Company registration number 07171163 (England and Wales)
IPHARMA LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
IPHARMA LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
IPHARMA LTD
BALANCE SHEET
AS AT
28 FEBRUARY 2024
28 February 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
19,744
15,552
Current assets
Stocks
34,475
31,251
Debtors
4
260,212
193,067
Cash at bank and in hand
74,172
58,053
368,859
282,371
Creditors: amounts falling due within one year
5
(334,230)
(255,210)
Net current assets
34,629
27,161
Net assets
54,373
42,713
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
54,273
42,613
Total equity
54,373
42,713
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 28 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 28 November 2024
Mohammad Uddin
Director
Company registration number 07171163 (England and Wales)
IPHARMA LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 2 -
1
Accounting policies
Company information
Ipharma Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Unit 4 Hockley Industrial Estate, Pitsford Street, Birmingham, West Midlands, UK, B18 6PT.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
18% Reducing balance
Fixtures and fittings
18% Reducing balance
Motor vehicles
18% Reducing balance
1.4
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
1.6
Pension
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.
IPHARMA LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 3 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
9
10
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 March 2023
22,271
44,463
66,734
Additions
877
7,650
8,527
At 28 February 2024
22,271
45,340
7,650
75,261
Depreciation and impairment
At 1 March 2023
18,367
32,815
51,182
Depreciation charged in the year
703
2,255
1,377
4,335
At 28 February 2024
19,070
35,070
1,377
55,517
Carrying amount
At 28 February 2024
3,201
10,270
6,273
19,744
At 28 February 2023
3,904
11,648
15,552
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
156,068
141,917
Other debtors
104,144
51,150
260,212
193,067
IPHARMA LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 4 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
181,123
194,399
Corporation tax
11,334
8,138
Other taxation and social security
1,560
966
Other creditors
140,213
51,707
334,230
255,210
6
Related party transactions
Khalid Hussain
During the period net purchases from related parties were as follows:
I-Pharma Healthcare Ltd
2024: £48
2023: £56,879
Globepharma Ltd
2024: £121,165
2023: £84,352
As at 28 February 2024 the following balances, included in creditors due within one year, were
due to the related companies:
I-Pharma Healthcare Ltd
2024: £24,682
2023: £24,730
Globepharma Ltd
2024: £6,858
2023: £61,189
7
Ultimate Controlling Party
The controlling party is Khalid Hussain.