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Rain Nutrience Ltd

Annual Report and Financial Statements
Year Ended 30 September 2024

Registration number: 05142234

 

Rain Nutrience Ltd

Contents

Company Information

1

Strategic Report

2

Directors' Report

3

Statement of Directors' Responsibilities

4

Independent Auditor's Report

5 to 8

Profit and Loss Account

9

Balance Sheet

10

Statement of Changes in Equity

11

Notes to the Financial Statements

12 to 21

 

Rain Nutrience Ltd

Company Information

Directors

Mr R O'Connell

Mr K D Dunbar

Mrs S Ferre

Mr A Chatwin

Ms C Palmer

Registered office

Unit 21
Flightway
Dunkeswell
Honiton
EX14 4RD

Auditors

PKF Francis Clark
Statutory AuditorCentenary House
Peninsula Park
Rydon Lane
Exeter
EX2 7XE

 

Rain Nutrience Ltd

Strategic Report for the Year Ended 30 September 2024

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

Principal activity

The principal activity of the company is the manufacture and supply of nutraceutical products and powdered foods primarily for e-commerce brands.

Fair review of the business

Turnover has increased by £2,793k from £10,681k in 2023 to £13,474k in 2024. The company has had significant changes to their customer basis which has led to new products and new markets.

Whilst turnover has increased, EBITDA has decreased by £514k from £1,513k in 2023 to £999k in 2024. This is largely due to an increase in costs from our change in customer base coupled with an increase in wages and salaries costs, which have increased due to the demand for extra labour to fulfil orders and general salary increases.

The directors plan to keep adding new customers and supporting existing customers growth, whilst adding new manufacturing capabilities and focusing on new product development initiatives. This requires an investment in overheads which has been absorbed in the current year for future growth while at the same time continuously investing is equipment and assets.

The plan to develop a 3.1 acre commercial site to grow future operations continues.

The directors rely on a number of financial key performance indicators ‘KPIs’ which are analysed and reviewed on a regular basis. Turnover and EBITDA are considered to be the main KPI’s for the business, these are detailed in the Statement of Profit and Loss Account on page 9.

Principal risks and uncertainties

The directors identify and mitigate risks that could cause disruption of core trading activities.

Following the uncertainty at the time caused by Brexit the directors identified this area of risk and have since continued to pay close attention to ongoing factors affecting the global supply chain. Mitigation has been achieved by allocating staff resource to manage stock holding and to diversify the supply base, allowing faster reactions to identified delays and broadening the field.

The debtor ledger is continually monitored for areas of risk both internally and with the backing of third party support.

Volatility in raw material pricing requires monitoring and investment in staffing. The company will continue to monitor this to ensure that prices are captured and reflected in the pricing of the finished product.

Overall, the company continues to identify and mitigate risk.

Approved by the Board on 14 April 2025 and signed on its behalf by:

.........................................
Mr R O'Connell
Director

.........................................
Mr K D Dunbar
Director

 
     
 

Rain Nutrience Ltd

Directors' Report for the Year Ended 30 September 2024

The directors present their report and the financial statements for the year ended 30 September 2024.

Directors of the company

The directors who held office during the year were as follows:

Mr R O'Connell

Mr K D Dunbar

Mrs S Ferre

Mr A Chatwin

Ms C Palmer

Financial instruments

The company's principal financial instruments comprise bank balances and bank loans, trade creditors, trade debtors and loans to/from group companies. The main purpose of these instruments is to provide funds for the company's operations.

The company's approach to managing risks applicable to the financial instruments concerned is shown below.

The company is exposed to price movements in the market place. Management continually monitor price movements and trends and factor these into buying decisions and the pricing of goods to reduce price risk as much as possible.

Trade debtors are regularly monitored for amounts outstanding for both time and credit limits.

The company manages liquidity risk by maintaining adequate cash balances.

Trade creditors are managed by ensuring that sufficient funds are available to meet amounts due.

The company maintains bank accounts in multiple currencies to reduce the exchange rate risk.

Future developments
The company continues to grow their customer base, products and new markets which is the main focus of increasing revenue.

Dividends
Ordinary dividends were paid amount to £1,000,000 (2023: £1,700,000).

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Approved by the Board on 14 April 2025 and signed on its behalf by:

.........................................
Mr R O'Connell
Director

.........................................
Mr K D Dunbar
Director

 
     
 

Rain Nutrience Ltd

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report 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 apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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.

