Ozpharm Limited
Ozpharm Limited
Registered number: 02299269
Financial Statements
For the Period
1 September 2020
to
1 September 2021
Ozpharm Limited
Financial Statements
For the Period
1 September 2020
to
1 September 2021
Financial Statements
| Contents | |
| Page | |
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| Balance Sheet | 1—2 |
| Notes to the Financial Statements | 3—5 |
Ozpharm Limited
Balance Sheet
As at
1 September 2021
Balance Sheet
Registered number:
02299269
For the period ending 1 September 2021 the company was entitled to exemption from audit 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
| 1 September 2021 | 31 August 2020 | ||||
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 3 |
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| CURRENT ASSETS | |||||
| Stocks | 4 |
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| Debtors | 5 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 6 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| PROVISIONS FOR LIABILITIES | |||||
| Deferred Taxation |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 7 |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | 5,300,487 | 5,018,307 | |||
Ozpharm Limited
Balance Sheet (continued)
As at
1 September 2021
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
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Director
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The notes on pages 3 to 5 form part of these financial statements.
Ozpharm Limited
Notes to the Financial Statements
For the Period
1 September 2020
to
1 September 2021
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
1.3.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Freehold |
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| Fixtures & Fittings |
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1.4.
Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
1.5.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.
1.6.
Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
Ozpharm Limited
Notes to the Financial Statements (continued)
For the Period
1 September 2020
to
1 September 2021
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows: 9 (2020: 15)
3.
Tangible Assets
| Land & Property | |||
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| Freehold | Fixtures & Fittings | Total | |
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| Depreciation | |||
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| Net Book Value | |||
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4.
Stocks
| 1 September 2021 | 31 August 2020 | ||
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| £ | £ | ||
| Stock | 76,690 | 70,000 | |
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5.
Debtors
| 1 September 2021 | 31 August 2020 | ||
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| Due within one year | |||
| Trade debtors |
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| Prepayments and accrued income |
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| SBK Services Account |
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| VAT |
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| Directors' loan accounts | - |
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Ozpharm Limited
Notes to the Financial Statements (continued)
For the Period
1 September 2020
to
1 September 2021
6.
Creditors: Amounts Falling Due Within One Year
| 1 September 2021 | 31 August 2020 | ||
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| Trade creditors |
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| Corporation tax |
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| Attachment of Earnings |
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| Ozprop Limited |
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| Accruals and deferred income |
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| NHS Covid Loan |
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| Directors' loan accounts |
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8.
Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
The above loan is unsecured, interest free and repayable on demand.
9.
General Information
Ozpharm Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
02299269
. The registered office is Selsdon House, 212 - 220 Addington Road, South Croydon, CR2 8LD.