Superpharm Bolton Ltd - Period Ending 2021-07-31

Superpharm Bolton Ltd

Contents

Balance Sheet	1 to 2
Notes to the Financial Statements	3 to 6

Superpharm Bolton Ltd

(Registration number: 09449153)
Balance Sheet as at 31 July 2021

	Note	2021 £	2020 £
Fixed assets
Other financial assets	4	1,814,134	1,814,134
Current assets
Debtors	5	130,000	47,651
Cash at bank and in hand		200,593	18,490
		330,593	66,141
Creditors: Amounts falling due within one year	6	(187,533)	(84,433)
Net current assets/(liabilities)		143,060	(18,292)
Total assets less current liabilities		1,957,194	1,795,842
Creditors: Amounts falling due after more than one year	6	(1,077,273)	(855,003)
Net assets		879,921	940,839
Capital and reserves
Called up share capital		62	102
Share premium reserve		583,643	583,643
Capital redemption reserve		40	-
Profit and loss account		296,176	357,094
Shareholders' funds		879,921	940,839

Superpharm Bolton Ltd

(Registration number: 09449153)
Balance Sheet as at 31 July 2021

For the financial year ending 31 July 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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.

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

Approved and authorised by the Board on 14 March 2022 and signed on its behalf by:
 

......................................... Mr I Khan Director

Superpharm Bolton Ltd

Notes to the Financial Statements for the Year Ended 31 July 2021

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
150 Deane Road
Bolton
BL3 5DL
England

These financial statements were authorised for issue by the Board on 14 March 2022.

2	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.

Basis of preparation

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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Superpharm Bolton Ltd

Notes to the Financial Statements for the Year Ended 31 July 2021

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2020 - 5).

4	Other financial assets (current and non-current)

	Financial assets at cost less impairment £	Total £
Non-current financial assets
Cost or valuation
At 1 August 2020	1,814,134	1,814,134
At 31 July 2021	1,814,134	1,814,134
Impairment
Carrying amount
At 31 July 2021	1,814,134	1,814,134

Superpharm Bolton Ltd

Notes to the Financial Statements for the Year Ended 31 July 2021

5

Debtors

	Note	2021 £	2020 £
Amounts owed by group undertakings and undertakings in which the company has a participating interest	8	-	28,650
Other debtors		130,000	19,001
		130,000	47,651

6

Creditors

Creditors: amounts falling due within one year

	Note	2021 £	2020 £
Due within one year
Loans and borrowings	7	136,933	77,175
Amounts owed to group undertakings and undertakings in which the company has a participating interest	8	50,000	-
Taxation and social security		-	1,738
Accruals and deferred income		600	5,520
		187,533	84,433

Creditors include bank loans which are secured of £136,933 (2020 - £77,175).

Creditors: amounts falling due after more than one year

	Note	2021 £	2020 £
Due after one year
Loans and borrowings	7	1,077,273	855,003

Creditors include bank loans which are secured of £1,077,273 (2020 - £855,003).

Superpharm Bolton Ltd

Notes to the Financial Statements for the Year Ended 31 July 2021

7	Loans and borrowings

	2021 £	2020 £
Non-current loans and borrowings
Bank borrowings	1,077,273	855,003

	2021 £	2020 £
Current loans and borrowings
Bank borrowings	136,933	77,175

8	Related party transactions

Transactions with directors

2021	At 1 August 2020 £	Advances to directors £	At 31 July 2021 £
Mr I Khan
Directors Loan Account	-	50,000	50,000
Mr M Naheem
Directors Loan Account	-	40,000	40,000
Mr SS Khan
Participator Loan Account	-	40,000	40,000

Other transactions with directors

During the year Mr Khalid Iqbal and Mr Khurshid UI Hassan Hussain each recieved a payment of £30,000 in relation to their termination payments.