Caseware UK (AP4) 2022.0.179 2022.0.179 2023-02-282023-02-28true2022-03-01falseNo description of principal activity11trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 12450559 2022-03-01 2023-02-28 12450559 2021-03-01 2022-02-28 12450559 2023-02-28 12450559 2022-02-28 12450559 c:Director1 2022-03-01 2023-02-28 12450559 d:FurnitureFittings 2022-03-01 2023-02-28 12450559 d:FurnitureFittings 2023-02-28 12450559 d:FurnitureFittings 2022-02-28 12450559 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 12450559 d:ComputerEquipment 2022-03-01 2023-02-28 12450559 d:ComputerEquipment 2023-02-28 12450559 d:ComputerEquipment 2022-02-28 12450559 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 12450559 d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 12450559 d:CurrentFinancialInstruments 2023-02-28 12450559 d:CurrentFinancialInstruments 2022-02-28 12450559 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 12450559 d:CurrentFinancialInstruments d:WithinOneYear 2022-02-28 12450559 d:ShareCapital 2023-02-28 12450559 d:ShareCapital 2022-02-28 12450559 d:RetainedEarningsAccumulatedLosses 2023-02-28 12450559 d:RetainedEarningsAccumulatedLosses 2022-02-28 12450559 c:FRS102 2022-03-01 2023-02-28 12450559 c:AuditExempt-NoAccountantsReport 2022-03-01 2023-02-28 12450559 c:FullAccounts 2022-03-01 2023-02-28 12450559 c:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 iso4217:GBP xbrli:pure

Registered number: 12450559










PHARMECONOMY LTD








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 28 FEBRUARY 2023

 
PHARMECONOMY LTD
REGISTERED NUMBER: 12450559

STATEMENT OF FINANCIAL POSITION
AS AT 28 FEBRUARY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
6,479
4,202

  
6,479
4,202

Current assets
  

Debtors: amounts falling due within one year
 5 
9,804
3,846

Cash at bank and in hand
  
63,487
67,845

  
73,291
71,691

Creditors: amounts falling due within one year
 6 
(42,207)
(44,164)

Net current assets
  
 
 
31,084
 
 
27,527

Total assets less current liabilities
  
37,563
31,729

Provisions for liabilities
  

Deferred tax
  
(1,620)
(1,051)

  
 
 
(1,620)
 
 
(1,051)

Net assets
  
35,943
30,678


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
35,942
30,677

  
35,943
30,678


Page 1

 
PHARMECONOMY LTD
REGISTERED NUMBER: 12450559
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 28 FEBRUARY 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 15 November 2023.




A Youds
Director

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
PHARMECONOMY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

1.


General information

PharmEconomy Ltd, (registered number 12450559), is a private company limited by shares and incorporated in England & Wales. Its registered office address is Wey Court West, Union Road, Farnham, Surrey, GU9 7PT. 
 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
PHARMECONOMY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.3

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Fixtures and fittings
-
25%
on reducing balance
Computer equipment
-
25%
on reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 4

 
PHARMECONOMY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.7

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.8

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

 
2.9

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

 
2.10

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2022 - 1).

Page 5

 
PHARMECONOMY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

4.


Tangible fixed assets





Fixtures and fittings
Computer equipment
Total

£
£
£



Cost or valuation


At 1 March 2022
4,018
2,311
6,329


Additions
1,000
2,982
3,982



At 28 February 2023

5,018
5,293
10,311



Depreciation


At 1 March 2022
1,127
999
2,126


Charge for the year on owned assets
764
942
1,706



At 28 February 2023

1,891
1,941
3,832



Net book value



At 28 February 2023
3,127
3,352
6,479



At 28 February 2022
2,890
1,312
4,202

Page 6

 
PHARMECONOMY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

5.


Debtors

2023
2022
£
£


Trade debtors
6,173
3,570

Prepayments and accrued income
3,631
276

9,804
3,846



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Corporation tax
21,794
20,582

Other taxation and social security
4,389
2,047

Other creditors
14,524
20,035

Accruals and deferred income
1,500
1,500

42,207
44,164


 
Page 7