Company No:
Contents
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 |
Note | 2024 | 2023 | ||
£ | £ | |||
Current assets | ||||
Debtors | 4 |
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Cash at bank and in hand |
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269,117 | 776,261 | |||
Creditors: amounts falling due within one year | 5 | (
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Net current assets | 226,238 | 438,037 | ||
Total assets less current liabilities | 226,238 | 438,037 | ||
Net assets |
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Capital and reserves | ||||
Called-up share capital |
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Profit and loss account | (
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Total shareholder's funds |
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The financial statements of Nutribis Global UK Limited (registered number:
Harmohinder Singh Sareen
Director |
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.
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 £.
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.
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 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.
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.
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.
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.
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
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
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 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.
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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2024 | 2023 | ||
£ | £ | ||
Directors' emoluments |
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Remuneration of the highest paid director
2024 | 2023 | ||
£ | £ | ||
Director's emoluments | 374,728 | 995,676 |
2024 | 2023 | ||
£ | £ | ||
Amounts owed by Parent undertakings |
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Corporation tax |
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Other debtors |
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2024 | 2023 | ||
£ | £ | ||
Amounts owed to Parent undertakings |
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Corporation tax |
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Other taxation and social security |
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Other creditors |
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Commitments
Total future minimum lease payments under non-cancellable operating leases are as follows:
2024 | 2023 | ||
£ | £ | ||
within one year |
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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).
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.
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.