BR Pharmaceuticals Limited Filleted accounts for Companies House (small and micro)

B.R. PHARMACEUTICALS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 03164815

BR Pharmaceuticals Limited

Filleted Unaudited Financial Statements

31 December 2018

BR Pharmaceuticals Limited

Statement of Financial Position

31 December 2018

	2018		2017
Note	£	£	£

Fixed assets

Intangible assets	5	15,533	19,775
Tangible assets	6	749,994	765,340
		----------	----------
		765,527	785,115

Current assets

Stocks		164,848	257,109
Debtors	7	425,090	387,647
Cash at bank and in hand		338,206	14,275
		----------	----------
		928,144	659,031

Creditors: amounts falling due within one year	8	565,029		455,778
		----------		----------
Net current assets			363,115	203,253
			-------------	----------
Total assets less current liabilities			1,128,642	988,368
			-------------	----------
Net assets			1,128,642	988,368
			-------------	----------

BR Pharmaceuticals Limited

Statement of Financial Position (continued)

31 December 2018

	2018		2017
Note	£	£	£

Capital and reserves

Called up share capital	70,000	70,000
Share premium account	20,000	20,000
Revaluation reserve	360,016	360,016
Profit and loss account	678,626	538,352
	-------------	----------
Shareholders funds	1,128,642	988,368
	-------------	----------

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 FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 12 September 2019 , and are signed on behalf of the board by:

Mr Z M M Abu Sheikha

Director

Company registration number: 03164815

BR Pharmaceuticals Limited

Notes to the Financial Statements

Year ended 31 December 2018

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Clayton Wood Close, West Park Ring Road, Leeds, West Yorkshire, LS16 6QE, England.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Operating leases

Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are recorded at the fair value at the acquisition date.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Trade marks	-	10% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery	-	10% straight line
Fixtures and fittings	-	10% straight line
Motor vehicles	-	25% straight line
Equipment	-	25% straight line

Freehold property in not being depreciated as the directors believe that the depreciation charge for the year and the accumulated depreciation to date are immaterial due to the high residual value of the property. The company has a policy and practice of regular maintenance and repair of the building to keep it at its previously assessed standard of performance which maintains the residual value.

Stocks

Stocks are measured 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 the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 10 (2017: 12 ).

5. Intangible assets

	Patents, trademarks and licences
	£
Cost
At 1 January 2018	59,791
Additions	2,275
Disposals	( 28,247)
	---------
At 31 December 2018	33,819
	---------
Amortisation
At 1 January 2018	40,016
Charge for the year	4,535
Disposals	( 26,265)
	---------
At 31 December 2018	18,286
	---------
Carrying amount
At 31 December 2018	15,533
	---------
At 31 December 2017	19,775
	---------

6. Tangible assets

	Land and buildings	Plant and machinery	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£	£
Cost
At 1 Jan 2018	561,626	275,220	21,381	24,391	45,580	928,198
Additions	–	15,170	755	–	389	16,314
Disposals	–	–	–	( 24,391)	( 1,273)	( 25,664)
	----------	----------	---------	---------	---------	----------
At 31 Dec 2018	561,626	290,390	22,136	–	44,696	918,848
	----------	----------	---------	---------	---------	----------
Depreciation
At 1 Jan 2018	–	81,491	15,327	24,391	41,649	162,858
Charge for the year	–	28,302	900	–	1,550	30,752
Disposals	–	–	–	( 24,391)	( 365)	( 24,756)
	----------	----------	---------	---------	---------	----------
At 31 Dec 2018	–	109,793	16,227	–	42,834	168,854
	----------	----------	---------	---------	---------	----------
Carrying amount
At 31 Dec 2018	561,626	180,597	5,909	–	1,862	749,994
	----------	----------	---------	---------	---------	----------
At 31 Dec 2017	561,626	193,729	6,054	–	3,931	765,340
	----------	----------	---------	---------	---------	----------

7. Debtors

	2018	2017
	£	£
Trade debtors	386,488	310,830
Other debtors	38,602	76,817
	----------	----------
	425,090	387,647
	----------	----------

8. Creditors: amounts falling due within one year

	2018	2017
	£	£
Bank loans and overdrafts	–	51,519
Trade creditors	340,246	308,699
Corporation tax	32,118	1,919
Social security and other taxes	19,910	27,867
Other creditors	172,755	65,774
	----------	----------
	565,029	455,778
	----------	----------

9. Finance leases and hire purchase contracts

The total future minimum lease payments under finance leases and hire purchase contracts are as follows:

	2018	2017
	£	£
Not later than 1 year	–	1,767
	----	-------

10. Deferred tax

The deferred tax account consists of the tax effect of timing differences in respect of:

	2018	2017
	£	£
Accelerated capital allowances	–	1,226
Provisions	–	( 1,226)
	----	-------
	–	–
	----	-------

11. Related party transactions

The company traded with Abu Sheikha Drug Store, a company owned by Mr O M Abu Sheikha. At the year end the balance owed to the company was £72,937 (2017 £Nil). The turnover for the year was £141,625 (2017 £28,668). All transactions were at arms' length. The Abu Sheikha Drug Store charged a £50,000 management fee to the company. At the year end the balance owing was £37,310 (2017 £Nil). No further transactions with related parties were undertaken such as are required to be disclosed.

12. Control

The company was under the control of its directors throughout this and the previous year.