21 false false false false false false false false false true false false false false false false No description of principal activity 2022-02-01 Sage Accounts Production Advanced 2021 - FRS102_2021 990,273 594,163 99,027 693,190 297,083 396,110 xbrli:pure xbrli:shares iso4217:GBP 05625799 2022-02-01 2023-01-31 05625799 2023-01-31 05625799 2022-01-31 05625799 2021-02-01 2022-01-31 05625799 2022-01-31 05625799 core:NetGoodwill 2022-02-01 2023-01-31 05625799 core:LandBuildings core:OwnedOrFreeholdAssets 2022-02-01 2023-01-31 05625799 core:PlantMachinery 2022-02-01 2023-01-31 05625799 core:FurnitureFittings 2022-02-01 2023-01-31 05625799 bus:OrdinaryShareClass1 2022-02-01 2023-01-31 05625799 bus:Director2 2022-02-01 2023-01-31 05625799 core:WithinOneYear 2023-01-31 05625799 core:WithinOneYear 2022-01-31 05625799 core:NetGoodwill 2022-01-31 05625799 core:NetGoodwill 2023-01-31 05625799 core:LandBuildings core:OwnedOrFreeholdAssets 2022-01-31 05625799 core:PlantMachinery 2022-01-31 05625799 core:FurnitureFittings 2022-01-31 05625799 core:LandBuildings core:OwnedOrFreeholdAssets 2023-01-31 05625799 core:PlantMachinery 2023-01-31 05625799 core:FurnitureFittings 2023-01-31 05625799 core:UKTax 2022-02-01 2023-01-31 05625799 core:UKTax 2021-02-01 2022-01-31 05625799 core:ShareCapital 2023-01-31 05625799 core:ShareCapital 2022-01-31 05625799 core:RetainedEarningsAccumulatedLosses 2023-01-31 05625799 core:RetainedEarningsAccumulatedLosses 2022-01-31 05625799 core:NetGoodwill 2022-01-31 05625799 core:LandBuildings core:OwnedOrFreeholdAssets 2022-01-31 05625799 core:PlantMachinery 2022-01-31 05625799 core:FurnitureFittings 2022-01-31 05625799 bus:SmallEntities 2022-02-01 2023-01-31 05625799 bus:AuditExempt-NoAccountantsReport 2022-02-01 2023-01-31 05625799 bus:FullAccounts 2022-02-01 2023-01-31 05625799 bus:SmallCompaniesRegimeForAccounts 2022-02-01 2023-01-31 05625799 bus:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31 05625799 bus:OrdinaryShareClass1 2023-01-31 05625799 bus:OrdinaryShareClass1 2022-01-31 05625799 core:ComputerEquipment 2022-02-01 2023-01-31 05625799 core:ComputerEquipment 2022-01-31 05625799 core:ComputerEquipment 2023-01-31
COMPANY REGISTRATION NUMBER: 05625799
MEDICHEM (LEEDS) LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 January 2023
MEDICHEM (LEEDS) LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 JANUARY 2023
Contents
Pages
Balance sheet 1 to 2
Notes to the financial statements 3 to 8
MEDICHEM (LEEDS) LIMITED
BALANCE SHEET
31 January 2023
2023
2022
Note
£
£
Fixed assets
Intangible assets
6
297,083
396,110
Tangible assets
7
9,021
12,453
------------
------------
306,104
408,563
Current assets
Stocks
123,138
98,441
Debtors
8
1,688,975
633,700
Cash at bank and in hand
371,993
1,372,772
------------
------------
2,184,106
2,104,913
Creditors: amounts falling due within one year
9
( 274,652)
( 335,958)
------------
------------
Net current assets
1,909,454
1,768,955
------------
------------
Total assets less current liabilities
2,215,558
2,177,518
Provisions
( 1,272)
( 1,717)
------------
------------
Net assets
2,214,286
2,175,801
------------
------------
Capital and reserves
Called up share capital
12
6,000
6,000
Profit and loss account
2,208,286
2,169,801
------------
------------
Shareholders funds
2,214,286
2,175,801
------------
------------
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 profit and loss account has not been delivered.
For the year ending 31 January 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 .
MEDICHEM (LEEDS) LIMITED
BALANCE SHEET (continued)
31 January 2023
These financial statements were approved by the board of directors and authorised for issue on 25 October 2023 , and are signed on behalf of the board by:
Mr R Dhand Director
Company registration number: 05625799
MEDICHEM (LEEDS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 JANUARY 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 Medichem House, 40-42 Harrogate Road, Leeds, West Yorskhire, LS7 4LA.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
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 profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
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
-
10% straight line
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 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:
Improvements to property
-
25% straight line
Plant & machinery
-
20% straight line
Fixtures & fittings
-
25% straight line
Computer equipment
-
25% straight line
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 stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 21 (2022: 25 ).
5. Tax on profit
Major components of tax expense
2023
2022
£
£
Current tax:
UK current tax expense
35,722
73,456
Deferred tax:
Origination and reversal of timing differences
( 445)
( 3,288)
------------
------------
Tax on profit
35,277
70,168
------------
------------
6. Intangible assets
Goodwill
£
Cost
At 1 February 2022 and 31 January 2023
990,273
------------
Amortisation
At 1 February 2022
594,163
Charge for the year
99,027
------------
At 31 January 2023
693,190
------------
Carrying amount
At 31 January 2023
297,083
------------
At 31 January 2022
396,110
------------
7. Tangible assets
Property improvements
Plant and machinery
Fixtures and fittings
Equipment
Total
£
£
£
£
£
Cost
At 1 February 2022
18,252
13,560
86,045
50,117
167,974
Additions
978
2,798
3,776
------------
------------
------------
------------
------------
At 31 January 2023
18,252
13,560
87,023
52,915
171,750
------------
------------
------------
------------
------------
Depreciation
At 1 February 2022
15,213
11,715
80,945
47,648
155,521
Charge for the year
1,013
1,528
2,624
2,043
7,208
------------
------------
------------
------------
------------
At 31 January 2023
16,226
13,243
83,569
49,691
162,729
------------
------------
------------
------------
------------
Carrying amount
At 31 January 2023
2,026
317
3,454
3,224
9,021
------------
------------
------------
------------
------------
At 31 January 2022
3,039
1,845
5,100
2,469
12,453
------------
------------
------------
------------
------------
8. Debtors
2023
2022
£
£
Trade debtors
213,248
323,010
Prepayments and accrued income
11,841
9,564
Other debtors
1,463,886
301,126
------------
------------
1,688,975
633,700
------------
------------
9. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
212,326
228,900
Accruals and deferred income
25,494
28,549
Corporation tax
35,722
73,456
Social security and other taxes
1,044
5,053
Director's loan account
66
------------
------------
274,652
335,958
------------
------------
10. Deferred tax
The deferred tax included in the balance sheet is as follows:
2023
2022
£
£
Included in provisions
1,272
1,717
------------
------------
11. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution pension plans was £ 94,088 (2022: £ 89,252 ).
12. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
6,000
6,000
6,000
6,000
------------
------------
------------
------------
13. Related party transactions
The company occupies premises owned by certain of the directors. The annual rent is £41,000 (2022: £41,000). The director's loan set out above is unsecured, repayable on demand and currently interest-free. Dividends paid to certain directors during the year amounted to £39,000 (2022: £47,285). There is no one controlling party of the company.