Company Registration No. 12265125 (England and Wales)
Woodend Pharma Ltd
Filleted accounts
for the year ended 31 December 2022
Woodend Pharma Ltd
Filleted accounts
Contents
Woodend Pharma Ltd
Company Information
for the year ended 31 December 2022
Directors
Gulam Jaffer Nabi
Jasjeev Singh Rai
Danish Ahmed Vitran
Company Number
12265125 (England and Wales)
Registered Office
104 Hinckley Road
Coventry
CV2 2EU
Accountants
YP Finance
Hawthorne House
17A Hawthorne Drive
Leicester
Leicestershire
LE5 6DL
Woodend Pharma Ltd
Statement of financial position
as at 31 December 2022
Intangible assets
763,135
824,754
Tangible assets
9,750
15,500
Cash at bank and in hand
324,750
281,983
Creditors: amounts falling due within one year
(303,339)
(293,181)
Net current assets
184,836
149,556
Total assets less current liabilities
957,721
989,810
Creditors: amounts falling due after more than one year
(936,737)
(1,019,258)
Net assets/(liabilities)
20,984
(29,448)
Called up share capital
3
3
Profit and loss account
20,981
(29,451)
Shareholders' funds
20,984
(29,448)
For the year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2023 and were signed on its behalf by
Gulam Jaffer Nabi
Director
Company Registration No. 12265125
Woodend Pharma Ltd
Notes to the Accounts
for the year ended 31 December 2022
Woodend Pharma Ltd is a private company, limited by shares, registered in England and Wales, registration number 12265125. The registered office is 104 Hinckley Road, Coventry, CV2 2EU.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Motor vehicles
25% straight line
Fixtures & fittings
20% straight line
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Woodend Pharma Ltd
Notes to the Accounts
for the year ended 31 December 2022
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
4
Intangible fixed assets
Goodwill
At 31 December 2022
947,992
Charge for the year
61,619
At 31 December 2022
184,857
At 31 December 2022
763,135
At 31 December 2021
824,754
5
Tangible fixed assets
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At 1 January 2022
7,000
20,000
27,000
At 31 December 2022
7,000
20,000
27,000
At 1 January 2022
3,500
8,000
11,500
Charge for the year
1,750
4,000
5,750
At 31 December 2022
5,250
12,000
17,250
At 31 December 2022
1,750
8,000
9,750
At 31 December 2021
3,500
12,000
15,500
Finished goods
39,000
39,000
Amounts falling due within one year
Trade debtors
100,017
97,330
Woodend Pharma Ltd
Notes to the Accounts
for the year ended 31 December 2022
8
Creditors: amounts falling due within one year
2022
2021
Bank loans and overdrafts
74,115
74,115
Trade creditors
154,025
159,244
Taxes and social security
35,045
19,665
Other creditors
38,991
38,994
9
Creditors: amounts falling due after more than one year
2022
2021
Bank loans
587,407
649,928
Loans from directors
349,330
369,330
Allotted, called up and fully paid:
3 Ordinary shares of £1 each
3
3
11
Average number of employees
During the year the average number of employees was 8 (2021: 8).