THE_INTERNATIONAL_CENTRE_ - Accounts

THE INTERNATIONAL CENTRE FOR NUTRITIONAL EXCELLENCE LIMITED - Company Information

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Company registration number 06377561 (England and Wales)

THE INTERNATIONAL CENTRE FOR NUTRITIONAL EXCELLENCE LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023

PAGES FOR FILING WITH REGISTRAR

THE INTERNATIONAL CENTRE FOR NUTRITIONAL EXCELLENCE LIMITED

Company information

The International Centre for Nutritional Excellence Limited is a private company limited by shares incorporated in England and Wales. The registered office is Animal House, Boundary Road, Lytham, Lancashire, FY8 5LT.

1.1

Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements of Tangerine Group Holdings Limited. These consolidated financial statements are available from Companies House, Cardiff.

1.2

Going concern

The director has concluded that it is appropriate to prepare the accounts on a going concern basis as the company had access to adequate resources and that continuing group support would be available.true

1.3

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Sales are recognised at the point at which the company has fulfilled its contractual obligations and the risks and rewards attaching to the product have been transferred to the customer.

1.4

Intangible fixed assets other than goodwill

Intangible assets are initially measured at cost.

THE INTERNATIONAL CENTRE FOR NUTRITIONAL EXCELLENCE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2023

Accounting policies

(Continued)

- 3 -

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Patents & licences

20 years

1.5

Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment

20% on cost

Fixtures and fittings

20% on cost

1.6

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments.

1.7

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.

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.

1.8

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.9

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.

THE INTERNATIONAL CENTRE FOR NUTRITIONAL EXCELLENCE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2023

- 4 -

Judgements and key sources of estimation uncertainty

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.

Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023

2022

Number

Total

Taxation

2023

2022

Current tax

UK corporation tax on profits for the current period

(6,772)

Adjustments in respect of prior periods

6,772

Total current tax

6,772

(6,772)

Deferred tax

Origination and reversal of timing differences

1,562

Total tax charge/(credit)

8,334

(6,772)

THE INTERNATIONAL CENTRE FOR NUTRITIONAL EXCELLENCE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2023

- 5 -

Intangible fixed assets

Patents and licences

Cost

At 1 July 2022 and 30 June 2023

1,010

Amortisation and impairment

At 1 July 2022

666

Amortisation charged for the year

At 30 June 2023

716

Carrying amount

At 30 June 2023

294

At 30 June 2022

344

Tangible fixed assets

Plant and equipment

Fixtures and fittings

Total

Cost

At 1 July 2022 and 30 June 2023

118,025

1,334

119,359

Depreciation and impairment

At 1 July 2022

116,073

1,334

117,407

Depreciation charged in the year

1,723

At 30 June 2023

117,796

1,334

119,130

Carrying amount

At 30 June 2023

229

At 30 June 2022

1,952

THE INTERNATIONAL CENTRE FOR NUTRITIONAL EXCELLENCE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2023

- 6 -

Debtors

2023

2022

Amounts falling due within one year:

Trade debtors

8,938

43,069

Corporation tax recoverable

6,772

Amounts owed by group undertakings

604,971

502,097

Other debtors

29,384

25,488

Prepayments and accrued income

178

2,754

643,471

580,180

Deferred tax asset

1,562

643,471

581,742

Creditors: amounts falling due within one year

2023

2022

Trade creditors

10,838

24,319

Amounts owed to group undertakings

543,872

342,472

Taxation and social security

23,864

22,596

Other creditors

14,931

Accruals and deferred income

47,054

34,735

640,559

424,122

Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Assets

2023

2022

Balances:

Timing differences

1,562

2023

Movements in the year:

Asset at 1 July 2022

(1,562)

Charge to profit or loss

1,562

Liability at 30 June 2023

THE INTERNATIONAL CENTRE FOR NUTRITIONAL EXCELLENCE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2023

- 7 -

Called up share capital

2023

2022

2023

2022

Ordinary share capital

Number

Issued and fully paid

Ordinary of £1 each

Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:

David Evans BA FCA

Statutory Auditor:

Bishops Audit Limited

Related Party Disclosures

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

During the year the Company had transactions with companies under the control of D A Haythornthwaite.

2023

2022

Goods provided

.(36,997)

10,893

Good purchased

At the year end the Company had net balances outstanding with companies under the control of D A Haythornthwaite.

2023

2022

Included in Trade debtors/(creditors)

Include in Other debtors/(creditors)

(11,036)

58,849

THE INTERNATIONAL CENTRE FOR NUTRITIONAL EXCELLENCE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2023

- 8 -

Parent company

The company is a subsidiary of Tangerine Holdings Limited which in turn is a 100% owned subsidiary of Tangerine Group Holdings Limited.

Tangerine Group Holdings Limited heads the only group the accounts are consolidated in. The consolidated financial statements of this Group are available to the public and may be obtained from Companies House, Cardiff.

The registered office for Tangerine Group Holdings Limited is Animal House, Boundary Road, Lytham, Lancashire, FY8 5LT.

The Company is under the ultimate control of D A Haythornthwaite.