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REGISTERED NUMBER: 08147391 (England and Wales)






















Healan Ingredients Limited

Strategic Report, Report of the Director and

Financial Statements for the Year Ended 30th September 2024






Healan Ingredients Limited (Registered number: 08147391)






Contents of the Financial Statements
for the year ended 30th September 2024




Page

Company Information 1

Strategic Report 2

Report of the Director 3

Report of the Independent Auditors 4

Statement of Comprehensive Income 7

Balance Sheet 8

Statement of Changes in Equity 9

Cash Flow Statement 10

Notes to the Cash Flow Statement 11

Notes to the Financial Statements 12


Healan Ingredients Limited

Company Information
for the year ended 30th September 2024







DIRECTOR: M Lapi





REGISTERED OFFICE: Sands Top
North Newbald
York
YO43 4SW





REGISTERED NUMBER: 08147391 (England and Wales)





AUDITORS: Smailes Goldie
Chartered Accountants
Statutory Auditor
Regent's Court
Princess Street
Hull
East Yorkshire
HU2 8BA

Healan Ingredients Limited (Registered number: 08147391)

Strategic Report
for the year ended 30th September 2024

The director presents his strategic report for the year ended 30th September 2024.

PRINCIPAL ACTIVITY
The principal activities of the company in the year under review were that of the processing and sale of gelatine and vegetarian gelling agents.

REVIEW OF BUSINESS
The company performed well during the year although sales revenue decreased 22% primarily due to a decline in market prices across our main product lines. Margins continued to be squeezed in a competitive market environment and operating costs remained high despite a fall back in energy prices. Interest payable reduced substantially as we paid down debt during the year.

We are especially proud of and would like to thank our dedicated team who have been exemplary throughout the year ensuring we delivered for our customers, gained Halal Accreditation and continued to maintain our AA Grade BRCGS rating.

PRINCIPAL RISKS AND UNCERTAINTIES
The principal risks affecting the company are those of fluctuating raw material prices and currency volatility. While inflation is predicted to stabilise in future, the cost increases already experienced will remain and operating costs are unlikely to reduce. The ability to pass these cost increases on to our principal customers who operate in price sensitive sectors and demand price surety over long periods remains uncertain especially against the backdrop of a slowing economy. We will continue to work closely with our customers and suppliers to manage these risks.

We have assessed the key uncertainties to be:
- Unexpected fluctuations in demand and availability of products
- Potential price volatility
- Disruption to our workforce and changes in working practices
- Exchange rate volatility.

With appropriate measures taken, an international supplier base and a large quantity of stock held in our UK warehouse, we feel we have put in place a robust plan to mitigate the downside risk.

KEY PERFORMANCE INDICATORS
The director monitors performance with review of volumes, turnover, gross and net margins and cash headroom. With the exception of volumes, these figures are evident from the financial statements.

FUTURE DEVELOPMENTS OUR COMMITMENT TO RESEARCH AND DEVELOPMENT
We will continue our work to ensure the safety and quality of our products but also expand our range and capacity with investment in new production lines over the next year. We will continue to develop our systems to ensure the safety, quality and traceability of our products and invest to maintain our AA Grade accreditation in the BRC Global Standard for Food Safety. In order to deliver on our goals, we will continue to need the support of our superb staff and will maintain our focus on their continued development.

ON BEHALF OF THE BOARD:





M Lapi - Director


8th April 2025

Healan Ingredients Limited (Registered number: 08147391)

Report of the Director
for the year ended 30th September 2024

The director presents his report with the financial statements of the company for the year ended 30th September 2024.

DIVIDENDS
Interim dividends of £449,950 (2023: £326,715) were paid during the year. No final dividend will be distributed.

DIRECTOR
M Lapi held office during the whole of the period from 1st October 2023 to the date of this report.

