Caseware UK (AP4) 2023.0.135 2023.0.135 2023-08-312023-08-31false142022-09-01falsecommunity pharmacy16falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 06147489 2022-09-01 2023-08-31 06147489 2021-09-01 2022-08-31 06147489 2023-08-31 06147489 2022-08-31 06147489 c:Director1 2022-09-01 2023-08-31 06147489 d:Buildings d:LongLeaseholdAssets 2022-09-01 2023-08-31 06147489 d:Buildings d:ShortLeaseholdAssets 2022-09-01 2023-08-31 06147489 d:Buildings d:ShortLeaseholdAssets 2023-08-31 06147489 d:Buildings d:ShortLeaseholdAssets 2022-08-31 06147489 d:MotorVehicles 2022-09-01 2023-08-31 06147489 d:MotorVehicles 2023-08-31 06147489 d:MotorVehicles 2022-08-31 06147489 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-09-01 2023-08-31 06147489 d:FurnitureFittings 2022-09-01 2023-08-31 06147489 d:FurnitureFittings 2023-08-31 06147489 d:FurnitureFittings 2022-08-31 06147489 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-09-01 2023-08-31 06147489 d:OwnedOrFreeholdAssets 2022-09-01 2023-08-31 06147489 d:CurrentFinancialInstruments 2023-08-31 06147489 d:CurrentFinancialInstruments 2022-08-31 06147489 d:CurrentFinancialInstruments 1 2023-08-31 06147489 d:CurrentFinancialInstruments 1 2022-08-31 06147489 d:Non-currentFinancialInstruments 2023-08-31 06147489 d:Non-currentFinancialInstruments 2022-08-31 06147489 d:CurrentFinancialInstruments d:WithinOneYear 2023-08-31 06147489 d:CurrentFinancialInstruments d:WithinOneYear 2022-08-31 06147489 d:Non-currentFinancialInstruments d:AfterOneYear 2023-08-31 06147489 d:Non-currentFinancialInstruments d:AfterOneYear 2022-08-31 06147489 d:UKTax 2022-09-01 2023-08-31 06147489 d:UKTax 2021-09-01 2022-08-31 06147489 d:ShareCapital 2023-08-31 06147489 d:ShareCapital 2022-08-31 06147489 d:RetainedEarningsAccumulatedLosses 2023-08-31 06147489 d:RetainedEarningsAccumulatedLosses 2022-08-31 06147489 c:FRS102 2022-09-01 2023-08-31 06147489 c:AuditExempt-NoAccountantsReport 2022-09-01 2023-08-31 06147489 c:FullAccounts 2022-09-01 2023-08-31 06147489 c:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 06147489 f:PoundSterling 2022-09-01 2023-08-31 iso4217:GBP xbrli:pure

Registered number: 06147489










MED-CHEM UK LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 AUGUST 2023

 
MED-CHEM UK LIMITED
REGISTERED NUMBER: 06147489

STATEMENT OF FINANCIAL POSITION
AS AT 31 AUGUST 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
75,914
85,233

  
75,914
85,233

Current assets
  

Stocks
  
125,237
122,782

Debtors: amounts falling due within one year
 6 
480,001
438,080

Cash at bank and in hand
  
40,059
141,249

  
645,297
702,111

Creditors: amounts falling due within one year
 7 
(247,518)
(251,348)

Net current assets
  
 
 
397,779
 
 
450,763

Total assets less current liabilities
  
473,693
535,996

Creditors: amounts falling due after more than one year
 8 
(55,000)
(85,000)

Provisions for liabilities
  

Deferred tax
  
(6,227)
(7,407)

  
 
 
(6,227)
 
 
(7,407)

Net assets
  
412,466
443,589


Capital and reserves
  

Called up share capital 
  
20
20

Profit and loss account
  
412,446
443,569

  
412,466
443,589


Page 1

 
MED-CHEM UK LIMITED
REGISTERED NUMBER: 06147489
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 AUGUST 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 income statement 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 18 April 2024.




Mr Ali Gul Ozbek
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
MED-CHEM UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

1.


General information

Med-Chem UK Ltd is a private company, limited by share capital, incorporated in England and Wales, registration number 06147489. The address of the registered office is 73 Grand Parade, Green Lanes, N4 1DU.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
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.

Page 3

 
MED-CHEM UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Income statement in the same period as the related expenditure.

 
2.5

Borrowing costs

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

 
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 Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
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 reporting 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 reporting 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 reporting date.

Page 4

 
MED-CHEM UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
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:

Leasehold property and improvements
-
2%
straight line
Delivery vehicle
-
25%
reducing balance
Plant and machinery
-
10%
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 reporting 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.

 
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

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 16 (2022 - 14).

Page 5

 
MED-CHEM UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

4.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
589
2,511


589
2,511


Total current tax
589
2,511

Deferred tax


Origination and reversal of timing differences
(1,179)
(1,817)

Total deferred tax
(1,179)
(1,817)


Taxation on (loss)/profit on ordinary activities
(590)
694

Factors affecting tax charge for the year

There were no factors that affected the tax charge for the year which has been calculated on the profits on ordinary activities before tax at the standard rate of corporation tax in the UK of 25%/19%              (2022 - 19%).



Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 6

 
MED-CHEM UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

5.


Tangible fixed assets





Leasehold property & improve-ments
Delivery vehicle
Plant and machinery
Total

£
£
£
£



Cost or valuation


At 1 September 2022
38,010
8,699
101,377
148,086


Additions
-
-
5,090
5,090



At 31 August 2023

38,010
8,699
106,467
153,176



Depreciation


At 1 September 2022
2,281
2,175
58,397
62,853


Charge for the year on owned assets
760
1,631
12,017
14,408



At 31 August 2023

3,041
3,806
70,414
77,261



Net book value



At 31 August 2023
34,969
4,893
36,053
75,915



At 31 August 2022
35,729
6,524
42,980
85,233


6.


Debtors

2023
2022
£
£


Trade debtors
75,749
65,343

Other debtors
49,929
29,429

VAT repayable
26,516
23,403

Section 458 tax recoverable
78,818
75,814

Director's loan account
246,707
237,805

Prepayments and accrued income
2,282
6,286

480,001
438,080


Page 7

 
MED-CHEM UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

6.Debtors (continued)

Included within other debtors due within one year is a loan to Mr Ali Gul Ozbek, a director, amounting to £246,707 (2022 - £237,805). Mr Ali Gul Ozbek paid the company £5,078 (2022 - £4,663) as interest, calculated at the prevailing HMRC official rate of interest per annum.




7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
30,000
30,000

Trade creditors
185,137
173,399

Other creditors
-
3,844

Corporation tax and section 455 tax
3,638
17,465

Other taxation and social security
6,677
7,338

Wages and salaries
21,294
19,044

Pension payable
772
258

247,518
251,348


The bank loan is secured by a fixed and floating charge over the assets of the company.


8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
55,000
85,000

55,000
85,000


The bank loan is secured by a fixed and floating charge over the assets of the company.

Page 8

 
MED-CHEM UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

9.


Controlling party

The company was under the control of Mr Ali Gul Ozbek, by virtue of the fact that he owns 100% of the issued share capital.

 
Page 9