Clark Pharma Limited - Period Ending 2022-06-30
Clark Pharma Limited - Period Ending 2022-06-30
Registration number:
Clark Pharma Limited
Filleted
for the Year Ended 30 June 2022
Clark Pharma Limited
Contents
Company Information |
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Statement of Financial Position |
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Notes to the Unaudited Financial Statements |
Clark Pharma Limited
Company Information
Directors |
Mr G Clark Mrs H Clark |
Registered office |
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Accountants |
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Clark Pharma Limited
(Registration number: 10710051)
Statement of Financial Position as at 30 June 2022
Note |
2022 |
2021 |
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Fixed assets |
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Tangible assets |
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Investment property |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current liabilities |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 30 June 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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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 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Income Statement.
Clark Pharma Limited
(Registration number: 10710051)
Statement of Financial Position as at 30 June 2022 (continued)
Approved and authorised for issue by the
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Clark Pharma Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2022
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is
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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
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.
These financial statements are prepared in sterling which is the functional currency of the entity.
Group accounts not prepared
Going concern
At the year end the company reported net current liabilities totalling £313,306. However, liabilities includes £124,800 owed to the directors and £16,800 owed to group undertakings. The directors of the company have indicated their willingness to finance any shortages in the company's day to day finances and for such an arrangement to continue for a period of not less than one year from the date the financial statements were approved.
The company meets its day to day working capital requirements through shareholder and external borrowings.
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for a period of at least 12 months from the date of signing these financial statements. The company therefore continues to adopt the going concern basis in preparing its financial statements.
Clark Pharma Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2022 (continued)
2 |
Accounting policies (continued) |
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 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 and deferred tax. Tax is recognised in profit or loss, except that a charge 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.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
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Office equipment |
25% straight line |
Investment property
Clark Pharma Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2022 (continued)
2 |
Accounting policies (continued) |
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment. Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
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 company 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.
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 income statement 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.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Clark Pharma Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2022 (continued)
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Accounting policies (continued) |
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Tangible assets |
Office equipment |
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Cost or valuation |
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At 1 July 2021 |
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Additions |
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Disposals |
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At 30 June 2022 |
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Depreciation |
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At 1 July 2021 |
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Charge for the year |
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Eliminated on disposal |
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At 30 June 2022 |
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Carrying amount |
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At 30 June 2022 |
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At 30 June 2021 |
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Investment properties |
2022 |
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At 1 July |
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At 30 June |
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In the opinion of the directors there has been no material movements in the fair value of the company's investment properties during the year.
There has been no valuation of investment property by an independent valuer.
Clark Pharma Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2022 (continued)
Investments |
2022 |
2021 |
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Investments in subsidiaries |
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Subsidiaries |
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Cost or valuation |
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At 1 July 2021 |
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Provision |
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Carrying amount |
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At 30 June 2022 |
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At 30 June 2021 |
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Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2022 |
2021 |
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Subsidiary undertakings |
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Hopes Pharmacy, 49 Newbottle Street, Houghton Le Spring, DH4 4AR. |
Ordinary shares |
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Debtors |
2022 |
2021 |
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Prepayments |
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Clark Pharma Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2022 (continued)
Creditors |
Creditors: amounts falling due within one year
2022 |
2021 |
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Due within one year |
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Bank loans |
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Amounts owed to group undertakings |
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Taxation and social security |
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Accruals and deferred income |
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Corporation tax liability |
37,925 |
31,435 |
Directors loan accounts |
124,800 |
124,800 |
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Creditors: amounts falling due after more than one year
2022 |
2021 |
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Due after one year |
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Bank loans |
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Other non-current financial liabilities |
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1,999,334 |
2,175,363 |
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Creditors falling due after more than one year includes £1,325,000 (2021: £1,325,000) convertible loan notes bearing interest at a rate of 1.75% & 2.50% above the Bank of England Base Rate.
Clark Pharma Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2022 (continued)
Related party transactions |
Transactions with directors |
2022 |
At 1 July 2021 |
At 30 June 2022 |
Mr G Clark |
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Directors loan account |
( |
( |
2021 |
At 1 July 2020 |
At 30 June 2021 |
Mr G Clark |
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Directors loan account |
( |
( |
Summary of transactions with all subsidiaries
Non adjusting events after the financial period |
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