Pharma Project Services Ltd Company Accounts

PHARMA PROJECT SERVICES LTD - Company Information

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COMPANY REGISTRATION NUMBER: 08998316

Pharma Project Services Ltd

Unaudited Financial Statements

For the Year Ended

30 April 2017

Pharma Project Services Ltd

Financial Statements

Year Ended 30 April 2017

Contents	Pages

Officers and Professional Advisers	1

Statement of Financial Position	2

Notes to the Financial Statements	3 to 4

Pharma Project Services Ltd

Officers and Professional Advisers

Director	P Woolridge

Registered Office	1 Worsley Court
	High Street
	Worsley
	Manchester
	M28 3NJ

Pharma Project Services Ltd

Statement of Financial Position

30 April 2017

	2017		2016
Note	£	£	£

Current Assets

Debtors	5	2,280	1,938
Cash at bank and in hand		20,141	27,599
		--------	--------
		22,421	29,537

Creditors: amounts falling due within one year	6	( 16,778)		( 14,557)
		--------		--------
Net Current Assets			5,643	14,980
			------	--------
Total Assets Less Current Liabilities			5,643	14,980
			------	--------

Capital and Reserves

Called up share capital	2	2
Profit and loss account	5,641	14,978
	------	--------
Members Funds	5,643	14,980
	------	--------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 30 April 2017 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 financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 30 May 2017 , and are signed on behalf of the board by:

P Woolridge
Director

Company registration number: 08998316

Pharma Project Services Ltd

Notes to the Financial Statements

Year Ended 30 April 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 1 Worsley Court, High Street, Worsley, Manchester, M28 3NJ.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 May 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 9.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of services is recognised when the significant risks and rewards of ownership have transferred to the customer, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting dates Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Financial instruments

Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Staff costs

The average number of persons employed by the company during the year, including the director, amounted to 1 (2016: 1).

5. Debtors

	2017	2016
	£	£
Trade debtors	2,280	1,938
	------	------

6. Creditors: amounts falling due within one year

	2017	2016
	£	£
Corporation tax	15,347	12,755
Social security and other taxes	1,431	1,802
	--------	--------
	16,778	14,557
	--------	--------

7. Financial instruments

The carrying amount for each category of financial instrument is as follows:

	2017	2016
	£	£

Financial assets that are debt instruments measured at amortised cost

Financial assets that are debt instruments measured at amortised cost	22,421	29,537
	--------	--------

8. Related party transactions

During the year, the director received a dividend of £35,521 (2016: £36,940).

9. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 May 2015.

No transitional adjustments were required in equity or profit or loss for the year.