DISCLOSURE IN THE STRATEGIC REPORT
In accordance with s414(C) (11) of the Companies Act, included in the Strategic Report is information relating to the events occurring in the period and future developments which would otherwise be required by Schedule 7 of the 'large and medium sized companies and groups (accounts and reports) regulation 2008' to be contained in a Director's Report. I also include information on the financial risk management policies within the Strategic Report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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 director is 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 he 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, Smailes Goldie, will be deemed to be re-appointed under s487 of the Companies Act 2006.

ON BEHALF OF THE BOARD:





M Lapi - Director


8th April 2025

Report of the Independent Auditors to the Members of
Healan Ingredients Limited

Opinion
We have audited the financial statements of Healan Ingredients Limited (the 'company') for the year ended 30th September 2024 which comprise the Statement of 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 30th 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 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 financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, 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 Director 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 Director have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Healan Ingredients Limited


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 Director.

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

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities,
including fraud and non-compliance with laws and regulations, was focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, the Food Safety Act 1990 and applicable food standards, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation. An understanding of these laws and regulations and the extent of compliance was obtained through discussion with management and inspecting legal and regulatory correspondence.

We assessed the susceptibility of the company's financial statements to material misstatement, including
obtaining an understanding of how fraud might occur, by making enquiries of management and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates were
indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.

Report of the Independent Auditors to the Members of
Healan Ingredients Limited


In response to the risk of irregularities and non-compliance with laws and regulations, we designed
procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;
- reading the minutes of meetings of those charged with governance;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC, relevant regulators and the company's legal advisors.

Due to 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 or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of
non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves
intentional concealment, forgery, collusion, omission, or misrepresentation.

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.

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.




Stephen Bramall BSc FCA (Senior Statutory Auditor)
for and on behalf of Smailes Goldie
Chartered Accountants
Statutory Auditor
Regent's Court
Princess Street
Hull
East Yorkshire
HU2 8BA

8th April 2025

Healan Ingredients Limited (Registered number: 08147391)

Statement of Comprehensive Income
for the year ended 30th September 2024

2024 2023
Notes £    £   

TURNOVER 3 14,156,683 18,265,949

Cost of sales 12,858,051 16,307,543
GROSS PROFIT 1,298,632 1,958,406

Administrative expenses 483,590 492,598
815,042 1,465,808

Other operating income 20,000 782
OPERATING PROFIT 6 835,042 1,466,590


Interest payable and similar expenses 7 94,405 174,554
PROFIT BEFORE TAXATION 740,637 1,292,036

Tax on profit 8 185,174 287,126
PROFIT FOR THE FINANCIAL YEAR 555,463 1,004,910

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

555,463

1,004,910

Healan Ingredients Limited (Registered number: 08147391)

Balance Sheet
30th September 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 1,737,352 1,750,302
1,737,352 1,750,302

CURRENT ASSETS
Stocks 12 3,076,119 5,693,030
Debtors 13 2,181,756 3,570,220
Cash at bank 1,108,379 128,511
6,366,254 9,391,761
CREDITORS
Amounts falling due within one year 14 2,222,728 5,334,222
NET CURRENT ASSETS 4,143,526 4,057,539
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,880,878

5,807,841

CREDITORS
Amounts falling due after more than one
year

15

(716,735

)

(748,622

)

PROVISIONS FOR LIABILITIES 19 (140,840 ) (141,429 )
NET ASSETS 5,023,303 4,917,790

CAPITAL AND RESERVES
Called up share capital 20 355,555 355,555
Retained earnings 21 4,667,748 4,562,235
SHAREHOLDERS' FUNDS 5,023,303 4,917,790

The financial statements were approved by the director and authorised for issue on 8th April 2025 and were signed by:





M Lapi - Director


Healan Ingredients Limited (Registered number: 08147391)

Statement of Changes in Equity
for the year ended 30th September 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1st October 2022 337,777 3,884,040 4,221,817

