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Company registration number: 10098728

Connect Pharma Limited

Filleted Unaudited Financial Statements

for the Year Ended 31 May 2023

 

Connect Pharma Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 6

 

Connect Pharma Limited

Company Information

Directors

J Cattee

L Goodman

A Bailey

Registered office

11 Manchester Road
Walkden
Manchester
M28 3NS

Accountants

BK Plus Limited
Chartered Certified Accountants
7 Waterside Court
St. Helens
Merseyside
WA9 1UA

 

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Connect Pharma Limited
for the Year Ended 31 May 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Connect Pharma Limited for the year ended 31 May 2023 as set out on pages 3 to 6 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the Board of Directors of Connect Pharma Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Connect Pharma Limited and state those matters that we have agreed to state to the Board of Directors of Connect Pharma Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Connect Pharma Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Connect Pharma Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Connect Pharma Limited. You consider that Connect Pharma Limited 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 accounts of Connect Pharma Limited. 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 accounts.

......................................

BK Plus Limited
Chartered Certified Accountants
7 Waterside Court
St. Helens
Merseyside
WA9 1UA

12 April 2024

 

Connect Pharma Limited

(Registration number: 10098728)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

50,624

749

Current assets

 

Debtors

5

1,094,731

83,585

Cash at bank and in hand

 

941,313

1,020,323

 

2,036,044

1,103,908

Creditors: Amounts falling due within one year

6

(340,532)

(152,693)

Net current assets

 

1,695,512

951,215

Total assets less current liabilities

 

1,746,136

951,964

Creditors: Amounts falling due after more than one year

6

(48,687)

-

Provisions for liabilities

(12,656)

(187)

Net assets

 

1,684,793

951,777

Capital and reserves

 

Called up share capital

100

100

Retained earnings

1,684,693

951,677

Shareholders' funds

 

1,684,793

951,777

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:

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.

Approved and authorised by the Board on 28 March 2024 and signed on its behalf by:
 

.........................................
J Cattee
Director

   
     
 

Connect Pharma Limited

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

1

General information

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

The address of its registered office is:
11 Manchester Road
Walkden
Manchester
M28 3NS

The principal place of business is:
Unit 2A
Broom Business Park
Bridge Way
Chesterfield
S41 9QG

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. The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover comprises the fair value of the sale of goods and services net of value added tax, returns, rebates and discounts. Sales of goods and services are recognised either at the point of sale or when the company has delivered them to the customer.

Tangible assets

Tangible assets are initially recorded at cost.

Depreciation

Depreciation is charged so as to write off the cost an asset, less its residual value, over the useful economic life of that asset as follows:

Asset class

Depreciation method and rate

Computer equipment

33% Straight line

Office equipment

10% Straight line

Motor vehicles

25% Reducing balance

 

Connect Pharma Limited

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

Leases

Assets held hire purchase contracts are capitalised in the balance sheet and are depreciated over their useful lives. The capital of future obligations under hire purchase contracts are included in liabilities in the balance sheet.

The interest element of the rental obligations are charged in the profit and loss account over the period of the hire purchase contract.

Rentals payable under operating leases are charged in the profit and loss account over the lease term.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2022 - 0).

4

Tangible assets

Office equipment
£

Motor vehicles
 £

Computer equipment
 £

Total
£

Cost or valuation

At 1 June 2022

-

-

2,249

2,249

Additions

692

66,667

-

67,359

At 31 May 2023

692

66,667

2,249

69,608

Depreciation

At 1 June 2022

-

-

1,500

1,500

Charge for the year

69

16,666

749

17,484

At 31 May 2023

69

16,666

2,249

18,984

Carrying amount

At 31 May 2023

623

50,001

-

50,624

At 31 May 2022

-

-

749

749

 

Connect Pharma Limited

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

5

Debtors

2023
£

2022
£

Trade debtors

594,379

83,233

Other debtors

500,352

352

1,094,731

83,585

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

 

Loans and borrowings

3,787

-

Trade creditors

 

17,130

-

Taxation and social security

 

80,562

20,410

Other creditors

 

239,053

132,283

 

340,532

152,693

Creditors include net obligations under finance lease and hire purchase contracts which are secured of £3,787 (2022 - £Nil).

Creditors: amounts falling due after more than one year

2023
£

2022
£

Due after one year

 

Loans and borrowings

48,687

-

Creditors include net obligations under finance lease and hire purchase contracts which are secured of £48,687 (2022 - £Nil).

7

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £17,591 (2022 - £Nil). This represents the total future minimum lease payments under non-cancellable operating leases.

8

Related party transactions

During the year, Cattee Investments Limited received a loan of £500,000 from Connect Pharma Limited. Mr. J Cattee is a shareholder and director of both companies.