Silverfin false 04 December 2024 04 December 2024 Philip Handley FCA HSKSG Audit Limited 381,799 52,097 false true 31/03/2024 01/04/2023 31/03/2024 Arup Chauhan 13/08/2021 Harmohinder Singh Sareen 13/08/2021 04 December 2024 The principal activity of the Company is to provide marketing services and business support services for the Group headed by Parle Products Private Limited ("Parle Group"). The Company ceased trading on 31 August 2023. 13565248 2024-03-31 13565248 bus:Director1 2024-03-31 13565248 bus:Director2 2024-03-31 13565248 core:CurrentFinancialInstruments 2024-03-31 13565248 core:CurrentFinancialInstruments 2023-03-31 13565248 2023-03-31 13565248 core:ShareCapital 2024-03-31 13565248 core:ShareCapital 2023-03-31 13565248 core:RetainedEarningsAccumulatedLosses 2024-03-31 13565248 core:RetainedEarningsAccumulatedLosses 2023-03-31 13565248 core:ImmediateParent core:CurrentFinancialInstruments 2024-03-31 13565248 core:ImmediateParent core:CurrentFinancialInstruments 2023-03-31 13565248 2023-04-01 2024-03-31 13565248 bus:FilletedAccounts 2023-04-01 2024-03-31 13565248 bus:SmallEntities 2023-04-01 2024-03-31 13565248 bus:Audited 2023-04-01 2024-03-31 13565248 2022-04-01 2023-03-31 13565248 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 13565248 bus:Director1 2023-04-01 2024-03-31 13565248 bus:Director2 2023-04-01 2024-03-31 13565248 core:CurrentFinancialInstruments 2023-04-01 2024-03-31 13565248 1 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Company No: 13565248 (England and Wales)

NUTRIBIS GLOBAL UK LIMITED

Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

NUTRIBIS GLOBAL UK LIMITED

Financial Statements

For the financial year ended 31 March 2024

Contents

NUTRIBIS GLOBAL UK LIMITED

COMPANY INFORMATION

For the financial year ended 31 March 2024
NUTRIBIS GLOBAL UK LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 March 2024
DIRECTORS Arup Chauhan
Harmohinder Singh Sareen
REGISTERED OFFICE 2 New Street Square
London
EC4A 3BZ
United Kingdom
COMPANY NUMBER 13565248 (England and Wales)
AUDITOR HSKSG Audit Limited
3rd Floor
Butt Dyke House
33 Park Row
Nottingham
NG1 6EE
United Kingdom
NUTRIBIS GLOBAL UK LIMITED

BALANCE SHEET

As at 31 March 2024
NUTRIBIS GLOBAL UK LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Current assets
Debtors 4 6,141 547,705
Cash at bank and in hand 262,976 228,556
269,117 776,261
Creditors: amounts falling due within one year 5 ( 42,879) ( 338,224)
Net current assets 226,238 438,037
Total assets less current liabilities 226,238 438,037
Net assets 226,238 438,037
Capital and reserves
Called-up share capital 570,000 400,000
Profit and loss account ( 343,762 ) 38,037
Total shareholder's funds 226,238 438,037

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Nutribis Global UK Limited (registered number: 13565248) were approved and authorised for issue by the Board of Directors on 04 December 2024. They were signed on its behalf by:

Harmohinder Singh Sareen
Director
NUTRIBIS GLOBAL UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
NUTRIBIS GLOBAL UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Nutribis Global UK Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 2 New Street Square, London, United Kingdom, EC4A 3BZ.

The financial statements have been prepared under the historical cost convention, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The Company ceased trading on 31 August 2023 and it is intended for the Company to be wound up. Consequently, the financial statements for the year ended 31 March 2024 have been prepared on a basis other than that of a going concern.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.

Turnover represents charges to group companies. Turnover from the supply of these services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Finance costs

Finance costs are charged to the Profit and Loss Account over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews 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). The recoverable amount of an asset is the higher of its fair value less costs to sell and its 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.

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. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

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

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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.

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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Directors' remuneration

2024 2023
£ £
Directors' emoluments 374,728 995,676

Remuneration of the highest paid director

2024 2023
£ £
Director's emoluments 374,728 995,676

4. Debtors

2024 2023
£ £
Amounts owed by Parent undertakings 0 83,783
Corporation tax 6,141 334,904
Other debtors 0 129,018
6,141 547,705

5. Creditors: amounts falling due within one year

2024 2023
£ £
Amounts owed to Parent undertakings 2,738 0
Corporation tax 10,619 31,854
Other taxation and social security 17,754 245,995
Other creditors 11,768 60,375
42,879 338,224

Amounts owed to parent company are unsecured, interest free and repayable on demand.

6. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 0 95,333

7. Related party transactions

In accordance with FRS102 Section 33, the Company has not disclosed any related party transactions between this Company and its parent Company due to this Company being a wholly-owned subsidiary.

The total aggregate directors' remuneration for the year was £246,074 (2023: £687,176) .

During the year the Company paid expenses on behalf of one of the directors amounting to £128,654 (2023: £308,500).

8. Events after the Balance Sheet date

On 16 May 2024 a resolution was passed to reduce the share capital of the Company from £570,000 (comprising 570,000 Ordinary shares of £1 each) to £1 by reducing the nominal value of each Ordinary inary shares from £1 to £0.0000017544.

9. Audit Opinion

The auditor's report on the accounts for the financial year ended 31 March 2024 was unqualified.

The audit report was signed by Philip Handley FCA (Senior Statutory Auditor) for and on behalf of HSKSG Audit Limited.

The auditor’s report drew attention, via an Emphasis of Matter paragraph, to note 1 of the financial statements (Accounting Policies – Going Concern) which explained that the Company has ceased trading and that the directors intend to have the Company wound up. Therefore, the directors did not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than going concern as described in Note 1.

10. Ultimate controlling party

The immediate parent company is Oceanic Holdings Private Limited, a company incorporated in Singapore with registered office address of 138 Cecil Street #13-02, Cecil Court, Singapore 069538.

The ultimate parent company is Parle Products Private Limited, a company incorporated in India, with the registered office address of North Level Crossing, Vile Parle East 400057 Mumbai, India. This is the parent to the smallest and largest group to which consolidated financial statements are prepared for and copies of these can be obtained from the registered office address given. The ultimate controlling party is Parle Products Private Limited.