| Nutrawise UK Limited |
| Notes to the Accounts |
| for the year ended 31 December 2019 |
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| 1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. |
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Foreign currency translation |
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Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
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| 2 |
Debtors |
2019 |
|
2018 |
| £ |
£ |
|
|
Trade debtors |
160,314 |
|
87,920 |
|
Other debtors |
18,904 |
|
- |
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|
|
|
179,218 |
|
87,920 |
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| 3 |
Creditors: amounts falling due within one year |
2019 |
|
2018 |
| £ |
£ |
|
|
Trade creditors |
9,350 |
|
- |
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
329,098 |
|
295,638 |
|
Taxation and social security costs |
103,177 |
|
150,079 |
|
Other creditors |
1,350 |
|
1,350 |
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|
|
|
|
442,975 |
|
447,067 |
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| 4 |
Related party transactions |
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During the period Nutrawise Corporation a company based in the USA supplied Nutrawise UK Limited with goods totalling £460,882 (2018 - £360,097) which is included in cost of sales. These transactions were carried out on a commercial arms length basis.
As at 31 December 2019, Nutrawise Corporation was owed £329,098 (2018: £295,638) by Nutrawise UK Limited. There is no set repayment date.
Nutrawise Corporation owns 100% of the issued share capital in Nutrawise UK Limited. |
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| 5 |
Controlling party |
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The ultimate controlling party is Nutrawise Corporation a company based in the USA, who hold 100% of the issued share capital of the company. |
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| 6 |
Other information |
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Nutrawise UK Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
Unit 3 Marshgate Drive |
|
Hertford |
|
SG13 7JT |
