Pharmacare Premium Limited - Period Ending 2019-05-31
Pharmacare Premium Limited - Period Ending 2019-05-31
Registration number:
Pharmacare Premium Limited
for the Year Ended 31 May 2019
1st Floor 6 St Johns Court
Upper Fforest Way
Swansea
C & C of Swansea
SA6 8QQ
Pharmacare Premium Limited
Contents
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Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Pharmacare Premium Limited
Company Information
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Directors |
Mr A Farah Mr B S F Khoury |
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Registered office |
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Accountants |
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Page 1 |
Pharmacare Premium Limited
(Registration number: 10196256)
Balance Sheet as at 31 May 2019
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Note |
2019 |
2018 |
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Fixed assets |
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Investments |
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Current assets |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current liabilities |
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( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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( |
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Net liabilities |
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( |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 31 May 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
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Page 2 |
Pharmacare Premium Limited
(Registration number: 10196256)
Balance Sheet as at 31 May 2019
Approved and authorised by the
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Mr A Farah
Director
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Page 3 |
Pharmacare Premium Limited
Notes to the Financial Statements for the Year Ended 31 May 2019
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General information |
The company is a private company limited by share capital, incorporated in Wales.
The address of its registered office is:
United Kingdom
The principal place of business is:
156 Mayals Road
Swansea
C & C of Swansea
SA3 5HF
Wales
These financial statements were authorised for issue by the
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
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Page 4 |
Pharmacare Premium Limited
Notes to the Financial Statements for the Year Ended 31 May 2019
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
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Page 5 |
Pharmacare Premium Limited
Notes to the Financial Statements for the Year Ended 31 May 2019
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Investments |
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2019 |
2018 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
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Cost or valuation |
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At 1 June 2018 |
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Provision |
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Carrying amount |
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At 31 May 2019 |
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At 31 May 2018 |
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Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
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Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2019 |
2018 |
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Subsidiary undertakings |
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156 Mayals Road
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Ordinary |
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Wales |
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The principal activity of RI Pharma Limited is |
The company is exempt from preparing group accounts as it is a small group.
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Page 6 |
Pharmacare Premium Limited
Notes to the Financial Statements for the Year Ended 31 May 2019
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Creditors |
Creditors: amounts falling due within one year
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2019 |
2018 |
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Due within one year |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
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Note |
2019 |
2018 |
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Due after one year |
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Loans and borrowings |
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Loans consist of an amount owed to Pharmacare Plc, a related company, in which Mr B S F Khoury, director and shareholder of Pharmacare Premium Limited, is also a shareholder. The loan is interest free with no set terms of repayment. Pharmacare Plc have given an undertaking that no repayment is required within one year of the date of these financial statements.
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Share capital |
Allotted, called up and fully paid shares
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2019 |
2018 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
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Loans and borrowings |
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2019 |
2018 |
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Non-current loans and borrowings |
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Other borrowings |
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Page 7 |
Pharmacare Premium Limited
Notes to the Financial Statements for the Year Ended 31 May 2019
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Related party transactions |
Summary of transactions with other related parties
Included in other creditors is an amount due to Pharmacare Plc, a related company. The loan is interest free with no set terms of repayment. The amount due to Pharmacare Plc at the year end was £455,605 (2017: £455,605). Pharmacare Plc have provided an undertaking that no repayment is required within one year of the date of these financial statements.
Evolve Resources Limited
(Common director and shareholder)
Evolve Resources Limited is a company in which Mr A Farah, director and shareholder of Pharmacare Premium Limited, is also a director and shareholder.
During the year, Evolve Resources Limited paid for expenses on behalf of Pharmacare Premium Limited amounting to £492 (2018: £60). The outstanding balance due to Evolve Resources Limited is included in other creditors on the balance sheet. At the balance sheet date, the amount due to Evolve Resources Limited was £552 (2018: £60).
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Page 8 |