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REGISTRAR OF COMPANIES

Registration number: 10500947

H & W Pharma Ltd

Unaudited Financial Statements

31 March 2024

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H & W Pharma Ltd

Contents

Accountants' Report

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

4

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
H & W Pharma Ltd
for the Year Ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of H & W Pharma Ltd for the year ended 31 March 2024 as set out on pages 2 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of H & W Pharma Ltd, as a body, in accordance with the terms of our engagement letter dated 29 September 2023. Our work has been undertaken solely to prepare for your approval the accounts of H & W Pharma Ltd and state those matters that we have agreed to state to the Board of Directors of H & W Pharma Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than H & W Pharma Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that H & W Pharma Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of H & W Pharma Ltd. You consider that H & W Pharma Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of H & W Pharma Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.



Dodd & Co Limited
Chartered Accountants
Clint Mill
Cornmarket
PENRITH
CA11 7HW

17 June 2024

 

H & W Pharma Ltd

(Registration number: 10500947)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

254,535

207,031

Investments

5

1,362,981

1,362,681

 

1,617,516

1,569,712

Current assets

 

Debtors

6

1,233,768

1,066,794

Cash at bank and in hand

 

80,454

149,797

 

1,314,222

1,216,591

Creditors: Amounts falling due within one year

7

(440,431)

(448,871)

Net current assets

 

873,791

767,720

Total assets less current liabilities

 

2,491,307

2,337,432

Creditors: Amounts falling due after more than one year

7

(1,798,842)

(1,812,047)

Provisions for liabilities

(12,839)

(58)

Net assets

 

679,626

525,327

Capital and reserves

 

Allotted, called up and fully paid share capital

100

100

Profit and loss account

679,526

525,227

Total equity

 

679,626

525,327

 

H & W Pharma Ltd

(Registration number: 10500947)
Balance Sheet as at 31 March 2024 (continued)

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 17 June 2024 and signed on its behalf by:
 

.........................................

C J K Hii

Director

.........................................

S Y Wong

Director

 

H & W Pharma Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Clint Mill
Cornmarket
PENRITH
CA11 7HW

The principal place of business is:
4 Manor House
High Street
KIRKBY STEPHEN
CA17 4SH

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Group accounts not prepared

The company is exempt from preparing group accounts in accordance with s399 of the Companies Act 2006 as it is subject to the small companies regime.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and 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.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

H & W Pharma Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

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 taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

50 years straight line

Motor vehicles

25% reducing balance

Computer equipment

33% straight line

Investments

Fixed asset investments are stated at historical cost less provision for any diminution in value.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for the sale of goods or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

H & W Pharma Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method where due after more than one year.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

H & W Pharma Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

4

Tangible assets

Land and buildings
£

Motor vehicles
 £

Furniture, fittings and office equipment
 £

Total
£

Cost or valuation

At 1 April 2023

220,000

-

378

220,378

Additions

-

56,760

-

56,760

At 31 March 2024

220,000

56,760

378

277,138

Depreciation

At 1 April 2023

13,200

-

147

13,347

Charge for the year

4,400

4,730

126

9,256

At 31 March 2024

17,600

4,730

273

22,603

Carrying amount

At 31 March 2024

202,400

52,030

105

254,535

At 31 March 2023

206,800

-

231

207,031

5

Investments

2024
£

2023
£

Investments in subsidiaries

1,362,981

1,362,681

Subsidiaries

£

Cost or valuation

At 1 April 2023

1,362,681

Additions

300

At 31 March 2024

1,362,981

Provision

Carrying amount

At 31 March 2024

1,362,981

At 31 March 2023

1,362,681

 

H & W Pharma Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

6

Debtors

2024
£

2023
£

Amounts owed by group undertakings and undertakings in which the company has a participating interest

1,227,285

1,062,991

Other debtors

6,483

3,803

1,233,768

1,066,794

7

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

359,193

327,555

Trade creditors

 

810

741

Amounts owed to group undertakings and undertakings in which the company has a participating interest

 

300

23,229

Taxation and social security

 

32,380

27,879

Corporation tax liability

 

41,539

65,664

Other creditors

 

6,209

3,803

 

440,431

448,871

Due after one year

 

Loans and borrowings

8

1,798,842

1,812,047

2024
£

2023
£

After more than five years by instalments

1,097,913

1,327,933

1,097,913

1,327,933

 

H & W Pharma Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

8

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank borrowings

135,205

103,297

Finance lease liabilities

7,067

-

Other borrowings

216,921

224,258

359,193

327,555

Current loans and borrowings includes the following liabilities, on which security has been given by the company:

2024
£

2023
£

Finance lease liabilities

7,067

-

Bank borrowings

135,205

103,297

142,272

103,297

Finance lease liabilities are secured on the assets to which they relate.

Bank borrowings are secured by fixed and floating charges over the company's assets.

 

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

1,751,327

1,812,047

Finance lease liabilities

47,515

-

1,798,842

1,812,047

Non-current loans and borrowings includes the following liabilities, on which security has been given by the company:

2024
£

2023
£

Finance lease liabilities

47,515

-

Bank borrowings

1,751,327

1,812,047

1,798,842

1,812,047

Finance lease liabilities are secured on the assets to which they relate.

Bank borrowings are secured by fixed and floating charges over the company's assets.
 

 

H & W Pharma Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £17,635 (2023 - £26,619).