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REGISTERED NUMBER: 01843973 (England and Wales)




















Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 30 September 2024

for

Lifeplan Products Limited

Lifeplan Products Limited (Registered number: 01843973)






Contents of the Financial Statements
for the Year Ended 30 September 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Income Statement 7

Other Comprehensive Income 8

Balance Sheet 9

Statement of Changes in Equity 10

Cash Flow Statement 11

Notes to the Cash Flow Statement 12

Notes to the Financial Statements 13


Lifeplan Products Limited

Company Information
for the Year Ended 30 September 2024







DIRECTORS: M Tedham
D Tedham





REGISTERED OFFICE: Unit 1, Elizabethan Way,
Lutterworth
Leicestershire
LE17 4ND





REGISTERED NUMBER: 01843973 (England and Wales)

Lifeplan Products Limited (Registered number: 01843973)

Strategic Report
for the Year Ended 30 September 2024

The directors present their strategic report for the year ended 30 September 2024.

REVIEW OF BUSINESS
We continue to make progress and grow the business in the past 12 months in our UK and export markets (new customers and incremental expansion).

We are satisfied that the external market in which we operate, will continue to grow and we expect to see continuing growth during the coming year.

We have continued to upgrade machinery which has increased our efficiency and capacity, and we will regularly review options to improve service levels. We are now in a position to produce a wider offering than before due to improved machine capabilities.

We have been following market trends and we have introduced new lines, such as the affordable Healthilife range and the clinical backed Cardioat range.

We have overcome the spending and cost constraints due to better management of costs, spend and debt management, to allow us to reinvest into new capabilities and new product ranges.

PRINCIPAL RISKS AND UNCERTAINTIES
As for many businesses our size, the environment in which we operate continues to be challenging. The company operates in a highly competitive and heavily regulated market with pressure on retaining customers and maintaining margins. We manage and mitigate these risks by engaging often with customers on pricing and assessing the regulations affecting us on a constant basis.

With these risks and uncertainties in mind, we are aware that any plans for the future development of the business may be subject to unforeseen events outside of our control.

KEY PERFORMANCE INDICATORS
We consider that our key financial performance indicators are those that communicate the finance performance and strength of the company as a whole, these being turnover, operating profit and return on capital employed.

The company's turnover has increased to £8,654,546 over the 12-month period from an annual turnover in 2023 of £7,548,884. This is due to better management of our current customers and some new customers being gained. An operating profit of £1,006,032 compared to the previous operating loss of £305,683 was due to the business taking on new profitable business that was commercially viable right from the start, our existing commercials being realigned and our costs being controlled by removing duplicated costs and realigning the cost centres.

ON BEHALF OF THE BOARD:





M Tedham - Director


14 January 2025

Lifeplan Products Limited (Registered number: 01843973)

Report of the Directors
for the Year Ended 30 September 2024

The directors present their report with the financial statements of the company for the year ended 30 September 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the manufacture of pharmaceutical preparations.

DIVIDENDS
No dividends will be distributed for the year ended 30 September 2024.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 October 2023 to the date of this report.

M Tedham
D Tedham

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have 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 directors must not approve the financial statements unless they are 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 directors are 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 directors are 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 them to ensure that the financial statements comply with the Companies Act 2006. They are 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 directors are 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 each director 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, Sumer Auditco Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





M Tedham - Director


14 January 2025

Report of the Independent Auditors to the Members of
Lifeplan Products Limited

Opinion
We have audited the financial statements of Lifeplan Products Limited (the 'company') for the year ended 30 September 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30 September 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for 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.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' 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 directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, 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 Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

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 Strategic Report or the Report of the Directors.

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 directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Report of the Independent Auditors to the Members of
Lifeplan Products Limited


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are 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 directors determine 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 directors are 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 directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

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.

Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to employment law and company legislation and we considered the extent to which non-compliance might have a material effect on the financial statements of the company. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and Corporation Tax Act 2010. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to increase revenue or reduce expenditure, and management bias in accounting estimates and judgemental areas of the financial statements. Audit procedures performed by the audit engagement team included:


- Discussions with management, including consideration of known or suspected instances of non-compliance
with laws and regulations and fraud;
- Understanding of management's internal controls designed to prevent and detect irregularities, and fraud;
- Reviewing the company's legal costs to check for non-compliance with laws and regulations and fraud;
- Review of tax compliance;
- Designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing of
expenses;
- Testing transactions entered into outside of the normal course of the company's business; and
- Identifying and testing journal entries, in particular any journal entries with fraud characteristics such as
journals with round numbers.


There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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
Lifeplan Products Limited


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.




David Iain Black (Senior Statutory Auditor)
for and on behalf of Sumer Auditco Limited
Statutory Auditors
Hermes House
Fire Fly Avenue
Swindon
Wiltshire
SN2 2GA

14 January 2025

Lifeplan Products Limited (Registered number: 01843973)

Income Statement
for the Year Ended 30 September 2024

2024 2023
Notes £    £    £    £   

TURNOVER 3 8,654,546 7,548,884

Cost of sales 5,358,116 5,243,786
GROSS PROFIT 3,296,430 2,305,098

Distribution costs 191,155 194,208
Administrative expenses 2,105,413 2,416,573
2,296,568 2,610,781
999,862 (305,683 )

Other operating income 6,170 -
OPERATING PROFIT/(LOSS) 5 1,006,032 (305,683 )

Exceptional items 6 - 142,108
1,006,032 (447,791 )


Interest payable and similar expenses 7 73,647 127,229
PROFIT/(LOSS) BEFORE TAXATION 932,385 (575,020 )

Tax on profit/(loss) 8 271,451 (647,296 )
PROFIT FOR THE FINANCIAL YEAR 660,934 72,276

Lifeplan Products Limited (Registered number: 01843973)

Other Comprehensive Income
for the Year Ended 30 September 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 660,934 72,276


OTHER COMPREHENSIVE INCOME
Revaluation of freehold property - (120,000 )
Income tax relating to other comprehensive
income

-

30,000
OTHER COMPREHENSIVE INCOME FOR
THE YEAR, NET OF INCOME TAX

-

(90,000

)
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

660,934

(17,724

)

Lifeplan Products Limited (Registered number: 01843973)

Balance Sheet
30 September 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 38,193 59,799
Tangible assets 10 2,411,863 2,648,260
2,450,056 2,708,059

CURRENT ASSETS
Stocks 11 1,587,747 1,477,279
Debtors 12 1,188,266 1,317,832
Cash at bank and in hand 287,059 288,481
3,063,072 3,083,592
CREDITORS
Amounts falling due within one year 13 4,491,972 5,306,946
NET CURRENT LIABILITIES (1,428,900 ) (2,223,354 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,021,156

484,705

CREDITORS
Amounts falling due after more than one
year

14

(576,448

)

(894,612

)

PROVISIONS FOR LIABILITIES 18 (105,504 ) -
NET ASSETS/(LIABILITIES) 339,204 (409,907 )

CAPITAL AND RESERVES
Called up share capital 19 616,867 616,867
Share premium 20 564,133 564,133
Revaluation reserve 20 707,624 619,447
Retained earnings 20 (1,549,420 ) (2,210,354 )
SHAREHOLDERS' FUNDS 339,204 (409,907 )

The financial statements were approved by the Board of Directors and authorised for issue on 14 January 2025 and were signed on its behalf by:





M Tedham - Director


Lifeplan Products Limited (Registered number: 01843973)

Statement of Changes in Equity
for the Year Ended 30 September 2024

Called up
share Retained Share Revaluation Total
capital earnings premium reserve equity
£    £    £    £    £   
Balance at 1 October 2022 616,867 (2,282,630 ) 564,133 709,447 (392,183 )

Changes in equity
Total comprehensive income - 72,276 - (90,000 ) (17,724 )
Balance at 30 September 2023 616,867 (2,210,354 ) 564,133 619,447 (409,907 )

Changes in equity
Total comprehensive income - 660,934 - 88,177 749,111
Balance at 30 September 2024 616,867 (1,549,420 ) 564,133 707,624 339,204

