Pharmisense LLP - Period Ending 2020-03-31

Pharmisense LLP

Contents

Accountants' Report	1
Financial Statements	2
Balance Sheet	2
Notes to the Financial Statements	4

Chartered Accountants' Report to the Members on the Preparation of the Unaudited Statutory Accounts of
Pharmisense LLP
for the Year Ended 31 March 2020

In order to assist you to fulfil your duties under the Companies Act 2006, as applied to limited liability partnerships, we have prepared for your approval the accounts of Pharmisense LLP for the year ended 31 March 2020 set out on pages 2 to 9 from the limited liability partnership's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance.

This report is made solely to the members of Pharmisense LLP, as a body, in accordance with the terms of our engagement letter dated 18 May 2018. Our work has been undertaken solely to prepare for your approval the accounts of Pharmisense LLP and state those matters that we have agreed to state to the members of Pharmisense LLP, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Pharmisense LLP and its members as a body for our work or for this report.

It is your duty to ensure that Pharmisense LLP has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Pharmisense LLP. You consider that Pharmisense LLP is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Pharmisense LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

Dodd & Co Limited
Chartered Accountants
Clint Mill
Cornmarket
PENRITH
CA11 7HW

12 October 2020

Pharmisense LLP

(Registration number: OC364707)
Balance Sheet as at 31 March 2020

	Note	2020  £	2019  £
Fixed assets
Intangible assets	3	60,722	66,242
Current assets
Stocks	5	23,602	23,602
Debtors	6	159,937	173,880
Cash and short-term deposits		(29,077)	(36,593)
		154,462	160,889
Creditors: Amounts falling due within one year	7	(130,059)	(144,255)
Net current assets		24,403	16,634
Total assets less current liabilities		85,125	82,876
Creditors: Amounts falling due after more than one year	8	(87,545)	(107,724)
Net liabilities attributable to members		(2,420)	(24,848)
Represented by:
Loans and other debts due to members
Members' capital classified as a liability		(2,420)	(24,848)
		(2,420)	(24,848)
Total members' interests
Loans and other debts due to members		(2,420)	(24,848)
		(2,420)	(24,848)

Pharmisense LLP

(Registration number: OC364707)
Balance Sheet as at 31 March 2020 (continued)

For the year ending 31 March 2020 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to limited liability partnerships, relating to small entities.

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, as applied to small limited liability partnerships.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime, as applied to limited liability partnerships, and the option not to file the Profit and Loss Account has been taken.

The members acknowledge their responsibilities for complying with the requirements of the Act, as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 with respect to accounting records and the preparation of accounts.

The financial statements of Pharmisense LLP (registered number OC364707) were approved by the Board and authorised for issue on 12 October 2020. They were signed on behalf of the limited liability partnership by:

.........................................
Dr C B Augustine
Designated member

Pharmisense LLP

Notes to the Financial Statements for the Year Ended 31 March 2020

1	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.

General information and basis of accounting

The limited liability partnership is incorporated in England and Wales under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page.

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.

The functional currency of Pharmisense LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates. Foreign operations are included in accordance with the policies set out below.

The address of the registered office is:
Clint Mill
Cornmarket
PENRITH
CA11 7HW

Going concern

These financial statements have been prepared on a going concern basis. The LLP has net liabilities at 31 March 2020 and meets its day to day working capital requirements through loans from its members which are repayable on demand. On the basis of this support, the members consider it appropriate to prepare the financial statements on the going concern basis.

However, should the LLP not have the support of its members, and therefore be unable to continue trading, adjustments would have to be made to reduce the value of assets to their recoverable amounts, to provide for any further liabilities which might arise, and to reclassify fixed assets and long term liabilities as current assets and current liabilities.

Revenue recognition

Revenue is recognised to the extent that the limited liability partnership obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty.

Pharmisense LLP

Notes to the Financial Statements for the Year Ended 31 March 2020 (continued)

1	Accounting policies (continued)

Members' remuneration and division of profits

The SORP recognises that the basis of calculating profits for allocation may differ from the profits reflected through the financial statements prepared in compliance with recommended practice, given the established need to seek to focus profit allocation on ensuring equity between different generations and populations of members.

