Surepharm Services Limited 31/10/2019 iXBRL

Surepharm Services Limited 31/10/2019 iXBRL

SUREPHARM SERVICES LIMITED - Company Information

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Company registration number: 01654137
Surepharm Services Limited
Financial statements
31 October 2019
Surepharm Services Limited
Contents
Directors and other information
Strategic report
Directors' report
Independent auditor's report to the members
Statement of income and retained earnings
Statement of financial position
Statement of cash flows
Notes to the financial statements
Surepharm Services Limited
Directors and other information
Directors J America
J J A Richardson
A Corbett (Resigned 31 March 2019)
Company number 01654137
Registered office Bretby Business Park
Bretby
Burton On Trent
Staffordshire
DE15 0YZ
Auditor Turner and Smith
Westgate House
Royland Road
Loughborough
Leicestershire
LE11 2EH
Surepharm Services Limited
Strategic report
Year ended 31 October 2019
Principal activity
The principle activity for the year under review continues to be that of the manufacture of healthcare products.
Fair review of the business
Sales increased across the group by approximately 1.6% year on year. The continued devaluation of Sterling kept up material costs at 45% and continued to put pressure on profit margins. Furthermore the business has been heavily investing in Serialisation with significant Capital and cost impacts on overheads.
Principal risks and uncertainties
The group has continued to trade well into 2020 despite the impact of Covid-19. The outlook for the year to 31 October 2020 continues to be positive in terms of commercial activity, however cost and margin pressures are expected to continue with Sterling as weak as it is. The group will continue to broaden its strategy of providing an end to end service for product development, regulatory support analysis, manufacture and packing, with the introduction of new products and customers being actively pursued on this basis.
This report was approved by the board of directors on 13 August 2020 and signed on behalf of the board by:
J America
Director
Surepharm Services Limited
Directors' report
Year ended 31 October 2019
The directors present their report and the financial statements of the company for the year ended 31 October 2019.
Directors
The directors who served the company during the year were as follows:
J America
J J A Richardson
A Corbett (Resigned 31 March 2019)
Dividends
Particulars of recommended dividends are detailed in note 11 to the financial statements.
Financial instruments
Details of financial instruments are included in note 20.
Disclosure of information in the strategic report.
In accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 the company has chosen to set out in the company's strategic report information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 which was previously included in the Directors' Report.
Directors responsibilities statement
The directors are responsible for preparing the strategic report, directors' report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have 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 directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are 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 them to ensure that the financial statements comply with the Companies Act 2006. They are 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.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.
This report was approved by the board of directors on 13 August 2020 and signed on behalf of the board by:
J America
Director
Surepharm Services Limited
Independent auditor's report to the members of
Surepharm Services Limited
Year ended 31 October 2019
Opinion
We have audited the financial statements of Surepharm Services Limited for the year ended 31 October 2019 which comprise the statement of income and retained earnings, statement of financial position, statement of cash flows and 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 FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). 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 an auditors report 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. In our opinion the financial statements: - give a true and fair view of the state of the company's affairs as at 31 October 2019 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.
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 auditor’s 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.
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 directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
- the directors have 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.
Other Information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. 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.
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.
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 directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the directors' report has been prepared in accordance with applicable legal requirements.
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 directors' report. 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 the returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are 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 directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are 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 directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's 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 an auditor’s report 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. 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 auditor’s report.
Roger Neal FCA (Senior Statutory Auditor)
For and on behalf of
Turner and Smith
Accountants and Statutory Auditor
Westgate House
Royland Road
Loughborough
Leicestershire
LE11 2EH
13 August 2020
Surepharm Services Limited
Statement of income and retained earnings
Year ended 31 October 2019
2019 2018
Note £ £
Turnover 4 13,032,054 12,833,453
Cost of sales ( 8,473,901) ( 8,388,726)
_______ _______
Gross profit 4,558,153 4,444,727
Administrative expenses ( 4,350,101) ( 3,453,323)
_______ _______
Operating profit 5 208,052 991,404
Other interest receivable and similar income 8 237 161
Interest payable and similar expenses 9 ( 55,610) ( 44,954)
_______ _______
Profit before taxation 152,679 946,611
Tax on profit 10 9,513 ( 166,707)
_______ _______
Profit for the financial year and total comprehensive income 162,192 779,904
_______ _______
Dividends declared and paid or payable during the year 11 ( 180,000) ( 350,000)
Retained earnings at the start of the year 5,771,751 5,341,847
_______ _______
Retained earnings at the end of the year 5,753,943 5,771,751
_______ _______
All the activities of the company are from continuing operations.
