IRIS Accounts Production v23.4.0.336 SC375579 Board of Directors 1.4.22 31.3.23 31.3.23 false true false false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC3755792022-03-31SC3755792023-03-31SC3755792022-04-012023-03-31SC3755792021-03-31SC3755792021-04-012022-03-31SC3755792022-03-31SC375579ns15:Scotland2022-04-012023-03-31SC375579ns14:PoundSterling2022-04-012023-03-31SC375579ns10:Director12022-04-012023-03-31SC375579ns10:PrivateLimitedCompanyLtd2022-04-012023-03-31SC375579ns10:SmallEntities2022-04-012023-03-31SC375579ns10:AuditExemptWithAccountantsReport2022-04-012023-03-31SC375579ns10:SmallCompaniesRegimeForDirectorsReport2022-04-012023-03-31SC375579ns10:SmallCompaniesRegimeForAccounts2022-04-012023-03-31SC375579ns10:FullAccounts2022-04-012023-03-31SC37557912022-04-012023-03-31SC375579ns10:Director22022-04-012023-03-31SC375579ns10:Director32022-04-012023-03-31SC375579ns10:RegisteredOffice2022-04-012023-03-31SC375579ns5:CurrentFinancialInstruments2023-03-31SC375579ns5:CurrentFinancialInstruments2022-03-31SC375579ns5:Non-currentFinancialInstruments2023-03-31SC375579ns5:Non-currentFinancialInstruments2022-03-31SC375579ns5:ShareCapital2023-03-31SC375579ns5:ShareCapital2022-03-31SC375579ns5:CapitalRedemptionReserve2023-03-31SC375579ns5:CapitalRedemptionReserve2022-03-31SC375579ns5:RetainedEarningsAccumulatedLosses2023-03-31SC375579ns5:RetainedEarningsAccumulatedLosses2022-03-31SC375579ns5:NetGoodwill2022-04-012023-03-31SC375579ns5:IntangibleAssetsOtherThanGoodwill2022-04-012023-03-31SC375579ns5:PlantMachinery2022-04-012023-03-31SC375579ns5:NetGoodwill2022-03-31SC375579ns5:NetGoodwill2023-03-31SC375579ns5:NetGoodwill2022-03-31SC375579ns5:LandBuildings2022-03-31SC375579ns5:PlantMachinery2022-03-31SC375579ns5:LandBuildings2022-04-012023-03-31SC375579ns5:LandBuildings2023-03-31SC375579ns5:PlantMachinery2023-03-31SC375579ns5:LandBuildings2022-03-31SC375579ns5:PlantMachinery2022-03-31SC375579ns5:CostValuation2022-03-31SC375579ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-31SC375579ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-03-31SC375579ns5:Secured2023-03-31SC375579ns5:Secured2022-03-31
REGISTERED NUMBER: SC375579 (Scotland)















Unaudited Financial Statements for the Year Ended 31 March 2023

for

KST Pharm Ltd

KST Pharm Ltd (Registered number: SC375579)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 8

KST Pharm Ltd

Company Information
for the Year Ended 31 March 2023







DIRECTORS: B Timlin
M N Sadiq
A B Shields





REGISTERED OFFICE: 29 Brandon Street
Hamilton
South Lanarkshire
ML3 6DA





REGISTERED NUMBER: SC375579 (Scotland)





ACCOUNTANTS: Sharles Ltd
Chartered Accountants
29 Brandon Street
Hamilton
ML3 6DA

KST Pharm Ltd (Registered number: SC375579)

Balance Sheet
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 - -
Tangible assets 6 165,196 147,463
Investments 7 3,325,430 3,325,430
3,490,626 3,472,893

CURRENT ASSETS
Stocks 89,610 55,310
Debtors 8 361,064 342,274
Cash at bank and in hand 188,568 266,466
639,242 664,050
CREDITORS
Amounts falling due within one year 9 403,264 403,057
NET CURRENT ASSETS 235,978 260,993
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,726,604

3,733,886

CREDITORS
Amounts falling due after more than one
year

10

(2,229,024

)

(2,331,136

)

PROVISIONS FOR LIABILITIES (2,590 ) (4,708 )
NET ASSETS 1,494,990 1,398,042

CAPITAL AND RESERVES
Called up share capital 100 100
Capital redemption reserve 10 10
Retained earnings 1,494,880 1,397,932
SHAREHOLDERS' FUNDS 1,494,990 1,398,042

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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.

