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Registered number: 12087145










ICON PHARMACY LTD








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 DECEMBER 2023

 
ICON PHARMACY LTD
REGISTERED NUMBER: 12087145

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

31 December
31 July
2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
997,973
-

Tangible assets
 5 
27,379
-

  
1,025,352
-

Current assets
  

Stocks
  
70,361
-

Debtors: amounts falling due within one year
 6 
210,106
6,060

Cash at bank and in hand
  
142,206
18,120

  
422,673
24,180

Creditors: amounts falling due within one year
 7 
(1,454,550)
(10,617)

Net current (liabilities)/assets
  
 
 
(1,031,877)
 
 
13,563

Total assets less current liabilities
  
(6,525)
13,563

Creditors: amounts falling due after more than one year
 8 
(8,710)
(14,586)

Provisions for liabilities
  

Deferred tax
  
(2,888)
-

  
 
 
(2,888)
 
 
-

Net liabilities
  
(18,123)
(1,023)


Capital and reserves
  

Called up share capital 
  
100
1

Profit and loss account
  
(18,223)
(1,024)

  
(18,123)
(1,023)


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 period 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 Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Page 1

 
ICON PHARMACY LTD
REGISTERED NUMBER: 12087145
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

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 24 September 2024.




Mr Vaibhav Shah
Director

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
ICON PHARMACY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

1.


General information

Icon Pharmacy Limited is a private company, limited by share capital, incorporated in England
and Wales under registration number 12087145. The address of the registered office is situated at 3 Hervey Close, Finchley, London, N3 2HG.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on the assumption that the company will have the
continued financial support of the shareholder. The shareholder of the company have sufficient
resources to finance the company as and when the need arises.
The financial statements have been prepared on a going concern basis which is dependent on the
financial support of the shareholder to ensure that the company will continue in operational existence
for the foreseeable future.

Page 3

 
ICON PHARMACY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

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.

 
2.4

Interest income

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

 
2.5

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.

 
2.6

Borrowing costs

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

Page 4

 
ICON PHARMACY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

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.

 
2.8

Current and deferred taxation

The tax expense for the period 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 5

 
ICON PHARMACY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

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.

 The estimated useful lives range as follows:

Goodwill
-
10
years

 
2.10

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, on a reducing balance basis.

Depreciation is provided on the following basis:

Fixtures, fittings and 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.

Page 6

 
ICON PHARMACY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.11

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.

 
2.12

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.

 
2.13

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.

 
2.14

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.

 
2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


3.


Employees




The average monthly number of employees, including the directors, during the period was as follows:


        2023
        2022
            No.
            No.







Employees
8
2

Page 7

 
ICON PHARMACY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

4.


Intangible assets






Goodwill

£



Cost


Additions
1,059,794



At 31 December 2023

1,059,794



Amortisation


Charge for the period on owned assets
61,821



At 31 December 2023

61,821



Net book value



At 31 December 2023
997,973



At 31 July 2022
-



Page 8

 
ICON PHARMACY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

5.


Tangible fixed assets







Fixtures, fittings and equipment

£



Cost or valuation


Additions
30,995



At 31 December 2023

30,995



Depreciation


Charge for the period on owned assets
3,616



At 31 December 2023

3,616



Net book value



At 31 December 2023
27,379



At 31 July 2022
-


6.


Debtors

31 December
31 July
2023
2022
£
£


Trade debtors
158,841
-

Other debtors
3,000
3,000

Prepayments and accrued income
6,418
-

VAT repayable
41,847
-

Directors loan account
-
3,060

210,106
6,060


Page 9

 
ICON PHARMACY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

7.


Creditors: Amounts falling due within one year

31 December
31 July
2023
2022
£
£

Bank loans
5,315
5,551

Other loans
1,021,542
-

Trade creditors
221,373
-

Corporation tax
8,354
-

Other taxation and social security
2,271
4,296

Pension payable
548
-

Wages and salaries
9,710
-

Accruals and deferred income
-
770

Directors loan account
185,437
-

1,454,550
10,617


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

31 December
31 July
2023
2022
£
£

Bank loans
8,710
14,586

8,710
14,586


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


9.


Deferred taxation






2023


£






Charged to profit or loss
(2,888)



At end of year
(2,888)

Page 10

 
ICON PHARMACY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
 
9.Deferred taxation (continued)

The deferred taxation balance is made up as follows:

31 December
31 July
2023
2022
£
£


Accelerated capital allowances
(2,888)
-

(2,888)
-


10.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held
separately from those of the Company in an independently administered fund. The pension cost charge
represents contributions payable by the Company to the fund and amounted to £629 (2022 - £Nil).


11.


Controlling party

The company is under the control of the directors, Mr Vaibhav Shah (50% share) and his spouse, Mrs Priya Shah (50% share), by virtue of the fact that between them they own the entire issued share capital of the company.

Page 11