Espee Pharma (UK) Limited - Limited company accounts 17.3

REGISTERED NUMBER: 08868139 (England and Wales)

REPORT OF THE DIRECTORS AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2017

FOR

ESPEE PHARMA (UK) LIMITED

Page

Company Information

1

Report of the Directors

2

Income Statement

3

Balance Sheet

4

Notes to the Financial Statements

6

DIRECTORS:

Mr N Patel

Mr R Patel

Mr S Shah

Mr S Shah

SECRETARY:

Mr N Patel

REGISTERED OFFICE:

Unit 1 Conqueror Court,

Spilsby Road Harold Hill

Romford

Essex

RM3 8SB

REGISTERED NUMBER:

08868139 (England and Wales)

ACCOUNTANTS:

Kiew Consulting

Suite 100

Airport House

Croydon

Surrey

CR0 0XZ

The directors present their report with the financial statements of the company for the year ended 30 June 2017.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 July 2016 to the date of this report.

Mr N Patel

Mr R Patel

Mr S Shah

Mr S Shah

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

Mr N Patel - Director

26 March 2018

TURNOVER

708,900

1,184,880

Cost of sales

460,001

1,029,089

GROSS PROFIT

248,899

155,791

Administrative expenses

162,009

103,245

OPERATING PROFIT

4

86,890

52,546

Interest receivable and similar income

13

34

PROFIT BEFORE TAXATION

86,903

52,580

Tax on profit

17,188

10,417

PROFIT FOR THE FINANCIAL YEAR

69,715

42,163

FIXED ASSETS

Tangible assets

5

370

493

CURRENT ASSETS

Stocks

66,094

18,657

Debtors

6

120,316

33,865

Cash at bank

136,122

105,321

322,532

157,843

CREDITORS

Amounts falling due within one year

7

263,618

128,767

NET CURRENT ASSETS

58,914

29,076

TOTAL ASSETS LESS CURRENT LIABILITIES

59,284

29,569

CREDITORS

Amounts falling due after more than one year

8

19,950

19,950

NET ASSETS

39,334

9,619

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

39,234

9,519

SHAREHOLDERS' FUNDS

39,334

9,619

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

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

The directors acknowledge their 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 in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 26 March 2018 and were signed on its behalf by:

Mr N Patel - Director

1.	STATUTORY INFORMATION

Espee Pharma (UK) 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.

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

-

25% on reducing balance

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.

3.	EMPLOYEES AND DIRECTORS

The average monthly number of employees during the year was 2 .

4.	OPERATING PROFIT

The operating profit is stated after charging:

2017

2016

£

£

Depreciation - owned assets

123

164

5.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1 July 2016

and 30 June 2017

657

DEPRECIATION

At 1 July 2016

164

Charge for year

123

At 30 June 2017

287

NET BOOK VALUE

At 30 June 2017

370

At 30 June 2016

493

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

109,503

26,599

Other debtors

10,813

7,266

120,316

33,865

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

55,849

37,974

Taxation and social security

17,699

10,417

Other creditors

190,070

80,376

263,618

128,767

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Amounts owed to participating interests

10,000

10,000

Other creditors

9,950

9,950

19,950

19,950