Lifeplan Products Limited (Registered number: 01843973)

Cash Flow Statement
for the Year Ended 30 September 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 571,431 1,790,234
Interest paid (70,390 ) (104,024 )
Interest element of hire purchase payments
paid

(3,257

)

(23,205

)
Tax paid (6,170 ) -
Net cash from operating activities 491,614 1,663,005

Cash flows from investing activities
Purchase of intangible fixed assets (2,585 ) -
Purchase of tangible fixed assets (54,292 ) (187,794 )
Net cash from investing activities (56,877 ) (187,794 )

Cash flows from financing activities
Loan repayments in year (320,993 ) (1,039,916 )
Capital repayments in year (115,166 ) (203,414 )
Amount withdrawn by directors - (9,255 )
Net cash from financing activities (436,159 ) (1,252,585 )

(Decrease)/increase in cash and cash equivalents (1,422 ) 222,626
Cash and cash equivalents at beginning
of year

2

288,481

65,855

Cash and cash equivalents at end of year 2 287,059 288,481

Lifeplan Products Limited (Registered number: 01843973)

Notes to the Cash Flow Statement
for the Year Ended 30 September 2024

1. RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024 2023
£    £   
Profit/(loss) before taxation 932,385 (575,020 )
Depreciation charges 314,880 318,292
Finance costs 73,647 127,229
1,320,912 (129,499 )
Increase in stocks (110,468 ) (297,890 )
Decrease/(increase) in trade and other debtors 57,966 (342,491 )
(Decrease)/increase in trade and other creditors (696,979 ) 2,560,114
Cash generated from operations 571,431 1,790,234

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 September 2024
30.9.24 1.10.23
£    £   
Cash and cash equivalents 287,059 288,481
Year ended 30 September 2023
30.9.23 1.10.22
£    £   
Cash and cash equivalents 288,481 65,855


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.10.23 Cash flow At 30.9.24
£    £    £   
Net cash
Cash at bank and in hand 288,481 (1,422 ) 287,059
288,481 (1,422 ) 287,059
Debt
Finance leases (153,629 ) 115,166 (38,463 )
Debts falling due within 1 year (196,839 ) 40,180 (156,659 )
Debts falling due after 1 year (856,148 ) 280,813 (575,335 )
(1,206,616 ) 436,159 (770,457 )
Total (918,135 ) 434,737 (483,398 )

Lifeplan Products Limited (Registered number: 01843973)

Notes to the Financial Statements
for the Year Ended 30 September 2024

1. STATUTORY INFORMATION

Lifeplan Products Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The
Financial Reporting Standard applicable in the UK and Republic of Ireland" including the Companies Act 2006.

The financial statements have been prepared under the historical cost convention.

Going Concern
For the period ended 30 September 2024 the Company incurred a profit before tax of £932,335 (2023: loss of £575,020). As at 30 September 2024 the Company had net assets of £339,204 (2023: net liabilities £409,907). The management of the Company have assessed its ability to continue as a going concern and deems that the going concern assertion is appropriate.

Based on a return to profitability and the continued support of the shareholders, the directors consider the going concern basis of preparation of the financial statements to be appropriate.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2014, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings: revaluation basis
Plant and equipment 25% straight line and 15% reducing balance
Fixtures and fittings 10 - 50% straight line
Computers 25-50% straight line
Motor vehicles 33% straight line

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Lifeplan Products Limited (Registered number: 01843973)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

Basic financial assets, including trade and other receivables and cash and bank balances, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method.

