Registration number:
Mepharm Limited
for the Year Ended 31 May 2023
Mepharm Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Mepharm Limited
Company Information
Directors |
Mr B Patel Mrs M Patel |
Registered office |
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Accountants |
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Mepharm Limited
(Registration number: 07997148)
Balance Sheet as at 31 May 2023
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2023 |
2022 |
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Fixed assets |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current liabilities |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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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.
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 Profit and Loss Account.
Approved and authorised by the
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Mepharm Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
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 financial statements are presented in Pound Sterling, which is the functional currency of the company.
Summary of disclosure exemptions
The Company is part of a small group. The company has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 and has not prepared group accounts.
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transactions 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 Profit and Loss Account 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.
Mepharm Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023
Financial instruments
Classification
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Investments |
2023 |
2022 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
Cost or valuation |
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At 1 June 2022 |
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Carrying amount |
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At 31 May 2023 |
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At 31 May 2022 |
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Mepharm Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2023 |
2022 |
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Subsidiary undertakings |
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55 Eastwood Road
United Kingdom |
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Subsidiary undertakings |
Audley Mills Limited The principal activity of Audley Mills Limited is |
Debtors |
2023 |
2022 |
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Prepayments and accrued income |
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Mepharm Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023
Creditors |
Note |
2023 |
2022 |
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Due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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Amounts owed to/(from) group undertakings |
765,269 |
490,778 |
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Directors' current account |
2,128 |
5,272 |
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Creditors: amounts falling due after more than one year
Note |
2023 |
2022 |
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Due after one year |
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Loans and borrowings |
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The bank loans are secured as follows :
1. A debenture from the company over all of the company's assets and undertaking.
2. A debenture from its subsidiary company over all its assets and undertaking.
3. Two legal charges over the leasehold properties occupied by its subsidiary company.
4. A cross guarantee from its company and subsidiary.
5. The loan is secured by a guarantee provided by Mr B Patel and Mrs M Patel. The amount guaranteed is limited to £75,000.
6. A subordination deed on the loan between the directors and the company.
7. Assignment over life policy on the director Mr B Patel for the amount of £650,000 and for a period of at least 5 years.
Mepharm Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023
Loans and borrowings |
2023 |
2022 |
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Non-current loans and borrowings |
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Bank loan |
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2022 |
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Current loans and borrowings |
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Bank Loan |
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Related party transactions |
Mr B Patel and Mrs M Patel
(Directors and Shareholders)
During the year a dividend of £115,000 was paid to Mr B Patel.
During the year a dividend of £115,000 was paid to Mrs M Patel.
The directors have provided the following securities towards Mepharm Limited bank loan:
1) A personal guarantee limited to £75,000.
2) A subordination deed with the bank over any monies owed by Mepharm Limited to its directors.
3) Assignment over life policy on the director Mr B Patel for the amount of £650,000 and for a period of at least 5 years.
At balance sheet date the amount due (from)/to Mr B Patel and Mrs M Patel was (£2,128) (2022 - £5,272).
Summary of transactions with subsidiaries
Audley Mills Limited
(100% Subsidiary of Mepharm Ltd)
During the year, dividends amounting to £250,000 were received from Audley Mills Limited.
At the balance sheet date the amount due to Audley Mills Limited was £765,269 (2022: £490,778). This amount is interest - free and payable on demand.
Audley Mills Limited has also provided the following securities towards Mepharm Limited bank loan:
1) a debenture over its assets and undertakings.
2) two legal charges over the leasehold properties it occupies.
3) a cross guarantee in respect of its obligation on the loan.