Pharmascript Limited - Period Ending 2016-05-31

Registration number: 04781682

Pharmascript Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 May 2016
 

Pharmascript Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3 to 4

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 4) have been prepared.

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Pharmascript 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 accounts of Pharmascript Limited for the year ended 31 May 2016 set out on pages 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 (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 Board of Directors of Pharmascript Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Pharmascript Limited and state those matters that we have agreed to state to them, 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 Pharmascript Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Pharmascript 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 Pharmascript Limited. You consider that Pharmascript 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 Pharmascript 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 statutory accounts.

......................................

Phipps Henson McAllister
4 South Bar Street
Banbury
Oxfordshire
OX16 9AA

20 February 2017

Page 1

Pharmascript Limited
(Registration number: 04781682)
Abbreviated Balance Sheet at 31 May 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets					2,034			293
Current assets
Debtors					24,441			39,554
Cash at bank and in hand					402,765			318,196
					427,206			357,750
Creditors: Amounts falling due within one year					(58,698)			(31,957)
Net current assets					368,508			325,793
Net assets					370,542			326,086
Capital and reserves
Called up share capital		3			100			100
Profit and loss account					370,442			325,986
Shareholders' funds					370,542			326,086

For the year ending 31 May 2016 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the director on 20 February 2017

.........................................
Mrs K Radford
Director

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 2

Pharmascript Limited
Notes to the Abbreviated Accounts for the Year Ended 31 May 2016
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective January 2015).

The accounts do not include a cash flow statement because the company, as a small reporting entity, is exempt from the requirements to prepare such a statement.

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

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:

Asset class	Depreciation method and rate
Fixtures and fittings	33 1/3% straight line and 25% reducing balance

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Pensions

The company 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.

Page 3

Pharmascript Limited
Notes to the Abbreviated Accounts for the Year Ended 31 May 2016
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 June 2015		4,207			4,207
Additions		2,680			2,680
At 31 May 2016		6,887			6,887
Depreciation
At 1 June 2015		3,914			3,914
Charge for the year		939			939
At 31 May 2016		4,853			4,853
Net book value
At 31 May 2016		2,034			2,034
At 31 May 2015		293			293

3	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary of £1 each		100			100			100			100

Mrs K Radford

Included within creditors is a Directors loan account. The loan is interest free and carries no fixed term of repayment. At the balance sheet date the amount due to Mrs K Radford was £25,900 (2015 - £1,760)

Page 4