Company registration number 05561802 (England and Wales)
NUTRITION SOCIETY ENTERPRISES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
NUTRITION SOCIETY ENTERPRISES LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 7
NUTRITION SOCIETY ENTERPRISES LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Intangible assets
4
31,900
34,800
Current assets
Cash at bank and in hand
1,419
12,869
Creditors: amounts falling due within one year
5
(33,318)
(47,668)
Net current liabilities
(31,899)
(34,799)
Net assets
1
1
Capital and reserves
-
-
Called up share capital
6
1
1
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered 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 for small entities.
The financial statements were approved by the board of directors and authorised for issue on 29 September 2023 and are signed on its behalf by:
Mr M Hollingsworth
Director
Company Registration No. 05561802
NUTRITION SOCIETY ENTERPRISES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2021
1
1
Year ended 31 December 2021:
Profit and total comprehensive income for the year
-
11,185
11,185
Dividends
-
(11,185)
(11,185)
Balance at 31 December 2021
1
1
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
10,736
10,736
Dividends
-
(10,736)
(10,736)
Balance at 31 December 2022
1
1
NUTRITION SOCIETY ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 3 -
1
Accounting policies
Company information
Nutrition Society Enterprises Limited is a private company limited by shares incorporated in England and Wales. The registered office is 10 Cambridge Court, 210 Shepherd's Bush Road, London, W6 7NJ.
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.
The financial statements of the company are consolidated in the financial statements of The Nutrition Society. These consolidated financial statements are available from its registered office,10 Cambridge Court, 210 Shepherds Bush Road, London W6 7NJ.
1.2
Going concern
At the balance sheet date the company had net current liabilities totalling £31,034. The parent entity, The Nutrition Society, will continue to provide financial support to the company such that it may meet its financial obligations as they fall due. As such, the directors continue to adopt the going concern basis of accounting in preparing the financial statements
1.3
Turnover
Turnover, which arises within the UK, represents advertising revenues and amounts receivable for sponsorship of events held, net of VAT.
1.4
Intangible fixed assets other than goodwill
Nutrition database
Amortised over 5 years
Expenditure relating to development of a database system for nutritional information has been capitalised and is being amortised over its useful life. This asset has not been amortised yet as it is still under construction.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.
NUTRITION SOCIETY ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 4 -
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
1.10
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
NUTRITION SOCIETY ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 5 -
1.11
Gift Aid payment to parent charity
Under the terms of a deed of covenant, the company donates its taxable profits for the reporting period under the gift aid scheme, subject to there being sufficient reserves. These gift aid payments are recognised as distributions to owners of equity within retained earnings.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2021 - 2).
2022
2021
Number
Number
Total
2
2
NUTRITION SOCIETY ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 6 -
3
Taxation
As in previous years the company has no corporation tax liability since the company covenants to its parent charity an amount which extinguishes its profits chargeable to taxation.
4
Intangible fixed assets
Nutrition database under construction
Nutrition database
Total
£
£
£
Cost
At 1 January 2022
34,800
34,800
Transfers
(34,800)
34,800
At 31 December 2022
34,800
34,800
Amortisation and impairment
At 1 January 2022
Amortisation charged for the year
2,900
2,900
At 31 December 2022
2,900
2,900
Carrying amount
At 31 December 2022
31,900
31,900
At 31 December 2021
34,800
34,800
5
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
166
3,296
Amounts owed to group undertakings
31,034
41,915
Taxation and social security
38
567
Other creditors
2,080
1,890
33,318
47,668
6
Called up share capital
2022
2021
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary shares of £1 each
1
1
1
1
7
Related party transactions
NUTRITION SOCIETY ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
7
Related party transactions
(Continued)
- 7 -
No guarantees have been given or received.
The company is a wholly owned subsidiary of The Nutrition Society, whose financial statements are publicly available. The company has taken advantage of the disclosure exemptions to which it is entitled regarding transactions between parent and 100% owned subsidiary companies.
8
Parent company
The ultimate holding company is The Nutrition Society, a charitable company number 1274585 registered in England and Wales. Copies of the group accounts may be obtained from the Nutrition Society, 10 Cambridge Court, 210 Shepherds Bush Road, London W6 7NJ.