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Company Registration No. 05242793 (England and Wales)
Sp Pharm Limited Unaudited accounts for the year ended 30 September 2023
Sp Pharm Limited Unaudited accounts Contents
Page
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Sp Pharm Limited Company Information for the year ended 30 September 2023
Director
Kulwant Virdi
Company Number
05242793 (England and Wales)
Registered Office
14 Wesley Drive Egham Surrey TW20 9JB England
Accountants
P10 Accountancy Ltd 77A Richmond Road Twickenham TW1 3AW
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Sp Pharm Limited Statement of financial position as at 30 September 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Intangible assets
34,500 
46,000 
Tangible assets
12,205 
13,786 
46,705 
59,786 
Current assets
Inventories
17,500 
13,529 
Debtors
107,163 
199,930 
Cash at bank and in hand
8,090 
19,672 
132,753 
233,131 
Creditors: amounts falling due within one year
(138,101)
(256,646)
Net current liabilities
(5,348)
(23,515)
Total assets less current liabilities
41,357 
36,271 
Creditors: amounts falling due after more than one year
(16,667)
(35,945)
Net assets
24,690 
326 
Capital and reserves
Called up share capital
100 
100 
Profit and loss account
24,590 
226 
Shareholders' funds
24,690 
326 
For the year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 24 September 2024 and were signed on its behalf by
Kulwant Virdi Director Company Registration No. 05242793
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Sp Pharm Limited Notes to the Accounts for the year ended 30 September 2023
1
Statutory information
Sp Pharm Limited is a private company, limited by shares, registered in England and Wales, registration number 05242793. The registered office is 14 Wesley Drive, Egham, Surrey, TW20 9JB, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% Reducing Balance
Intangible fixed assets
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
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Sp Pharm Limited Notes to the Accounts for the year ended 30 September 2023
Taxation
The 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 net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
4
Intangible fixed assets
Goodwill 
£ 
Cost
At 1 October 2022
230,000 
At 30 September 2023
230,000 
Amortisation
At 1 October 2022
184,000 
Charge for the year
11,500 
At 30 September 2023
195,500 
Net book value
At 30 September 2023
34,500 
At 30 September 2022
46,000 
Intangible assets are written down over a period of 20 years.
5
Tangible fixed assets
Land & buildings 
Plant & machinery 
Total 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At 1 October 2022
3,322 
129,199 
132,521 
Additions
- 
1,938 
1,938 
At 30 September 2023
3,322 
131,137 
134,459 
Depreciation
At 1 October 2022
3,322 
115,413 
118,735 
Charge for the year
- 
3,519 
3,519 
At 30 September 2023
3,322 
118,932 
122,254 
Net book value
At 30 September 2023
- 
12,205 
12,205 
At 30 September 2022
- 
13,786 
13,786 
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Sp Pharm Limited Notes to the Accounts for the year ended 30 September 2023
6
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
VAT
15,358 
6,965 
Trade debtors
89,674 
101,847 
Amounts due from group undertakings etc.
162 
70,000 
Accrued income and prepayments
1,969 
- 
Other debtors
- 
21,118 
107,163 
199,930 
7
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Bank loans and overdrafts
10,000 
24,827 
Trade creditors
88,065 
210,584 
Taxes and social security
16,926 
9,722 
Other creditors
11,110 
11,513 
Loans from directors
9,792 
- 
Accruals
2,208 
- 
138,101 
256,646 
8
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Bank loans
16,667 
35,945 
9
Average number of employees
During the year the average number of employees was 7 (2022: 6).
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