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Registration number: 03844269

Ria Generics Limited

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 30 June 2024

 

Ria Generics Limited

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Abridged Profit and Loss Account

4

Statement of Comprehensive Income

5

Abridged Balance Sheet

6 to 7

Statement of Changes in Equity

8

Notes to the Unaudited Abridged Financial Statements

9 to 14

Detailed Profit and Loss Account

15 to 16

 

Ria Generics Limited

Company Information

Directors

K N Patel

K Balasubramanian

Registered office

36 Ingleby Way
Wallington
Surrey
SM6 9LR

Accountants

Kishens Limited
Chartered Accountants
13 Montpelier Avenue
Bexley
Kent
DA5 3AP

 

Ria Generics Limited

Directors' Report for the Year Ended 30 June 2024

The directors present their report and the abridged financial statements for the year ended 30 June 2024.

Directors of the company

The directors who held office during the year were as follows:

K N Patel

K Balasubramanian

Principal activity

The principal activity of the company is that of manufacture and wholesale of basic pharmaceutical products and goods.

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 18 October 2024 and signed on its behalf by:
 

.........................................
K N Patel
Director

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Ria Generics Limited
for the Year Ended 30 June 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Ria Generics Limited for the year ended 30 June 2024 as set out on pages 4 to 14 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Ria Generics Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Ria Generics Limited and state those matters that we have agreed to state to the Board of Directors of Ria Generics Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ria Generics Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Ria Generics Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Ria Generics Limited. You consider that Ria Generics Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Ria Generics Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Kishens Limited
Chartered Accountants
13 Montpelier Avenue
Bexley
Kent
DA5 3AP

18 October 2024

 

Ria Generics Limited

Abridged Profit and Loss Account for the Year Ended 30 June 2024

Note

2024
£

2023
£

Gross profit

 

915,787

724,414

Administrative expenses

 

(673,474)

(718,889)

Interest payable and similar expenses

 

(21,363)

6,780

Profit before tax

4

220,950

12,305

Profit for the financial year

 

220,950

12,305

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Ria Generics Limited

Statement of Comprehensive Income for the Year Ended 30 June 2024

2024
£

2023
£

Profit for the year

220,950

12,305

Total comprehensive income for the year

220,950

12,305

 

Ria Generics Limited

(Registration number: 03844269)
Abridged Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed Assets

 

Intangible assets

5

864,967

498,148

Tangible Assets

6

603

804

 

865,570

498,952

Current assets

 

Stocks

7

305,146

298,886

Debtors

1,279,843

831,071

Cash at bank and in hand

 

139,114

14,368

 

1,724,103

1,144,325

Prepayments and accrued income

 

136,791

329,323

Creditors: Amounts falling due within one year

(2,140,530)

(1,516,116)

Net current liabilities

 

(279,636)

(42,468)

Total assets less current liabilities

 

585,934

456,484

Creditors: Amounts falling due after more than one year

(53,333)

(73,333)

Accruals and deferred income

 

(6,250)

(6,750)

Net assets

 

526,351

376,401

Capital and reserves

 

Called up share capital

8

20,000

20,000

Retained earnings

506,351

356,401

Shareholders' funds

 

526,351

376,401

For the financial year ending 30 June 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

 

Ria Generics Limited

(Registration number: 03844269)
Abridged Balance Sheet as at 30 June 2024

Approved and authorised by the Board on 18 October 2024 and signed on its behalf by:
 

.........................................
K N Patel
Director

 

Ria Generics Limited

Statement of Changes in Equity for the Year Ended 30 June 2024

Share capital
£

Retained earnings
£

Total
£

At 1 July 2023

20,000

356,401

376,401

Profit for the year

-

220,950

220,950

Dividends

-

(71,000)

(71,000)

At 30 June 2024

20,000

506,351

526,351

Share capital
£

Retained earnings
£

Total
£

At 1 July 2022

20,000

344,096

364,096

Profit for the year

-

12,305

12,305

At 30 June 2023

20,000

356,401

376,401

 

Ria Generics Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
36 Ingleby Way
Wallington
Surrey
SM6 9LR

These financial statements were authorised for issue by the Board on 18 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods or on completion of the designated services;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Ria Generics Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tangible Assets

Tangible Assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture and fittings

25% reducing balance

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Product Licences Cost

not depreciated

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Ria Generics Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 2024

Trade Debtors

Trade Debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade Debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade Creditors

Trade Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade Creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Ria Generics Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

201

268

 

Ria Generics Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 2024

5

Intangible assets

Total
£

Cost or valuation

At 1 July 2023

498,148

Revaluations

366,819

At 30 June 2024

864,967

Amortisation

Carrying amount

At 30 June 2024

864,967

At 30 June 2023

498,148

6

Tangible Assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 July 2023

1,574

1,574

At 30 June 2024

1,574

1,574

Depreciation

At 1 July 2023

770

770

Charge for the year

201

201

At 30 June 2024

971

971

Carrying amount

At 30 June 2024

603

603

At 30 June 2023

804

804

7

Stocks

2024
£

2023
£

Finished goods and goods for resale

180,136

298,886

Other inventories

125,010

-

305,146

298,886

 

Ria Generics Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 2024

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary share of £1 each

20,000

20,000

20,000

20,000

       

9

Parent and ultimate parent undertaking

The ultimate controlling party is K N Patel.

 

Ria Generics Limited

Detailed Profit and Loss Account for the Year Ended 30 June 2024

2024
£

2023
£

Turnover (analysed below)

3,215,512

3,114,782

Cost of sales (analysed below)

(2,299,725)

(2,390,368)

Gross profit

915,787

724,414

Gross profit (%)

28.48%

23.26%

Administrative expenses

General administrative expenses (analysed below)

(673,474)

(718,889)

Operating profit

242,313

5,525

Interest payable and similar expenses (analysed below)

(21,363)

6,780

Profit before tax

220,950

12,305

 

Ria Generics Limited

Detailed Profit and Loss Account for the Year Ended 30 June 2024

2024
£

2023
£

   

Turnover

Sales

1,592,816

1,739,223

Sale of goods, rest of world

1,622,696

1,375,559

3,215,512

3,114,782

   

Cost of sales

Opening finished goods

298,886

562,985

Freight and Packing Forwarding

294,051

272,744

Purchase of product development

2,011,934

1,853,525

Closing finished goods

(305,146)

(298,886)

2,299,725

2,390,368

   

General administrative expenses

Rent

10,224

15,557

Light, heat and power

1,158

-

Insurance

18,805

21,593

Computer software and maintenance costs

925

194

Printing, postage and stationery

342

209

Trade subscriptions

9,092

4,184

Travel and subsistence

10,181

5,106

Customer entertaining (disallowable for tax)

-

530

Accountancy fees

3,540

4,443

Regulation fees

48,396

50,259

Consultancy fees

469,896

525,818

Management fees

12,000

12,000

Legal and professional fees

81,721

74,491

Bank charges

6,993

4,237

Depreciation of fixtures and fittings

201

268

673,474

718,889

   

Interest payable and similar expenses

Bank loan interest payable

5,191

4,805

Foreign currency (gains)/losses

16,172

(11,585)

21,363

(6,780)