Pharmasia8 Limited - Abbreviated accounts

Pharmasia8 Limited - Abbreviated accounts

PHARMASIA8 LIMITED - Company Information

Print Friendly Version

Registered number
07998080
Pharmasia8 Limited
Abbreviated Accounts
31 May 2016
Pharmasia8 Limited
Chartered Accountants' report to the board of directors on the preparation of the unaudited abbreviated accounts of Pharmasia8 Limited for the year ended 31 May 2016
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abbreviated accounts of Pharmasia8 Limited for the year ended 31 May 2016 which comprise of the balance sheet and the related notes from the company’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, we are subject to its ethical and other professional requirements which are detailed at
icaew.com/membershandbook.
This report is made solely to the Board of Directors of Pharmasia8 Limited, as a body, in accordance with the terms of our engagement letter dated 20 March 2012. Our work has been undertaken solely to prepare for your approval the accounts of Pharmasia8 Limited and state those matters that we have agreed to state to the Board of Directors of Pharmasia8 Limited, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Pharmasia8 Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Pharmasia8 Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Pharmasia8 Limited. You consider that Pharmasia8 Limited 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 Pharmasia8 Limited. 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 abbreviated accounts.
TG Associates Limited
Chartered Accountants
7 Jardine House
Harrovian Business Village
Bessborough Road
Harrow Middlesex
HA1 3EX
9 September 2016
Pharmasia8 Limited
Registered number: 07998080
Abbreviated Balance Sheet
as at 31 May 2016
Notes 2016 2015
£ £
Fixed assets
Intangible assets 2 648,916 648,916
Investments 4 100 100
649,016 649,016
Current assets
Stocks 21,941 29,257
Debtors 88,618 58,041
Cash at bank and in hand 214,816 196,078
325,375 283,376
Creditors: amounts falling due within one year (191,670) (152,238)
Net current assets 133,705 131,138
Total assets less current liabilities 782,721 780,154
Creditors: amounts falling due after more than one year (542,719) (576,083)
Net assets 240,002 204,071
Capital and reserves
Called up share capital 6 100 100
Profit and loss account 239,902 203,971
Shareholders' funds 240,002 204,071
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
Members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
Mr Hiran Patel
Director
Approved by the board on 9 September 2016
Pharmasia8 Limited
Notes to the Abbreviated Accounts
for the year ended 31 May 2016
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
Turnover
Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers.
Depreciation
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.
Plant and machinery 100% straight line
Goodwill/Retail Pharmacy Licences
Goodwill arising on acquisition of business is capitalised and is subject to an annual impairment review by the directors in accordance with FRS 10. The directors consider that the goodwill, which includes the cost of retail pharmacy licences, has an indefinite life and is therefore not amortised. Based upon their open market valuations of goodwill, any material diminution in value compared to the carrying amount in the financial statements has been written off to the profit and loss account.

The directors believe that the right for dispensing UK NHS prescriptions, being the pharmacy licence which is attached to a particular pharmacy, has a continuing value. Such rights, conferred by the Department of Health as contracts to dispense prescriptions, are not generally granted to new pharmacies in the same locality. Any deficiency arising from the impairment review is written off to the profit and loss account in the year in which it arises. Any increases in value are not recognised in the financial statments.

The departure from the requirements of hte Companies Act 1985, is in the opinion of the
directors, necessary for the financial statments to give a true and fair view.
Stocks
Stock is valued at the lower of cost and net realisable value.
Deferred taxation
Full provision is made for deferred taxation resulting from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes. Deferred taxation is calculated on an un-discounted basis at the tax rates which are expected to apply in the periods when the timing differences will reverse.
2 Intangible fixed assets £
Cost
At 1 June 2015 648,916
At 31 May 2016 648,916
Amortisation
At 31 May 2016 -
Net book value
At 31 May 2016 648,916
At 31 May 2015 648,916
3 Tangible fixed assets £
Cost
At 1 June 2015 4,799
Additions 20,036
Disposals (19,004)
At 31 May 2016 5,831
Depreciation
At 1 June 2015 4,799
Charge for the year 1,032
At 31 May 2016 5,831
Net book value
At 31 May 2016 -
4 Investments £
Cost
At 1 June 2015 100
At 31 May 2016 100
5 Loans 2016 2015
£ £
Creditors include:
Amounts falling due for payment after more than five years 190,000 190,000
Secured bank loans 251,627 284,991
6 Share capital Nominal 2016 2016 2015
value Number £ £
Allotted, called up and fully paid:
Ordinary shares £1 each 100 100 100
7 Loans from directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Mr Hiran Patel
Amount owed to director (340,000) - - (340,000)
Amount owed to director (5,387) 2,007 - (3,380)
Mrs Bhavna Patel
Amount owed to director (5,387) 2,007 - (3,380)
(350,774) 4,014 - (346,760)
Pharmasia8 Limited 07998080 false true 2015-06-01 2016-05-31 2016-05-31 Mr Hiran Patel 07998080 uk-gaap:MoreThanFiveYears 2015-05-31 07998080 uk-bus:OrdinaryShareClass1 2015-05-31 07998080 2015-06-01 2016-05-31 07998080 uk-bus:Director40 2015-06-01 2016-05-31 07998080 uk-gaap:PlantMachinery 2015-06-01 2016-05-31 07998080 uk-bus:OrdinaryShareClass1 2015-06-01 2016-05-31 07998080 uk-bus:Director1 2015-06-01 2016-05-31 07998080 uk-bus:Director2 2015-06-01 2016-05-31 07998080 uk-bus:AllEntityOfficers 2015-06-01 2016-05-31 07998080 2016-05-31 07998080 uk-gaap:MoreThanFiveYears 2016-05-31 07998080 uk-bus:OrdinaryShareClass1 2016-05-31 07998080 uk-bus:Director1 2016-05-31 07998080 uk-bus:Director2 2016-05-31 07998080 uk-bus:AllEntityOfficers 2016-05-31 07998080 2015-05-31 07998080 uk-bus:Director1 2015-05-31 07998080 uk-bus:Director2 2015-05-31 07998080 uk-bus:AllEntityOfficers 2015-05-31 iso4217:GBP xbrli:shares