Consolidation of the results of certain subsidiary undertakings, the provision for annuities to current and former members, pension scheme charges, the spreading of acquisition integration costs and the treatment of long leasehold interests are all items which may generate differences between profits calculated for the purpose of allocation and those reported within the financial statements. Where such differences arise, they have been included within other amounts in the balance sheet.

Members' fixed shares of profits (excluding discretionary fixed share bonuses) and interest earned on members' balances are automatically allocated and, are treated as members' remuneration charged as an expense to the profit and loss account in arriving at profit available for discretionary division among members.
The remainder of profit shares, which have not been allocated until after the balance sheet date, are treated in these financial statements as unallocated at the balance sheet date and included within other reserves.

Taxation

The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Intangible assets

Intangible assets are stated in the balance sheet at cost less accumulated amortisation and impairment. They are amortised on a straight line basis over their estimated useful lives.

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Amortisation method and rate
Goodwill	20 years straight line basis

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Pharmisense LLP

Notes to the Financial Statements for the Year Ended 31 March 2020 (continued)

1	Accounting policies (continued)

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the limited liability partnership will not be able to collect all amounts due according to the original terms of the receivables.

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 limited liability partnership 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.

Members' interests

Amounts due to members after more than one year comprise provisions for annuities to current members and certain loans from members which are not repayable within twelve months of the balance sheet date.

Pensions and other post retirement obligations

The partnership operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

2	Particulars of employees

The average number of persons employed by the limited liability partnership during the year was 6 (2019 - 6).

Pharmisense LLP

Notes to the Financial Statements for the Year Ended 31 March 2020 (continued)

3	Intangible fixed assets

	Goodwill £	Total £
Cost
At 1 April 2019	110,402	110,402
At 31 March 2020	110,402	110,402
Amortisation
At 1 April 2019	44,160	44,160
Charge for the year	5,520	5,520
At 31 March 2020	49,680	49,680
Net book value
At 31 March 2020	60,722	60,722
At 31 March 2019	66,242	66,242

4	Tangible fixed assets

	Plant and machinery £	Total £
Cost
At 1 April 2019	30,529	30,529
At 31 March 2020	30,529	30,529
Depreciation
At 1 April 2019	30,529	30,529
At 31 March 2020	30,529	30,529
Net book value
At 31 March 2020	-	-
At 31 March 2019	-	-

5

Stocks

	2020  £	2019  £
Stocks	23,602	23,602

Pharmisense LLP

Notes to the Financial Statements for the Year Ended 31 March 2020 (continued)

6

Debtors

	2020  £	2019  £
Trade debtors	122,740	130,369
Other debtors	37,197	43,511
Total current trade and other debtors	159,937	173,880

7	Creditors: Amounts falling due within one year

	2020  £	2019  £
Bank loans and overdrafts	19,699	18,815
Trade creditors	104,593	120,440
Accruals and deferred income	5,767	5,000
	130,059	144,255

Creditors amounts falling due within one year includes the following liabilities, on which security has been given by the limited liability partnership:

	2020  £	2019  £
Bank loans and overdrafts	19,699	18,815

Bank loans and overdrafts are secured by fixed and floating charges over the partnership's assets

Pharmisense LLP

Notes to the Financial Statements for the Year Ended 31 March 2020 (continued)

8	Creditors: Amounts falling due after more than one year

	2020  £	2019  £
Bank loans and overdrafts	87,545	107,724

Creditors amounts falling due after more than one year includes the following liabilities, on which security has been given by the limited liability partnership:

	2020  £	2019  £
Bank loans and overdrafts	87,545	107,724

Bank loans and overdrafts are secured by fixed and floating charges over the partnership's assets

Included in the creditors are the following amounts due after more than five years:

	2020  £	2019  £
After more than five years by instalments	-	23,950

9	Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £Nil (2019 - £8,023).