KST Pharm Ltd (Registered number: SC375579)

Balance Sheet - continued
31 March 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 15 March 2024 and were signed on its behalf by:





B Timlin - Director


KST Pharm Ltd (Registered number: SC375579)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

KST Pharm Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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. There were no material departures from that standard.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements
The financial statements contain information about KST Pharm Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover
Turnover is derived from pharmaceutical sales made by the company.

Turnover is measured at the fair value of the pharmaceutical sales made, net of discounts and excluding value added tax, and is recognised at the point that the company obtains the right to consideration.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2013, is being amortised evenly over its estimated useful life of five years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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 etc - 20% on cost

Tangible fixed assets held for the companies own use are stated at cost less accumulated depreciation and accumulated impairment loss.

At each balance sheet date, the company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Expenditure of £500 or more on individual tangible fixed assets is capitalised at cost. Expenditure on assets below this threshold is charged directly to the income statement in the period it is incurred.

KST Pharm Ltd (Registered number: SC375579)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

3. ACCOUNTING POLICIES - continued

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell (net realisable value). Costs, which comprise direct production costs, are based on the method appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit and loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amounts of stocks recognised as an expense in the period in which the reversal occurs.

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 balance sheet date.

Taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2022 - 15 ) .

5. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2022
and 31 March 2023 18,000
AMORTISATION
At 1 April 2022
and 31 March 2023 18,000
NET BOOK VALUE
At 31 March 2023 -
At 31 March 2022 -

KST Pharm Ltd (Registered number: SC375579)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

6. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 April 2022 76,275 140,921 217,196
Additions - 35,668 35,668
At 31 March 2023 76,275 176,589 252,864
DEPRECIATION
At 1 April 2022 1,526 68,207 69,733
Charge for year 762 17,173 17,935
At 31 March 2023 2,288 85,380 87,668
NET BOOK VALUE
At 31 March 2023 73,987 91,209 165,196
At 31 March 2022 74,749 72,714 147,463

7. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 April 2022
and 31 March 2023 3,325,430
NET BOOK VALUE
At 31 March 2023 3,325,430
At 31 March 2022 3,325,430

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 135,593 131,667
Amounts owed by group undertakings 5,170 1,401
Other debtors 220,301 209,206
361,064 342,274

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 157,450 158,651
Trade creditors 204,705 190,354
Taxation and social security 36,277 49,837
Other creditors 4,832 4,215
403,264 403,057

KST Pharm Ltd (Registered number: SC375579)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 2,229,024 2,331,136

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 1,542,569 1,655,404

11. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 2,386,474 2,489,787

The bank loan is secured by a bond and floating charge over the assets and undertakings of the company. A personal guarantee has also been provided by the director, B Timlin and his wife, of £210,000. This is supported by a charge over the life policy of B Timlin and a first standard security over the property owned by the Brian and Elaine Timlin Property Partnership.

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The company operates a loan account with the director, B Timlin.

At the year end, the balance due from the director was £2,443 (2022: £2,443). This loan is unsecured, interest free and has no fixed repayment terms.

13. RELATED PARTY DISCLOSURES

J&C Stuart Pharmacies Limited

KST Pharm Ltd own 100% of the shares in J&C Stuart Pharmacies Limited.
During the year, the company advanced loans totalling £3,769 to J&C Stuart Pharmacies Limited. At the end of the year, the balance due was £3,811 (2022: £42).

Ambercove Ltd

KST Pharm Ltd own 100% of the shares in Ambercove Ltd.
At the end of the year, the balance due was £1,360 (2022: £1,360)

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
KST Pharm Ltd

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of KST Pharm Ltd for the year ended 31 March 2023 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of KST Pharm Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of KST Pharm Ltd and state those matters that we have agreed to state to the Board of Directors of KST Pharm Ltd, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that KST Pharm Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of KST Pharm Ltd. You consider that KST Pharm Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of KST Pharm Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Sharles Ltd
Chartered Accountants
29 Brandon Street
Hamilton
ML3 6DA


15 March 2024