Pharmapal Limited 31/03/2021 iXBRL

Pharmapal Limited 31/03/2021 iXBRL

PHARMAPAL LIMITED - Company Information

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Company registration number: 08999043
Pharmapal Limited
Unaudited filleted financial statements
31 March 2021
Pharmapal Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Pharmapal Limited
Directors and other information
Directors Mr R K Palamoudian
Mr B Palamoudian
Mr J L Hand
Company number 08999043
Registered office 43 Overstone Road
London W6 0AD
Business address 404 Centennial Park
Elstree
Herts WD6 3TN
Accountants Michael Leong and Company
43 Overstone Road
London W6 0AD
Bankers Barclays Bank Plc
197 Shenley Road
Borehamwood
Herts WD6 1AR
Pharmapal Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Pharmapal Limited
Year ended 31 March 2021
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Pharmapal Limited for the year ended 31 March 2021 which comprise the statement of financial position and related notes 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 http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Pharmapal 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 financial statements of Pharmapal Limited and state those matters that we have agreed to state to the board of directors of Pharmapal Limited 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 Pharmapal Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Pharmapal Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Pharmapal Limited. You consider that Pharmapal 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 financial statements of Pharmapal 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 financial statements.
Michael Leong and Company
Chartered Accountants
43 Overstone Road
London W6 0AD
15 October 2021
Pharmapal Limited
Statement of financial position
31 March 2021
2021 2020
Note £ £ £ £
Fixed assets
Tangible assets 5 38,240 44,220
_______ _______
38,240 44,220
Current assets
Stocks 17,886 63,549
Debtors 6 533,650 368,942
Cash at bank and in hand 344,250 545,773
_______ _______
895,786 978,264
Creditors: amounts falling due
within one year 7 ( 157,700) ( 131,079)
_______ _______
Net current assets 738,086 847,185
_______ _______
Total assets less current liabilities 776,326 891,405
_______ _______
Net assets 776,326 891,405
_______ _______
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 775,326 890,405
_______ _______
Shareholders funds 776,326 891,405
_______ _______
For the year ending 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 15 October 2021 , and are signed on behalf of the board by:
Mr R K Palamoudian
Director
Company registration number: 08999043
Pharmapal Limited
Notes to the financial statements
Year ended 31 March 2021
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 43 Overstone Road, London W6 0AD.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. The Triennial review 2017 amendments to the standard have been early adopted.
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.
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:
Fittings fixtures and equipment - 25 % straight line
Computer equipment - 25 % straight line
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.
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 arrangement constitutes 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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution 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. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2020: 5 ).
5. Tangible assets
Short leasehold property Fixtures, fittings and equipment Tangible assets - computer equipment Total
£ £ £ £
Cost
At 1 April 2020 37,402 18,036 17,827 73,265
Additions - 108 288 396
_______ _______ _______ _______
At 31 March 2021 37,402 18,144 18,115 73,661
_______ _______ _______ _______
Depreciation
At 1 April 2020 1,968 13,451 13,627 29,046
Charge for the year 1,968 2,316 2,091 6,375
_______ _______ _______ _______
At 31 March 2021 3,936 15,767 15,718 35,421
_______ _______ _______ _______
Carrying amount
At 31 March 2021 33,466 2,377 2,397 38,240
_______ _______ _______ _______
At 31 March 2020 35,434 4,585 4,200 44,219
_______ _______ _______ _______
6. Debtors
2021 2020
£ £
Trade debtors 434,008 293,422
Other debtors 99,642 75,520
_______ _______
533,650 368,942
_______ _______
7. Creditors: amounts falling due within one year
2021 2020
£ £
Trade creditors 132,569 59,331
Corporation tax - 57,422
Social security and other taxes 5,210 3,203
Other creditors 19,921 11,123
_______ _______
157,700 131,079
_______ _______
8. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2021
Balance brought forward Amounts repaid Balance o/standing
£ £ £
Mr R K Palamoudian ( 2,979) 2,269 ( 710)
_______ _______ _______
2020
Balance brought forward Amounts repaid Balance o/standing
£ £ £
Mr R K Palamoudian ( 25,727) 22,748 ( 2,979)
_______ _______ _______
9. Controlling party
The ultimate controlling party are the directors , by virtue of their share holding.