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Registration number: 09543292

Kensington Pharma Ltd

Unaudited Financial Statements

for the Year Ended 30 April 2023

 

Kensington Pharma Ltd

Contents

Statement of Financial Position

1

Notes to the Unaudited Financial Statements

2 to 6

 

Kensington Pharma Ltd

(Registration number: 09543292)
Statement of Financial Position as at 30 April 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

95,683

141,854

Current assets

 

Stocks

5

35,792

185,458

Debtors

6

279,387

20,596

Cash at bank and in hand

 

212,939

44,615

 

528,118

250,669

Creditors: Amounts falling due within one year

7

(1,268,136)

(843,362)

Net current liabilities

 

(740,018)

(592,693)

Net liabilities

 

(644,335)

(450,839)

Capital and reserves

 

Called up share capital

8

900

900

Retained earnings

(645,235)

(451,739)

Shareholders' deficit

 

(644,335)

(450,839)

For the financial year ending 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Income Statement.

Approved and authorised by the director on 21 November 2023
 

.........................................
Mr Iqbal Moosa
Director

 

Kensington Pharma Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

1

General information

The company is a private company limited by share capital, incorporated in England and wales .

The address of its registered office is:
Unit A Newlands House
60 Chain House Lane
Whitestake
Preston
Lancashire
PR4 4LG

These financial statements were authorised for issue by the director on 21 November 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The Director acknowledges that at the year end the company's balance sheet shows net liabilities of £644,335 (2022: £450,839). The director believes that it is appropriate to prepare these accounts on a going concern basis since Hambleton (UK) Limited, a related company, has confirmed that it will provide continued financial support for the foreseeable future. The financial statements do not include any adjustments that would result if the financial support were to be withdrawn.

 

Kensington Pharma Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Judgements

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.

Significant judgements

The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows

-Determination of recoverability of trade debtors. A specific provision is made against certain debts where in the opinion of the directors the debt is not fully recoverable.

-Determination of recoverability of stock. A specific provision is made against certain stock where in the opinion of the directors the stock will be recovered at less than cost.

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of
the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the
respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary
items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when
the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

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

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses.

 

Kensington Pharma Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

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:

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.

Asset class

Amortisation method and rate

Production Licences

20% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are measured at the lower of cost and net realisable value, after making due allowances for obsolete stock and slow moving items.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2022 - 2).

 

Kensington Pharma Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

4

Intangible assets

Product Licences
£

Total
£

Cost or valuation

At 1 May 2022

225,896

225,896

Additions acquired separately

13,600

13,600

Disposals

(21,358)

(21,358)

At 30 April 2023

218,138

218,138

Amortisation

At 1 May 2022

84,042

84,042

Amortisation charge

38,413

38,413

At 30 April 2023

122,455

122,455

Carrying amount

At 30 April 2023

95,683

95,683

At 30 April 2022

141,854

141,854

5

Stocks

2023
£

2022
£

Finished goods

35,792

185,458

6

Debtors

Current

2023
£

2022
£

Trade debtors

242,820

16,323

Prepayments

36,567

4,273

 

279,387

20,596

 

Kensington Pharma Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

260,511

138,256

Taxation and social security

28,849

20,730

Accruals and deferred income

94,929

9,700

Other creditors

883,847

674,676

1,268,136

843,362

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Shares of £1 each

900

900

900

900