Simply Meds Pro Ltd Filleted Accounts Cover
Simply Meds Pro Ltd
Company No. 11470749
Information for Filing with The Registrar
31 July 2024
Simply Meds Pro Ltd Directors Report Registrar
The Directors present their report and the accounts for the year ended 31 July 2024.
Principal activities
The principal activity of the company during the year under review was Wholesale Pharmacy.
Directors
The Directors who served at any time during the year were as follows:
P.S. Sagoo
S.S. Sihra
The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006.
Signed on behalf of the board
S.S. Sihra
Director
06 October 2024
Simply Meds Pro Ltd Balance Sheet Registrar
at
31 July 2024
Company No.
11470749
Notes
2024
2023
£
£
Current assets
Debtors
4
2,64512,557
Cash at bank and in hand
12,85824,089
15,50336,646
Creditors: Amount falling due within one year
5
(332,266)
(347,663)
Net current liabilities
(316,763)
(311,017)
Total assets less current liabilities
(316,763)
(311,017)
Creditors: Amounts falling due after more than one year
6
(9,640)
(21,116)
Net liabilities
(326,403)
(332,133)
Capital and reserves
Called up share capital
100100
Profit and loss account
8
(326,503)
(332,233)
Total equity
(326,403)
(332,133)
These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.
For the year ended 31 July 2024 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 directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.
Approved by the board on 06 October 2024 and signed on its behalf by:
S.S. Sihra
Director
06 October 2024
Simply Meds Pro Ltd Notes to the Accounts Registrar
for the year ended 31 July 2024
1
General information
Simply Meds Pro Ltd is a private company limited by shares and incorporated in England and Wales.
Its registered number is: 11470749
Its registered office is:
Imperial House
1a Standen Avenue
Hornchurch
Essex
RM12 6AA
The accounts have been prepared in accordance with FRS 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Going concern
Following the discontinuation of our wholesale pharmacy business, the company has entered into an earnout agreement . This agreement is structured to generate potential future income based on the performance of its customer base. The earnout agreement provides an opportunity to partially mitigate the company losses through potential future income.
2
Accounting policies
Turnover
Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Revenue from the sale of goods is recognised when all the following conditions are satisfied:
• the Company has transferred to the buyer the significant risks and rewards of ownership of the
goods;
• 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 economic benefits associated with the transaction will flow to the Company;
and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed.
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.
Trade and other 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.
Provisions
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the profit and loss account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the balance sheet.
3
Employees
2024
2023
Number
Number
The average monthly number of employees (including directors) during the year was:
25
4
Debtors
2024
2023
£
£
Trade debtors
2,645-
VAT recoverable
-194
Loans to directors
-100
Prepayments and accrued income
-12,263
2,64512,557
5
Creditors:
amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10,23436,063
Other loans
120,000120,000
Taxes and social security
1,215
(8)
Other creditors
200,184190,796
Accruals and deferred income
633812
332,266347,663
6
Creditors:
amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
9,64021,116
9,64021,116
7
Share Capital
100 x £1 ordinary shares called up and fully paid.
8
Reserves
Profit and loss account - includes all current and prior period retained profits and losses.
9
Related party disclosures
Transactions with related parties
£120,000 owed to Simplyteeth Ilford Ltd, a company under common control. £190,805 owed to Online
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