Changes in equity
Issue of share capital 17,778 - 17,778
Dividends - (326,715 ) (326,715 )
Total comprehensive income - 1,004,910 1,004,910
Balance at 30th September 2023 355,555 4,562,235 4,917,790

Changes in equity
Dividends - (449,950 ) (449,950 )
Total comprehensive income - 555,463 555,463
Balance at 30th September 2024 355,555 4,667,748 5,023,303

Healan Ingredients Limited (Registered number: 08147391)

Cash Flow Statement
for the year ended 30th September 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 3,904,585 525,557
Interest paid (94,405 ) (174,554 )
Tax paid (297,324 ) (259,279 )
Net cash from operating activities 3,512,856 91,724

Cash flows from investing activities
Purchase of tangible fixed assets (85,821 ) (18,016 )
Net cash from investing activities (85,821 ) (18,016 )

Cash flows from financing activities
New loan in year - 264,637
Loan repayments in year (205,434 ) (466,258 )
Movement in other credit facilities (1,797,103 ) 566,705
Capital repayments in year (5,861 ) (8,430 )
Net amount repaid/withdrawn by director 11,181 4,733
Share issue - 17,778
Equity dividends paid (449,950 ) (326,715 )
Net cash from financing activities (2,447,167 ) 52,450

Increase in cash and cash equivalents 979,868 126,158
Cash and cash equivalents at
beginning of year

2

128,511

2,353

Cash and cash equivalents at end of
year

2

1,108,379

128,511

Healan Ingredients Limited (Registered number: 08147391)

Notes to the Cash Flow Statement
for the year ended 30th September 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

2024 2023
£    £   
Profit before taxation 740,637 1,292,036
Depreciation charges 98,752 92,348
Loss on disposal of fixed assets 19 -
Finance costs 94,405 174,554
933,813 1,558,938
Decrease/(increase) in stocks 2,616,911 (1,470,955 )
Decrease/(increase) in trade and other debtors 1,383,620 (330,160 )
(Decrease)/increase in trade and other creditors (1,029,759 ) 767,734
Cash generated from operations 3,904,585 525,557

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 30th September 2024
30/9/24 1/10/23
£    £   
Cash and cash equivalents 1,108,379 128,511
Year ended 30th September 2023
30/9/23 1/10/22
£    £   
Cash and cash equivalents 128,511 2,353


3. ANALYSIS OF CHANGES IN NET (DEBT)/FUNDS

At 1/10/23 Cash flow At 30/9/24
£    £    £   
Net cash
Cash at bank 128,511 979,868 1,108,379
128,511 979,868 1,108,379
Debt
Finance leases (53,060 ) 5,861 (47,199 )
Debts falling due within 1 year (209,624 ) 179,988 (29,636 )
Debts falling due after 1 year (701,423 ) 25,446 (675,977 )
(964,107 ) 211,295 (752,812 )
Total (835,596 ) 1,191,163 355,567

Healan Ingredients Limited (Registered number: 08147391)

Notes to the Financial Statements
for the year ended 30th September 2024

1. STATUTORY INFORMATION

Healan Ingredients 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The director, having considered the available information, has a reasonable expectation that the company has adequate resources to continue in operational existence for a period of 12 months from the date of approval of these financial statements and therefore has prepared the financial statements on a going concern basis.

Turnover
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2013, has been amortised evenly over its estimated useful life of five 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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Plant and machinery - 10% - 20% straight line
Fixtures and fittings - 10% - 20% straight line
Motor vehicles - 25% on cost

Tangible fixed assets are stated at cost less accumulated depreciation. Cost includes costs directly attributable to making the asset capable of operating as intended.

Government grants
Government grants are recognised based on the performance model. Income is recognised in the income statement under the heading of "Other income" once any performance-related conditions have been met. Grants received before the revenue recognition criteria are satisfied are recognised within creditors until such a time as the criteria is met. Where the revenue recognition criteria has been satisfied but the grant has not been received, a debtor is recognised to the extent that it is virtually certain that the grant will be paid.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Healan Ingredients Limited (Registered number: 08147391)

Notes to the Financial Statements - continued
for the year ended 30th September 2024

2. ACCOUNTING POLICIES - continued

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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.

