RI Pharma Limited - Period Ending 2017-12-31
RI Pharma Limited - Period Ending 2017-12-31
Registration number:
RI Pharma Limited
for the Year Ended 31 December 2017
1st Floor 6 St Johns Court
Upper Fforest Way
Swansea
C & C of Swansea
SA6 8QQ
RI Pharma Limited
Contents
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Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
RI Pharma Limited
Company Information
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Directors |
Mr A Farah Mr BSFK Nasr |
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Registered office |
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Accountants |
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Page 1 |
RI Pharma Limited
(Registration number: 06678405)
Balance Sheet as at 31 December 2017
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Note |
2017 |
2016 |
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Fixed assets |
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Intangible assets |
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Current assets |
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Stocks |
- |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current (liabilities)/assets |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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( |
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Net liabilities |
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( |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 31 December 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
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Page 2 |
RI Pharma Limited
(Registration number: 06678405)
Balance Sheet as at 31 December 2017
Approved and authorised by the
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Mr A Farah
Director
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Page 3 |
RI Pharma Limited
Notes to the Financial Statements for the Year Ended 31 December 2017
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
The principal place of business is:
156 Mayals Road
Mayals
Swansea
C & C of Swansea
SA3 5HF
United Kingdom
These financial statements were authorised for issue by the
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The financial statements have been prepared on a going concern basis.
The company has and will be able to continue its investment in product licences with the continued support from Pharmacare Plc and Pharmacare Premium Limited. The loans to date are interest free with no set terms of repayment and both companies have given undertakings that no repayment is required within one year of the financial accounts to 31st December 2017.
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Page 4 |
RI Pharma Limited
Notes to the Financial Statements for the Year Ended 31 December 2017
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Amortisation
Product licences will be amortised over their useful life following commencement of manufacture. Manufacture and sales commenced in 2015 and the following amortisation policy has been applied:
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Asset class |
Amortisation method and rate |
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Product licences |
10% Straight Line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
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Page 5 |
RI Pharma Limited
Notes to the Financial Statements for the Year Ended 31 December 2017
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
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Intangible assets |
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Product licence development costs |
Total |
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Cost or valuation |
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At 1 January 2017 |
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Additions |
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At 31 December 2017 |
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Amortisation |
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At 1 January 2017 |
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Amortisation charge |
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At 31 December 2017 |
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Carrying amount |
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At 31 December 2017 |
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At 31 December 2016 |
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The aggregate amount of research and development expenditure recognised as an expense during the period is £Nil (2016 - £Nil).
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Stocks |
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2017 |
2016 |
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Other inventories |
- |
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Debtors |
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2017 |
2016 |
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Trade debtors |
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Other debtors |
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Page 6 |
RI Pharma Limited
Notes to the Financial Statements for the Year Ended 31 December 2017
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Creditors |
Creditors: amounts falling due within one year
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2017 |
2016 |
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Due within one year |
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Trade creditors |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
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2017 |
2016 |
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Due after one year |
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Other long term creditors |
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Other long term creditors represent amounts owed to Pharmacare Plc and Pharmacare Premium Limited, both related parties of RI Pharma Limited. The loans to date are interest free with no set terms of repayment. Pharmacare Plc and Pharmacare Premium Limited have each given an undertaking that no repayment is due within one year of the date of these accounts.
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Share capital |
Allotted, called up and fully paid shares
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2017 |
2016 |
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No. |
£ |
No. |
£ |
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2 |
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2 |
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Page 7 |