REGISTERED NUMBER: |
REPORT OF THE DIRECTOR AND |
FINANCIAL STATEMENTS FOR THE PERIOD 1 FEBRUARY 2023 TO 30 SEPTEMBER 2023 |
FOR |
NUTRION FEEDS UK LTD |
REGISTERED NUMBER: |
REPORT OF THE DIRECTOR AND |
FINANCIAL STATEMENTS FOR THE PERIOD 1 FEBRUARY 2023 TO 30 SEPTEMBER 2023 |
FOR |
NUTRION FEEDS UK LTD |
NUTRION FEEDS UK LTD (REGISTERED NUMBER: 13108694) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 FEBRUARY 2023 TO 30 SEPTEMBER 2023 |
Page |
Company Information | 1 |
Report of the Director | 2 |
Report of the Independent Auditors | 3 |
Income Statement | 7 |
Other Comprehensive Income | 8 |
Balance Sheet | 9 |
Statement of Changes in Equity | 10 |
Notes to the Financial Statements | 11 |
NUTRION FEEDS UK LTD |
COMPANY INFORMATION |
FOR THE PERIOD 1 FEBRUARY 2023 TO 30 SEPTEMBER 2023 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
Chartered Accountants |
and Statutory Auditors |
7 St John's Road |
Harrow |
Middlesex |
HA1 2EY |
NUTRION FEEDS UK LTD (REGISTERED NUMBER: 13108694) |
REPORT OF THE DIRECTOR |
FOR THE PERIOD 1 FEBRUARY 2023 TO 30 SEPTEMBER 2023 |
The director presents his report with the financial statements of the company for the period 1 February 2023 to 30 September 2023. |
INCORPORATION |
The company was incorporated on 4 January 2021 . |
EVENTS SINCE THE END OF THE PERIOD |
Information relating to events since the end of the period is given in the notes to the financial statements. |
DIRECTOR |
The director, being eligible, offers himself for election at the forthcoming first Annual General Meeting. |
STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Report of the Director and the financial statements in accordance with applicable law and regulations. |
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
AUDITORS |
The auditors, Macalvins Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
NUTRION FEEDS UK LTD |
Qualified Opinion |
We have audited the financial statements of Nutrion Feeds UK Ltd (the 'company') for the period ended 30 September 2023 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of 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 101 'Reduced Disclosure Framework' (United Kingdom Generally Accepted Accounting Practice). |
_ |
In our opinion, except for the effects of the matter described in the Basis for qualified opinion section below, the financial statements: |
- give a true and fair view of the state of the company’s affairs as at 30 September 2023 and of its Income Statement for the period then ended; |
- have been properly prepared in accordance with United Kingdom Accounting Standards, including Financial Reporting Standard 101'Reduced Disclosure Framework' (United Kingdom Generally Accepted Accounting Practice) and |
- have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for qualified 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 Auditors' 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. We were not appointed as auditors of the company until after 30 September 2023, and thus did not observe the counting of physical inventories at the end of this year. As the physical inventory count was not performed by us, we relied on the confirmation provided by a third party. While we performed additional procedures to verify the accuracy and completeness of the inventory records, our audit evidence regarding inventory is limited to the extent of the third party's confirmation. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the director's 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 director with respect to going concern are described in the relevant sections of this report. |
Other information |
The director is responsible for the other information. The other information comprises the information in the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon. |
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. |
In connection with our audit of the financial statements, 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 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. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Report of the Director has been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
NUTRION FEEDS UK LTD |
Matters on which we are required to report by exception |
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 Report of the Director. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit; or |
- | the director was not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Director. |
Responsibilities of director |
As explained more fully in the Statement of Director's Responsibilities set out on page two, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
NUTRION FEEDS UK LTD |
Auditors' 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 a Report of the Auditors 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. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
The objectives of our audit in respect of fraud are to identify and assess the risks of material misstatement of the financial statements due to fraud, to obtain sufficient audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks,and to respond accordingly to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company. |
Our approach was as follows: We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity and determined that the most significant are the Companies Act 2006, the reporting framework of the Financial Reporting Standard 101 "Reduced Disclosure Framework" and UK taxation legislation. |