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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Employee 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.

Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

3. TURNOVER

The percentage of export sales in 2024 was 6% (2023: 14.9%).

Healan Ingredients Limited (Registered number: 08147391)

Notes to the Financial Statements - continued
for the year ended 30th September 2024

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 762,406 770,574
Social security costs 66,957 64,050
Other pension costs 54,467 41,101
883,830 875,725

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

Production 10 10
Quality control 6 6
Sales and logistics 8 7
Management and administration 6 6
30 29

5. DIRECTORS' EMOLUMENTS
2024 2023
£    £   
Director's remuneration 7,580 9,096

6. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Depreciation - owned assets 98,752 92,348
Loss on disposal of fixed assets 19 -
Operating lease rentals - 3,120
Auditors' remuneration - for audit services 10,075 9,600

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank interest 4,800 1,250
Bank loan interest 665 8,726
Mortgage interest 59,158 52,361
Loan interest 1,534 10,492
Other interest 28,248 101,725
94,405 174,554

Healan Ingredients Limited (Registered number: 08147391)

Notes to the Financial Statements - continued
for the year ended 30th September 2024

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 185,926 297,487
Prior year over provision (163 ) (80 )
Total current tax 185,763 297,407

Deferred tax:
Origination and reversal of
timing differences (589 ) (10,281 )
Tax on profit 185,174 287,126

Reconciliation of total tax charge 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 before tax 740,637 1,292,036
Profit multiplied by the standard rate of corporation tax in the UK of
25% (2023 - 25%)

185,159

323,009

Effects of:
Expenses not deductible for tax purposes 1,431 1,446
Income not taxable for tax purposes (5,000 ) -
Depreciation on non qualifying assets 3,747 3,794
Enhanced tax allowances - (603 )
Difference in rates of tax - (40,440 )
Prior year over provision (163 ) (80 )
Total tax charge 185,174 287,126

UK corporation tax has been charged at 25% (2023: 25%).

The expected net reversal of deferred tax liabilities in the next financial year is £10,428. This is due to the reversal of accelerated capital allowances.

9. DIVIDENDS
2024 2023
£    £   
Ordinary A shares of £1 each
Interim 398,103 256,971
Ordinary B shares of £1 each
Interim 51,847 69,744
449,950 326,715

Healan Ingredients Limited (Registered number: 08147391)

Notes to the Financial Statements - continued
for the year ended 30th September 2024

10. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1st October 2023
and 30th September 2024 325,870
AMORTISATION
At 1st October 2023
and 30th September 2024 325,870
NET BOOK VALUE
At 30th September 2024 -
At 30th September 2023 -

11. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1st October 2023 1,473,588 793,260 75,754 61,490 2,404,092
Additions - 77,011 8,810 - 85,821
Disposals - (30,283 ) (511 ) - (30,794 )
At 30th September 2024 1,473,588 839,988 84,053 61,490 2,459,119
DEPRECIATION
At 1st October 2023 115,243 469,199 65,778 3,570 653,790
Charge for year 24,072 62,018 4,094 8,568 98,752
Eliminated on disposal - (30,264 ) (511 ) - (30,775 )
At 30th September 2024 139,315 500,953 69,361 12,138 721,767
NET BOOK VALUE
At 30th September 2024 1,334,273 339,035 14,692 49,352 1,737,352
At 30th September 2023 1,358,345 324,061 9,976 57,920 1,750,302

Included in cost of land and buildings is freehold land of £ 270,000 (2023 - £ 270,000 ) which is not depreciated.