 

Rain Nutrience Ltd

Independent Auditor's Report to the Members of Rain Nutrience Ltd

Opinion

We have audited the financial statements of Rain Nutrience Ltd (the 'company') for the year ended 30 September 2024, which comprise the Profit and Loss Account, 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 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 auditor 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 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 original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

 

Rain Nutrience Ltd

Independent Auditor's Report to the Members of Rain Nutrience Ltd

Opinion on other matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our 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 and the Directors' Report.

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.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page 4, 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 is 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.

Auditor 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 an auditor’s report 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

 

Rain Nutrience Ltd

Independent Auditor's Report to the Members of Rain Nutrience Ltd

Based on our understanding of the company and the industry in which it operates, we identified the principal risks of non-compliance with laws and regulations as relating to breaches around health and safety regulations, the General Data Protection Regulations ("GDPR") and the food safety regulations. 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 relevant tax legislation.

We also evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements and determined that the principal risks were related to the overstatement of profit, either through overstating revenue, understating expenditure or management bias in accounting estimates.
Based on this understanding we designed our audit procedures to identify irregularities. Our procedures involved the following:

● Enquiries to members of senior management regarding their knowledge of any non-compliance or potential non-compliance with laws and regulations that could affect the financial statements. As part of these enquiries we also discussed with management whether there have been any known instances of material fraud, of which there were none;
● Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
● Review of any health and safety incidents which have been reported under The Reporting of Injuries, Diseases and Dangerous Occurrences Regulations 2013 (“RIDDOR”) during the period;
● Review of the company's procedures in relation to GDPR and enquiries to management as to the occurrence and outcome of any reportable breaches;
● Review of food safety ratings and reports, and enquiries of management in relation to any ongoing food safety reviews and communications;
● Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business;
● Challenging assumptions and judgements made by management in its significant accounting estimates;
● Testing, on a sample basis, the recognition of revenue and costs, in particular around the year end date; and
● Examining draft tax computations and involving the use of our specialists as required.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements. 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 omissions, collusion, forgery, misrepresentations, or the override of internal controls. We are also less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

 

Rain Nutrience Ltd

Independent Auditor's Report to the Members of Rain Nutrience 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 an auditor’s report 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.

......................................
Robert Deare (Senior Statutory Auditor)
PKF Francis Clark, Statutory Auditor

Centenary House
Peninsula Park
Rydon Lane
Exeter
EX2 7XE

16 April 2025

 

Rain Nutrience Ltd

Profit and Loss Account

Year Ended 30 September 2024

Note

2024
£

2023
£

Turnover

3

13,473,727

10,681,231

Cost of sales

 

(9,053,699)

(6,273,721)

Gross profit

 

4,420,028

4,407,510

Administrative expenses

 

(3,444,902)

(2,907,711)

Operating profit

4

975,126

1,499,799

Other interest receivable and similar income

8

17,125

6,927

Interest payable and similar expenses

9

(18,134)

(13,873)

Profit before tax

 

974,117

1,492,853

Tax on profit

10

(235,822)

(319,997)

Profit for the financial year

 

738,295

1,172,856

 

Rain Nutrience Ltd

Balance Sheet

30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

11

34,050

34,743

Current assets

 

Stocks

12

1,152,801

1,183,150

Debtors

13

2,329,358

1,960,873

Cash at bank and in hand

 

1,044,163

1,338,977

 

4,526,322

4,483,000

Creditors: Amounts falling due within one year

14

(2,047,234)

(1,659,214)

Net current assets

 

2,479,088

2,823,786

Total assets less current liabilities

 

2,513,138

2,858,529

Creditors: Amounts falling due after more than one year

14

(120,000)

(200,000)

Provisions for liabilities

17

(5,000)

(8,686)

Net assets

 

2,388,138

2,649,843

Capital and reserves

 

Called up share capital

18

1,000

1,000

Share premium reserve

11,000

11,000

Profit and loss account

2,376,138

2,637,843

Shareholders' funds

 

2,388,138

2,649,843

Approved and authorised by the Board on 14 April 2025 and signed on its behalf by:
 

.........................................
Mr R O'Connell
Director

.........................................
Mr K D Dunbar
Director

 
     

Company Registration Number: 05142234

 

Rain Nutrience Ltd

Statement of Changes in Equity

Year Ended 30 September 2024

Share capital
£

Share premium
£

Profit and loss account
£

Total
£

At 1 October 2023

1,000

11,000

2,637,843

2,649,843

Profit for the year

-

-

738,295

738,295

Dividends

-

-

(1,000,000)

