7 false false false false false false false false false true false false false false false false No description of principal activity 2023-02-01 Sage Accounts Production Advanced 2021 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 06517189 2023-02-01 2024-01-31 06517189 2024-01-31 06517189 2023-01-31 06517189 2022-02-01 2023-01-31 06517189 2023-01-31 06517189 core:NetGoodwill 2023-02-01 2024-01-31 06517189 core:LandBuildings core:LongLeaseholdAssets 2023-02-01 2024-01-31 06517189 core:FurnitureFittings 2023-02-01 2024-01-31 06517189 bus:RegisteredOffice 2023-02-01 2024-01-31 06517189 bus:OrdinaryShareClass1 2023-02-01 2024-01-31 06517189 bus:LeadAgentIfApplicable 2023-02-01 2024-01-31 06517189 bus:Director1 2023-02-01 2024-01-31 06517189 bus:CompanySecretary1 2023-02-01 2024-01-31 06517189 core:WithinOneYear 2024-01-31 06517189 core:WithinOneYear 2023-01-31 06517189 core:UKTax 2023-02-01 2024-01-31 06517189 core:UKTax 2022-02-01 2023-01-31 06517189 bus:OrdinaryShareClass1 2022-02-01 2023-01-31 06517189 core:ShareCapital 2024-01-31 06517189 core:ShareCapital 2023-01-31 06517189 core:RetainedEarningsAccumulatedLosses 2024-01-31 06517189 core:RetainedEarningsAccumulatedLosses 2023-01-31 06517189 bus:SmallEntities 2023-02-01 2024-01-31 06517189 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 06517189 bus:AbridgedAccounts 2023-02-01 2024-01-31 06517189 bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 06517189 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 06517189 bus:OrdinaryShareClass1 2024-01-31 06517189 bus:OrdinaryShareClass1 2023-01-31 06517189 1 2023-02-01 2024-01-31
COMPANY REGISTRATION NUMBER: 06517189
CLINICHEM LTD
Filleted Unaudited Abridged Financial Statements
For the year ended
31 January 2024
CLINICHEM LTD
Abridged Financial Statements
Year ended 31 January 2024
Contents
Page
Officers and professional advisers
1
Chartered certified accountants report to the director on the preparation of the unaudited statutory abridged financial statements
2
Abridged statement of financial position
3
Notes to the abridged financial statements
5
CLINICHEM LTD
Officers and Professional Advisers
Director
Mr. S.S Basra
Company secretary
Mrs. S.K Basra
Registered office
111a George Lane
London
E18 1AN
Accountant
OMG
Chartered Certified Accountants
111a, George Lane
London
E18 1AN
CLINICHEM LTD
Chartered Certified Accountants Report to the Director on the Preparation of the Unaudited Statutory Abridged Financial Statements of CLINICHEM LTD
Year ended 31 January 2024
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the abridged financial statements of CLINICHEM LTD for the year ended 31 January 2024, which comprise the abridged statement of financial position and the related notes from the company's accounting records and from information and explanations you have given me. As a practising member of the Association of Chartered Certified Accountants, I am subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. This report is made solely to the director of CLINICHEM LTD in accordance with the terms of my engagement letter dated 28 February 2008. My work has been undertaken solely to prepare for your approval the abridged financial statements of CLINICHEM LTD and state those matters that I have agreed to state to you in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than CLINICHEM LTD and its director for my work or for this report.
It is your duty to ensure that CLINICHEM LTD has kept adequate accounting records and to prepare statutory abridged financial statements that give a true and fair view of the assets, liabilities, financial position and profit of CLINICHEM LTD. You consider that CLINICHEM LTD is exempt from the statutory audit requirement for the year. I have not been instructed to carry out an audit or a review of the abridged financial statements of CLINICHEM LTD. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory abridged financial statements.
OMG Chartered Certified Accountants
111a, George Lane London E18 1AN
26 October 2024
CLINICHEM LTD
Abridged Statement of Financial Position
31 January 2024
2024
2023
Note
£
£
£
Fixed assets
Intangible assets
7
209,630
245,568
Tangible assets
8
9,118
11,769
---------
---------
218,748
257,337
Current assets
Stocks
9
60,690
57,650
Debtors
494,797
421,036
Cash at bank and in hand
56,838
64,319
---------
---------
612,325
543,005
Creditors: amounts falling due within one year
237,611
231,101
---------
---------
Net current assets
374,714
311,904
---------
---------
Total assets less current liabilities
593,462
569,241
---------
---------
Capital and reserves
Called up share capital
10
999
999
Profit and loss account
592,463
568,242
---------
---------
Shareholders funds
593,462
569,241
---------
---------
These abridged 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 abridged statement of income and retained earnings has not been delivered.
For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 January 2024 in accordance with Section 444(2A) of the Companies Act 2006.
CLINICHEM LTD
Abridged Statement of Financial Position (continued)
31 January 2024
These abridged financial statements were approved by the board of directors and authorised for issue on 26 October 2024 , and are signed on behalf of the board by:
Mr. S.S Basra
Director
Company registration number: 06517189
CLINICHEM LTD
Notes to the Abridged Financial Statements
Year ended 31 January 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 111a George Lane, London, E18 1AN.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The abridged 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 abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
Revenue recognition
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 profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
20% reducing balance
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:
Leasehold Property
-
20% reducing balance
Fixtures, Fittings & Equipment
-
20% reducing balance
Impairment of fixed assets
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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
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 as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 7 (2023: 5 ).
5. Tax on profit
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
44,032
37,820
--------
--------
Tax on profit
44,032
37,820
--------
--------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is the same as (2023: the same as) the standard rate of corporation tax in the UK of 25 % (2023: 19 %).
2024
2023
£
£
Profit on ordinary activities before taxation
213,253
219,514
---------
---------
Profit on ordinary activities by rate of tax
44,032
37,820
---------
---------
6. Dividends
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year):
2024
2023
£
£
Dividends on equity shares
145,000
145,000
---------
---------
7. Intangible assets
£
Cost
At 1 February 2023 and 31 January 2024
718,752
---------
Amortisation
At 1 February 2023
473,184
Charge for the year
35,938
---------
At 31 January 2024
509,122
---------
Carrying amount
At 31 January 2024
209,630
---------
At 31 January 2023
245,568
---------
8. Tangible assets
£
Cost
At 1 February 2023 and 31 January 2024
80,646
--------
Depreciation
At 1 February 2023
68,877
Charge for the year
2,651
--------
At 31 January 2024
71,528
--------
Carrying amount
At 31 January 2024
9,118
--------
At 31 January 2023
11,769
--------
9. Stocks
2024
2023
£
£
Finished goods and goods for resale
60,690
57,650
--------
--------
10. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
999
999
999
999
----
----
----
----
11. Related party transactions
The dividends in the year were paid entirely to the holding company, Baspharm Limited , the ultimate controlling party.
12. Controlling party
The company was under the control of the managing director, Mr S. S. Basra throughout the current and previous year.
13. Ultimate controlling party
The ultimate controlling party is the holding company, Baspharm Limited, in which the director of this company, Mr S.S Basra, is also the managing director and the controlling party in the holding company.