12. STOCKS
2024 2023
£    £   
Raw materials 3,076,119 5,693,030

Healan Ingredients Limited (Registered number: 08147391)

Notes to the Financial Statements - continued
for the year ended 30th September 2024

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 2,111,516 3,518,503
Other debtors 20,000 -
Directors' current accounts - 4,844
Prepayments 50,240 46,873
2,181,756 3,570,220

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 16) 29,636 117,801
Other loans (see note 16) - 91,823
Hire purchase contracts (see note 17) 6,441 5,861
Trade creditors 1,743,738 2,761,924
Corporation tax 185,926 297,487
Social security and other taxes 59,112 112,315
Other creditors 8,884 1,804,876
Directors' current accounts 6,337 -
Accrued expenses 182,654 142,135
2,222,728 5,334,222

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans (see note 16) 675,977 701,423
Hire purchase contracts (see note 17) 40,758 47,199
716,735 748,622

16. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 29,636 117,801
Other loan - 91,823
29,636 209,624

Amounts falling due between one and two years:
Bank loans 32,007 28,291

Amounts falling due between two and five years:
Bank loans 112,219 99,661

Healan Ingredients Limited (Registered number: 08147391)

Notes to the Financial Statements - continued
for the year ended 30th September 2024

16. LOANS - continued
2024 2023
£    £   
Amounts falling due in more than five years:
Repayable by instalments
Bank loans 531,751 573,471

17. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2024 2023
£    £   
Net obligations repayable:
Within one year 6,441 5,861
Between one and five years 40,758 47,199
47,199 53,060

18. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 705,613 819,224
Other creditors - 1,797,102
Hire purchase contracts 47,199 53,060
752,812 2,669,386

The bank loans and other creditors are secured via a fixed charge over the land and buildings, a floating charge over the remaining assets, and a debenture granted in favour of the bank.

The director has also given a personal guarantee of £12,500.

19. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 142,075 141,752
Other timing differences (1,235 ) (323 )
140,840 141,429

Deferred
tax
£   
Balance at 1st October 2023 141,429
Credit to Statement of Comprehensive Income during year (589 )
Balance at 30th September 2024 140,840

Healan Ingredients Limited (Registered number: 08147391)

Notes to the Financial Statements - continued
for the year ended 30th September 2024

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £

320,000 Ordinary A £1 320,000 320,000
35,555 Ordinary B £1 35,555 35,555
355,555 320,000

The Ordinary A and Ordinary B shares rank pari passu in all material respects save as for dividends. The directors may at any time resolve to declare a dividend on one or both of the respective classes of shares or to declare a dividend on each of them at different rates.

21. RESERVES
Retained
earnings
£   

At 1st October 2023 4,562,235
Profit for the year 555,463
Dividends (449,950 )
At 30th September 2024 4,667,748

The retained earnings reserve represents cumulative profits and losses net of dividends and other adjustments.

22. PENSION COMMITMENTS

The company operates a money purchase pension scheme for its employees. The assets of the schemes are held separately from those of the company in independently administered funds. The pension cost charge represents contributions of £54,467 (2023: £41,101) payable to the pension scheme during the year. The amounts payable at the year end were £8,843 (2023: £3,434).

23. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

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

2024 2023
£    £   
M Lapi
Balance outstanding at start of year 4,844 9,577
Amounts advanced 11,080 56,019
Amounts repaid (15,924 ) (60,752 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 4,844

Healan Ingredients Limited (Registered number: 08147391)

Notes to the Financial Statements - continued
for the year ended 30th September 2024

24. RELATED PARTY DISCLOSURES

During the year, total dividends of £97,315 (2023 £62,815) were paid to the director.

During the year, total dividends of £141,547 (2023 £91,367) were paid to other related parties. Other related parties relate to two individuals who are close family members of the director.

At the year end, Healan Ingredients Srl, a company owned by a close relative of the director, owed the company £52,361 (2023 £55,156).

At the year end, the company owed a shareholder £nil (2023 £91,823) in respect of a loan. Interest was paid totalling £1,534 (2023 £10,492). During the year total dividends of £159,241 (2023 £102,788) were paid to this shareholder.