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Registered number: 01337315














HAMPSHIRE PHARMACEUTICALS LIMITED

 
UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023

 
HAMPSHIRE PHARMACEUTICALS LIMITED
 

CONTENTS



Page
Balance sheet
 
1 - 2
Notes to the financial statements
 
3 - 8


 
HAMPSHIRE PHARMACEUTICALS LIMITED
REGISTERED NUMBER:01337315

BALANCE SHEET
AS AT 30 JUNE 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible fixed assets
 5 
68,007
51,191

  
68,007
51,191

Current assets
  

Stocks
 6 
151,543
111,607

Debtors: amounts falling due within one year
 7 
2,377,139
2,375,649

Cash at bank and in hand
 8 
717,774
600,745

  
3,246,456
3,088,001

Creditors: amounts falling due within one year
 9 
(778,014)
(601,802)

Net current assets
  
 
 
2,468,442
 
 
2,486,199

Total assets less current liabilities
  
2,536,449
2,537,390

Provisions for liabilities
  

Deferred tax
 10 
(4,451)
(1,690)

  
 
 
(4,451)
 
 
(1,690)

Net assets
  
2,531,998
2,535,700


Capital and reserves
  

Called up share capital 
 11 
1,000
1,000

Profit and loss account
  
2,530,998
2,534,700

  
2,531,998
2,535,700


1

 
HAMPSHIRE PHARMACEUTICALS LIMITED
REGISTERED NUMBER:01337315
    
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2023

The director considers 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 director acknowledges his 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 profit and loss account 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 19 April 2024.




G Dhillon
Director

The notes on pages 3 to 8 form part of these financial statements.

2

 
HAMPSHIRE PHARMACEUTICALS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1.


General information

Hampshire Pharmaceuticals Limited is a private limited company, registered in England and Wales with registration number 01337315. The registered office address is Elsley Court, 20-22 Great Titchfield Street, London, W1W 8BE.
The principal activity of the company continued to be that of a pharmacy.

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 company's functional and presentational currency is pound sterling.

The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover 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. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
 
 
2.3

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in the Profit and loss account in the same period as the related expenditure. 

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

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.

3

 
HAMPSHIRE PHARMACEUTICALS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.7

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 income 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 countries 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. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
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, on a reducing balance basis.

Depreciation is provided on the following basis:

Motor vehicles
-
25%
reducing balance
Fixtures and fittings
-
15%
reducing balance
Computer equipment
-
33%
reducing balance

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 weighted average 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.

4

 
HAMPSHIRE PHARMACEUTICALS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.10

 Debtors

Short term debtors are measured at transaction price, 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.

 
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.

 
2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 24 (2022 - 18).


4.


Dividends

2023
2022
£
£


Dividends
330,000
-

5

 
HAMPSHIRE PHARMACEUTICALS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

5.


Tangible fixed assets





Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 July 2022
9,297
312,410
9,215
330,922


Additions
-
17,574
9,570
27,144



At 30 June 2023

9,297
329,984
18,785
358,066



Depreciation


At 1 July 2022
8,302
262,242
9,187
279,731


Charge for the year on owned assets
249
7,965
2,114
10,328



At 30 June 2023

8,551
270,207
11,301
290,059



Net book value



At 30 June 2023
746
59,777
7,484
68,007



At 30 June 2022
995
50,168
28
51,191


6.


Stocks

2023
2022
£
£

Finished goods and goods for resale
151,543
111,607


6

 
HAMPSHIRE PHARMACEUTICALS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

7.


Debtors

2023
2022
£
£


Trade debtors
263,220
215,960

Amounts owed by group undertakings
1,948,899
2,008,123

Other debtors
128,020
111,951

Prepayments and accrued income
37,000
39,615

2,377,139
2,375,649



8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
717,774
600,745



9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
489,248
458,149

Amounts owed to group undertakings
218,134
49,987

Corporation tax
53,373
73,120

Other creditors
8,219
11,569

Accruals and deferred income
9,040
8,977

778,014
601,802



10.


Deferred taxation




2023
2022


£

£






At beginning of year
(1,690)
(1,405)


Charged to profit or loss
(2,761)
(285)



At end of year
(4,451)
(1,690)

7

 
HAMPSHIRE PHARMACEUTICALS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
 
10.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(4,876)
(1,772)

Short term timing differences
425
82

(4,451)
(1,690)


11.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1,000 Ordinary shares of £1.00 each
1,000
1,000



12.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £4,685 (2022 - £3,194). At the balance sheet date the company owed £1,697 (2022 - £328) to the pension fund.


13.


Commitments under operating leases

At 30 June 2023 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
31,000
31,000

Later than 1 year and not later than 5 years
124,000
124,000

Later than 5 years
116,250
147,250

271,250
302,250


14.


Related party transactions

No disclosure has been made of transactions with other wholly owned group companies in accordance with FRS 102 section 1A paragraph 1AC.35.

 
8