Pharmethicals Limited
Registered number: 03955215
Balance Sheet
as at 31 December 2021
Notes 2021 2020
£ £
Fixed assets
Tangible assets 3 1,179 -
Investments 4 8,672 -
9,851 -
Current assets
Stocks 140,335 288,535
Debtors 5 36,678 47,508
Cash at bank and in hand 24,767 51,477
201,780 387,520
Creditors: amounts falling due within one year 6 (2,439,751) (2,430,487)
Net current liabilities (2,237,971) (2,042,967)
Total assets less current liabilities (2,228,120) (2,042,967)
Creditors: amounts falling due after more than one year 7 (35,894) -
Net liabilities (2,264,014) (2,042,967)
Capital and reserves
Called up share capital 10,000 10,000
Profit and loss account (2,274,014) (2,052,967)
Shareholders' funds (2,264,014) (2,042,967)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
D Freedman
Director
Approved by the board on 6 September 2022
Pharmethicals Limited
Notes to the Accounts
for the year ended 31 December 2021
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).
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. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings and equipment over 3 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2021 2020
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 January 2021 - -
Additions 1,248 1,248
At 31 December 2021 1,248 1,248
Depreciation
At 1 January 2021 - -
Charge for the year 69 69
At 31 December 2021 69 69
Net book value
At 31 December 2021 1,179 1,179
At 31 December 2020 - -
4 Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 January 2021 -
Additions 8,672
At 31 December 2021 8,672
The company made an investment of €10,000 to purchase 100% of the share capital in
Pharmethicals Italia SRL, a company incorporated in Italy.
5 Debtors 2021 2020
£ £
Trade debtors 4,497 12,397
Other debtors 32,181 35,111
36,678 47,508
6 Creditors: amounts falling due within one year 2021 2020
£ £
Bank loans and overdrafts 10,023 25,000
Trade creditors 47,813 87,439
Taxation and social security costs 7,184 2,118
Other creditors 2,374,731 2,315,930
2,439,751 2,430,487
7 Creditors: amounts falling due after one year 2021 2020
£ £
Bank loans 35,894 -
35,894 -
The company was granted a loan under the Coronavirus Business Interruption Loan Scheme. The loan is guaranteed by the Department for Business, Energy and Industrial Strategy. No capital or interest was payable in the first 12 months of the loan and is charged at 2.5% per annum thereafter.
8 Controlling party
Pharmethicals Limited is controlled by K De Souza and R De Souza by virtue of their majority shareholding in the company.
9 Other information
Pharmethicals Limited is a private company limited by shares and incorporated in England. Its registered office is:
Portwall Place
Portwall Lane
Bristol
BS1 6NA
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