Registered number
SC758342
Wallace Pharmaceuticals Ltd
Filleted Accounts
29 February 2024
Wallace Pharmaceuticals Ltd
Registered number: SC758342
Balance Sheet
as at 29 February 2024
Notes 2024
£
Fixed assets
Intangible assets 3 622,800
Tangible assets 4 17,830
640,630
Current assets
Stocks 63,355
Debtors 5 150,436
Cash at bank and in hand 98,797
312,588
Creditors: amounts falling due within one year 6 (786,916)
Net current liabilities (474,328)
Total assets less current liabilities 166,302
Creditors: amounts falling due after more than one year 7 (131,950)
Net assets 34,352
Capital and reserves
Called up share capital 2
Profit and loss account 34,350
Shareholders' funds 34,352
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
S Lalli
Director
Approved by the board on 11 September 2024
Wallace Pharmaceuticals Ltd
Notes to the Accounts
for the year ended 29 February 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor Vehicles over 5 years
Fixtures & fittings over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024
Number
Average number of persons employed by the company 9
3 Intangible fixed assets £
Goodwill:
Cost
Additions 642,800
At 29 February 2024 642,800
Amortisation
Provided during the year 20,000
At 29 February 2024 20,000
Net book value
At 29 February 2024 622,800
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Fixtures & Fittings Motor vehicles Total
£ £ £
Cost
Additions 6,250 12,540 18,790
At 29 February 2024 6,250 12,540 18,790
Depreciation
Charge for the year 542 418 960
At 29 February 2024 542 418 960
Net book value
At 29 February 2024 5,708 12,122 17,830
5 Debtors 2024
£
Trade debtors 103,916
Taxation and social security costs 46,520
150,436
6 Creditors: amounts falling due within one year 2024
£
Trade creditors 129,929
Taxation and social security costs 13,140
Other creditors 643,847
786,916
7 Creditors: amounts falling due after one year 2024
£
Bank loans 131,950
8 Loans 2024
£
Creditors include:
Secured bank loans 131,950
The Bank of Scotland loan comprises of a floating charge over the assets.
9 Other information
Wallace Pharmaceuticals Ltd is a private company limited by shares and incorporated in Scotland. Its registered office is:
67 Broomfield Avenue
Newton Mearns
Glasgow
G77 5JR
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