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Registration number: 13237933

Apex Pharma Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2023

 

Apex Pharma Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

Apex Pharma Ltd

Company Information

Directors

Mr Imraan Khan

Mr Philip Ashton

Mr David Ashton

Company secretary

Mr Imraan Khan

Registered office

22 Kinloch Drive
Kinloch Drive
Bolton
BL1 4LZ

Accountants

EKWilliams Accountants Limited
1 Pavilion Square
Westhoughton
Bolton
BL5 3AJ

 

Apex Pharma Ltd

(Registration number: 13237933)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

1,565,554

1,761,248

Current assets

 

Debtors

5

100

100

Cash at bank and in hand

 

627

8,209

 

727

8,309

Creditors: Amounts falling due within one year

6

(375,740)

(952,720)

Net current liabilities

 

(375,013)

(944,411)

Total assets less current liabilities

 

1,190,541

816,837

Creditors: Amounts falling due after more than one year

6

(932,959)

(1,041,286)

Net assets/(liabilities)

 

257,582

(224,449)

Capital and reserves

 

Called up share capital

100

100

Retained earnings

257,482

(224,549)

Shareholders' funds/(deficit)

 

257,582

(224,449)

For the financial year ending 31 July 2023 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.

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.

 

Apex Pharma Ltd

(Registration number: 13237933)
Balance Sheet as at 31 July 2023

Approved and authorised by the Board on 22 March 2024 and signed on its behalf by:
 

.........................................
Mr Imraan Khan
Company secretary and director

 

Apex Pharma Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
22 Kinloch Drive
Kinloch Drive
Bolton
BL1 4LZ
United Kingdom

These financial statements were authorised for issue by the Board on 22 March 2024.

2

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' 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.

Going concern

The financial statements were prepared on a going concern basis.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

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

Goodwill

Over 10 years

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.

 

Apex Pharma Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors 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 debtors 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.

Trade creditors

Trade creditors 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.

Trade creditors 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 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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 3).

 

Apex Pharma Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 August 2022

1,956,942

1,956,942

At 31 July 2023

1,956,942

1,956,942

Amortisation

At 1 August 2022

195,694

195,694

Amortisation charge

195,694

195,694

At 31 July 2023

391,388

391,388

Carrying amount

At 31 July 2023

1,565,554

1,565,554

At 31 July 2022

1,761,248

1,761,248

5

Debtors

Current

2023
£

2022
£

Other debtors

100

100

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

7

97,740

97,740

Amounts owed to group undertakings and undertakings in which the company has a participating interest

278,000

854,980

 

375,740

952,720

 

Apex Pharma Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

932,959

1,041,286

A debenture has been lodged at Companies House, in favour of Santander bank, with fixed and floating charges over all assets, dated 2 August 2021.

7

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

932,959

1,041,286

2023
£

2022
£

Current loans and borrowings

Bank borrowings

97,740

97,740