ACCOUNTS - Final Accounts preparation

NUZEST EU LIMITED - Company Information

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Nuzest Shelf Co. Limited (formerly known as Nuzest Europe Limited)

Registered number: 06931262

Information for filing with Registrar

For the year ended 30 June 2020

06931262

30 June 2020

NUZEST SHELF CO. LIMITED (FORMERLY KNOWN AS NUZEST EUROPE LIMITED)

REGISTERED NUMBER: 06931262

STATEMENT OF FINANCIAL POSITION

AS AT 30 JUNE 2020

		2020		2019
Note		£		£


Current assets
Stocks	5	1,079		117,950
Debtors: amounts falling due within one year	6	1,008,857		664,385
Cash at bank and in hand		13,037		9,940
		1,022,973		792,275
Creditors: amounts falling due within one year	7	(612,790)		(751,465)
Net current assets			410,183		40,810
Total assets less current liabilities			410,183		40,810

Net assets			410,183		40,810

Capital and reserves
Called up share capital	8	10	10
Profit and loss account		410,173	40,800
Total equity		410,183	40,810

The director considers that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

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06931262

30 June 2020

NUZEST SHELF CO. LIMITED (FORMERLY KNOWN AS NUZEST EUROPE LIMITED)

REGISTERED NUMBER: 06931262

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 30 JUNE 2020

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

T Bolland

Director

Date: 30 June 2021

The notes on pages 3 to 8 form part of these financial statements.

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06931262

30 June 2020

NUZEST SHELF CO. LIMITED (FORMERLY KNOWN AS NUZEST EUROPE LIMITED)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2020

1.	General information

Nuzest Shelf Co. Limited (formerly known as Nuzest Europe Limited) is a private company limited by shares incorporated in England and Wales. The company's registered number is 06931262. The address of its registered office is Tower Bridge House, St Katharine's Way, London, E1W 1DD.
The principal activity of the company is that of the manufacture of own brand health supplements.
The company changed its name on 12 March 2021 from Nuzest Europe Limited to Nuzest Shelf Co. Limited.
The financial statements have been prepared in Pound Sterling as this is the currency of the primary economic environment in which the company operates and is rounded to the nearest pound.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies (see note 3).

The following principal accounting policies have been applied:

2.2

Going concern

The financial statements have been prepared under a break up basis as the director is looking to close the company's operation within the next twelve months.

2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:

∙the company has transferred the significant risks and rewards of ownership to the buyer;

∙the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of turnover can be measured reliably;

∙it is probable that the company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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06931262

30 June 2020

NUZEST SHELF CO. LIMITED (FORMERLY KNOWN AS NUZEST EUROPE LIMITED)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2020

2.Accounting policies (continued)

2.4

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of comprehensive income.

2.5

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.7

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the Statement of financial position when there is an 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.

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06931262

30 June 2020

NUZEST SHELF CO. LIMITED (FORMERLY KNOWN AS NUZEST EUROPE LIMITED)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2020

2.Accounting policies (continued)

2.8

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.9

Foreign currency translation

Functional and presentation currency

The company's functional and presentation currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of comprehensive income.

All other foreign exchange gains and losses are presented in the Statement of Comprehensive income.

2.10

Interest income

Interest income is recognised in the Statement of comprehensive income using the effective interest method.

2.11

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

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06931262

30 June 2020

NUZEST SHELF CO. LIMITED (FORMERLY KNOWN AS NUZEST EUROPE LIMITED)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2020

3.	Judgements in applying accounting policies and key sources of estimation uncertainty

Critical judgements in applying the company's accounting policies
There are no critical judgements applied when applying the company's accounting policies.
Key sources of estimation uncertainty
Recoverability of debtors
The director establishes a provision for debts that are estimated not be recoverable. When assessing the recoverability the director considers factors such as the aging of the debts, past experience of recoverability, and the credit profile of individual or group of customers.

Employees

The average monthly number of employees, including the director, during the year was 1 (2019 - 1).

5.	Stocks
		2020	2019
		£	£

Work in progress	1,079	6,211
Finished goods and goods for resale	-	111,739
	1,079	117,950

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06931262

30 June 2020

NUZEST SHELF CO. LIMITED (FORMERLY KNOWN AS NUZEST EUROPE LIMITED)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2020

Debtors

					2020	2019
					£	£


Trade debtors	221,593	229,604
Amounts owed by group undertakings	786,071	431,573
Other debtors	1,193	3,208
	1,008,857	664,385

Amounts owed by group undertakings are unsecured, interest free and payable on demand.

7.	Creditors: Amounts falling due within one year
		2020	2019
		£	£

Trade creditors	-	25,677
Amounts owed to group undertakings	385,089	716,196
Other creditors	222,676	4,942
Accruals and deferred income	5,025	4,650
	612,790	751,465

Amounts owed to group undertakings are unsecured, interest free and repayable on demand.

8.	Share capital
		2020	2019
		£	£

Allotted, called up and fully paid

100 (2019 - 100) Ordinary shares shares of £0.10 each	10	10

The shares have attached to them full voting, dividend and capital distribution rights.

9.	Related party transactions
	At the year end, an amount of £221,463 (2019: £nil) was owed to the Bolland Family Trust. This amount is included in other creditors.

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06931262

30 June 2020

NUZEST SHELF CO. LIMITED (FORMERLY KNOWN AS NUZEST EUROPE LIMITED)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2020

10.	Post balance sheet events

There have been no significant events affecting the company since the year end.

11.	Controlling party

The company is wholly owned by Nuzest Life PTY Limited, a company incorporated in Australia. The ultimate controlling party is T Bolland through his shareholding of Nuzest Life PTY Limited.

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