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REGISTERED NUMBER: 10078288 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 October 2023

for

Medrx Pharmaceuticals Ltd

Medrx Pharmaceuticals Ltd (Registered number: 10078288)






Contents of the Financial Statements
for the Year Ended 31 October 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Medrx Pharmaceuticals Ltd

Company Information
for the Year Ended 31 October 2023







DIRECTORS: M B Hornung
C W L Chaston





SECRETARY: M B Hornung





REGISTERED OFFICE: 9 St George's Yard
Castle Street
Farnham
Surrey
GU9 7LW





REGISTERED NUMBER: 10078288 (England and Wales)





ACCOUNTANTS: Blackwood Futcher & Co.
Chartered Accountants
9 St George's Yard
Farnham
Surrey
GU9 7LW

Medrx Pharmaceuticals Ltd (Registered number: 10078288)

Balance Sheet
31 October 2023

31.10.23 31.10.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 3,844 3,192
Investments 5 - 2
3,844 3,194

CURRENT ASSETS
Stocks 85,490 1,170,009
Debtors 6 1,647,281 547,551
Cash at bank 73,516 10,005
1,806,287 1,727,565
CREDITORS
Amounts falling due within one year 7 1,737,853 1,712,653
NET CURRENT ASSETS 68,434 14,912
TOTAL ASSETS LESS CURRENT
LIABILITIES

72,278

18,106

PROVISIONS FOR LIABILITIES 961 606
NET ASSETS 71,317 17,500

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 71,315 17,498
SHAREHOLDERS' FUNDS 71,317 17,500

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5 December 2023 and were signed on its behalf by:





C W L Chaston - Director


Medrx Pharmaceuticals Ltd (Registered number: 10078288)

Notes to the Financial Statements
for the Year Ended 31 October 2023

1. STATUTORY INFORMATION

Medrx Pharmaceuticals Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for the sale of pharmaceutical goods, stated net of discounts and of Value Added Tax.

The company recognises revenue when the amount of revenue can be measured reliably, when it is probable that future economic benefits will flow to the entity.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 25% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Medrx Pharmaceuticals Ltd (Registered number: 10078288)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

2. ACCOUNTING POLICIES - continued

Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use and the fair value less cost to sell, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit or loss.

Stocks are also assessed for impairment at each reporting date. The carrying amount of each item of stock, or group of similar items, is compared with its selling price less costs to complete and sell. If an item of stock or group of similar items is impaired, its carrying amount is reduced to selling price less costs to complete and sell, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss is subsequently reversed, the carrying amount of the asset or group of related assets is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset or group of related assets in prior periods. A reversal of an impairment loss is recognised immediately in profit or loss.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 November 2022 6,937
Additions 2,124
At 31 October 2023 9,061
DEPRECIATION
At 1 November 2022 3,745
Charge for year 1,472
At 31 October 2023 5,217
NET BOOK VALUE
At 31 October 2023 3,844
At 31 October 2022 3,192

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 November 2022 2
Disposals (2 )
At 31 October 2023 -
NET BOOK VALUE
At 31 October 2023 -
At 31 October 2022 2

Medrx Pharmaceuticals Ltd (Registered number: 10078288)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Trade debtors 1,486,982 465,314
Other debtors 160,299 82,237
1,647,281 547,551

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Trade creditors 1,409,500 1,509,964
Taxation and social security 140,744 130,631
Other creditors 187,609 72,058
1,737,853 1,712,653

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 October 2023 and 31 October 2022:

31.10.23 31.10.22
£    £   
C W L Chaston
Balance outstanding at start of year 82,014 62,318
Amounts advanced 153,711 111,000
Amounts repaid (90,484 ) (91,304 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 145,241 82,014

M B Hornung
Balance outstanding at start of year 138 138
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 138 138

The maximum amount outstanding during the year and due to the company by CWL Chaston was £192,481. No interest was paid during the year on this balance.