(1,000,000)

At 30 September 2024

1,000

11,000

2,376,138

2,388,138


 

Share capital
£

Share premium
£

Profit and loss account
£

Total
£

At 1 October 2022

1,000

11,000

3,164,987

3,176,987

Profit for the year

-

-

1,172,856

1,172,856

Dividends

-

-

(1,700,000)

(1,700,000)

At 30 September 2023

1,000

11,000

2,637,843

2,649,843

 

Rain Nutrience Ltd

Notes to the Financial Statements

Year Ended 30 September 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 21
Flightway
Dunkeswell
Honiton
EX14 4RD

These financial statements were authorised for issue by the Board on 14 April 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

Basis of preparation

These financial statements have been prepared using the historical cost convention, modified to include certain items at fair value.

The functional currency is considered to be pounds sterling because that is the currency of the primary economic environment in which the company operates in.

Summary of disclosure exemptions

Rain Nutrience Ltd meets the definition of a qualifying entity under FRS 102, as its results are consolidated into the financial statements of its parent entity, Rain Nutrience Holding Limited. It has therefore taken advantage of the disclosure exemptions available to it in respect of its individual financial statements. Exemptions have been taken in relation to the presentation of a cash flow statement and related notes.

Going concern

The directors are satisfied that the company has adequate resources available to discharge its obligations as they fall due for a period of at least 12 months from the date of approval of these financial statements and the company therefore continues to adopt the going concern basis in preparing its financial statements.

In making their assessment, the directors have fully considered the impact of the current economic environment and its potential impact on cash flow, working capital requirements and the ability for the company to service its loan finance.

 

Rain Nutrience Ltd

Notes to the Financial Statements

Year Ended 30 September 2024

Revenue recognition

Revenue is recognised when the risks and rewards associated with the company's products are transferred to the customer, which is either on despatch or delivery, depending on the inco terms agreed with each customer.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Exchange differences are taken into account in arriving at the operating profit.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

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.

Deferred tax

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings and equipment

33% straight line

 

Rain Nutrience Ltd

Notes to the Financial Statements

Year Ended 30 September 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

The cost of finished goods and work in progress comprises direct materials. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.

 

Rain Nutrience Ltd

Notes to the Financial Statements

Year Ended 30 September 2024

3

Turnover

The analysis of the company's Turnover for the year from continuing operations is as follows:

2024
£

2023
£

Sale of goods

13,473,727

10,681,231

The analysis of the company's Turnover for the year by market is as follows:

2024
£

2023
£

UK

12,485,302

10,041,133

Europe

729,555

372,119

Rest of world

258,870

267,979

13,473,727

10,681,231

4

Operating profit

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

24,317

13,035

Foreign exchange losses

2,686

13,555

Loss on disposal of property, plant and equipment

343

-

5

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2024
£

2023
£

Wages and salaries (including agency)

4,050,430

3,014,759

Social security costs

309,613

250,184

Pension costs, defined contribution scheme

81,393

73,273

4,441,436

3,338,216

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

2024
No.

2023
No.

Production

65

51

Administration and support

26

31

91

82

 

Rain Nutrience Ltd

Notes to the Financial Statements

Year Ended 30 September 2024

6

Directors' remuneration

Rain Nutrience Ltd directors are paid through the parent company, Rain Nutrience Holding Limited. Therefore, there is no directors' remuneration to disclose.

7

Auditor's remuneration

2024
£

2023
£

Audit of the financial statements

12,000

7,000


 

8

Other interest receivable and similar income

2024
£

2023
£

Interest income on bank deposits

17,125

6,927

9

Interest payable and similar expenses

2024
£

2023
£

Interest expense on other finance liabilities

18,134

13,873

10

Taxation

Tax charged/(credited) in the profit and loss account

2024
£

2023
£

Current taxation

UK corporation tax

216,750

319,997

UK corporation tax adjustment to prior periods

22,758

-

239,508

319,997

Deferred taxation

Arising from origination and reversal of timing differences

(3,686)

-

Tax expense in the income statement

235,822

319,997

 

Rain Nutrience Ltd

Notes to the Financial Statements

Year Ended 30 September 2024

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2023 - lower than the standard rate of corporation tax in the UK) of 25% (2023 - 22.01%).

