Company registration number 13030401 (England and Wales)
FAIRLIGHT PHARMA LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
FAIRLIGHT PHARMA LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
FAIRLIGHT PHARMA LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 1 -
30 April 2024
30 November 2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
524,894
530,872
Tangible assets
4
34,409
36,101
Investments
5
200
559,503
566,973
Current assets
Stocks
54,739
55,485
Debtors
6
296,802
387,381
Cash at bank and in hand
55,235
41,153
406,776
484,019
Creditors: amounts falling due within one year
7
(213,576)
(290,214)
Net current assets
193,200
193,805
Total assets less current liabilities
752,703
760,778
Creditors: amounts falling due after more than one year
8
(535,147)
(548,715)
Provisions for liabilities
(1,363)
(1,128)
Net assets
216,193
210,935
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
216,093
210,835
Total equity
216,193
210,935
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial period ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their 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 period 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.
FAIRLIGHT PHARMA LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2024
30 April 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 13 January 2025 and are signed on its behalf by:
Mr A Jamel
Director
Company registration number 13030401 (England and Wales)
FAIRLIGHT PHARMA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024
- 3 -
1
Accounting policies
Company information
Fairlight Pharma Limited is a private company limited by shares incorporated in England and Wales. The registered office is Elthorne Gate, 64 High Street, Pinner, HA5 5QA.
1.1
Reporting period
The current period financial statements were prepared for a shortened period of five months to align the year-end with other companies owned by the director, and the prior period accounts were prepared for the period of one year; hence the comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.
1.2
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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.3
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
1.4
Intangible fixed assets - goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2021, is being amortised evenly over its estimated useful life of forty years.
1.5
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
25% on reducing balance
Motor vehicles
20% on reducing balance
1.6
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
FAIRLIGHT PHARMA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.7
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted.
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.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
1.9
Retirement benefits
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.
1.10
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
FAIRLIGHT PHARMA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 5 -
1.11
The company has taken advantage of the exemption, under the terms of Financial Reporting Standard 102,' The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2024
2023
Number
Number
Total
8
6
3
Intangible fixed assets
Goodwill
£
Cost
At 1 December 2023 and 30 April 2024
573,916
Amortisation and impairment
At 1 December 2023
43,044
Amortisation charged for the period
5,978
At 30 April 2024
49,022
Carrying amount
At 30 April 2024
524,894
At 30 November 2023
530,872
FAIRLIGHT PHARMA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2024
- 6 -
4
Tangible fixed assets
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1 December 2023
9,383
49,362
58,745
Additions
1,575
1,575
At 30 April 2024
10,958
49,362
60,320
Depreciation and impairment
At 1 December 2023
4,873
17,771
22,644
Depreciation charged in the period
634
2,633
3,267
At 30 April 2024
5,507
20,404
25,911
Carrying amount
At 30 April 2024
5,451
28,958
34,409
At 30 November 2023
4,510
31,591
36,101
Included within the net book value of £34,409 is £28,958 (2023: £31,591) relating to assets held under hire purchase agreements. The depreciation charged to the financial statements in the year in respect of such assets amounted to £2,633 (2023: £7,898).
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
200
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 December 2023
-
200
At 30 April 2024
200
Carrying amount
At 30 April 2024
200
At 30 November 2023
-
FAIRLIGHT PHARMA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2024
- 7 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
86,366
123,155
Amounts owed by group undertakings
50,180
67,871
Other debtors
152,631
150,989
Prepayments and accrued income
7,625
45,366
296,802
387,381
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
23,038
20,454
Trade creditors
101,862
195,934
Taxation and social security
63,340
66,949
Other creditors
25,336
6,877
213,576
290,214
8
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
507,823
519,124
Obligations under finance leases
27,324
29,591
535,147
548,715
The bank loans and overdrafts falling due less than 1 year and after more than 1 year are secured by a fixed and floating charge over the assets of the company.
The following assets held as security are charged to Santander bank;
1) A legal charge over 75-79 Miles Road, Mitcham, Surrey CR4 3DA held by Mitcham Healthcare Ltd and 186 Rowan Road, Merton, London SW26 5HX held by Fairlight Pharma Ltd.
2) A guarantee for £100,000 plus interest and costs from Mr A Jamel in favour of Santander Bank UK Plc.
3) A debenture granted by Mitcham Healthcare Ltd for the benefit of Santander Bank UK Plc.
4) Corporate guarantee given by Mitcham Healthcare Ltd in favour of Santander Bank UK Plc.
FAIRLIGHT PHARMA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2024
8
Creditors: amounts falling due after more than one year
(Continued)
- 8 -
Amounts included above which fall due after five years are as follows:
Payable by instalments
415,671
437,309
9
Other financial commitments
As at the balance sheet date, the total financial commitments amounted to £23,458. These commitments are for operating lease commitment for rent of the premises.
10
Related party transactions
2024
2023
Amounts due from related parties
£
£
Med Zone Ltd ("MZL")
101,000
71,000
A. C. Curd (Isleworth) Ltd ("AIL")
16,256
25,699
Living Home Properties Ltd ("LHPL")
690
690
Mr A Jamel is a common director and shareholder in MZL, AIL & LHPL. The loan is unsecured, interest-free, and repayable on demand.