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Company registration number: 04888482
Drin-Med International Limited
Trading as Boss Pharmacy
Unaudited filleted financial statements
31 March 2023
Drin-Med International Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Drin-Med International Limited
Directors and other information
Directors Mr D Joshi
Mrs N Joshi
Secretary Mrs N Joshi
Company number 04888482
Registered office Portland House
228 Portland Crescent
Stanmore
Middlesex
HA7 1LS
Business address 85 Bedford Road
Clapham
London
SW4 7RD
Accountants Pandit & Associates Limited
Portland House
228 Portland Crescent
Stanmore
Middlesex
HA7 1LS
Bankers Barclays Bank Plc
54 Lombard Street
London
EC3P 3AH
Solicitors R R Sanghvi & Co.
Sherwood House
176 Northolt Road
South Harrow
Middlesex HA2 0NP
Drin-Med International Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Drin-Med International Limited
Year ended 31 March 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Drin-Med International Limited for the year ended 31 March 2023 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the board of directors of Drin-Med International Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Drin-Med International Limited and state those matters that we have agreed to state to the board of directors of Drin-Med International Limited as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Drin-Med International Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Drin-Med International Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Drin-Med International Limited. You consider that Drin-Med International Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Drin-Med International Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Pandit & Associates Limited
Chartered Certified Accountants
Portland House
228 Portland Crescent
Stanmore
Middlesex
HA7 1LS
17 August 2023
Drin-Med International Limited
Statement of financial position
31 March 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 4 525,000 525,000
Tangible assets 5 32,682 29,719
_______ _______
557,682 554,719
Current assets
Stocks 54,000 44,000
Debtors 6 76,185 110,292
Cash at bank and in hand 280 100,694
_______ _______
130,465 254,986
Creditors: amounts falling due
within one year 7 ( 170,608) ( 211,898)
_______ _______
Net current (liabilities)/assets ( 40,143) 43,088
_______ _______
Total assets less current liabilities 517,539 597,807
Creditors: amounts falling due
after more than one year 8 ( 23,960) ( 31,460)
_______ _______
Net assets 493,579 566,347
_______ _______
Capital and reserves
Called up share capital 10 10
Profit and loss account 493,569 566,337
_______ _______
Shareholders funds 493,579 566,347
_______ _______
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 17 August 2023 , and are signed on behalf of the board by:
Mr D Joshi Mrs N Joshi
Director Director
Company registration number: 04888482
Drin-Med International Limited
Statement of changes in equity
Year ended 31 March 2023
Called up share capital Profit and loss account Total
£ £ £
At 1 April 2021 10 494,213 494,223
Profit for the year 92,124 92,124
_______ _______ _______
Total comprehensive income for the year - 92,124 92,124
Dividends paid and payable ( 20,000) ( 20,000)
_______ _______ _______
Total investments by and distributions to owners - ( 20,000) ( 20,000)
_______ _______ _______
At 31 March 2022 and 1 April 2022 10 566,337 566,347
Profit for the year 7,232 7,232
_______ _______ _______
Total comprehensive income for the year - 7,232 7,232
Dividends paid and payable ( 80,000) ( 80,000)
_______ _______ _______
Total investments by and distributions to owners - ( 80,000) ( 80,000)
_______ _______ _______
At 31 March 2023 10 493,569 493,579
_______ _______ _______
Drin-Med International Limited
Notes to the financial statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Portland House, 228 Portland Crescent, Stanmore, Middlesex, HA7 1LS.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Goodwill
The company's accounting policy is to capitalise purchased goodwill. In the director's opinion the value of goodwill has been maintained and therefore in order that the financial statements to give a true and fair view they consider it inappropriate to amortise its value.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 0 %
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Short leasehold property - Over the remaining period of lease
Fittings fixtures and equipment - 15 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
4. Intangible assets
Goodwill Total
£ £
Cost
At 1 April 2022 and 31 March 2023 525,000 525,000
_______ _______
Amortisation
At 1 April 2022 and 31 March 2023 - -
_______ _______
Carrying amount
At 31 March 2023 525,000 525,000
_______ _______
At 31 March 2022 525,000 525,000
_______ _______
5. Tangible assets
Short leasehold property Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 April 2022 50,527 121,364 171,891
Additions - 9,153 9,153
_______ _______ _______
At 31 March 2023 50,527 130,517 181,044
_______ _______ _______
Depreciation
At 1 April 2022 50,527 91,644 142,171
Charge for the year - 6,191 6,191
_______ _______ _______
At 31 March 2023 50,527 97,835 148,362
_______ _______ _______
Carrying amount
At 31 March 2023 - 32,682 32,682
_______ _______ _______
At 31 March 2022 - 29,720 29,720
_______ _______ _______
6. Debtors
2023 2022
£ £
Trade debtors 59,514 89,560
Other debtors 16,671 20,732
_______ _______
76,185 110,292
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 42,951 11,040
Trade creditors 117,534 149,139
Corporation tax - 21,434
Social security and other taxes 1,309 2,934
Other creditors 8,814 27,351
_______ _______
170,608 211,898
_______ _______
8. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 23,960 31,460
_______ _______
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Amounts repaid Balance o/standing
£ £ £
Mr D Joshi ( 17,243) 10,671 ( 6,572)
_______ _______ _______
2022
Balance brought forward Amounts repaid Balance o/standing
£ £ £
Mr D Joshi ( 17,243) - ( 17,243)
_______ _______ _______
10. Controlling party
During the year the company was under the control of Mr D Joshi and Mrs N Joshi the directors and shareholders of the company.