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Company registration number: 07373967
Tasmia Pharmaceuticals Limited
Unaudited filleted financial statements
30 April 2024
Tasmia Pharmaceuticals Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Tasmia Pharmaceuticals Limited
Directors and other information
Directors Mr N Yasin
Company number 07373967
Registered office 116 Stapleton Road
Bristol
BS5 0PS
Accountants Accounts Tax Solutions Limited
Paul House
Stockport road
Timperley
Chesire
WA15 7UQ
Tasmia Pharmaceuticals Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Tasmia Pharmaceuticals Limited
Year ended 30 April 2024
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 30 April 2024 which comprise the statement of financial position, statement of changes in equity and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Accounts Tax Solutions Limited
Paul House
Stockport road
Timperley
Chesire
WA15 7UQ
13 January 2025
Tasmia Pharmaceuticals Limited
Statement of financial position
30 April 2024
30/04/24 30/04/23
Note £ £ £ £
Fixed assets
Intangible assets 5 180,000 180,000
Tangible assets 6 483 568
_______ _______
180,483 180,568
Current assets
Stocks 34,450 40,000
Debtors 7 44,831 35,810
Cash at bank and in hand 10,062 630
_______ _______
89,343 76,440
Creditors: amounts falling due
within one year 8 ( 119,907) ( 123,142)
_______ _______
Net current liabilities ( 30,564) ( 46,702)
_______ _______
Total assets less current liabilities 149,919 133,866
Creditors: amounts falling due
after more than one year 9 ( 13,333) ( 23,333)
_______ _______
Net assets 136,586 110,533
_______ _______
Capital and reserves
Called up share capital 2 2
Profit and loss account 136,584 110,531
_______ _______
Shareholders funds 136,586 110,533
_______ _______
For the year ending 30 April 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These 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 statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 13 January 2025 , and are signed on behalf of the board by:
Mr N Yasin
Director
Company registration number: 07373967
Tasmia Pharmaceuticals Limited
Statement of changes in equity
Year ended 30 April 2024
Called up share capital Profit and loss account Total
£ £ £
At 1 November 2022 2 132,688 132,690
Profit/(loss) for the year ( 22,157) ( 22,157)
_______ _______ _______
Total comprehensive income for the year - ( 22,157) ( 22,157)
_______ _______ _______
At 30 April 2023 and 1 May 2023 2 110,531 110,533
Profit/(loss) for the year 36,053 36,053
_______ _______ _______
Total comprehensive income for the year - 36,053 36,053
Dividends paid and payable ( 10,000) ( 10,000)
_______ _______ _______
Total investments by and distributions to owners - ( 10,000) ( 10,000)
_______ _______ _______
At 30 April 2024 2 136,584 136,586
_______ _______ _______
Tasmia Pharmaceuticals Limited
Notes to the financial statements
Year ended 30 April 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 Tasmia Pharmaceuticals Limited, 116 Stapleton Road, Bristol, BS5 0PS.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The 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 financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
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 the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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:
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 are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Fittings fixtures and equipment - 15 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
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 stocks to their present location and condition.
4. Staff costs
The average number of persons employed by the company during the year amounted to 5 (2023: 6 ).
The aggregate payroll costs incurred during the year were:
Year Period
ended ended
30/04/24 30/04/23
£ £
Wages and salaries 51,246 23,928
Other pension costs 2,131 1,148
_______ _______
53,377 25,076
_______ _______
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 May 2023 and 30 April 2024 180,000 180,000
_______ _______
Amortisation
At 1 May 2023 and 30 April 2024 - -
_______ _______
Carrying amount
At 30 April 2024 180,000 180,000
_______ _______
At 30 April 2023 180,000 180,000
_______ _______
6. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 May 2023 and 30 April 2024 3,910 3,910
_______ _______
Depreciation
At 1 May 2023 3,342 3,342
Charge for the year 85 85
_______ _______
At 30 April 2024 3,427 3,427
_______ _______
Carrying amount
At 30 April 2024 483 483
_______ _______
At 30 April 2023 568 568
_______ _______
7. Debtors
30/04/24 30/04/23
£ £
Other debtors 44,831 35,810
_______ _______
8. Creditors: amounts falling due within one year
30/04/24 30/04/23
£ £
Bank loans and overdrafts 36,899 39,065
Trade creditors 69,034 59,859
Corporation tax 3,290 5,441
Social security and other taxes 5,476 5,487
Other creditors 5,208 13,290
_______ _______
119,907 123,142
_______ _______
9. Creditors: amounts falling due after more than one year
30/04/24 30/04/23
£ £
Bank loans and overdrafts 13,333 23,333
_______ _______
10. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
Year ended 30/04/24
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr N Yasin ( 5,088) 13,135 8,047
_______ _______ _______
Period ended 30/04/23
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr N Yasin ( 11,592) 6,504 ( 5,088)
_______ _______ _______