the directors' view there are no key judgements or sources of estimation uncertainty that are required to be disclosed in these financial statements.

3
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.

4
Employees

The Company has no employees other than the directors, who did not receive any remuneration (2022 -£NIL).

 

The average monthly number of employees, including directors, during the period was 0 (2022 -0).

 

5
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
5,437,326
-
0
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023
-
Additions
5,437,326
At 31 December 2023
5,437,326
Carrying amount
At 31 December 2023
5,437,326
At 31 December 2022
-
6
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

EUROPEAN NUTRICEUTICAL PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
6
Subsidiaries
(Continued)
- 6 -
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
W Group Holdings Limited
40 Gracechurch Street, London, EC3V 0BT
Ordinary
55.00
-
Lewis Hill Retail Limited
40 Gracechurch Street, London, EC3V 0BT
Ordinary
-
55.00
Millway Retail Limited
40 Gracechurch Street, London, EC3V 0BT
Ordinary
-
55.00
Cherrybush Limited
40 Gracechurch Street, London, EC3V 0BT
Ordinary
-
55.00
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
92
-
0
Amounts owed to group undertakings
262,054
25,275
Other creditors
352,344
665
614,490
25,940
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
5,206,254
-
0

Other creditors include a loan from CosmoFrance, the Ultimate Parent Company. The interest is chargeable on the outstanding principal amount at an annual rate equal to the aggregate of 3 months EURIBOR rate plus 6.35%. The amount payable at the year end is €6,000,000 (2022: Nil).

9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
10
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Thierry de Gennes
Statutory Auditor:
Constantin
Date of audit report:
Date: 02/08/2024
11
Events after the reporting date

There were no post balance sheet events to disclose after the year end.

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