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Registration number: 10414477

Metropharm Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2022

 

Metropharm Limited

Contents

Company Information

1

Statement of Financial Position

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Metropharm Limited

Company Information

Directors

S Amin

R P Patel

Registered office

Metro House Unit B6 Redlands
Ullswater Crescent
Coulsdon
Surrey
CR5 2HT

Accountants

Harmer Slater Limited
Salatin House
19 Cedar Road
Sutton
Surrey
SM2 5DA

 

Metropharm Limited

(Registration number: 10414477)
Statement of Financial Position as at 31 October 2022

Note

2022
£

2021
£

Non-current assets

 

Intangible assets

4

-

32,760

Property, plant and equipment

5

63,635

65,010

 

63,635

97,770

Current assets

 

Inventories

6

1,282,295

851,337

Receivables

7

3,149,801

3,286,452

Cash at bank and in hand

 

30,035

824,514

 

4,462,131

4,962,303

Payables: Amounts falling due within one year

8

(5,818,679)

(4,990,754)

Net current liabilities

 

(1,356,548)

(28,451)

Total assets less current liabilities

 

(1,292,913)

69,319

Provisions for liabilities

(15,448)

(18,508)

Net (liabilities)/assets

 

(1,308,361)

50,811

Equity

 

Called up share capital

11

1

1

Retained earnings

11

(1,308,362)

50,810

Shareholders' (deficit)/funds

 

(1,308,361)

50,811

 

Metropharm Limited

(Registration number: 10414477)
Statement of Financial Position as at 31 October 2022 (continued)

For the financial year ending 31 October 2022 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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 and in accordance with the provisions of FRS 102 Section 1A - small entities.

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 directors have not delivered to the registrar a copy of the Income statement.

The financial statements of Metropharm Limited were approved and authorised for issue by the Board on 21 November 2023 and signed on its behalf by:
 

.........................................

R P Patel
Director

 

Metropharm Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 October 2022

1

General information

Metropharm Limited (the 'company') is a private company limited by share capital, registered in England and Wales under the Companies Act. The address of the registered office is given on page 1. The nature of the company’s operations and its principal activities are set out in the directors' report on page 2.

2

Accounting policies

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.The financial statements have been prepared under the historical cost convention and in accordance with FRS 105 'The Financial Reporting Standard applicable to the Micro-entities 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.

The functional currency of the company is considered to be pound sterling (£) because that is the currency of the primary economic environment in which the company operates. The financial statements are presented in pound sterling (£).

Going concern

The directors has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis in preparing the annual financial statements.

Revenue recognition

Revenue comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Revenue is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Metropharm Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 October 2022 (continued)

2

Accounting policies (continued)

Tax

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

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 taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Property, plant and equipment

Property, plant and equipment are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of property, plant and equipment includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

25% straight line

Fixtures and fittings

25% straight line

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Software development

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.

 

Metropharm Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 October 2022 (continued)

2

Accounting policies (continued)

Receivables

Receivables are amounts due from customers for goods sold in the ordinary course of business.

Receivables 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 receivables 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.

Inventories

Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, inventories are assessed for impairment. If inventories are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Payables

Payables 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.

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

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs.
Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between
the proceeds, net of transaction costs, and the amount due on redemption being recognised as a
charge to the Income statement over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest
payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer
settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

 

Metropharm Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 October 2022 (continued)

2

Accounting policies (continued)

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 30 (2021 - 27).

 

Metropharm Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 October 2022 (continued)

4

Intangible assets

Software development
 £

Cost or valuation

At 1 November 2021

70,800

Disposals

(70,800)

At 31 October 2022

-

Amortisation

At 1 November 2021

38,040

Amortisation charge

14,160

Amortisation eliminated on disposals

(52,200)

At 31 October 2022

-

Carrying amount

At 31 October 2022

-

At 31 October 2021

32,760

5

Property, plant and equipment

Office equipment
 £

Cost or valuation

At 1 November 2021

105,292

Additions

25,819

At 31 October 2022

131,111

Depreciation

At 1 November 2021

40,282

Charge for the year

27,194

At 31 October 2022

67,476

Carrying amount

At 31 October 2022

63,635

At 31 October 2021

65,010

 

Metropharm Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 October 2022 (continued)

6

Inventories

2022
£

2021
£

Stock

1,282,295

851,337

7

Receivables

2022
£

2021
£

Trade receivables

2,933,165

3,190,819

Other receivables

216,636

93,880

Prepayments

-

1,753

3,149,801

3,286,452

8

Payables

Payables: amounts falling due within one year

2022
£

2021
£

Due within one year

Loans and borrowings

1,688,034

24,718

Trade payable

2,048,151

1,930,660

Social security and other taxes

44,027

30,781

Other payables

1,752,961

2,965,390

Accruals

285,506

39,205

5,818,679

4,990,754

9

Dividends

   

2022

 

2021

   

£

 

£

Interim dividend of £Nil (2021 - £1,440.00) per ordinary share

 

-

 

144,000

         
 

Metropharm Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 October 2022 (continued)

10

Related party transactions

At 31 October 2022, R P Patel owed £72,924 to the company. At 31 October 2021 he was owed £1,051 by the company. The loan is interest free and has no fixed repayment date or repayment schedule.

At 31 October 2022, S Amin was owed £1,760,958 by the company (2021: £23,667). The loan is interest free and has no fixed repayment date or repayment schedule.

11

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary shares of £0.01 each

100

1

100

1