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Registered number: 08956987










NV PHARMA LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
NV PHARMA LIMITED
REGISTERED NUMBER: 08956987

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
  
-
825

Tangible assets
 5 
37
75

Investments
 6 
2,787,589
2,787,589

  
2,787,626
2,788,489

Current assets
  

Debtors: amounts falling due within one year
 7 
18,404
30,953

Cash at bank and in hand
  
502,959
322,709

  
521,363
353,662

Creditors: amounts falling due within one year
 8 
(126,962)
(2,462,080)

Net current assets/(liabilities)
  
 
 
394,401
 
 
(2,108,418)

Total assets less current liabilities
  
3,182,027
680,071

Creditors: amounts falling due after more than one year
 9 
(578,838)
(680,207)

  

Net assets/(liabilities)
  
2,603,189
(136)


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
2,603,089
(236)

  
2,603,189
(136)


Page 1

 
NV PHARMA LIMITED
REGISTERED NUMBER: 08956987
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024

The directors consider 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 directors acknowledge their 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 23 September 2024.




Mr N Patel
Mrs V Patel
Director
Director

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
NV PHARMA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

NV Pharma limited is a private company, limited by share capital, incorporated in England and Wales under company registration number 05151022. The registered office of the company is situated at Level 5A, Maple House,149 Tottenham Court Road, London, W1T 7NF.

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

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 3

 
NV PHARMA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

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

 
2.6

Taxation

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.

 
2.7

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Income Statement over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
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.

Page 4

 
NV PHARMA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

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:

Office equipment
-
20%
reducing balance

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

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Income Statement for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
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

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

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.

 
2.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 5

 
NV PHARMA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

3.


Employees




The average monthly number of employees, including directors, during the year was 2 (2023 - 2).


4.


Intangible assets




Goodwill

£



Cost


At 1 April 2023
8,250



At 31 March 2024

8,250



Amortisation


At 1 April 2023
7,425


Charge for the year on owned assets
825



At 31 March 2024

8,250



Net book value



At 31 March 2024
-



At 31 March 2023
825



Page 6

 
NV PHARMA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Tangible fixed assets





Office equipment

£



Cost or valuation


At 1 April 2023
1,094



At 31 March 2024

1,094



Depreciation


At 1 April 2023
1,019


Charge for the year on owned assets
38



At 31 March 2024

1,057



Net book value



At 31 March 2024
37



At 31 March 2023
75


6.


Fixed asset investments





Unlisted investments

£



Cost or valuation


At 1 April 2023
2,787,589



At 31 March 2024
2,787,589




Page 7

 
NV PHARMA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Debtors

2024
2023
£
£


Directors' loan account
-
10,724

Prepayments and accrued income
18,404
20,229

18,404
30,953



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loan
100,714
75,781

Amounts owed to subsidiary company
-
2,381,659

Corporation tax
-
2,996

Directors' loan account
24,448
-

Accruals
1,800
1,644

126,962
2,462,080



9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loan
578,838
680,207

578,838
680,207


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


10.


Controlling party

The company was under the control of the directors Mr N Patel (80% share) and Mrs V Patel (20% share), by virtue of the fact that between them they own 100% of the issued share capital.

 
Page 8