for the Period Ended 31 December 2021
Directors report | |
Profit and loss | |
Balance sheet | |
Additional notes | |
Balance sheet notes |
Directors' report period ended
The directors present their report with the financial statements of the company for the period ended 31 December 2021
Principal activities of the company
Additional information
Results and Dividends:The profit for the year after taxation amounted to £47,826 (2020: £31,377). The directors do not recommend the payment of any dividend in respect of the year. Shares issued:There were no movements in the Company’s share capital during the year.Statement of directors’ responsibilities:The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulation.Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have prepared the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS 101 ‘Reduced Disclosure Framework’, and applicable law).Under company law, directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing the financial statements, the directors are required to:select suitable accounting policies and then apply them consistently;state whether applicable United Kingdom Accounting Standards, comprising FRS 101 have been followed, subject to any material departures disclosed and explained in the financial statements;make judgements and accounting estimates that are reasonable and prudent; andprepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.The directors are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006.Directors’ interests:At no time during the year was the Company or any of its holding companies, subsidiaries or fellow subsidiaries a party to any arrangement to enable the Company’s director to acquire benefits by means of the acquisition of shares in or debentures of the Company or any other body corporate.Directors’ interests in transactions, arrangements or contracts:No director had a material interest, either directly or indirectly, in any transactions, arrangements or contracts of significance to the business of the Company to which any of the Company’s holding companies, subsidiaries or fellow subsidiaries was a party during the year.Disclosure of information to auditors:The directors of the company who held office at the date of approval of this directors’ report confirm that:so far as they are aware, there is no relevant audit information needed by the company’s auditors in connection with preparing their report of which the company's auditors are unaware; andthey have taken all the steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.Going concern:The company meets its day-to-day working capital requirements through its cash reserves. The current economic conditions continue to create uncertainty, particularly over the level of demand for the company’s products. The company’s forecasts and projections, taking account of reasonably possible changes in trading performance, show that the company should be able to operate within the level of its current cash reserves. After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for a period of twelve months from the date of approval of these financial statements. The company therefore continues to adopt the going concern basis in preparing its financial statements.With the completion of transfer Marketing Authorization Holder for Gulf Cooperation Council (GCC) market in 2021, the Directors expect sustainable revenue to grow during 2022, with long term nature of the distributors’ contracts.The Company is satisfied it can meet its day to day working capital requirements through its cash generation and has no debt or banking covenants in place. In the unlikely event that the Company required it, it could request working capital support from its parent company.The Directors have considered the consequences of COVID19, Ukraine Russia War and other trading events and conditions it can predict now, and in the future, and it has determined that these factors do not create a material uncertainty that cast significant doubt upon the Company’s ability to continue as a going concern.The Directors therefore have a reasonable expectation that the Company has adequate resources to continue in operation for a period of twelve months from the date of approval of these financial statements and so it considers it appropriate for the 2021 financial account to be prepared on a going concern basis.Independent auditors:The auditors, Ernst & Young, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.The Company is entitled to exemption from preparing a Strategic Report and preparing the Directors Report in accordance with the small companies’ regime.
Directors
The directors shown below have held office during the whole of the period from
1 January 2021 to 31 December 2021
Secretary
The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006
This report was approved by the board of directors on
And signed on behalf of the board by:
Name:
Status: Director
for the Period Ended
2021 | 2020 | |
---|---|---|
| £ | £ |
Turnover: | | |
Cost of sales: | ( | ( |
Gross profit(or loss): | | |
Distribution costs: | ( | |
Administrative expenses: | ( | ( |
Other operating income: | | |
Operating profit(or loss): | | |
Interest receivable and similar income: | | |
Interest payable and similar charges: | ( | ( |
Profit(or loss) before tax: | | |
Tax: | ( | ( |
Profit(or loss) for the financial year: | | |
As at
Notes | 2021 | 2020 | |
---|---|---|---|
| £ | £ | |
Called up share capital not paid: | | | |
Fixed assets | |||
Intangible assets: | 3 | | |
Tangible assets: | | | |
Investments: | | | |
Total fixed assets: | | | |
Current assets | |||
Stocks: | 4 | | |
Debtors: | 5 | | |
Cash at bank and in hand: | | | |
Investments: | | | |
Total current assets: | | | |
Prepayments and accrued income: | | | |
Creditors: amounts falling due within one year: | 6 | ( | ( |
Net current assets (liabilities): | | | |
Total assets less current liabilities: | | | |
Creditors: amounts falling due after more than one year: | 7 | | ( |
Provision for liabilities: | | | |
Accruals and deferred income: | | | |
Total net assets (liabilities): | | | |
Capital and reserves | |||
Called up share capital: | | | |
Profit and loss account: | | | |
Total Shareholders' funds: | | |
The notes form part of these financial statements
This report was approved by the board of directors on
and signed on behalf of the board by:
Name:
Status: Director
The notes form part of these financial statements
for the Period Ended 31 December 2021
Basis of measurement and preparation
Turnover policy
Intangible fixed assets amortisation policy
Other accounting policies
for the Period Ended 31 December 2021
2021 | 2020 | |
---|---|---|
Average number of employees during the period | | |
for the Period Ended 31 December 2021
Goodwill | Other | Total | |
---|---|---|---|
Cost | £ | £ | £ |
At 1 January 2021 | | | |
Additions | | | |
Disposals | | | |
Revaluations | | | |
Transfers | | | |
At 31 December 2021 | | | |
Amortisation | |||
At 1 January 2021 | | | |
Charge for year | | | |
On disposals | | | |
Other adjustments | | | |
At 31 December 2021 | | | |
Net book value | |||
At 31 December 2021 | | | |
At 31 December 2020 | | | |
for the Period Ended 31 December 2021
2021 | 2020 | |
---|---|---|
£ | £ | |
Stocks | | |
Payments on account | | |
Total | | |
for the Period Ended 31 December 2021
2021 | 2020 | |
---|---|---|
£ | £ | |
Trade debtors | | |
Prepayments and accrued income | | |
Other debtors | | |
Total | | |
for the Period Ended 31 December 2021
2021 | 2020 | |
---|---|---|
£ | £ | |
Bank loans and overdrafts | | |
Amounts due under finance leases and hire purchase contracts | | |
Trade creditors | | |
Taxation and social security | | |
Accruals and deferred income | | |
Other creditors | | |
Total | | |
for the Period Ended 31 December 2021
2021 | 2020 | |
---|---|---|
£ | £ | |
Bank loans and overdrafts | | |
Amounts due under finance leases and hire purchase contracts | | |
Other creditors | | |
Total | | |