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Registration number: 09369371

Complete Pharmacovigilance Solutions Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Complete Pharmacovigilance Solutions Limited

(Registration number: 09369371)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

895

2,687

Investments

6

388,590

388,590

Other financial assets

7

-

913

 

389,485

392,190

Current assets

 

Debtors

8

218,806

79,690

Cash at bank and in hand

 

69,727

336,422

 

288,533

416,112

Creditors: Amounts falling due within one year

9

(627,230)

(543,356)

Net current liabilities

 

(338,697)

(127,244)

Total assets less current liabilities

 

50,788

264,946

Creditors: Amounts falling due after more than one year

9

(25,951)

(62,111)

Provisions for liabilities

(224)

-

Net assets

 

24,613

202,835

Capital and reserves

 

Called up share capital

10

120

120

Revaluation reserve

(50,560)

(50,560)

Retained earnings

75,053

253,275

Shareholders' funds

 

24,613

202,835

For the financial year ending 31 December 2023 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.

 

Complete Pharmacovigilance Solutions Limited

(Registration number: 09369371)
Balance Sheet as at 31 December 2023

Approved and authorised by the Board on 27 September 2024 and signed on its behalf by:
 

.........................................
Dr Irfan Ahmad
Director

 

Complete Pharmacovigilance Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

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

The address of its registered office is:
The Old Workshop
12B Kennerleys Lane
Wilmslow
Cheshire
SK9 5EQ
England

These financial statements were authorised for issue by the Board on 27 September 2024.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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

Group accounts have not been prepared as the company accounts year ends are not coterminus..

Going concern

The financial statements have been prepared on a going concern basis.

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.

 

Complete Pharmacovigilance Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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.

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

Furniture, fittings and equipment

33.33% straight line

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 

Complete Pharmacovigilance Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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 merchandise sold 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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.

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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 3).

 

Complete Pharmacovigilance Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Loss before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

1,792

1,857

 

Complete Pharmacovigilance Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

18,534

18,534

At 31 December 2023

18,534

18,534

Depreciation

At 1 January 2023

15,847

15,847

Charge for the year

1,792

1,792

At 31 December 2023

17,639

17,639

Carrying amount

At 31 December 2023

895

895

At 31 December 2022

2,687

2,687

6

Investments

2023
£

2022
£

Investments in subsidiaries

388,590

388,590

Subsidiaries

£

Cost or valuation

At 1 January 2023

388,590

Provision

Carrying amount

At 31 December 2023

388,590

At 31 December 2022

388,590

 

Complete Pharmacovigilance Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2023

2022

Subsidiary undertakings

Drug Safety Solutions Limited

The Old Workshop, 12b Kennerleys Lane, Wilmslow, Cheshire, SK9 5EQ.

England

Ordinary shares

100%

100%

Subsidiary undertakings

Drug Safety Solutions Limited

The principal activity of Drug Safety Solutions Limited is provision of drug safety solutions.

 

Complete Pharmacovigilance Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

7

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Total
£

Non-current financial assets

Cost or valuation

At 1 January 2023

913

913

Disposals

(913)

(913)

At 31 December 2023

-

-

Impairment

Carrying amount

At 31 December 2023

-

-

8

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

31,806

44,440

Amounts owed by related parties

13

187,000

-

Other debtors

 

-

35,250

   

218,806

79,690

9

Creditors

Creditors: amounts falling due within one year

 

Complete Pharmacovigilance Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

12

79,376

33,092

Trade creditors

 

26,163

26,163

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

13

124,000

434,000

Taxation and social security

 

1,659

22,077

Accruals and deferred income

 

265,221

6,213

Other creditors

 

130,811

21,811

 

627,230

543,356

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

12

25,951

62,111

10

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100

Ordinary Shares of £0.10 each

100

10

100

10

Ordinary Shares of £0.10 each

100

10

100

10

300

120

300

120

11

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on revaluation of other assets

(50,560)

(50,560)

 

Complete Pharmacovigilance Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

12

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Other borrowings

25,951

62,111

Current loans and borrowings

2023
£

2022
£

Bank overdrafts

43,215

-

Other borrowings

36,161

33,092

79,376

33,092

13

Related party transactions

 

Complete Pharmacovigilance Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Transactions with directors

2023

At 1 January 2023
£

Repayments by director
£

At 31 December 2023
£

Mrs Naella Rafi Ahmad

Loan advance during the year, interest has been charged at 2%

30,000

(30,000)

-