The differences are reconciled below:

2024
£

2023
£

Profit before tax

974,117

1,492,853

Corporation tax at standard rate

243,529

328,577

Increase in tax from adjustment for prior periods

22,508

27,439

Tax decrease from effect of capital allowances and depreciation

-

(1,809)

Decrease from effect of different UK tax rates on some earnings

-

(29,718)

Effect of expense not deductible in determining taxable profit

904

-

Effect of tax losses

-

(4,492)

Tax decrease arising from group relief

(31,119)

-

Total tax charge

235,822

319,997

Deferred tax

Deferred tax assets and liabilities

2024

Liability
£

Accelerated capital allowances

5,000

5,000

2023

Liability
£

Accelerated capital allowances

8,686

8,686

 

Rain Nutrience Ltd

Notes to the Financial Statements

Year Ended 30 September 2024

11

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 October 2023

55,761

55,761

Additions

24,022

24,022

Disposals

(2,743)

(2,743)

At 30 September 2024

77,040

77,040

Depreciation

At 1 October 2023

21,018

21,018

Charge for the year

24,317

24,317

Eliminated on disposal

(2,345)

(2,345)

At 30 September 2024

42,990

42,990

Carrying amount

At 30 September 2024

34,050

34,050

At 30 September 2023

34,743

34,743

12

Stocks

2024
£

2023
£

Raw materials and consumables

800,621

921,543

Work in progress

347,679

221,558

Finished goods and goods for resale

4,501

40,049

1,152,801

1,183,150

13

Debtors

2024
£

2023
£

Trade debtors

1,684,336

1,426,874

Amounts owed by group undertakings

199,146

120,236

Other debtors

233,922

162,456

Prepayments and accrued income

211,954

251,307

2,329,358

1,960,873

 

Rain Nutrience Ltd

Notes to the Financial Statements

Year Ended 30 September 2024

14

Creditors

Note

2024
£

2023
£

Due within one year

 

Bank loans

15

80,000

80,000

Other borrowings

22

-

50,542

Payments received on accounts

 

180,376

131,352

Trade creditors

 

724,558

700,983

Amounts owed to group undertakings

 

466,095

-

Corporation tax

10

98,000

311,311

Other taxation and social security

 

309,576

265,661

Other creditors

 

23,014

4,672

Accruals and deferred income

 

165,615

114,693

 

2,047,234

1,659,214

Due after one year

 

Loans and borrowings

15

120,000

200,000

15

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank loans and borrowings

120,000

200,000

Current loans and borrowings

2024
£

2023
£

Bank borrowings

80,000

80,000

Other borrowings

-

50,542

80,000

130,542

The total loans and borrowings relates to a Coronavirus Business Interruption Loan Scheme (CBILS) which was taken out on 29 September 2020. £80,000 due less than one year and the remaining £120,000 due greater than one year. The CBILS loan is secured by fixed and floating charges over the assets of the company.

 

Rain Nutrience Ltd

Notes to the Financial Statements

Year Ended 30 September 2024

16

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

11,533

15,319

Later than one year and not later than five years

5,761

16,968

17,294

32,287

The amount of non-cancellable operating lease payments recognised as an expense during the year was £14,993 (2023 - £15,318).

17

Provisions for liabilities

Deferred tax
£

Total
£

At 1 October 2023

8,686

8,686

Decrease in existing provisions

(3,686)

(3,686)

At 30 September 2024

5,000

5,000

18

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

1,000

1,000

1,000

1,000

       

19

Dividends

2024

2023

£

£

Interim dividend of £1,000.00 (2023 - £1,700.00) per ordinary share

1,000,000

1,700,000

 

 
 

Rain Nutrience Ltd

Notes to the Financial Statements

Year Ended 30 September 2024

20

Parent and ultimate parent undertaking

The company's immediate and ultimate parent is Rain Nutrience Holding Limited, incorporated in England and Wales.
 

The parent of the group in which these financial statements are consolidated is Rain Nutrience Holding Limited, incorporated in England and Wales. These financial statements are available upon request from Companies House.

21

Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £81,393 (2023 - £73,273).

22

Related party transactions

Expenditure with and payables to related parties

2024

Entities with joint control or significant influence
£

Purchase of goods

468,332

Rendering of services

387,000

Leases

169,919

1,025,251

Amounts payable to related party

117,763

2023

Entities with joint control or significant influence
£

Purchase of goods

229,002

Leases

305,000

534,002

Amounts payable to related party

150,000