Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31true2023-01-01The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.4falseNo description of principal activity5truefalse 11566711 2023-01-01 2023-12-31 11566711 2022-01-01 2022-12-31 11566711 2023-12-31 11566711 2022-12-31 11566711 c:Director1 2023-01-01 2023-12-31 11566711 d:MotorVehicles 2023-01-01 2023-12-31 11566711 d:MotorVehicles 2023-12-31 11566711 d:MotorVehicles 2022-12-31 11566711 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 11566711 d:FurnitureFittings 2023-01-01 2023-12-31 11566711 d:FurnitureFittings 2023-12-31 11566711 d:FurnitureFittings 2022-12-31 11566711 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 11566711 d:ComputerEquipment 2023-01-01 2023-12-31 11566711 d:ComputerEquipment 2023-12-31 11566711 d:ComputerEquipment 2022-12-31 11566711 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 11566711 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 11566711 d:CurrentFinancialInstruments 2023-12-31 11566711 d:CurrentFinancialInstruments 2022-12-31 11566711 d:Non-currentFinancialInstruments 2023-12-31 11566711 d:Non-currentFinancialInstruments 2022-12-31 11566711 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 11566711 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 11566711 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 11566711 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 11566711 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-12-31 11566711 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-12-31 11566711 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-12-31 11566711 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-12-31 11566711 d:ShareCapital 2023-12-31 11566711 d:ShareCapital 2022-12-31 11566711 d:RetainedEarningsAccumulatedLosses 2023-12-31 11566711 d:RetainedEarningsAccumulatedLosses 2022-12-31 11566711 c:FRS102 2023-01-01 2023-12-31 11566711 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 11566711 c:FullAccounts 2023-01-01 2023-12-31 11566711 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 11566711 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 11566711 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 11566711 2 2023-01-01 2023-12-31 11566711 4 2023-01-01 2023-12-31 11566711 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 11566711









PHARMAZON LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 DECEMBER 2023

 
PHARMAZON LIMITED
REGISTERED NUMBER: 11566711

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
17,433
16,351

  
17,433
16,351

Current assets
  

Stocks
  
260,000
145,319

Debtors: amounts falling due within one year
 5 
313,692
517,786

Cash at bank and in hand
 6 
171,354
40,271

  
745,046
703,376

Creditors: amounts falling due within one year
 7 
(413,640)
(475,021)

Net current assets
  
 
 
331,406
 
 
228,355

Total assets less current liabilities
  
348,839
244,706

Creditors: amounts falling due after more than one year
 8 
(206,927)
(176,667)

Provisions for liabilities
  

Deferred tax
 10 
(4,359)
(4,088)

  
 
 
(4,359)
 
 
(4,088)

Net assets
  
137,553
63,951


Capital and reserves
  

Called up share capital 
  
50,000
50,000

Profit and loss account
  
87,553
13,951

  
137,553
63,951


Page 1

 
PHARMAZON LIMITED
REGISTERED NUMBER: 11566711
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 16 October 2024.




................................................
S T Hundal
Director

The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
PHARMAZON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

1.


General information

The legal form of the entity is a private company limited by share capital.  The company is registered in England and Wales and the trading address is situated at 9 Lancaster Court ,Coronation Road, Cressex Business Park, High Wycombe, Buckinghamshire HP12 3TD. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
PHARMAZON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
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 Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

Page 4

 
PHARMAZON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

 
2.9

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.10

Current and deferred taxation

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


Page 5

 
PHARMAZON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.11

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
2.12

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Motor vehicles
-
Fixtures and fittings
-
20%
Computer equipment
-
33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.13

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.14

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.15

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 6

 
PHARMAZON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.16

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.

 
2.17

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.18

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the period was 5 (2022 - 4).

Page 7

 
PHARMAZON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2023
-
15,478
12,118
27,596


Additions
2,623
-
4,783
7,406


Disposals
-
-
(4,772)
(4,772)



At 31 December 2023

2,623
15,478
12,129
30,230



Depreciation


At 1 January 2023
-
3,809
7,437
11,246


Charge for the period on owned assets
313
3,095
2,915
6,323


Disposals
-
-
(4,772)
(4,772)



At 31 December 2023

313
6,904
5,580
12,797



Net book value



At 31 December 2023
2,310
8,574
6,549
17,433



At 31 December 2022
-
11,670
4,681
16,351


5.


Debtors

2023
2022
£
£


Trade debtors
157,322
157,375

Other debtors
156,370
243,396

Prepayments and accrued income
-
117,015

313,692
517,786


Page 8

 
PHARMAZON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
171,354
40,271

171,354
40,271



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
34,167
44,167

Other loans
17,565
-

Trade creditors
124,990
239,035

Corporation tax
6,585
-

Other taxation and social security
5,130
398

Other creditors
221,702
188,716

Accruals and deferred income
3,501
2,705

413,640
475,021


The following liabilities were secured:

2023
2022
£
£



Bank loan
34,167
44,167

34,167
44,167

Details of security provided:

The bank loans are secured against the company's leasehold buildings by way of a fixed charge and the lender also has a floating charge covering all the property or undertaking of the company and contains a negative pledge.

Page 9

 
PHARMAZON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
206,927
176,667

206,927
176,667


The following liabilities were secured:

2023
2022
£
£



Bank Loans
136,667
176,667

136,667
176,667

Details of security provided:

The bank loans are secured against the company's leasehold buildings by way of a fixed charge and the lender also has a floating charge covering all the property or undertaking of the company and contains a negative pledge.

Page 10

 
PHARMAZON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
34,167
44,167

Other loans
17,565
-


51,732
44,167

Amounts falling due 1-2 years

Bank loans
51,732
44,167


51,732
44,167

Amounts falling due 2-5 years

Bank loans
155,195
132,500


155,195
132,500


258,659
220,834



10.


Deferred taxation




2023


£






At beginning of year
(4,088)


Charged to profit or loss
(271)



At end of year
(4,359)

Page 11

 
PHARMAZON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
 
10.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(4,358)
(4,088)

(4,358)
(4,088)


11.


Pension commitments

 
Page 12