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Healan Ingredients Limited |
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Strategic Report, Report of the Director and |
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Financial Statements for the Year Ended 30th September 2020 |
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REGISTERED NUMBER:
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Healan Ingredients Limited |
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Strategic Report, Report of the Director and |
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Financial Statements for the Year Ended 30th September 2020 |
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Healan Ingredients Limited (Registered number: 08147391) |
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Contents of the Financial Statements |
for the year ended 30th September 2020 |
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Page |
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Company Information | 1 |
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Strategic Report | 2 |
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Report of the Director | 4 |
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Report of the Independent Auditors | 5 |
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Statement of Comprehensive Income | 7 |
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Balance Sheet | 8 |
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Statement of Changes in Equity | 9 |
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Cash Flow Statement | 10 |
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Notes to the Cash Flow Statement | 11 |
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Notes to the Financial Statements | 12 |
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Healan Ingredients Limited |
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Company Information |
for the year ended 30th September 2020 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Chartered Accountants |
Statutory Auditor |
Regent's Court |
Princess Street |
Hull |
East Yorkshire |
HU2 8BA |
Healan Ingredients Limited (Registered number: 08147391) |
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Strategic Report |
for the year ended 30th September 2020 |
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The director presents his strategic report for the year ended 30th September 2020. |
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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. |
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REVIEW OF BUSINESS |
The company's performance was solid in what continued to be a very challenging and unpredictable period. While sales revenue fell 4%, volumes were much reduced as restrictions due to the COVID-19 pandemic led to closure of much of the food service sector for long periods. Price pressures remained in the market with both raw material and shipping costs increasing as lockdowns aimed at combating the pandemic disrupted factories and effected global trade. Working closely with our suppliers we were able to maintain surety of supply despite the disruption. |
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We are especially proud of and would like to thank our dedicated team who, despite the many difficulties, have been exemplary throughout the pandemic ensuring the minimal possible disruption to our operations. |
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During the year we completed the renovation of 9000 sq ft of additional warehouse capacity which has helped us maintain sufficient stock and reduced reliance on external warehousing. |
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Cash generated by operations has been positive during the year and all finance facilities were successfully renewed. |
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PRINCIPAL RISKS AND UNCERTAINTIES |
The principle risks affecting the company are those of increasing raw material costs and currency volatility and the ability to pass these on to our principle customers who operate in price sensitive sectors and demand price surety over ever-longer periods. We will continue to work closely with our customers and suppliers to manage these. |
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The COVID-19 pandemic continues to disrupt the food service sector with no certainty as to when lockdowns will finish or if demand will return to previous norms. We will continue to monitor the situation and hope the rollout of vaccines will reduce these uncertainties. |
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Despite the recently announced Trade and Cooperation Agreement, setting out the nature of our future relationship with the EU, it still remains unclear what the longer term effect will be on our imports and exports with European companies. It is already clear that the additional customs burden and potential tariffs are causing confusion and delay throughout many industries and especially in the food sector. We expect these to be a short term issues and have increased our stock holding in anticipation of such problems. With an established international supplier base, we are confident we are well placed to manage any disruption. |
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COVID-19 and the control measures subsequently introduced create additional uncertainties going forward. 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 |
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With appropriate measures taken to keep our workforce safe in the workplace, 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. |
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KEY PERFORMANCE INDICATORS |
The company 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. |
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Healan Ingredients Limited (Registered number: 08147391) |
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Strategic Report |
for the year ended 30th September 2020 |
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FUTURE DEVELOPMENTS OUR COMMITMENT TO RESEARCH AND DEVELOPMENT |
Shortly after the year end, we successfully opened our new Quality Control and NPD Laboratories. This will not only allow us to continue our work ensuring the safety and quality of our products but also expands our capacity to assist our customers with new product development. |
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We continue to develop our systems to ensure the safety, quality and traceability of our products and invest to maintain our A Grade accreditation in the BRC Global Standard for Food Safety. |
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In order to deliver on our goals we will continue to need the support of our superb staff and we maintain our focus on their continued development. |
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ON BEHALF OF THE BOARD: |
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Healan Ingredients Limited (Registered number: 08147391) |
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Report of the Director |
for the year ended 30th September 2020 |
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The director presents his report with the financial statements of the company for the year ended 30th September 2020. |
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DIVIDENDS |
Interim dividends of £286,668 (2019: £302,559) were paid during the year. No final dividend will be distributed. |
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DIRECTOR |
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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. |
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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. |
