Registered number
07352168
Pharmallaney Ltd
Unaudited Filleted Accounts
31 August 2023
Pharmallaney Ltd
Registered number: 07352168
Balance Sheet
as at 31 August 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 1,863 2,145
Current assets
Debtors 4 12,162 11,143
Cash at bank and in hand 45,754 95,273
57,916 106,416
Creditors: amounts falling due within one year 5 (10,789) (36,851)
Net current assets 47,127 69,565
Total assets less current liabilities 48,990 71,710
Provisions for liabilities (354) (408)
Net assets 48,636 71,302
Capital and reserves
Called up share capital 2 2
Profit and loss account 48,634 71,300
Shareholders' funds 48,636 71,302
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.
Gaynor Mollaney
Director
Approved by the board on 16 October 2023
Pharmallaney Ltd
Notes to the Accounts
for the year ended 31 August 2023
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 and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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
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:
Equipment over 6.66 years
Computer over 3 years
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Office equipment Computer equipment Total
£ £ £
Cost
At 1 September 2022 3,050 3,889 6,939
Additions - 166 166
Disposals (153) (1,719) (1,872)
At 31 August 2023 2,897 2,336 5,233
Depreciation
At 1 September 2022 905 3,889 4,794
Charge for the year 393 55 448
On disposals (153) (1,719) (1,872)
At 31 August 2023 1,145 2,225 3,370
Net book value
At 31 August 2023 1,752 111 1,863
At 31 August 2022 2,145 - 2,145
4 Debtors 2023 2022
£ £
Trade debtors 12,009 10,929
Other debtors 153 214
12,162 11,143
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 93 151
Taxation and social security costs 3,182 14,076
Other creditors 7,515 22,624
10,789 36,851
6 Related party transactions
None noted
7 Transactions with Directors
During the year the Directors of Pharmallaney Ltd used a current account with the company to record amounts due to them and amounts drawn by them. The account shows an amount owing back to the directors as at 31st August 2023 of £6,475.38 (2022: £20,590.32). The amount is repayable on demand and carries interest.
8 Controlling party
Mrs Gaynor Mollaney and Mr Gerald Mollaney each hold 50% of the share capital of the company. As Mrs Gaynor Mollaney works full time in the business and controls the daily running of the company, she is actually the company's ultimate controlling party.
9 Other information
Pharmallaney Ltd is a private company limited by shares and incorporated in England and Wales. Its registered office is:
14 Clos Telyn
Penperlleni
Monmouthshire
NP4 0DB
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