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Registered number: 04441512
Pharmidex Pharmaceutical Services Limited
Financial Statements
For the Period 1 July 2022 to 31 December 2022
Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—8
Page 1
Balance Sheet
Registered number: 04441512
31 December 2022 30 June 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 3 544,982 523,567
Tangible Assets 4 1,063,051 832,479
Investments 5 - 29,400
1,608,033 1,385,446
CURRENT ASSETS
Stocks 6 661,753 726,920
Debtors 7 713,081 595,722
Cash at bank and in hand 88,281 155,874
1,463,115 1,478,516
Creditors: Amounts Falling Due Within One Year 8 (1,243,323 ) (1,239,111 )
NET CURRENT ASSETS (LIABILITIES) 219,792 239,405
TOTAL ASSETS LESS CURRENT LIABILITIES 1,827,825 1,624,851
Creditors: Amounts Falling Due After More Than One Year 9 (917,320 ) (746,795 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (22,242 ) -
NET ASSETS 888,263 878,056
CAPITAL AND RESERVES
Called up share capital 12 136,299 136,299
Share premium account 1,841,697 1,795,897
Profit and Loss Account (1,089,733 ) (1,054,140 )
SHAREHOLDERS' FUNDS 888,263 878,056
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For the period ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Professor Mohammad Alavijeh
Director
26 January 2023
The notes on pages 3 to 8 form part of these financial statements.
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Notes to the Financial Statements
1. Accounting Policies
1.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
1.2. Turnover
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity; and
specific criteria have been met for each of the company's activities.
1.3. Intangible Fixed Assets and Amortisation - 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.

Amortisation is provided on goodwill so as to write off the cost, less any estimated residual value, at 20% of cost per year.
1.4. Research and Development
Service development costs are recognised as Intangible assets to the extent that future benefits are probable, that the developments are technically feasible, that there is a market for the services being developed, and that resources are available to complete the development.

When the services become available for use, amortisation is provided on capitalised service development costs so as to write off the cost, less any estimated residual value, at 10% of cost per year.
1.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. 
Depreciation is charged so as to write off the cost of assets over their estimated useful lives. Unless the useful life of a particular asset is determined to warrant a significantly different rate, when such rate will be used, depreciation is charged as follows:
Leasehold over the period of the lease
Plant & Machinery 15% or 20% of book value per year
Fixtures & Fittings 25% of book value per year
1.6. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
1.7. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
1.8. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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1.9. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
1.10. Pensions
The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
1.11. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets.
1.12. Disclosure of short period
In order to optimise the company's financial position, these financial statements have been prepared to cover a six month period. The figures for the previous period also cover six months and are therefore entirely comparable.
2. Average Number of Employees
The average number of employees, including directors, during the year was as follows: 38 (2022: 36)
38 36
3. Intangible Assets
Goodwill Development Costs Total
£ £ £
Cost
As at 1 July 2022 14,597 550,589 565,186
Additions - 50,118 50,118
As at 31 December 2022 14,597 600,707 615,304
Amortisation
As at 1 July 2022 11,435 30,184 41,619
Provided during the period 1,460 27,243 28,703
As at 31 December 2022 12,895 57,427 70,322
...CONTINUED
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Net Book Value
As at 31 December 2022 1,702 543,280 544,982
As at 1 July 2022 3,162 520,405 523,567
4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 July 2022 47,992 1,864,623 164,433 2,077,048
Additions - 278,476 27,477 305,953
As at 31 December 2022 47,992 2,143,099 191,910 2,383,001
Depreciation
As at 1 July 2022 - 1,111,161 133,408 1,244,569
Provided during the period 2,400 66,017 6,964 75,381
As at 31 December 2022 2,400 1,177,178 140,372 1,319,950
Net Book Value
As at 31 December 2022 45,592 965,921 51,538 1,063,051
As at 1 July 2022 47,992 753,462 31,025 832,479
Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
31 December 2022 30 June 2022
£ £
Plant & Machinery 627,730 451,374
627,730 451,374
5. Investments
Unlisted
£
Cost
As at 1 July 2022 49,400
As at 31 December 2022 49,400
Provision
As at 1 July 2022 20,000
Impairment losses 29,400
As at 31 December 2022 49,400
Net Book Value
As at 31 December 2022 -
As at 1 July 2022 29,400
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The fair value of investments was reviewed by the directors at the end of the period and a £29,400 impairment has been recognised, reducing the fair value to nil.
6. Stocks
31 December 2022 30 June 2022
£ £
Stock - materials 95,720 87,987
Stock - work in progress 566,033 638,933
661,753 726,920
7. Debtors
31 December 2022 30 June 2022
£ £
Due within one year
Trade debtors 377,613 257,526
Prepayments and accrued income 128,089 123,841
Other debtors 16,417 24,816
Corporation tax recoverable assets 190,962 188,707
Deferred tax current asset - 832
713,081 595,722
8. Creditors: Amounts Falling Due Within One Year
31 December 2022 30 June 2022
£ £
Net obligations under finance lease and hire purchase contracts 195,503 116,901
Trade creditors 337,896 297,677
Bank loans and overdrafts 10,028 10,031
Other taxes and social security 60,166 141,175
Other creditors 157,620 301,860
Accruals and deferred income 180,958 108,708
Amounts owed to related parties 301,152 262,759
1,243,323 1,239,111
9. Creditors: Amounts Falling Due After More Than One Year
31 December 2022 30 June 2022
£ £
Net obligations under finance lease and hire purchase contracts 498,125 367,006
Bank loans 29,167 34,167
Amounts owed to related parties 390,028 345,622
917,320 746,795
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10. Secured Creditors
Of the creditors the following amounts are secured.
31 December 2022 30 June 2022
£ £
Net obligations under finance lease and hire purchase contracts 693,628 483,908
Other Creditors 691,180 305,831
11. Obligations Under Finance Leases and Hire Purchase
31 December 2022 30 June 2022
£ £
The maturity of these amounts is as follows:
Within one year 195,503 116,901
Between one and five years 498,125 367,006
693,628 483,907
693,628 483,907
12. Share Capital
31 December 2022 30 June 2022
£ £
Allotted, Called up and fully paid 136,299 136,299
Value Number 31 December 2022 30 June 2022
Allotted, called up and fully paid £ £ £
Ordinary Shares 1 19,611 19,611 19,611
Preference Shares 1 116,688 116,688 116,688
136,299 136,299 136,299
13. Other Commitments
Amounts not provided for in the balance sheet

The total of future minimum lease payments under non-cancellable operating leases not provided for in the balance sheet, which are in respect of ongoing office and laboratory facilities, are as follows:
Land and buildings
31 December 2022 30 June 2022
£ £
Within 1 year 480,768 482,778
Between 1 and 5 years 1,918,512 1,918,512
After 5 years 2,135,677 2,375,491
4,534,957 4,776,781
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14. Exceptional Items
The company borrowed from a related party on normal commercial terms during the period. The first payment of this loan to the company was frustrated, the funds being diverted by fraudsters and never received by the company. The related party made a second payment to the company which was successfully received. The company has agreed to share the losses incurred due to fraud on the first payment and accordingly has suffered an exceptional cost of £165,000.
15. Ultimate Controlling Party
The company's ultimate controlling party is Pharmidex Holdings Ltd by virtue of his ownership of 100% of the issued share capital in the company.
16. General Information
Pharmidex Pharmaceutical Services Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04441512 . The registered office is 167-169 Great Portland Street, Fifth Floor, London, W1W 5PF. The principal place of business is European Knowledge Centre, Mosquito Way, Hatfield, Hertfordshire, AL10 9SN.
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