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Registered number: 10312101
Ihsan Pharma Ltd
Unaudited Financial Statements
For The Year Ended 31 October 2023
AWR Accountants Limited
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 10312101
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 1,137,033 259,132
Tangible Assets 5 390,586 20,391
1,527,619 279,523
CURRENT ASSETS
Stocks 6 140,000 60,000
Debtors 7 1,004,130 926,976
Cash at bank and in hand 262,000 570,061
1,406,130 1,557,037
Creditors: Amounts Falling Due Within One Year 8 (1,225,184 ) (541,635 )
NET CURRENT ASSETS (LIABILITIES) 180,946 1,015,402
TOTAL ASSETS LESS CURRENT LIABILITIES 1,708,565 1,294,925
Creditors: Amounts Falling Due After More Than One Year 9 (694,849 ) (295,635 )
NET ASSETS 1,013,716 999,290
CAPITAL AND RESERVES
Called up share capital 10 110 110
Profit and Loss Account 1,013,606 999,180
SHAREHOLDERS' FUNDS 1,013,716 999,290
Page 1
Page 2
For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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
Mr Jawad Moin Mehroof
Director
30/07/2024
The notes on pages 3 to 7 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Ihsan Pharma Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 10312101 . The registered office is Ams Medical Accountants , Floor 2, 9 Portland Street, Manchester, England, M1 3BE.
2. Accounting Policies
2.1. 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.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 10 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 2% Straight Line
Leasehold 10% Straight Line
Plant & Machinery 25% Straight line
Fixtures & Fittings 15% Straight line
Computer Equipment 25% Straight line
2.5. 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.
2.6. 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 years 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.
...CONTINUED
Page 3
Page 4
2.6. Taxation - continued
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 assets reflect 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.
2.7. 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 and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 45 (2022: 26)
45 26
4. Intangible Assets
Goodwill
£
Cost
As at 1 November 2022 370,189
Additions 951,648
As at 31 October 2023 1,321,837
Amortisation
As at 1 November 2022 111,057
Provided during the period 73,747
As at 31 October 2023 184,804
Net Book Value
As at 31 October 2023 1,137,033
As at 1 November 2022 259,132
5. Tangible Assets
Land & Property
Freehold Leasehold Plant & Machinery Fixtures & Fittings
£ £ £ £
Cost
As at 1 November 2022 - - 19,469 17,221
Additions 167,615 181,974 11,484 12,469
As at 31 October 2023 167,615 181,974 30,953 29,690
...CONTINUED
Page 4
Page 5
Depreciation
As at 1 November 2022 - - 13,639 5,253
Provided during the period 300 10,065 3,536 3,461
As at 31 October 2023 300 10,065 17,175 8,714
Net Book Value
As at 31 October 2023 167,315 171,909 13,778 20,976
As at 1 November 2022 - - 5,830 11,968
Computer Equipment Total
£ £
Cost
As at 1 November 2022 3,209 39,899
Additions 16,041 389,583
As at 31 October 2023 19,250 429,482
Depreciation
As at 1 November 2022 616 19,508
Provided during the period 2,026 19,388
As at 31 October 2023 2,642 38,896
Net Book Value
As at 31 October 2023 16,608 390,586
As at 1 November 2022 2,593 20,391
6. Stocks
2023 2022
£ £
Stock 140,000 60,000
7. Debtors
2023 2022
£ £
Due within one year
Trade debtors 519,874 494,469
Prepayments and accrued income 12,515 3,126
Other debtors 157,763 27,657
Other debtors (1) 2,098 2,098
Other debtors (2) 18,340 18,340
Other debtors (3) 20,000 20,000
VAT 72,160 33,653
Director's loan account - 12,960
Amounts owed by associates 201,380 314,673
1,004,130 926,976
Page 5
Page 6
8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 618,748 266,585
Other loans - 7,654
Corporation tax 271,871 234,531
Other taxes and social security 66,981 10,379
Other creditors 95,794 3,508
Accruals and deferred income 31,214 18,978
Director's loan account 140,576 -
1,225,184 541,635
9. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 694,849 295,635
10. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 110 110
11. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2023 2022
£ £
Not later than one year 4,428 4,320
Later than one year and not later than five years 3,561 6,232
7,989 10,552
12. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 November 2022 Amounts advanced Amounts repaid Amounts written off As at 31 October 2023
£ £ £ £ £
Mr Jawad Moin Mehroof 12,960 - 12,960 - -
The above loan is unsecured, interest free and repayable on demand.
Page 6
Page 7
13. Dividends
2023 2022
£ £
On equity shares:
Interim dividend paid 122,700 156,000
2023
Interim dividend of £396.84 per each ordinary share capital A £37700
Interim dividend of £88,00 per each ordinary share capital B £44,000
Interim dividend of £8,200 per each ordinary share capital D  £41,000
2022
Interim dividend of £821.05 per each ordinary share capital A £78,000
Interim dividend of £10,000 per each ordinary share capital B £50,000
Interim dividend of £5,600 per each ordinary share capital D  £28,000
Page 7