Forever Living Products Ireland Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: NI044998 (Northern Ireland)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

FOR

FOREVER LIVING PRODUCTS IRELAND LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

G E Maughan

A G O'Hare

SECRETARY:

A G O'Hare

REGISTERED OFFICE:

50 Bedford Street

Belfast

BT2 7FW

REGISTERED NUMBER:

NI044998 (Northern Ireland)

AUDITORS:

Luckmans Duckett Parker Limited

1110 Elliott Court

Coventry Business Park

Herald Avenue

Coventry

West Midlands

CV5 6UB

SOLICITORS:

Cleaver Fulton Rankin

50 Bedford Street

Belfast

BT2 7FW

FIXED ASSETS

Intangible assets

4

83,639

94,094

Tangible assets

5

3,945

6,169

87,584

100,263

CURRENT ASSETS

Stocks

4,873

2,002

Debtors

6

102,446

81,287

Cash at bank and in hand

2,142,858

2,177,253

2,250,177

2,260,542

CREDITORS

Amounts falling due within one year

7

708,907

919,629

NET CURRENT ASSETS

1,541,270

1,340,913

TOTAL ASSETS LESS CURRENT LIABILITIES

1,628,854

1,441,176

CAPITAL AND RESERVES

Called up share capital

8

1

1

Retained earnings

1,628,853

1,441,175

SHAREHOLDERS' FUNDS

1,628,854

1,441,176

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 April 2023 and were signed on its behalf by:

G E Maughan - Director

1.	STATUTORY INFORMATION

Forever Living Products Ireland Limited is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Having considered the risks and the current economic environment, the Directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual financial statements.

Critical accounting judgements and key sources of estimation uncertainty

Critical judgements in applying the company's accounting policies

The directors have not made any critical judgements in the process of applying the company's accounting policies.

Key sources of estimation uncertainty

Accruals in respect of rally costs and marketing incentives are an area of estimation uncertainty within the financial statements.

Turnover

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

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.

Software license is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

20% on cost and 15% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

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.

Pension costs and other post-retirement 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2021 - 3 ) .

4.	INTANGIBLE FIXED ASSETS

Software

license

£

COST

At 1 January 2022

and 31 December 2022

104,549

AMORTISATION

At 1 January 2022

10,455

Amortisation for year

10,455

At 31 December 2022

20,910

NET BOOK VALUE

At 31 December 2022

83,639

At 31 December 2021

94,094

5.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 January 2022

94,620

Additions

799

Disposals

(3,823

)

At 31 December 2022

91,596

DEPRECIATION

At 1 January 2022

88,451

Charge for year

2,130

Eliminated on disposal

(2,930

)

At 31 December 2022

87,651

NET BOOK VALUE

At 31 December 2022

3,945

At 31 December 2021

6,169

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

23,838

22,940

Amounts owed by group undertakings

29,093

11,350

Deferred tax asset

9,647

11,507

Prepayments and accrued income

39,868

35,490

102,446

81,287

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade creditors

20,328

15,140

Amounts owed to group undertakings

161,459

53,255

Tax

42,097

104,730

Social security and other taxes

89,019

117,535

Accruals and deferred income

396,004

628,969

708,907

919,629

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

£

£

1

Ordinary

£1

1

1

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Mark Spafford ACA FCCA (Senior Statutory Auditor)

for and on behalf of Luckmans Duckett Parker Limited

10.	RELATED PARTY DISCLOSURES

Amounts due from related parties are as follows: Aloe Vera of America £4,527 (2021: £1,083) and Forever Living Products International £24,566 (2021: £10,267).

Amounts due to related parties are as follows: Forever Direct £139,796 (2021: £33,543) and Forever Living Products (UK) Ltd £21,663 (2021: £19,712). These balances are repayable within one year.

During the year, the company made purchases totalling £7,642 (2021: £10,861) from Aloe Vera of America, £1,412,471 (2021: £1,649,815) from Forever Direct, £156,862 (2021: £167,140) from Forever Living International, £1,140 (2021: £7,192) from Forever Living Products Europe and £48,616 (2021: £45,948) from Global Incentive Services.

During the year, the company made sales of £833 (2021: £nil) to Forever Living Products Greece.

During the year, the company paid Forever Living Products (UK) Ltd for cost recharges of £212,516 (2021: £203,694). During the year, the company invoiced for cost recharges totalling £51 (2021: £1,903) to Forever Living Products (UK) Ltd.

Amounts owed by and to these related parties are disclosed in notes 7 and 8.

11.	ULTIMATE CONTROLLING PARTY

Forever Living Products Ireland Limited is a Northern Ireland registered company. The company is fully owned by Forever Living Products Ireland LLC, a limited liability company registered in Arizona, USA. Forever Living Products Ireland LLC is owned by the Maughan Revocable Trust of 2007.