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REGISTERED NUMBER: 05032748 (England and Wales)



















Unaudited Financial Statements

for the Year Ended 30 June 2023

for

PHARMASPEC LIMITED

PHARMASPEC LIMITED (REGISTERED NUMBER: 05032748)






Contents of the Financial Statements
for the Year Ended 30 June 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


PHARMASPEC LIMITED

Company Information
for the Year Ended 30 June 2023







DIRECTORS: Majad Hussain
Qamar Nawaz





SECRETARY: Majad Hussain





REGISTERED OFFICE: Unit 31 Bordesley Trading Estate
Bordesley Green Road
Bordesley Green
Birmingham
West Midlands
B8 1BZ





REGISTERED NUMBER: 05032748 (England and Wales)





ACCOUNTANTS: Brindleys Limited
2 Wheeleys Road
Edgbaston
Birmingham
West Midlands
B15 2LD

PHARMASPEC LIMITED (REGISTERED NUMBER: 05032748)

Statement of Financial Position
30 June 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 5,564 6,717

CURRENT ASSETS
Debtors 5 956,992 922,823
Cash at bank 362,675 320,145
1,319,667 1,242,968
CREDITORS
Amounts falling due within one year 6 524,291 472,211
NET CURRENT ASSETS 795,376 770,757
TOTAL ASSETS LESS CURRENT
LIABILITIES

800,940

777,474

CAPITAL AND RESERVES
Called up share capital 7 1,030 1,030
Retained earnings 8 799,910 776,444
SHAREHOLDERS' FUNDS 800,940 777,474

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

PHARMASPEC LIMITED (REGISTERED NUMBER: 05032748)

Statement of Financial Position - continued
30 June 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 7 February 2024 and were signed on its behalf by:




Majad Hussain - Director



Qamar Nawaz - Director


PHARMASPEC LIMITED (REGISTERED NUMBER: 05032748)

Notes to the Financial Statements
for the Year Ended 30 June 2023

1. STATUTORY INFORMATION

Pharmaspec Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 15% on reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Holiday pay
Holiday pay is recognised as an expense in the period in which the service is received.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

PHARMASPEC LIMITED (REGISTERED NUMBER: 05032748)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and
machinery fittings Totals
£    £    £   
COST
At 1 July 2022
and 30 June 2023 64,635 51,328 115,963
DEPRECIATION
At 1 July 2022 63,178 46,068 109,246
Charge for year 364 789 1,153
At 30 June 2023 63,542 46,857 110,399
NET BOOK VALUE
At 30 June 2023 1,093 4,471 5,564
At 30 June 2022 1,457 5,260 6,717

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 410,856 374,688
Other debtors 540,000 540,000
Deferred tax asset 4,167 7,010
Prepayments 1,969 1,125
956,992 922,823

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 511,561 455,314
Social security and other taxes - 1,805
VAT 6,011 5,893
Other creditors - 2,480
Directors' current accounts 2,719 2,719
Accrued expenses 4,000 4,000
524,291 472,211

PHARMASPEC LIMITED (REGISTERED NUMBER: 05032748)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1,000 Ordinary £1 1,000 1,000
4 Ordinary A £1 4 4
13 Ordinary B £1 13 13
13 Ordinary C £1 13 13
1,030 1,030

Each share has one voting right and equal rights to dividends and distributions.

8. RESERVES
Retained
earnings
£   

At 1 July 2022 776,443
Profit for the year 23,467
At 30 June 2023 799,910