Medichem Nigeria Limited - Period Ending 2014-06-30

Registration number: 07655189

Medichem Nigeria Limited

Unaudited Abbreviated Accounts

for the Year Ended 30 June 2014
 

Aims Accountants
Chartered Accountants
84Crantock Road
London
London
SE6 2QP

Medichem Nigeria Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3 to 4

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 4) have been prepared.

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Medichem Nigeria Limited
for the Year Ended 30 June 2014

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Medichem Nigeria Limited for the year ended 30 June 2014 set out on pages from the company'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 icaew.com/membershandbook.

This report is made solely to the Board of Directors of Medichem Nigeria Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Medichem Nigeria Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Medichem Nigeria Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Medichem Nigeria Limited 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 Medichem Nigeria Limited. You consider that Medichem Nigeria Limited 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 Medichem Nigeria Limited. 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.

......................................

Aims Accountants
Chartered Accountants
84Crantock Road
London
London
SE6 2QP

8 May 2015

Page 1

Medichem Nigeria Limited
(Registration number: 07655189)
Abbreviated Balance Sheet at 30 June 2014

		Note			2014 £			2013 £
Fixed assets
Tangible fixed assets					212			474
Current assets
Stocks					-			3,302
Debtors					53			6,688
Cash at bank and in hand					31			6
					84			9,996
Creditors: Amounts falling due within one year					(5)			(5)
Net current assets					79			9,991
Total assets less current liabilities					291			10,465
Creditors: Amounts falling due after more than one year					(13,140)			(18,081)
Net liabilities					(12,849)			(7,616)
Capital and reserves
Called up share capital		3			1			1
Profit and loss account					(12,850)			(7,617)
Shareholders' deficit					(12,849)			(7,616)

For the year ending 30 June 2014 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the director on 8 May 2015

.........................................
Mr Steven James Ashton
Director

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 2

Medichem Nigeria Limited
Notes to the Abbreviated Accounts for the Year Ended 30 June 2014
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Depreciation

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

Asset class	Depreciation method and rate
Office Equipment	15 to 25 % reducing balance

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Page 3

Medichem Nigeria Limited
Notes to the Abbreviated Accounts for the Year Ended 30 June 2014
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 July 2013		897			897
At 30 June 2014		897			897
Depreciation
At 1 July 2013		423			423
Charge for the year		262			262
At 30 June 2014		685			685
Net book value
At 30 June 2014		212			212
At 30 June 2013		474			474

3	Share capital

Allotted, called up and fully paid shares

	2014						2013
		No.			£			No.			£
Ordinary Shares of £1 each		1			1			1			1

4

Control

The company is controlled by SJA Holdings Limited. The ultimate controlling party is SJA Holdings Limited which is 100% owned by the director.

Page 4