We understood how the company is complying with those frameworks by discussions with management. Where the risk was considered to be higher we performed audit procedures to address each identified fraud risk. These procedures included testing journals, reviewing large and/or unusual transactions, and analytical procedures on key estimates and confirming group balances. In addition, we completed procedures to conclude on the compliance of the disclosures in the financial statements with all applicable requirements. |
There are inherent limitations in the audit procedures described above and the further the audit date is from the date of when the transactions reflected in the financial statements occurred, the less likely we are to become aware of irregularities and noncompliance. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting a material misstatement due to error because fraud, by nature, involves deliberate concealment by many means (for example collusion or intentional misrepresentations). |
Our audit procedures in relation to fraud included but were not limited to: |
- Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud; |
- Gaining an understanding of the internal controls established to mitigate risks related to fraud; |
- Discussing amongst the engagement team the risks of fraud; and |
- Addressing the risks of fraud through management override of controls by performing journal entry testing. |
There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
NUTRION FEEDS UK LTD |
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 a Report of the Auditors 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. |
for and on behalf of |
Chartered Accountants |
and Statutory Auditors |
7 St John's Road |
Harrow |
Middlesex |
HA1 2EY |
NUTRION FEEDS UK LTD (REGISTERED NUMBER: 13108694) |
INCOME STATEMENT |
FOR THE PERIOD 1 FEBRUARY 2023 TO 30 SEPTEMBER 2023 |
Notes | £ |
TURNOVER |
Administrative expenses |
OPERATING LOSS and |
LOSS BEFORE TAXATION | 4 | ( |
) |
Tax on loss | 5 |
LOSS FOR THE FINANCIAL PERIOD | ( |
) |
NUTRION FEEDS UK LTD (REGISTERED NUMBER: 13108694) |
OTHER COMPREHENSIVE INCOME |
FOR THE PERIOD 1 FEBRUARY 2023 TO 30 SEPTEMBER 2023 |
Notes | £ |
LOSS FOR THE PERIOD | ( |
) |
OTHER COMPREHENSIVE INCOME | - |
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD |
( |
) |
NUTRION FEEDS UK LTD (REGISTERED NUMBER: 13108694) |
BALANCE SHEET |
30 SEPTEMBER 2023 |
Notes | £ | £ |
CURRENT ASSETS |
Stocks | 6 |
Debtors | 7 |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT LIABILITIES | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Retained earnings | 10 | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) |
The financial statements were approved by the director and authorised for issue on |
NUTRION FEEDS UK LTD (REGISTERED NUMBER: 13108694) |
STATEMENT OF CHANGES IN EQUITY |
FOR THE PERIOD 1 FEBRUARY 2023 TO 30 SEPTEMBER 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Changes in equity |
Issue of share capital | - |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 30 September 2023 | ( |
) | ( |
) |
NUTRION FEEDS UK LTD (REGISTERED NUMBER: 13108694) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 FEBRUARY 2023 TO 30 SEPTEMBER 2023 |
1. | STATUTORY INFORMATION |
Nutrion Feeds UK Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparation |
Where total liabilities exceed current assets the director considers the ability of the company to meet its liabilities from liquid assets when they fall due. The director also considers the support given to the company by its parent and creditors. |
If the director is of the opinion that the company can meet its liabilities as they fall due, and has sufficient support from its parent and creditors, the financial statements are prepared on a going concern basis. |
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 101 "Reduced Disclosure Framework": |
• | the requirements of paragraphs 45(b) and 46 to 52 of IFRS 2 Share-based Payment; |
• | the requirements of paragraphs 62, B64(d), B64(e), B64(g), B64(h), B64(j) to B64(m), B64(n)(ii), B64(o)(ii), B64(p), B64(q)(ii), B66 and B67 of IFRS 3 Business Combinations; |
• | the requirements of paragraph 33(c) of IFRS 5 Non Current Assets Held for Sale and Discontinued Operations; |
• | the requirements of paragraph 24(6) of IFRS 6 Exploration for and Evaluation of Mineral Resources; |
• | the requirements of IFRS 7 Financial Instruments: Disclosures; |
• | the requirements of paragraphs 91 to 99 of IFRS 13 Fair Value Measurement; |
• | the requirements of paragraph 52, the second sentence of paragraph 89, and paragraphs 90, 91 and 93 of IFRS 16 Leases; |
the requirements of paragraph 58 of IFRS 16; |
• | the requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119(a) to (c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers; |
• | the requirement in paragraph 38 of IAS 1 Presentation of Financial Statements to present comparative information in respect of: |
- | paragraph 79(a)(iv) of IAS 1; |
- | paragraph 73(e) of IAS 16 Property, Plant and Equipment; |
- | paragraph 118(e) of IAS 38 Intangible Assets; |
- | paragraphs 76 and 79(d) of IAS 40 Investment Property; and |
- | paragraph 50 of IAS 41 Agriculture; |
• | the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134 to 136 of IAS 1; |
• | the requirements of IAS 7 Statement of Cash Flows; |
• | the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors; |
• | the requirements of paragraphs 88C and 88D of IAS 12 Income Taxes; |
• | the requirements of paragraph 74(b) of IAS 16; |
• | the requirements of paragraphs 17 and 18A of IAS 24 Related Party Disclosures; |