Basic financial liabilities, including trade and other payables, bank loans and loans from fellow group companies, 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 receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. TURNOVER

The turnover and profit (2023 - loss) before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2024 2023
£    £   
Branded sales 3,785,637 2,051,086
Contract manufacturing 4,811,946 5,419,080
Other sales 56,963 78,718
8,654,546 7,548,884

Lifeplan Products Limited (Registered number: 01843973)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

3. TURNOVER - continued

An analysis of turnover by geographical market is given below:

2024 2023
£    £   
United Kingdom 7,307,897 6,280,376
Europe 891,672 865,162
Rest of World 454,977 403,346
8,654,546 7,548,884

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 1,657,553 1,660,711
Social security costs 152,554 144,550
Other pension costs 48,212 50,551
1,858,319 1,855,812

The average number of employees during the year was as follows:
2024 2023

60 63

2024 2023
£    £   
Directors' remuneration - 48,023

5. OPERATING PROFIT/(LOSS)

The operating profit (2023 - operating loss) is stated after charging:

2024 2023
£    £   
Hire of plant and machinery 7,318 7,769
Other operating leases 105,413 110,730
Depreciation - owned assets 290,689 292,077
Goodwill amortisation 8,901 10,305
Patents and licences amortisation 15,290 15,910
Auditors' remuneration 12,000 10,000
Foreign exchange differences 5,461 44,244

6. EXCEPTIONAL ITEMS
2024 2023
£    £   
Exceptional items - (142,108 )

The exceptional costs incurred in 2023 relate to reorganisation of the business

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank interest - 16,286
Loan 70,390 87,738
Hire purchase 3,257 14,081
Leasing - 9,124
73,647 127,229

Lifeplan Products Limited (Registered number: 01843973)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

8. TAXATION

Analysis of the tax charge/(credit)
The tax charge/(credit) on the profit for the year was as follows:
2024 2023
£    £   
Deferred tax 271,451 (647,296 )
Tax on profit/(loss) 271,451 (647,296 )

Reconciliation of total tax charge/(credit) included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit/(loss) before tax 932,385 (575,020 )
Profit/(loss) multiplied by the standard rate of corporation tax in the UK of
25% (2023 - 22%)

233,096

(126,504

)

Effects of:
Expenses not deductible for tax purposes 93 6,975
Depreciation in excess of capital allowances 64,496 25,535
Utilisation of tax losses (297,685 ) -

Deferred tax expense 271,451 (647,296 )

Loss carried forward - 93,994
Total tax charge/(credit) 271,451 (647,296 )

Tax effects relating to effects of other comprehensive income

There were no tax effects for the year ended 30 September 2024.

2023
Gross Tax Net
£    £    £   
Revaluation of freehold property (120,000 ) 30,000 (90,000 )

9. INTANGIBLE FIXED ASSETS
Patents
and
Goodwill licences Totals
£    £    £   
COST
At 1 October 2023 424,942 276,424 701,366
Additions - 2,585 2,585
At 30 September 2024 424,942 279,009 703,951
AMORTISATION
At 1 October 2023 399,536 242,031 641,567
Amortisation for year 8,901 15,290 24,191
At 30 September 2024 408,437 257,321 665,758
NET BOOK VALUE
At 30 September 2024 16,505 21,688 38,193
At 30 September 2023 25,406 34,393 59,799

Lifeplan Products Limited (Registered number: 01843973)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

10. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST OR VALUATION
At 1 October 2023 1,300,000 2,944,748 492,073
Additions - 31,268 8,340
At 30 September 2024 1,300,000 2,976,016 500,413
DEPRECIATION
At 1 October 2023 - 1,692,862 432,294
Charge for year - 225,652 34,582
At 30 September 2024 - 1,918,514 466,876
NET BOOK VALUE
At 30 September 2024 1,300,000 1,057,502 33,537
At 30 September 2023 1,300,000 1,251,886 59,779

Motor Computer
vehicles equipment Totals
£    £    £   
COST OR VALUATION
At 1 October 2023 29,521 184,664 4,951,006
Additions - 14,684 54,292
At 30 September 2024 29,521 199,348 5,005,298
DEPRECIATION
At 1 October 2023 27,241 150,349 2,302,746
Charge for year 2,280 28,175 290,689
At 30 September 2024 29,521 178,524 2,593,435
NET BOOK VALUE
At 30 September 2024 - 20,824 2,411,863
At 30 September 2023 2,280 34,315 2,648,260

Freehold property in Lutterworth was valued on an open market basis on 22 February 2023 by a firm of chartered surveyors. The historical cost of the building is £474,071.

