REGISTERED NUMBER: |
Report of the Directors and |
Unaudited Financial Statements for the Year Ended 31 December 2023 |
for |
Advitam Wellness Ltd |
REGISTERED NUMBER: |
Report of the Directors and |
Unaudited Financial Statements for the Year Ended 31 December 2023 |
for |
Advitam Wellness Ltd |
Advitam Wellness Ltd (Registered number: 13879296) |
Contents of the Financial Statements |
for the Year Ended 31 December 2023 |
Page |
Company Information | 1 |
Report of the Directors | 2 |
Income Statement | 4 |
Balance Sheet | 5 |
Notes to the Financial Statements | 7 |
Advitam Wellness Ltd |
Company Information |
for the Year Ended 31 December 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Unit 1, |
Chancerygate Business Centre |
Stonefiled Way |
Ruislip |
Middlesex |
HA4 0JA |
Advitam Wellness Ltd (Registered number: 13879296) |
Report of the Directors |
for the Year Ended 31 December 2023 |
The directors present their report with the financial statements of the company for the year ended 31 December 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of The company operates as a |
holding company for a group involved in the wellness and wellbeing industry, overseeing. supporting |
and managing its subsidiaries. |
DIRECTOR |
M Gioiella and Mrs S Angarano were appointed as directors after 31 December 2023 but prior to the |
date of this report. |
DIRECTORS' RESPONSIBILITIES STATEMENT |
The directors are responsible for preparing 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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. |
Advitam Wellness Ltd (Registered number: 13879296) |
Report of the Directors |
for the Year Ended 31 December 2023 |
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: |
Advitam Wellness Ltd (Registered number: 13879296) |
Income Statement |
for the Year Ended 31 December 2023 |
Period |
28/1/22 |
Year Ended | to |
31/12/23 | 31/12/22 |
Notes | £ | £ |
TURNOVER |
Administrative expenses |
OPERATING LOSS | 4 | ( |
) | ( |
) |
Interest receivable and similar income |
(1,040,803 | ) | (3,303 | ) |
Interest payable and similar expenses | 5 |
LOSS BEFORE TAXATION | ( |
) | ( |
) |
Tax on loss |
LOSS FOR THE FINANCIAL YEAR | ( |
) | ( |
) |
Advitam Wellness Ltd (Registered number: 13879296) |
Balance Sheet |
31 December 2023 |
31/12/23 | 31/12/22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 6 |
Tangible assets | 7 |
CURRENT ASSETS |
Debtors | 8 |
CREDITORS |
Amounts falling due within one year | 9 |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
CREDITORS |
Amounts falling due after more than one year |
10 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 12 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Advitam Wellness Ltd (Registered number: 13879296) |
Balance Sheet - continued |
31 December 2023 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Advitam Wellness Ltd (Registered number: 13879296) |
Notes to the Financial Statements |
for the Year Ended 31 December 2023 |
1. | STATUTORY INFORMATION |
Advitam Wellness Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Significant judgements and estimates |
In the application of the company's accounting policies, the director is 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. |
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. |
Tangible fixed assets |
Leasehold Improvement - Straight Line 10% |
Fixtures Fittings - Straight Line 10% |
Computer Equipment - Straight Line 25% |
Advitam Wellness Ltd (Registered number: 13879296) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' |
and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. |
Financial instruments are recognised in the company's balance sheet when the company |
becomes party to the contractual provisions of the instrument. Financial assets and liabilities are |
offset, with 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. 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. Classification of financial liabilities 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. 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. |
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. |
Advitam Wellness Ltd (Registered number: 13879296) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
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. |
Going concern |
The Directors of the company have a reasonable assurance from the shareholders that the |
company will continue to receive financial support to provide adequate resources to continue in |
its operational existence for foreseeable future, being at least 12 months from the date of |
signing this financial statement. |
On this basis, the financial statement have been prepared on a going concern basis, which |
assumes the company will be able to meet its liabilities as and when they fall due for the |
foreseeable future. As of 31st December 2023, the company has net current assets of |
£2,067,432 and net liabilities of £1,316,922. Which includes a shareholder's loan of £6,555,517 |
in non-current liabilities. |
3. | EMPLOYEES AND DIRECTORS |
Period |
28/1/22 |
Year Ended | to |
31/12/23 | 31/12/22 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
Advitam Wellness Ltd (Registered number: 13879296) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
3. | EMPLOYEES AND DIRECTORS - continued |
The average number of employees during the year was as follows: |
Period |
28/1/22 |
Year Ended | to |
31/12/23 | 31/12/22 |
Period |
28/1/22 |
Year Ended | to |
31/12/23 | 31/12/22 |
£ | £ |
Director's remuneration |
Information regarding the highest paid director for the year ended 31 December 2023 is as follows: |
Year Ended |
31/12/23 |
£ |
Emoluments etc |
4. | OPERATING LOSS |
The operating loss is stated after charging: |
Period |
28/1/22 |
Year Ended | to |
31/12/23 | 31/12/22 |
£ | £ |
Depreciation - owned assets |
Patents and licences amortisation |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
Period |
28/1/22 |
Year Ended | to |
31/12/23 | 31/12/22 |
£ | £ |
Loan |
Advitam Wellness Ltd (Registered number: 13879296) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
6. | INTANGIBLE FIXED ASSETS |
Patents |
and |
licences |
£ |
COST |
Additions |
At 31 December 2023 |
AMORTISATION |
Amortisation for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
7. | TANGIBLE FIXED ASSETS |
Fixtures |
Long | and | Computer |
leasehold | fittings | equipment | Totals |
£ | £ | £ | £ |
COST |
Additions |
At 31 December 2023 |
DEPRECIATION |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
8. | DEBTORS |
31/12/23 | 31/12/22 |
£ | £ |
Amounts falling due within one year: |
Other debtors |
Advitam Wellness Ltd (Registered number: 13879296) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
8. | DEBTORS - continued |
31/12/23 | 31/12/22 |
£ | £ |
Amounts falling due after more than one year: |
Amounts owed by group undertakings |
Other debtors |
Aggregate amounts |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/12/23 | 31/12/22 |
£ | £ |
Social security and other taxes |
10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31/12/23 | 31/12/22 |
£ | £ |
Other loans - 2-5 years |
There are amount of a £6,555,517 in creditors due after one year owed to Novus Incorporated |
Ltd a company owned by shareholder Mrs Binani. Amount of £4,000,000.00 included in |
creditors is for convertible loan which will be transferred as ordinary shares when the condition |
is met. |
11. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
31/12/23 | 31/12/22 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
12. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31/12/23 | 31/12/22 |
value: | £ | £ |
Ordinary | 0.01 | 1 | 1 |