• | the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group; |
• | the requirements of paragraphs 134(d) to 134(f) and 135(c) to 135(e) of IAS 36 Impairments of Assets. |
NUTRION FEEDS UK LTD (REGISTERED NUMBER: 13108694) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 FEBRUARY 2023 TO 30 SEPTEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
Financial assets and liabilities are recognised when the company becomes a party to the contractual provisions if the financial instruments. The company holds basic financial instruments, which comprises cash and cash equivalents, trade and other debtors, trade and other creditors, loans and borrowings. |
Trade and other debtors |
Trade and other debtors are initially recognised at transaction price, including any transaction costs and are subsequently measured at amortised cost, less any provision for impairment. |
Trade and other creditors, loans and borrowings |
Trade and other creditors, loans and borrowings are initially recognised at the transaction price, including any transaction costs, and are subsequently measured at amortised cost. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Current taxes are based on the results shown in the financial statements and are calculated according to local tax rules, using tax rates enacted or substantially enacted by the balance sheet date. |
Foreign currencies |
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Non-monetary assets and liabilities carried at fair value that are denominated in foreign currencies are translated at the rates prevailing at the date the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated. |
Transactions in foreign currencies are translated into the functional currency at the rate of exchange ruling at the date of transaction. Where this is not possible to determine, income and expense items are translated using average exchange rate for the period. |
Critical accounting policies and key sources of estimation uncertainty |
Estimates, assumptions concerning the future and judgements are made in the preparation of the financial statements. They affect the application of the company's accounting policies, reported amounts of assets, liabilities, income and expenses, and disclosures made. They are assessed on an ongoing basis and are based on experience and relevant factors, including expectations of future events that are believed to be reasonable under the circumstances. |
Capital and reserves policy |
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds.tax. |
Retained earnings include all current and prior period retained profits. All transactions with owners of the parent are recorded separately within equity. |
3. | EMPLOYEES AND DIRECTORS |
There were no staff costs for the period ended 30 September 2023. |
The average number of employees during the period was NIL. |
£ |
Director's remuneration |
4. | LOSS BEFORE TAXATION |
The loss before taxation is stated after charging: |
£ |
Audit Fees | 10,400 |
Foreign exchange differences |
NUTRION FEEDS UK LTD (REGISTERED NUMBER: 13108694) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 FEBRUARY 2023 TO 30 SEPTEMBER 2023 |
5. | TAXATION |
Analysis of tax expense |
No liability to UK corporation tax arose for the period. |
6. | STOCKS |
£ |
Stocks | 367,064 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Trade creditors |
Amounts owed to group undertakings |
Accrued expenses |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal |
value: | £ |
Ordinary | £0.01 | 100 |
10. | RESERVES |
Retained |
earnings |
£ |
Deficit for the period | ( |
) |
At 30 September 2023 | ( |
) |
11. | RELATED PARTY DISCLOSURES |
At the year end, the company owed £834 to Nutrion International, S.L.U., a fellow subsidiary. |
During the period, the company purchased goods valued at £341,560 on normal commercial terms from Nutrion Singapore PTE Ltd, a fellow subsidiary. |
12. | EVENTS AFTER THE REPORTING PERIOD |
There were no material subsequent events that will impact the financial statements according to the director. |
13. | ULTIMATE CONTROLLING PARTY |
The company is controlled by its parent, Turtle Trail S.L., a company incorporated in Spain. |
The parent undertaking of the largest and smallest group for which consolidated accounts has been prepared for the year ended 30 September 2023 is Turtle Trail S.L.. The Turtle Trail Group accounts are available at José Abascal, 59 Piso 3 Izq. 28003 Madrid, Spain. |
The ultimate holding company is Turtle Trail, S.L., a company incorporated in Spain. |
NUTRION FEEDS UK LTD (REGISTERED NUMBER: 13108694) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 FEBRUARY 2023 TO 30 SEPTEMBER 2023 |
14. | GOING CONCERN |
The financial statements have been prepared on a going concern basis notwithstanding the fact that the company had net liabilities of £22,795. |
The director has considered the financial position of the company and its ability to meet its liabilities as they fall due. The parent company has confirmed that it will provide financial support to the company for at least the next 12 months and will not recall any intercompany liabilities during this period. This support is not legally binding but provides sufficient assurance for the director to conclude that the company will continue as a going concern. |
Based on these factors, the director is confident that the company has sufficient resources to meet its obligations and continue as a going concern. Accordingly, the financial statements have been prepared on a going concern basis. |