Caseware UK (AP4) 2022.0.179 2022.0.179 2023-07-312023-07-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.No description of principal activity2022-08-01false1010truetrue 06630885 2022-08-01 2023-07-31 06630885 2021-08-01 2022-07-31 06630885 2023-07-31 06630885 2022-07-31 06630885 c:Director1 2022-08-01 2023-07-31 06630885 d:MotorVehicles 2022-08-01 2023-07-31 06630885 d:MotorVehicles 2023-07-31 06630885 d:MotorVehicles 2022-07-31 06630885 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 06630885 d:FurnitureFittings 2022-08-01 2023-07-31 06630885 d:FurnitureFittings 2023-07-31 06630885 d:FurnitureFittings 2022-07-31 06630885 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 06630885 d:OfficeEquipment 2022-08-01 2023-07-31 06630885 d:OfficeEquipment 2023-07-31 06630885 d:OfficeEquipment 2022-07-31 06630885 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 06630885 d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 06630885 d:Goodwill 2022-08-01 2023-07-31 06630885 d:Goodwill 2023-07-31 06630885 d:Goodwill 2022-07-31 06630885 d:CurrentFinancialInstruments 2023-07-31 06630885 d:CurrentFinancialInstruments 2022-07-31 06630885 d:Non-currentFinancialInstruments 2023-07-31 06630885 d:Non-currentFinancialInstruments 2022-07-31 06630885 d:CurrentFinancialInstruments d:WithinOneYear 2023-07-31 06630885 d:CurrentFinancialInstruments d:WithinOneYear 2022-07-31 06630885 d:Non-currentFinancialInstruments d:AfterOneYear 2023-07-31 06630885 d:Non-currentFinancialInstruments d:AfterOneYear 2022-07-31 06630885 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-07-31 06630885 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-07-31 06630885 d:ShareCapital 2023-07-31 06630885 d:ShareCapital 2022-07-31 06630885 d:RetainedEarningsAccumulatedLosses 2023-07-31 06630885 d:RetainedEarningsAccumulatedLosses 2022-07-31 06630885 d:OtherDeferredTax 2023-07-31 06630885 d:OtherDeferredTax 2022-07-31 06630885 c:FRS102 2022-08-01 2023-07-31 06630885 c:AuditExempt-NoAccountantsReport 2022-08-01 2023-07-31 06630885 c:FullAccounts 2022-08-01 2023-07-31 06630885 c:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 06630885 d:Goodwill d:OwnedIntangibleAssets 2022-08-01 2023-07-31 iso4217:GBP xbrli:pure

Registered number: 06630885









M & K PHARMACHEM LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JULY 2023

 
M & K PHARMACHEM LIMITED
REGISTERED NUMBER: 06630885

BALANCE SHEET
AS AT 31 JULY 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
187,500
225,000

Tangible assets
 5 
54,555
47,600

  
242,055
272,600

Current assets
  

Stocks
  
95,255
72,709

Debtors: amounts falling due within one year
 6 
935,089
721,774

Cash at bank and in hand
 7 
209,287
275,462

  
1,239,631
1,069,945

Creditors: amounts falling due within one year
 8 
(355,455)
(274,723)

Net current assets
  
 
 
884,176
 
 
795,222

Total assets less current liabilities
  
1,126,231
1,067,822

Creditors: amounts falling due after more than one year
 9 
(18,334)
(28,094)

Provisions for liabilities
  

Deferred tax
 11 
(11,699)
(9,044)

  
 
 
(11,699)
 
 
(9,044)

Net assets
  
1,096,198
1,030,684


Capital and reserves
  

Called up share capital 
  
2
2

Profit and loss account
  
1,096,196
1,030,682

  
1,096,198
1,030,684


Page 1

 
M & K PHARMACHEM LIMITED
REGISTERED NUMBER: 06630885
    
BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 11 April 2024.




................................................
Mr A S Shah
Director

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
M & K PHARMACHEM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

1.


General information

M&K Pharmachem Limited is a private company limited by shares. The company is incorporated in England and Wales and the address of the registered office is 108 Bromham Road, Bedford, London, England, MK40 2QH. The registered number is 06630885.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 3

 
M & K PHARMACHEM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

Current and deferred taxation

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

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the United Kingdom where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 4

 
M & K PHARMACHEM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.7

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of income and retained earnings over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Motor vehicles
-
14%
Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

Page 5

 
M & K PHARMACHEM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

 
2.14

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Page 6

 
M & K PHARMACHEM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

3.


Employees

The average monthly number of employees, including directors, during the year was 10 (2022 - 10).


4.


Intangible assets




Goodwill

£



Cost


At 1 August 2022
750,000



At 31 July 2023

750,000



Amortisation


At 1 August 2022
525,000


Charge for the year on owned assets
37,500



At 31 July 2023

562,500



Net book value



At 31 July 2023
187,500



At 31 July 2022
225,000



Page 7

 
M & K PHARMACHEM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

5.


Tangible fixed assets





Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 August 2022
128,956
58,531
24,379
211,866


Additions
18,343
-
-
18,343



At 31 July 2023

147,299
58,531
24,379
230,209



Depreciation


At 1 August 2022
81,356
58,531
24,379
164,266


Charge for the year on owned assets
11,388
-
-
11,388



At 31 July 2023

92,744
58,531
24,379
175,654



Net book value



At 31 July 2023
54,555
-
-
54,555



At 31 July 2022
47,600
-
-
47,600


6.


Debtors

2023
2022
£
£


Trade debtors
159,154
110,202

Amounts owed by group undertakings
658,499
526,163

Other debtors
117,436
85,409

935,089
721,774



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
209,287
275,462

209,287
275,462


Page 8

 
M & K PHARMACHEM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
10,648
10,648

Trade creditors
302,084
213,569

Corporation tax
25,274
31,053

Other taxation and social security
4,211
4,453

Other creditors
8,486
10,000

Accruals and deferred income
4,752
5,000

355,455
274,723



9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
18,334
28,094

18,334
28,094



10.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
10,648
10,648


10,648
10,648


Amounts falling due 2-5 years

Bank loans
18,334
28,094


18,334
28,094


28,982
38,742


Page 9

 
M & K PHARMACHEM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

11.


Deferred taxation




2023


£






At beginning of year
(9,044)


Charged to profit or loss
(2,655)



At end of year
(11,699)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Other item
(11,699)
(9,044)

(11,699)
(9,044)


12.


Controlling party

The ultimate parent company is A&D Pharmachem Limited. The registered office of A&D Pharmachem Limited is 174 Broadfields Avenue, Edgware, Middlesex, HA8 8TF.

 
Page 10