| Pharmaid Ltd |
| Notes to the Accounts |
| for the year ended 31 March 2018 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
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Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods. |
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Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Plant and machinery |
20% reducing balance |
|
|
Stocks |
|
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. |
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Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. |
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Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). |
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Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. |
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|
| 2 |
Employees |
2018 |
|
2017 |
| Number |
Number |
|
|
Average number of persons employed by the company |
6 |
|
5 |
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| 3 |
Tangible fixed assets |
|
|
|
|
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|
|
|
Plant and machinery etc |
| £ |
|
Cost |
|
At 1 April 2017 |
5,000 |
|
Additions |
2,800 |
|
At 31 March 2018 |
7,800 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 April 2017 |
1,800 |
|
Charge for the year |
640 |
|
At 31 March 2018 |
2,440 |
|
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|
|
|
|
|
|
|
|
Net book value |
|
At 31 March 2018 |
5,360 |
|
At 31 March 2017 |
3,200 |
|
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| 4 |
Debtors |
2018 |
|
2017 |
| £ |
£ |
|
|
Trade debtors |
289,956 |
|
309,797 |
|
Other debtors |
2,750 |
|
17,583 |
|
|
|
|
|
|
292,706 |
|
327,380 |
|
|
|
|
|
|
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| 5 |
Creditors: amounts falling due within one year |
2018 |
|
2017 |
| £ |
£ |
|
|
Trade creditors |
34,082 |
|
97,582 |
|
Taxation and social security costs |
63,970 |
|
58,915 |
|
Other creditors |
227,504 |
|
158,656 |
|
|
|
|
|
|
325,556 |
|
315,153 |
|
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| 6 |
Controlling party |
|
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In the opinion of the director, the company is solely controlled by Mohammed Abid. |
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| 7 |
Other information |
|
|
Pharmaid Ltd is a private company limited by shares and incorporated in England. Its registered office is: |
|
82-88 Sherlock Street |
|
Birmingham |
|
B5 6LT |
