Pillpacplus Ltd NI624770 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is the supply of and support for pharmaceutical equipment Digita Accounts Production Advanced 6.30.9574.0 true true NI624770 2023-04-01 2024-03-31 NI624770 2024-03-31 NI624770 bus:OrdinaryShareClass1 2024-03-31 NI624770 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-03-31 NI624770 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2024-03-31 NI624770 core:CurrentFinancialInstruments 2024-03-31 NI624770 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 NI624770 core:Non-currentFinancialInstruments 2024-03-31 NI624770 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 NI624770 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-03-31 NI624770 core:PatentsTrademarksLicencesConcessionsSimilar 2024-03-31 NI624770 core:MotorVehicles 2024-03-31 NI624770 core:OtherPropertyPlantEquipment 2024-03-31 NI624770 bus:SmallEntities 2023-04-01 2024-03-31 NI624770 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 NI624770 bus:FilletedAccounts 2023-04-01 2024-03-31 NI624770 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 NI624770 bus:RegisteredOffice 2023-04-01 2024-03-31 NI624770 bus:Director1 2023-04-01 2024-03-31 NI624770 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 NI624770 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 NI624770 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-04-01 2024-03-31 NI624770 core:PatentsTrademarksLicencesConcessionsSimilar 2023-04-01 2024-03-31 NI624770 core:MotorVehicles 2023-04-01 2024-03-31 NI624770 core:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 NI624770 core:PlantMachinery 2023-04-01 2024-03-31 NI624770 countries:NorthernIreland 2023-04-01 2024-03-31 NI624770 2023-03-31 NI624770 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-03-31 NI624770 core:PatentsTrademarksLicencesConcessionsSimilar 2023-03-31 NI624770 core:MotorVehicles 2023-03-31 NI624770 core:OtherPropertyPlantEquipment 2023-03-31 NI624770 2022-04-01 2023-03-31 NI624770 2023-03-31 NI624770 bus:OrdinaryShareClass1 2023-03-31 NI624770 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-03-31 NI624770 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-03-31 NI624770 core:CurrentFinancialInstruments 2023-03-31 NI624770 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 NI624770 core:Non-currentFinancialInstruments 2023-03-31 NI624770 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 NI624770 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-03-31 NI624770 core:PatentsTrademarksLicencesConcessionsSimilar 2023-03-31 NI624770 core:MotorVehicles 2023-03-31 NI624770 core:OtherPropertyPlantEquipment 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: NI624770

Pillpacplus Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Pillpacplus Ltd

(Registration number: NI624770)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

983,798

737,812

Tangible assets

5

35,568

48,648

 

1,019,366

786,460

Current assets

 

Stocks

332,579

437,136

Debtors

6

177,563

39,098

Cash at bank and in hand

 

38,078

130,427

 

548,220

606,661

Creditors: Amounts falling due within one year

7

(838,028)

(586,698)

Net current (liabilities)/assets

 

(289,808)

19,963

Total assets less current liabilities

 

729,558

806,423

Creditors: Amounts falling due after more than one year

7

(341,804)

(384,262)

Net assets

 

387,754

422,161

Capital and reserves

 

Called up share capital

8

300

300

Retained earnings

387,454

421,861

Shareholders' funds

 

387,754

422,161

For the financial 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.

Director's 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 director acknowledges his 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.

 

Pillpacplus Ltd

(Registration number: NI624770)
Balance Sheet as at 31 March 2024

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 25 September 2024
 

.........................................
Mr Stephen Burns
Director

 

Pillpacplus Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is: Unit 30 Ballymena Business Centre, 62 Fenaghy Road, Ballymena, Co. Antrim, BT42 1FL.

These financial statements were authorised for issue by the director on 25 September 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 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 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 represents amounts receivable, net of value added tax, in respect of the sale of goods and services to customers.

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.

 

Pillpacplus Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Tax

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 taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

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

Plant and equipment

20% per year reducing balance basis

Motor vehicles

20% per year straight line basis

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

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.

Research and development expenditure incurred on projects where the company has now moved to the development phase of the project are identified as an intangible asset and are amortised over the expected period that the future economic benefit will accrue to the company.

 

Pillpacplus Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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

Patents

20% per year straight line basis

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.

Short-term debtors and creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in operating expenses.

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.

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.

 

Pillpacplus Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 14 (2023 - 13).

 

Pillpacplus Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Intangible assets

Patents
£

Research & development costs
 £

Total
£

Cost or valuation

At 1 April 2023

7,096

776,151

783,247

Additions

-

317,801

317,801

At 31 March 2024

7,096

1,093,952

1,101,048

Amortisation

At 1 April 2023

7,096

38,339

45,435

Amortisation charge

-

71,815

71,815

At 31 March 2024

7,096

110,154

117,250

Carrying amount

At 31 March 2024

-

983,798

983,798

At 31 March 2023

-

737,812

737,812

 

Pillpacplus Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

5

Tangible assets

Motor vehicles
 £

Plant and equipment
 £

Total
£

Cost or valuation

At 1 April 2023

26,932

85,864

112,796

At 31 March 2024

26,932

85,864

112,796

Depreciation

At 1 April 2023

16,752

47,396

64,148

Charge for the year

5,386

7,694

13,080

At 31 March 2024

22,138

55,090

77,228

Carrying amount

At 31 March 2024

4,794

30,774

35,568

At 31 March 2023

10,180

38,468

48,648

6

Debtors

Current

2024
£

2023
£

Trade debtors

138,275

29,269

Prepayments

39,288

4,818

Other debtors

-

5,011

 

177,563

39,098

 

Pillpacplus Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

9

234,410

44,520

Trade creditors

 

151,986

364,935

Amounts owing to related parties

247,561

47,561

Taxation and social security

 

29,603

37,516

Other creditors

 

174,468

92,166

 

838,028

586,698

Due after one year

 

Loans and borrowings

9

341,804

384,262

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

300

300

300

300

       

9

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

 

41,804

81,131

Hire purchase contracts

 

-

3,131

Other borrowings

300,000

300,000

 

341,804

384,262

 

Pillpacplus Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

2024
£

2023
£

Current loans and borrowings

Bank borrowings

39,327

41,320

Bank overdrafts

191,952

-

Hire purchase contracts

3,131

3,200

234,410

44,520