RXPharma Limited - Period Ending 2023-06-30

RXPharma Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Unaudited Financial Statements	3 to 7

RXPharma Limited

Company Information

Director

Mr P A Williams

Company secretary

Mr B Whitfield

Registered office

3 Pall Mall Pleasington Blackburn Lancashire BB2 6QD

RXPharma Limited

(Registration number: 04457030)
Balance Sheet as at 30 June 2023

	Note	2023 £	2022 £
Current assets
Debtors	6	1,225	1,225
Cash at bank and in hand		279	279
		1,504	1,504
Creditors: Amounts falling due within one year	7	(50,415)	(50,415)
Net liabilities		(48,911)	(48,911)
Capital and reserves
Called up share capital	8	450	450
Capital redemption reserve		450	450
Retained earnings		(49,811)	(49,811)
Shareholders' deficit		(48,911)	(48,911)

For the financial year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 27 February 2024
 

......................................... Mr P A Williams Director

RXPharma Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

1	General information

The company is a private company limited by share capital, incorporated in Exgland & Wales.

The address of its registered office is:
3 Pall Mall
Pleasington
Blackburn
Lancashire
BB2 6QD

These financial statements were authorised for issue by the director on 27 February 2024.

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 FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

Basis of preparation

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

The company is currently not trading. The sole liabilities are to a company for which the sole director/shareholder is the director, and he has indicated that the company will not seek to recover this liability. Therefore at the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

Profit and loss account

The company has not traded during the year or the preceding financial period. During this time, the company received no income and incurred no expenditure and therefore no Profit and loss account is presented in these financial statements.

Foreign currency transactions and balances

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

RXPharma Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Tangible assets

Tangible assets are stated in the balance sheet 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 recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Asset class	Depreciation method and rate
Plant and machinery	Straight line - 50%
Fixtures, fittings & equipment	Straight line - 25%

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss .

Intangible assets

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
 
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
 
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

RXPharma Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 0 (2022 - 0).

RXPharma Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

4	Intangible assets

	Trademarks, patents and licenses  £	Total £
Cost or valuation
At 1 July 2022	50,000	50,000
At 30 June 2023	50,000	50,000
Amortisation
At 1 July 2022	50,000	50,000
At 30 June 2023	50,000	50,000
Carrying amount
At 30 June 2023	-	-

5	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 July 2022	54,334	54,334
At 30 June 2023	54,334	54,334
Depreciation
At 1 July 2022	54,334	54,334
At 30 June 2023	54,334	54,334
Carrying amount
At 30 June 2023	-	-

6

Debtors

Current	2023 £	2022 £
Other debtors	1,225	1,225

RXPharma Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

7

Creditors

Creditors: amounts falling due within one year

	2023 £	2022 £
Due within one year
Other creditors	50,415	50,415

Other creditors includes an amount of £50,415 due to Peter Williams (Withnell Pharmacy) Limited a company owned and controlled by the Director Mr P A Williams

8	Share capital

Allotted, called up and fully paid shares

	2023		2022
	No.	£	No.	£
Ordinary Shares of £1 each	450	450	450	450