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Company registration number: 14614225
Pharma Optima Ltd
Unaudited filleted financial statements
31 March 2024
Pharma Optima Ltd
Contents
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Pharma Optima Ltd
Accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Pharma Optima Ltd
Year ended 31 March 2024
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31 March 2024 which comprise the statement of financial position, statement of changes in equity and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Purcell & Co
Certified Public Accountants
204 Mauldeth Road
Burnage
Manchester
M19 1AJ
1 October 2024
Pharma Optima Ltd
Statement of financial position
31 March 2024
2024
Note £ £
Fixed assets
Tangible assets 6 4,355
_______
4,355
Current assets
Debtors 7 34,995
Cash at bank and in hand 39,468
_______
74,463
Creditors: amounts falling due
within one year 8 ( 26,022)
_______
Net current assets 48,441
_______
Total assets less current liabilities 52,796
Provisions for liabilities ( 1,154)
_______
Net assets 51,642
_______
Capital and reserves
Called up share capital 100
Profit and loss account 51,542
_______
Shareholders funds 51,642
_______
For the year ending 31 March 2024 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 01 October 2024 , and are signed on behalf of the board by:
Mr Michal Lada Ms Urszula Wojtowicz-Skwara
Director Director
Company registration number: 14614225
Pharma Optima Ltd
Statement of changes in equity
Year ended 31 March 2024
Called up share capital Profit and loss account Total
£ £ £
At 1 April 2023 - - -
Profit for the year 55,431 55,431
_______ _______ _______
Total comprehensive income for the year - 55,431 55,431
Issue of shares 100 100
Dividends paid and payable ( 3,889) ( 3,889)
_______ _______ _______
Total investments by and distributions to owners 100 ( 3,889) ( 3,789)
_______ _______ _______
At 31 March 2024 100 51,542 51,642
_______ _______ _______
Pharma Optima Ltd
Notes to the financial statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is 104 Church Street, Orrell, Wigan, WN5 8TQ.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Staff costs
The average number of persons employed by the company during the year amounted to Nil.
The aggregate payroll costs incurred during the year were:
2024
£
Wages and salaries 57,850
Social security costs 5,472
Other pension costs 1,397
_______
64,719
_______
5. Tax on profit
Major components of tax expense
2024
£
Current tax:
UK current tax expense 16,496
_______
Deferred tax:
Origination and reversal of timing differences 1,154
_______
Tax on profit 17,650
_______
6. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 April 2023 - -
Additions 5,807 5,807
_______ _______
At 31 March 2024 5,807 5,807
_______ _______
Depreciation
At 1 April 2023 - -
Charge for the year 1,452 1,452
_______ _______
At 31 March 2024 1,452 1,452
_______ _______
Carrying amount
At 31 March 2024 4,355 4,355
_______ _______
7. Debtors
2024
£
Trade debtors 34,995
_______
8. Creditors: amounts falling due within one year
2024
£
Trade creditors 3,636
Corporation tax 16,496
Social security and other taxes 1,387
Other creditors 4,503
_______
26,022
_______
9. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024
£
Included in provisions (note ) 1,154
_______
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
£
Accelerated capital allowances 1,154
_______
10. Directors advances, credits and guarantees
Balance brought forward and o/standing
2024
£
Mr Michal Lada 510
_______
11. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by /(owed to)
2024 2024
£ £
Commercial Adventures Ltd - services 17,379 -
Urszula Wojtowicz-Skwara 16,053 -
U W Invest Ltd 1,950 -
Commercial Adventures Ltd -loan ( 8,500) ( 2,500)
_______ _______
During the year the company borrowed £8,500, interest free, repayable upon demand,from Commercial Adventures Ltd, a company controlled by the director Mr Michal Lada. At 31st March 2024 the company owed this loan creditor, £2,500. The company also bought in services from Commercial Adventures Ltd and from U W Invest Ltd, a company controlled by Ms. Urszula Wojtowicz-Skwara.
12. Controlling party
The company was controlled by the director Mr Michal Lada for the year under review.