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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: |
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- | 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. |
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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. |
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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. |
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AUDITORS |
The auditors, Smailes Goldie, will be deemed to be re-appointed under s487 of the Companies Act 2006. |
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ON BEHALF OF THE BOARD: |
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Report of the Independent Auditors to the Members of |
Healan Ingredients Limited |
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Opinion |
We have audited the financial statements of Healan Ingredients Limited (the 'company') for the year ended 30th September 2020 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). |
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In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 30th September 2020 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. |
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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. |
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Conclusions relating to going concern |
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where: |
- | the director's use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or |
- | the director has not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. |
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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. |
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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. |
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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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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. |
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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. |
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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. |
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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. |
Report of the Independent Auditors to the Members of |
Healan Ingredients Limited |
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Responsibilities of director |
As explained more fully in the Statement of Director's Responsibilities set out on page four, 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. |
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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. |
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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. |
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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. |
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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. |
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for and on behalf of
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Chartered Accountants |
Statutory Auditor |
Regent's Court |
Princess Street |
Hull |
East Yorkshire |
HU2 8BA |
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Healan Ingredients Limited (Registered number: 08147391) |
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Statement of Comprehensive Income |
for the year ended 30th September 2020 |
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2020 | 2019 |
Notes | £ | £ |
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TURNOVER | 3 |
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Cost of sales |
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GROSS PROFIT |
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Administrative expenses |
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OPERATING PROFIT | 6 |
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Interest receivable and similar income |
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922,832 | 850,358 |
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Interest payable and similar expenses | 7 |
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PROFIT BEFORE TAXATION |
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Tax on profit | 8 |
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PROFIT FOR THE FINANCIAL YEAR |
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OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR |
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Healan Ingredients Limited (Registered number: 08147391) |
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Balance Sheet |
30th September 2020 |
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2020 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 |
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Tangible assets | 11 |
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CURRENT ASSETS |
Stocks | 12 |
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Debtors | 13 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 14 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
15 |
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PROVISIONS FOR LIABILITIES | 19 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 20 |
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Retained earnings | 21 |
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SHAREHOLDERS' FUNDS |
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The financial statements were approved by the director and authorised for issue on
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Healan Ingredients Limited (Registered number: 08147391) |
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Statement of Changes in Equity |
for the year ended 30th September 2020 |
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Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
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Balance at 1st October 2018 |
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Changes in equity |
Issue of share capital |
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Dividends | - | ( |
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Total comprehensive income | - |
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Balance at 30th September 2019 |
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Changes in equity |
Dividends | - | ( |
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Total comprehensive income | - |
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Balance at 30th September 2020 |
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Healan Ingredients Limited (Registered number: 08147391) |
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Cash Flow Statement |
for the year ended 30th September 2020 |
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2020 | 2019 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
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Interest paid | ( |
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Tax paid | ( |
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Taxation refund |
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Net cash from operating activities |
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Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
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Interest received |
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Net cash from investing activities | ( |
