Borg Pharma Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06346407 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 August 2019

for

Borg Pharma Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

P Khiroya

N Nathwani

K Patel

SECRETARY:

P Khiroya

REGISTERED OFFICE:

Unit 4 Wintonlea

Monument Way West

Woking

Surrey

GU21 5EN

REGISTERED NUMBER:

06346407 (England and Wales)

ACCOUNTANTS:

NSO Associates LLP

75 Springfield Road

Chelmsford

Essex

CM2 6JB

FIXED ASSETS

-

Intangible assets

4

-

335

Tangible assets

5

7,552

695

Investments

6

695

1,030

8,247

CURRENT ASSETS

191,583

Stocks

207,749

523,198

Debtors

7

385,280

1,070,259

Cash at bank

1,027,054

1,785,040

1,620,083

CREDITORS

724,569

Amounts falling due within one year

8

450,173

1,060,471

NET CURRENT ASSETS

1,169,910

1,061,501

TOTAL ASSETS LESS CURRENT LIABILITIES

1,178,157

64

PROVISIONS FOR LIABILITIES

1,435

1,061,437

NET ASSETS

1,176,722

CAPITAL AND RESERVES

3

Called up share capital

3

1,061,434

Retained earnings

1,176,719

1,061,437

SHAREHOLDERS' FUNDS

1,176,722

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 26 March 2020 and were signed on its behalf by:

P Khiroya - Director

1.	STATUTORY INFORMATION

Borg Pharma Limited is a private company, limited by shares , registered in England and Wales. 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2008, is being amortised evenly over its estimated useful life of ten years.

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.

Tangible fixed assets

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

Plant and machinery etc

-

50% on cost and 33% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at 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 Income Statement, 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

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 19 (2018 - 25 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 September 2018

and 31 August 2019

779,000

AMORTISATION

At 1 September 2018

and 31 August 2019

779,000

NET BOOK VALUE

At 31 August 2019

-

At 31 August 2018

-

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 September 2018

182,087

Additions

8,495

Disposals

(10,000

)

At 31 August 2019

180,582

DEPRECIATION

At 1 September 2018

181,752

Charge for year

1,278

Eliminated on disposal

(10,000

)

At 31 August 2019

173,030

NET BOOK VALUE

At 31 August 2019

7,552

At 31 August 2018

335

6.	FIXED ASSET INVESTMENTS

31.8.19

31.8.18

£

£

Shares in group undertakings

3

3

Other investments not loans

692

692

695

695

Additional information is as follows:

Shares in

group

undertakings

£

COST

At 1 September 2018

and 31 August 2019

3

NET BOOK VALUE

At 31 August 2019

3

At 31 August 2018

3

Investments (neither listed nor unlisted) were as follows:

31.8.19

31.8.18

£

£

Vehicle number plate

692

692

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.19

31.8.18

£

£

Trade debtors

276,479

357,381

Other debtors

108,801

165,817

385,280

523,198

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.19

31.8.18

£

£

Trade creditors

414,300

566,411

Taxation and social security

31,299

37,684

Other creditors

4,574

120,474

450,173

724,569