Surepharm Services Limited
Statement of financial position
31 October 2019
2019 2018
Note £ £ £ £
Fixed assets
Tangible assets 12 2,394,178 2,340,916
_______ _______
2,394,178 2,340,916
Current assets
Stocks 13 2,486,098 1,695,351
Debtors 14 6,903,431 6,616,911
Cash at bank and in hand 72,030 101,200
_______ _______
9,461,559 8,413,462
Creditors: amounts falling due
within one year 15 ( 5,481,187) ( 4,662,157)
_______ _______
Net current assets 3,980,372 3,751,305
_______ _______
Total assets less current liabilities 6,374,550 6,092,221
Creditors: amounts falling due
after more than one year 16 ( 358,954) ( 111,400)
Provisions for liabilities 17 ( 261,453) ( 208,870)
_______ _______
Net assets 5,754,143 5,771,951
_______ _______
Capital and reserves
Called up share capital 21 200 200
Profit and loss account 22 5,753,943 5,771,751
_______ _______
Shareholders funds 5,754,143 5,771,951
_______ _______
These financial statements were approved by the board of directors and authorised for issue on 13 August 2020 , and are signed on behalf of the board by:
J America J J A Richardson
Director Director
Company registration number: 01654137
Surepharm Services Limited
Statement of cash flows
Year ended 31 October 2019
2019 2018
£ £
Cash flows from operating activities
Profit for the financial year 162,192 779,904
Adjustments for:
Depreciation of tangible assets 510,950 428,736
Other interest receivable and similar income ( 237) ( 161)
Interest payable and similar expenses 55,610 44,954
Tax on profit ( 9,513) 166,707
Accrued expenses/(income) ( 25,858) 307,765
Changes in:
Stocks ( 790,747) ( 235,979)
Trade and other debtors ( 286,520) ( 1,039,597)
Trade and other creditors 524,420 ( 41,608)
_______ _______
Cash generated from operations 140,297 410,721
Interest paid ( 55,610) ( 44,954)
Interest received 237 161
Tax paid ( 89,615) 103,989
_______ _______
Net cash (used in)/from operating activities ( 4,691) 469,917
_______ _______
Cash flows from investing activities
Purchase of tangible assets ( 564,212) ( 877,330)
_______ _______
Net cash used in investing activities ( 564,212) ( 877,330)
_______ _______
Cash flows from financing activities
Proceeds from borrowings 484,778 382,698
Payment of finance lease liabilities 234,955 ( 36,001)
Equity dividends paid ( 180,000) ( 350,000)
_______ _______
Net cash from/(used in) financing activities 539,733 ( 3,303)
_______ _______
Net increase/(decrease) in cash and cash equivalents ( 29,170) ( 410,716)
Cash and cash equivalents at beginning of year 101,200 511,916
_______ _______
Cash and cash equivalents at end of year 72,030 101,200
_______ _______
Surepharm Services Limited
Notes to the financial statements
Year ended 31 October 2019
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Bretby Business Park, Bretby, Burton On Trent, Staffordshire, DE15 0YZ.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. 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 capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 profit or loss.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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 - 33% on cost and 15% on cost
Fittings fixtures and equipment - 15 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
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 stocks to their present location and condition.
Hire purchase and finance leases
Assets held under finance leases 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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.Basic financial instruments are initially recognised at the transaction price, unless the arrangementconstitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.
Defined contribution pension plans
Contributions to defined contribution pension 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 in finance costs in profit or loss in the period in which it arises.
4. Turnover
Turnover arises from:
2019 2018
£ £
Sale of goods 13,032,054 12,833,453
_______ _______
The turnover is attributable to the one principal activity of the company. An analysis of turnover by the geographical markets that substantially differ from each other is given below:
2019 2018
£ £
UK 12,376,160 12,650,093
Rest of World 655,894 183,360
_______ _______
13,032,054 12,833,453
_______ _______
5. Operating profit
Operating profit is stated after charging/(crediting):
2019 2018
£ £
Depreciation of tangible assets 510,950 428,736
Cost of stocks recognised as an expense 5,662,884 6,089,544
Operating lease rentals 476,695 458,599
Foreign exchange differences ( 10,121) 17,625
Fees payable for the audit of the financial statements 8,730 10,330
_______ _______
6. Staff costs
The average number of persons employed by the company during the year, including the directors, amounted to:
2019 2018
Production staff 114 108
Administrative staff 33 23
_______ _______
147 131
_______ _______
The aggregate payroll costs incurred during the year were:
2019 2018
£ £
Wages and salaries 3,606,725 3,097,474
Social security costs 328,297 285,073
Other pension costs 157,483 107,755
_______ _______
4,092,505 3,490,302
_______ _______
7. Directors remuneration
The directors aggregate remuneration in respect of qualifying services was:
2019 2018
£ £
Remuneration 51,000 74,857
_______ _______
8. Other interest receivable and similar income
2019 2018
£ £
Bank deposits 237 161
_______ _______
9. Interest payable and similar expenses
2019 2018
£ £
Bank loans and overdrafts 39,747 33,079
Other loans made to the company:
Finance leases and hire purchase contracts 15,477 11,875
Other interest payable and similar expenses 386 -
_______ _______
55,610 44,954
_______ _______
10. Tax on profit
Major components of tax income/expense
2019 2018
£ £
Current tax:
UK current tax income/expense ( 23,562) 162,337
Adjustments in respect of previous periods ( 38,534) -
_______ _______
Deferred tax:
Origination and reversal of timing differences 52,583 4,370
_______ _______
Tax on profit ( 9,513) 166,707
_______ _______
Reconciliation of tax income/expense
The tax assessed on the profit for the year is lower than (2018: lower than) the standard rate of corporation tax in the UK of 19.00 % (2018: 19.00%).