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Cash flows from financing activities |
New loan in year |
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Loan repayments in year | ( |
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Movement in other credit facilities | (1,304,926 | ) | 645,659 |
Net amount repaid/withdrawn by director | 49,766 | (12,563 | ) |
Share issue |
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Equity dividends paid | ( |
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Net cash from financing activities | ( |
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Increase/(decrease) in cash and cash equivalents |
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Cash and cash equivalents at beginning
of year |
2 |
(9,563 |
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79,606 |
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Cash and cash equivalents at end of year | 2 | 618,321 | ( |
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Healan Ingredients Limited (Registered number: 08147391) |
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Notes to the Cash Flow Statement |
for the year ended 30th September 2020 |
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1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2020 | 2019 |
£ | £ |
Profit before taxation |
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Depreciation charges |
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Government grants | ( |
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Finance costs | 41,700 | 52,292 |
Finance income | - | (213 | ) |
1,024,351 | 956,044 |
Increase in stocks | ( |
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Decrease/(increase) in trade and other debtors |
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( |
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Increase/(decrease) in trade and other creditors |
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Cash generated from operations |
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2. | CASH AND CASH EQUIVALENTS |
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The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
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Year ended 30th September 2020 |
30.9.20 | 1.10.19 |
£ | £ |
Cash and cash equivalents | 618,321 | 13,473 |
Bank overdrafts |
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( |
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618,321 | (9,563 | ) |
Year ended 30th September 2019 |
30.9.19 | 1.10.18 |
£ | £ |
Cash and cash equivalents | 13,473 | 79,606 |
Bank overdrafts | ( |
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(9,563 | ) | 79,606 |
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3. | ANALYSIS OF CHANGES IN NET DEBT |
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Other |
non-cash |
At 1.10.19 | Cash flow | changes | At 30.9.20 |
£ | £ | £ | £ |
Net cash |
Cash at bank | 13,473 | 604,848 | 618,321 |
Bank overdrafts | (23,036 | ) | 23,036 | - |
(9,563 | ) |
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618,321 |
Debt |
Debts falling due |
within 1 year | (166,270 | ) | 21,943 | (130,841 | ) | (275,168 | ) |
Debts falling due |
after 1 year | (912,580 | ) | (621,778 | ) | 130,841 | (1,403,517 | ) |
(1,078,850 | ) | (599,835 | ) | - | (1,678,685 | ) |
Total | (1,088,413 | ) | 28,049 | - | (1,060,364 | ) |
Healan Ingredients Limited (Registered number: 08147391) |
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Notes to the Financial Statements |
for the year ended 30th September 2020 |
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1. | STATUTORY INFORMATION |
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Healan Ingredients Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The company has elected to early adopt the changes to FRS102 applicable for accounting periods commencing on or after 1 January 2019. |
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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: |
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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. |
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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. |
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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. |
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Tangible fixed assets |
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Freehold property | - |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Tangible fixed assets are stated at cost less accumulated depreciation. Cost includes costs directly attributable to making the asset capable of operating as intended. |
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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. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Healan Ingredients Limited (Registered number: 08147391) |
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Notes to the Financial Statements - continued |
for the year ended 30th September 2020 |
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2. | ACCOUNTING POLICIES - continued |
Tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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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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Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
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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. |
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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. |
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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. |
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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. |
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3. | TURNOVER |
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The percentage of export sales in 2020 was 50.2% (2019: 42.9%). |
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4. | EMPLOYEES AND DIRECTORS |
2020 | 2019 |
£ | £ |
Wages and salaries |
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Social security costs |
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Other pension costs |
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The average number of employees during the year was as follows: |
2020 | 2019 |
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Production | 8 | 8 |
Quality control | 4 | 4 |
Management and administration | 8 | 6 |
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5. | DIRECTORS' EMOLUMENTS |
2020 | 2019 |
£ | £ |
Director's remuneration |
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Healan Ingredients Limited (Registered number: 08147391) |
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Notes to the Financial Statements - continued |
for the year ended 30th September 2020 |
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6. | OPERATING PROFIT |
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The operating profit is stated after charging/(crediting): |
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2020 | 2019 |
£ | £ |
Depreciation - owned assets |
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Foreign exchange differences |
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Operating lease rentals |
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Deferred government grant amortisation | ( |
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Auditors' remuneration - for audit services |
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7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2020 | 2019 |
£ | £ |
Bank interest |
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Bank loan interest |
