Pharmcroft Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 03967159 (England and Wales)

Unaudited Financial Statements for the Year Ended 30 April 2017

for

Pharmcroft Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

P Wendl

SECRETARY:

Mrs R Wendl

REGISTERED OFFICE:

24 Picton House

Hussar Court

Waterlooville

Hampshire

PO7 7SQ

REGISTERED NUMBER:

03967159 (England and Wales)

ACCOUNTANTS:

Johnston Wood Roach Limited

24 Picton House

Hussar Court

Waterlooville

Hampshire

PO7 7SQ

FIXED ASSETS

Tangible assets

4

167

333

CURRENT ASSETS

Stocks

1,200

1,000

Debtors

5

3,978

6,376

Cash at bank

3,714

5,054

8,892

12,430

CREDITORS

Amounts falling due within one year

6

20,509

18,396

NET CURRENT LIABILITIES

(11,617

)

(5,966

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(11,450

)

(5,633

)

PROVISIONS FOR LIABILITIES

-

67

NET LIABILITIES

(11,450

)

(5,700

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(11,550

)

(5,800

)

SHAREHOLDERS' FUNDS

(11,450

)

(5,700

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 30 January 2018 and were signed by:

P Wendl - Director

1.	STATUTORY INFORMATION

Pharmcroft Limited is a private company, limited by shares , registered in England and Wales. The company's

registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - Reduced Disclosure Exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements,

as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

- the requirements of Section 7 Statement of Cash Flows - Presentation of a Statement of Cash Flow and related

notes and disclosures;

- the requirements of Section 11 'Basic Financial Instruments' & Section 12 'Other Financial Instrument Issues' -

Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis

of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value

changes recognised in the profit or loss and in other comprehensive income.

- Section 33 'Related Party Disclosures' - Compensation for key management personnel.

First time adoption of FRS 102

These financial statements are the first financial statements of Pharmcroft Limited prepared in accordance with

Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of

Ireland' (FRS 102). The financial statements of Pharmcroft Limited for the year ended 30 April 2016 were

prepared in accordance with previous UK GAAP.

Some of the FRS 102 recognition, measurement, presentation and disclosure requirements and accounting policy

choices differ from previous UK GAAP. Consequently, the directors have amended certain accounting policies

to comply with FRS 102. The directors have also taken advantage of certain exemptions from the requirements

of FRS 102 permitted by FRS 102 Chapter 35 'Transition to this FRS'.

Comparative figures have been restated to reflect the adjustments made, except to the extent that the directors

have taken advantage of exemptions to retrospective application of FRS 102 permitted by FRS 102 Chapter 35

'Transition to this FRS'. Adjustments are recognised directly in equity within the cumulative profit and loss

account at the transition date.

Monetary amounts in these financial statements are rounded to the nearest whole £1, except where otherwise

indicated.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer equipment

-

33% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

Going concern

The company relies on the continued support of its director. The director has confirmed that he will continue to

give financial support to the company until such time as its position improves. In addition the director has

confirmed that he will not recall his loans within 12 months. The director considers that it is appropriate to

prepare the financial statements on a going concern basis.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 .

4.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1 May 2016

and 30 April 2017

500

DEPRECIATION

At 1 May 2016

167

Charge for year

166

At 30 April 2017

333

NET BOOK VALUE

At 30 April 2017

167

At 30 April 2016

333

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.17

30.4.16

£

£

Trade debtors

3,800

6,376

Other debtors

178

-

3,978

6,376

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.17

30.4.16

£

£

Trade creditors

1,754

1,628

Taxation and social security

1,691

3,009

Other creditors

17,064

13,759

20,509

18,396

7.	ULTIMATE CONTROLLING PARTY

Throughout the year the company was under the control of the director, Mr P Wendl.

8.	FIRST YEAR ADOPTION

The company transitioned to FRS 102 from previously extant UK GAAP as at 1 May 2016.

There has been no impact on the equity of the company or the profit previously reported as a result of the

transition.