Accounts filed on 31-12-2014
Accounts filed on 31-12-2014
trueBR Pharmaceuticals Limited031648152014-12-3129145959931083768968931270002700024562280200002000083768968931202339624516333692510828521049633-18179718155811407299284739589321110031401588628648556680480656664727126464986807531823285651232826839510Basis of accounting
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain fixed assets, and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
Going Concern
The directors consider that the company remains a going concern due to the continued financial and managerial support provided by the directors.
Turnover
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over
the useful economic life of that asset as follows:
Trade Marks-over 10 years
Freehold Properties
In accordance with the Financial Reporting Standards for Smaller Entities (effective April 2008), no depreciation is provided in respect of freehold property. This is a departure from the requirements of the Companies Act 2006 which requires all properties to be depreciated. Depreciation is only one of the many elements reflected in the annual valuation of properties and accordingly the amount of depreciation that might otherwise have been charged cannot be separately identified or quantified. The directors consider that this policy results in the accounts giving a true and fair view.Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance
for obsolete and slow moving items.
Hire purchase agreements
Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed
assets at their fair value. The capital element of the future payments is treated as a liability and
the interest is charged to the profit and loss account on a straight line basis.
Operating lease agreements
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.
Pension costs
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not
reversed at the balance sheet date where transactions or events have occurred at that date that
will result in an obligation to pay more, or a right to pay less or to receive more tax, with
the following exceptions:
Provision is made for tax on gains arising from the revaluation (and similar fair value adjustments)
of fixed assets, and gains on disposal of fixed assets that have been rolled over into replacement
assets, only to the extent that, at the balance sheet date, there is a binding agreement to dispose
of the assets concerned. However, no provision is made where, on the basis of all available
evidence at the balance sheet date, it is more likely than not that the taxable gain will be rolled
over into replacement assets and charged to tax only where the replacement assets are sold.
Deferred tax assets are recognised only to the extent that the directors consider that it is more
likely than not that there will be suitable taxable profits from which the future reversal of the
underlying timing differences can be deducted.
Deferred tax is measured on an undiscounted basis at the tax rates that are expected
to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or
substantively enacted at the balance sheet date.
Fixed Assets
All fixed assets are initially recorded at cost.
Land & Buildingson straight line0.0500Plant & Machineryon straight line0.1000Fixtures & Fittingson straight line0.1000Motor vehicleson straight line0.2500Equipmenton straight line0.2500
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
114444103037114078262174472814914797771844429-53336-311316246951100491946634-37058-767544Both the company's freehold property and plant and equipment were revalued during December 2014 by the director. The company owns 100% of the issued share capital of the companies listed below, they are all dormant and incorporated in England and Wales:
Lifestyle Vitamins Limited
Valuebrand Vitamins Limited
Valupak Vitamins Limited
1594221194746611407-53336-3113163295721079391-3705854783-767544
Both the company's freehold property and plant and equipment were revalued during December 2014 by the director.
The company owns 100% of the issued share capital of the companies listed below, they are all dormant and incorporated in England and Wales:
Lifestyle Vitamins Limited
Valuebrand Vitamins Limited
Valupak Vitamins Limited
245163336925Ordinary of £1 each7000017000070000Ordinary 'A' shares of £1 each2917129172917Ordinary 'B' shares of £1 each1111Ordinary 'C' shares of £1 each1111Ordinary of £1 each1700007000070000Ordinary 'B' shares of £1 each1111Ordinary 'C' shares of £1 each1111All classes of £1 shares rank pari passu in respect of voting rights, on a winding up or dissolution of the company. During the year the company continued to finance loans to its directors. These loans are interest free and repayable on demand. At the balance sheet date Mr P M Byrne and Mr O M Abu Sheikha had balances outstanding of £39,967 and £2,750 (2013 - £38,613 and £2,750 respectively).
During the year the maximum amount outstanding from the directors to the company amounted to £40,533 and £2,750 respectively (2013 - £69,158 and £2,750 respectively).Control
The company was under the control of the directors throughout the current and previous year.2015-03-13Mr P M Byrnetruetruetruetruexbrli:sharesiso4217:GBPxbrli:pureBR Pharmaceuticals Limited2014-01-012014-12-31BR Pharmaceuticals Limited2013-01-012013-12-31BR Pharmaceuticals Limited2012-12-31BR Pharmaceuticals Limited2013-12-31BR Pharmaceuticals Limited2013-12-31BR Pharmaceuticals Limited2014-12-31 2015-10-22