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Mortgage interest |
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Loan interest |
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Other interest |
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8. | TAXATION |
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Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2020 | 2019 |
£ | £ |
Current tax: |
UK corporation tax |
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Prior year over provision | - | (95,442 | ) |
Total current tax |
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Deferred tax | ( |
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Tax on profit |
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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: |
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2020 | 2019 |
£ | £ |
Profit before tax |
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Profit multiplied by the standard rate of corporation tax in the UK of
(2019 - |
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Effects of: |
Expenses not deductible for tax purposes |
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Income not taxable for tax purposes | ( |
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Adjustments to tax charge in respect of previous periods |
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( |
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Depreciation on non qualifying assets |
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Prior year deferred tax over provision | ( |
) |
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Total tax charge | 169,211 | 61,258 |
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The expected net reversal of deferred tax liabilities in the next financial year is £14,301. This is due to the reversal of accelerated capital allowances. |
Healan Ingredients Limited (Registered number: 08147391) |
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Notes to the Financial Statements - continued |
for the year ended 30th September 2020 |
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9. | DIVIDENDS |
2020 | 2019 |
£ | £ |
Ordinary A shares of £1 each |
Interim |
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Ordinary B shares of £1 each |
Interim |
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10. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1st October 2019 |
and 30th September 2020 |
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AMORTISATION |
At 1st October 2019 |
and 30th September 2020 |
|
NET BOOK VALUE |
At 30th September 2020 |
|
At 30th September 2019 |
|
|
11. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | and |
property | machinery | fittings | Totals |
£ | £ | £ | £ |
COST |
At 1st October 2019 |
|
|
|
|
Additions |
|
|
|
|
At 30th September 2020 |
|
|
|
|
DEPRECIATION |
At 1st October 2019 |
|
|
|
|
Charge for year |
|
|
|
|
At 30th September 2020 |
|
|
|
|
NET BOOK VALUE |
At 30th September 2020 |
|
|
|
|
At 30th September 2019 |
|
|
|
|
|
Included in cost of land and buildings is freehold land of £ 270,000 (2019 - £ 270,000 ) which is not depreciated. |
|
12. | STOCKS |
2020 | 2019 |
£ | £ |
Raw materials |
|
|
Healan Ingredients Limited (Registered number: 08147391) |
|
Notes to the Financial Statements - continued |
for the year ended 30th September 2020 |
|
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade debtors |
|
|
Other debtors |
|
|
Directors' current accounts | - | 41,742 |
Prepayments |
|
|
|
|
|
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Bank loans and overdrafts (see note 16) |
|
|
Other loans (see note 16) |
|
|
Trade creditors |
|
|
Tax |
|
|
Social security and other taxes |
|
|
Other creditors |
|
|
Directors' current accounts | 8,024 | - |
Accrued expenses |
|
|
Deferred government grants |
|
|
|
|
|
15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2020 | 2019 |
£ | £ |
Bank loans (see note 16) |
|
|
Other loans (see note 16) |
|
|
|
|
|
16. | LOANS |
|
An analysis of the maturity of loans is given below: |
|
2020 | 2019 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
|
|
Bank loans |
|
|
Other loan |
|
|
|
|
|
Amounts falling due between one and two years: |
Bank loans |
|
|
Other loan | - |
|
|
|
|
Amounts falling due between two and five years: |
Bank loans |
|
|
|
Amounts falling due in more than five years: |
Healan Ingredients Limited (Registered number: 08147391) |
|
Notes to the Financial Statements - continued |
for the year ended 30th September 2020 |
|
16. | LOANS - continued |
2020 | 2019 |
£ | £ |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans | 495,608 | 559,616 |
|
The bank loans comprise of a mortgage granted in 2017 and repayable over 15 years, as well as a 3 year term loan granted in 2019. The interest rates are 1.75% and 2.50% above the Bank of England base rate, respectively. In July 2020, the company was granted a CBIL over a period of 42 months, at an interest rate of 3.50%. |
|
The other loan is detailed in the related party disclosures note. |
|
17. | LEASING AGREEMENTS |
|
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2020 | 2019 |
£ | £ |
Within one year |
|
|
Between one and five years |
|
|
|
|
|
18. | SECURED DEBTS |
|
The following secured debts are included within creditors: |
|
2020 | 2019 |
£ | £ |
Bank loans |
|
|
Other creditors | - | 1,304,926 |
|
|
|
The bank loans is 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 |
2020 | 2019 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
|
|
Other timing differences | (448 | ) | (882 | ) |
114,406 | 123,947 |
|
Deferred |
tax |
£ |
Balance at 1st October 2019 |
|
Credit to Statement of Comprehensive Income during year | ( |
) |
Balance at 30th September 2020 |
|
Healan Ingredients Limited (Registered number: 08147391) |
|
Notes to the Financial Statements - continued |
for the year ended 30th September 2020 |
|
20. | CALLED UP SHARE CAPITAL |
|
|
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2020 | 2019 |
value: | £ | £ |
|
Ordinary A | £1 | 320,000 | 320,000 |
|
Allotted and issued: |
Number: | Class: | Nominal | 2020 | 2019 |
value: | £ | £ |
|
Ordinary B | £1 | 17,777 | 17,777 |
|
During the previous year the company allotted 35,555 Ordinary B shares of £1 each. The shares were issued partly paid (£0.50 per share), with the remaining capital (£0.50 per share) uncalled. The company has the right to call the remaining capital on or after 15 October 2021. |
|
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. |
|
At 30 September 2020 the company's uncalled share capital was £17,778 (2019: £17,778). |
|
21. | RESERVES |
Retained |
earnings |
£ |
|
At 1st October 2019 |
|
Profit for the year |
|
Dividends | ( |
) |
At 30th September 2020 |
|
|
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 £32,236 (2019: £34,959) payable to the pension scheme during the year. The amounts payable at the year end were £4,856 (2019: £3,910). |
|
23. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
|
The following advances and credits to a director subsisted during the years ended 30th September 2020 and 30th September 2019: |
|
2020 | 2019 |
£ | £ |
|
Balance outstanding at start of year |
|
|
Amounts advanced |
|
|
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
|
|
Healan Ingredients Limited (Registered number: 08147391) |
|
Notes to the Financial Statements - continued |
for the year ended 30th September 2020 |
|
24. | RELATED PARTY DISCLOSURES |
|
During the year, total dividends of £142,001 (2019: £138,501) were paid to the director. |
|
At the year end, the company owed a
paid totalling £ |
|
At the year end, the company owed the director £8,024. |
|
25. | CONTROL RELATIONSHIPS |
|
The company was controlled throughout the current period by the director, Mr M Lapi. |