2019 2018
£ £
Profit before taxation 152,679 946,611
_______ _______
Profit multiplied by rate of tax 29,009 179,856
Adjustments in respect of prior periods ( 38,534) -
Effect of capital allowances and depreciation ( 52,571) ( 8,324)
Other short-term timing differences 52,583 4,370
Group relief - ( 2,750)
Other tax effects - ( 6,445)
_______ _______
Tax on profit ( 9,513) 166,707
_______ _______
11. Dividends
Equity dividends
2019 2018
£ £
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year) 180,000 350,000
_______ _______
12. Tangible assets
Short leasehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 November 2018 181,643 6,764,048 2,315,582 4,500 9,265,773
Additions - 399,758 160,354 4,100 564,212
_______ _______ _______ _______ _______
At 31 October 2019 181,643 7,163,806 2,475,936 8,600 9,829,985
_______ _______ _______ _______ _______
Depreciation
At 1 November 2018 181,637 4,932,871 1,805,849 4,500 6,924,857
Charge for the year - 423,172 87,778 - 510,950
_______ _______ _______ _______ _______
At 31 October 2019 181,637 5,356,043 1,893,627 4,500 7,435,807
_______ _______ _______ _______ _______
Carrying amount
At 31 October 2019 6 1,807,763 582,309 4,100 2,394,178
_______ _______ _______ _______ _______
At 31 October 2018 6 1,831,177 509,733 - 2,340,916
_______ _______ _______ _______ _______
13. Stocks
2019 2018
£ £
Other inventories 1,682,816 1,097,186
Work in progress 803,282 598,165
_______ _______
2,486,098 1,695,351
_______ _______
14. Debtors
2019 2018
£ £
Trade debtors 2,942,551 2,711,057
Amounts owed by group undertakings 3,668,204 3,563,620
Prepayments and accrued income 291,106 336,400
Other debtors 1,570 5,834
_______ _______
6,903,431 6,616,911
_______ _______
The loan to Centaur Healthcare Limited and any subsequent charges have been guaranteed jointly and severally by Centaur Healthcare Limited and its subsidiaries.
15. Creditors: amounts falling due within one year
2019 2018
£ £
Bank loans and overdrafts 1,989,860 1,505,082
Trade creditors 2,579,923 2,041,190
Accruals and deferred income 79,075 104,933
Corporation tax 11,028 162,739
Social security and other taxes 329,625 355,159
Obligations under finance leases 171,969 184,568
Other creditors 319,707 308,486
_______ _______
5,481,187 4,662,157
_______ _______
Borrowings are secured by a fixed and floating charge over the undertaking and its assets.
16. Creditors: amounts falling due after more than one year
2019 2018
£ £
Obligations under finance leases 358,954 111,400
_______ _______
17. Provisions
Deferred tax (note 18) Total
£ £
At 1 November 2018 208,870 208,870
Charges against provisions 52,583 52,583
_______ _______
At 31 October 2019 261,453 261,453
_______ _______
18. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2019 2018
£ £
Included in provisions (note 17) 261,453 208,870
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2019 2018
£ £
Accelerated capital allowances 261,453 208,870
_______ _______
19. Employee benefits
The amount recognised in profit or loss in relation to defined contribution plans was £ 157,483 (2018: £ 107,755 ).
20. Financial instruments
The carrying amount for each category of financial instrument is as follows:
2019 2018
£ £
Financial assets that are debt instruments measured at amortised cost
Trade debtors 2,942,551 2,711,057
Cash at bank and in hand 72,030 101,200
_______ _______
3,014,581 2,812,257
_______ _______
Financial liabilities measured at amortised cost
Bank and other loans 1,989,860 1,505,082
Trade creditors 2,579,923 2,041,190
Obligations under finance leases 530,924 295,968
_______ _______
5,100,707 3,842,240
_______ _______
21. Called up share capital
Issued, called up and fully paid
2019 2018
No £ No £
Ordinary A shares of £ 1.00 each 100 100 100 100
Ordinary B shares of £ 1.00 each 100 100 100 100
_______ _______ _______ _______
200 200 200 200
_______ _______ _______ _______
22. Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses.
23. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year 525,145 471,576
Later than 1 year and not later than 5 years 1,790,367 1,822,156
Later than 5 years 427,545 846,928
_______ _______
2,743,057 3,140,660
_______ _______
24. Contingent assets and liabilities
Surepharm Services Limited has entered into a lease agreement which contains a repairs and renewals clause which requires Surepharm Services Limited to pay for any reinstatement work which may be required on the termination of the lease. As the lease is not due to terminate until 2025, it is not possible to quantify the financial effects of any works reinstatement due to the amount of time still left to run on the lease.
25. Controlling party
The parent undertaking is Centaur Healthcare Limited , a company incorporated in England, whose Registered Office is Bretby Business Park, Bretby, Burton upon Trent, Staffordshire, DE15 0YZ.