11. STOCKS
2024 2023
£    £   
Finished goods 1,587,747 1,477,279

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,032,170 1,112,523
Other debtors 3,124 -
Directors' current accounts 9,255 9,255
Tax 33,027 26,857
Deferred tax asset - 77,770
Prepayments 110,690 91,427
1,188,266 1,317,832

Lifeplan Products Limited (Registered number: 01843973)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 15) 156,659 196,839
Hire purchase contracts (see note 16) 37,350 115,165
Trade creditors 635,840 1,222,929
Tax 3,124 -
Social security and other taxes 40,791 32,838
VAT 100,843 108,518
Other creditors 3,451,100 3,470,252
Accrued expenses 66,265 160,405
4,491,972 5,306,946

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans (see note 15) 575,335 856,148
Hire purchase contracts (see note 16) 1,113 38,464
576,448 894,612

15. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 156,659 196,839

Amounts falling due between one and two years:
Bank loans - 1-2 years 71,782 211,230

Amounts falling due between two and five years:
Bank loans - 2-5 years 92,568 201,612

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 410,985 443,306

The bank loans are secured by fixed and floating charges over the property and assets of the company.

The company has a number of Coronavirus Business Interruption Loans with a total amount outstanding at the year end of £178,139 (2023: £478,242). These loans are interest free for the first 12 months, with an interest rate thereafter of 6% above base rate. The loans have been taken out over periods of 5 or 6 years with the final repayments due in December 2026.

Included in bank loans is an outstanding mortgage with Lloyds Bank £553,856 (2023: £574,745). The interest rate on this loan is 2.9% above base rate. The mortgage is over a term of 20 years and final repayment is due in December 2037.

Lifeplan Products Limited (Registered number: 01843973)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Gross obligations repayable:
Within one year 37,899 118,787
Between one and five years 1,120 39,019
39,019 157,806

Finance charges repayable:
Within one year 549 3,622
Between one and five years 7 555
556 4,177

Net obligations repayable:
Within one year 37,350 115,165
Between one and five years 1,113 38,464
38,463 153,629

Non-cancellable operating leases
2024 2023
£    £   
Within one year 64,800 66,478
Between one and five years 28,077 92,877
92,877 159,355

17. FINANCIAL INSTRUMENTS

The carrying value of the group's financial assets and liabilities are summarised by category below:

2024 2023
£ £
Financial Assets
Measured at undiscounted amount receivable
- Trade debtors, other debtors and accrued income 1,041,425 1,121,778
- Cash at bank and at hand 287,059 288,481
1,328,484 1,410,259

Financial liabilities
Measured at amortised cost
- Bank and other loans 731,994 1,052,987

Measured at undiscounted amount payable
- Trade creditors, other creditors, accruals and HP agreements 4,191,668 5,007,215
4,923,662 6,060,202

18. PROVISIONS FOR LIABILITIES
2024
£   
Deferred tax 105,504

Lifeplan Products Limited (Registered number: 01843973)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

18. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 October 2023 (77,770 )
Charge to Income Statement during year 183,274
Balance at 30 September 2024 105,504

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
11,087,340 Ordinary £0.05 616,867 616,867

20. RESERVES
Retained Share Revaluation
earnings premium reserve Totals
£    £    £    £   

At 1 October 2023 (2,210,354 ) 564,133 619,447 (1,026,774 )
Profit for the year 660,934 660,934
Revaluation - - 88,177 88,177
At 30 September 2024 (1,549,420 ) 564,133 707,624 (277,663 )


21. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 September 2024 and 30 September 2023:

2024 2023
£    £   
M Tedham
Balance outstanding at start of year 9,255 -
Amounts advanced - 9,255
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 9,255 9,255

22. RELATED PARTY DISCLOSURES

Companies under common control

2024 2023

£ £
Sales 4,191,767 546,964
Purchases 655,554 222,087
Amount due to related party 3,391,662 3,388.765

During the year, a total of key management personnel compensation of £ 112,539 (2023 - £ 182,680 ) was paid.

23. ULTIMATE CONTROLLING PARTY

The controlling party is M Tedham.