Pharmisense LLP - Period Ending 2023-03-31
Pharmisense LLP - Period Ending 2023-03-31
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REGISTRAR OF COMPANIES |
Registration number: OC364707
Pharmisense LLP
Unaudited
Financial Statements
31 March 2023
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Pharmisense LLP
Contents
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Accountants' Report |
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Financial Statements |
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Balance Sheet |
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Notes to the Financial Statements |
Chartered Accountants' Report to the Members on the Preparation of the Unaudited Statutory Accounts of
Pharmisense LLP
for the Year Ended 31 March 2023
In order to assist you to fulfil your duties under the Companies Act 2006, as applied to limited liability partnerships, we have prepared for your approval the accounts of Pharmisense LLP for the year ended 31 March 2023 set out on pages 2 to 10 from the limited liability partnership'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 members of Pharmisense LLP, as a body, in accordance with the terms of our engagement letter dated 11 October 2022. Our work has been undertaken solely to prepare for your approval the accounts of Pharmisense LLP and state those matters that we have agreed to state to the members of Pharmisense LLP, 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 Pharmisense LLP and its members as a body for our work or for this report.
It is your duty to ensure that Pharmisense LLP has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Pharmisense LLP. You consider that Pharmisense LLP 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 accounts of Pharmisense LLP. 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 accounts.
Dodd & Co Limited
Chartered Accountants
Clint Mill
Cornmarket
PENRITH
CA11 7HW
27 June 2023
Pharmisense LLP
(Registration number: OC364707)
Balance Sheet as at 31 March 2023
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Note |
2023 |
2022 |
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Fixed assets |
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Intangible assets |
44,162 |
49,682 |
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Tangible assets |
1,621 |
2,162 |
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45,783 |
51,844 |
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Current assets |
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Stocks |
15,426 |
17,963 |
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Debtors |
152,084 |
186,939 |
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Cash and short-term deposits |
5,359 |
690 |
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172,869 |
205,592 |
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Creditors: Amounts falling due within one year |
(186,641) |
(195,485) |
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Net current (liabilities)/assets |
(13,772) |
10,107 |
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Total assets less current liabilities |
32,011 |
61,951 |
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Creditors: Amounts falling due after more than one year |
(49,270) |
(80,664) |
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Net liabilities attributable to members |
(17,259) |
(18,713) |
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Represented by: |
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Loans and other debts due to members |
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Members' capital classified as a liability |
(17,259) |
(18,713) |
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(17,259) |
(18,713) |
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Total members' interests |
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Loans and other debts due to members |
(17,259) |
(18,713) |
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(17,259) |
(18,713) |
Pharmisense LLP
(Registration number: OC364707)
Balance Sheet as at 31 March 2023 (continued)
For the year ending 31 March 2023 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to limited liability partnerships, relating to small entities.
These financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime, as applied to limited liability partnerships, and the option not to file the Profit and Loss Account has been taken.
The members acknowledge their responsibilities for complying with the requirements of the Act, as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 with respect to accounting records and the preparation of accounts.
The financial statements of Pharmisense LLP (registered number OC364707) were approved by the
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Pharmisense LLP
Notes to the Financial Statements for the Year Ended 31 March 2023
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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.
General information and basis of accounting
The limited liability partnership is incorporated in England and Wales under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page. The nature of the limited liability partnership’s operations and its principal activities are given in the members’ report.
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.
The functional currency of Pharmisense LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates. Foreign operations are included in accordance with the policies set out below.
The address of the registered office is:
Clint Mill
Cornmarket
PENRITH
CA11 7HW
Revenue recognition
Revenue is recognised to the extent that the limited liability partnership obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty.
Pharmisense LLP
Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)
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1 |
Accounting policies (continued) |
Members' remuneration and division of profits
The SORP recognises that the basis of calculating profits for allocation may differ from the profits reflected through the financial statements prepared in compliance with recommended practice, given the established need to seek to focus profit allocation on ensuring equity between different generations and populations of members.
Consolidation of the results of certain subsidiary undertakings, the provision for annuities to current and former members, pension scheme charges, the spreading of acquisition integration costs and the treatment of long leasehold interests are all items which may generate differences between profits calculated for the purpose of allocation and those reported within the financial statements. Where such differences arise, they have been included within other amounts in the balance sheet.
Members' fixed shares of profits (excluding discretionary fixed share bonuses) and interest earned on members' balances are automatically allocated and, are treated as members' remuneration charged as an expense to the profit and loss account in arriving at profit available for discretionary division among members.
The remainder of profit shares, which have not been allocated until after the balance sheet date, are treated in these financial statements as unallocated at the balance sheet date and included within other reserves.
Goodwill
Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.
Intangible assets
Intangible assets are stated in the balance sheet at cost less accumulated amortisation and impairment. They are amortised on a straight line basis over their estimated useful lives.
Amortisation
Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:
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Asset class |
Amortisation method and rate |
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Goodwill |
20 years straight line basis |
Depreciation
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
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Asset class |
Depreciation method and rate |
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Plant and machinery |
25% reducing balance basis |
Stock
Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.
Pharmisense LLP
Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)
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1 |
Accounting policies (continued) |
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the limited liability partnership will not be able to collect all amounts due according to the original terms of the receivables.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
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 limited liability partnership 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.
Members' interests
Amounts due to members after more than one year comprise provisions for annuities to current members and certain loans from members which are not repayable within twelve months of the balance sheet date.
Pensions and other post retirement obligations
The partnership operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.
Pharmisense LLP
Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)
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(Loss)/profit for the year before members' remuneration and profit shares |
Arrived at after charging/(crediting)
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2023 |
2022 |
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Depreciation |
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Amortisation |
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Particulars of employees |
The average number of persons employed by the limited liability partnership during the year was
Pharmisense LLP
Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)
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Intangible fixed assets |
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Goodwill |
Total |
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Cost |
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At 1 April 2022 |
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At 31 March 2023 |
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Amortisation |
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At 1 April 2022 |
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Charge for the year |
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At 31 March 2023 |
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Net book value |
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At 31 March 2023 |
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At 31 March 2022 |
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Tangible fixed assets |
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Plant and machinery |
Total |
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Cost |
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At 1 April 2022 |
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At 31 March 2023 |
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Depreciation |
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At 1 April 2022 |
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Charge for the year |
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At 31 March 2023 |
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Net book value |
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At 31 March 2023 |
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At 31 March 2022 |
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Pharmisense LLP
Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)
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Stocks |
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2023 |
2022 |
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Stocks |
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Debtors |
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2023 |
2022 |
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Trade debtors |
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Other debtors |
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Prepayments and accrued income |
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Total current trade and other debtors |
152,084 |
186,939 |
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Creditors: Amounts falling due within one year |
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2023 |
2022 |
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Bank loans and overdrafts |
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Trade creditors |
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Other creditors |
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Accruals and deferred income |
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Creditors amounts falling due within one year includes the following liabilities, on which security has been given by the limited liability partnership:
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2023 |
2022 |
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Bank loans and overdrafts |
21,702 |
39,995 |
Bank loans and overdrafts are secured by fixed and floating charges over the partnership's assets
Pharmisense LLP
Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)
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Creditors: Amounts falling due after more than one year |
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2023 |
2022 |
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Bank loans and overdrafts |
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Creditors amounts falling due after more than one year includes the following liabilities, on which security has been given by the limited liability partnership:
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2023 |
2022 |
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Bank loans and overdrafts |
21,828 |
43,393 |
Bank loans and overdrafts are secured by fixed and floating charges over the partnership's assets