Company registration number 07527970 (England and Wales)
AVANTGARDE PHARMA LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
AVANTGARDE PHARMA LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
AVANTGARDE PHARMA LTD
BALANCE SHEET
AS AT
29 FEBRUARY 2024
29 February 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
4,072
6,107
Tangible assets
4
48,777
52,192
52,849
58,299
Current assets
Stocks
34,250
31,359
Debtors
5
261,462
181,595
Cash at bank and in hand
202,106
195,491
497,818
408,445
Creditors: amounts falling due within one year
6
(239,889)
(193,261)
Net current assets
257,929
215,184
Net assets
310,778
273,483
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
309,778
272,483
Total equity
310,778
273,483

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 29 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
Jagjit Sihota
Director
Company registration number 07527970 (England and Wales)
AVANTGARDE PHARMA LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 2 -
1
Accounting policies
Company information

Avantgarde Pharma 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 Midland, 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
Intangible fixed assets - goodwill

Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.

1.4
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:

Fixtures and fittings
18% reducing balance
Motor vehicles
18% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

1.6
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.

1.7
Employee benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

AVANTGARDE PHARMA LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 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
8
9
3
Intangible fixed assets
Goodwill
£
Cost
At 1 March 2023 and 29 February 2024
20,354
Amortisation and impairment
At 1 March 2023
14,247
Amortisation charged for the year
2,035
At 29 February 2024
16,282
Carrying amount
At 29 February 2024
4,072
At 28 February 2023
6,107
4
Tangible fixed assets
Leasehold improvements
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 March 2023 and 29 February 2024
33,215
85,410
17,711
136,336
Depreciation and impairment
At 1 March 2023
-
0
75,196
8,948
84,144
Depreciation charged in the year
-
0
1,838
1,577
3,415
At 29 February 2024
-
0
77,034
10,525
87,559
Carrying amount
At 29 February 2024
33,215
8,376
7,186
48,777
At 28 February 2023
33,215
10,214
8,763
52,192
AVANTGARDE PHARMA LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 4 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
117,375
125,802
Other debtors
144,087
55,793
261,462
181,595
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
171,078
142,526
Corporation tax
12,591
8,973
Other taxation and social security
4,237
1,962
Other creditors
51,983
39,800
239,889
193,261
7
Related party transactions

During the year net purchases from related parties were as follows:

 

I-Pharma Healthcare Ltd

 

2024: £38,170

 

2023: £79,341

 

Globepharma Ltd

 

2024: £50,161

 

2023: £31,106

 

As at 28 February 2024 the following balances, included in creditors due within one year, were due to the related companies:

 

Globepharma Ltd

 

2024: £46,626

 

2023: £1,465

8
Ultimate Controlling Party

The company is controlled by Khalid Hussain.

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