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Registered number: 01597645









WELBECK PHARMACEUTICALS & HOSPITAL SUPPLIES LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
WELBECK PHARMACEUTICALS & HOSPITAL SUPPLIES LIMITED
REGISTERED NUMBER: 01597645

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible fixed assets
  
104,762
17,986

Current assets
  

Stocks
  
63,500
61,500

Debtors: amounts falling due within one year
 5 
749,964
807,871

Bank and cash balances
  
825,409
385,708

  
1,638,873
1,255,079

Creditors: amounts falling due within one year
 6 
(988,414)
(956,008)

Net current assets
  
 
 
650,459
 
 
299,071

Creditors: amounts falling due after more than one year
  
(45,580)
-

Net assets
  
709,641
317,057


Capital and reserves
  

Called up share capital 
 9 
50,000
50,000

Profit and loss account
  
659,641
267,057

  
709,641
317,057


The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 21 January 2025.

A A Wahab
Director

The notes on pages 3 to 7 form part of these financial statements.
Page 1

 
WELBECK PHARMACEUTICALS & HOSPITAL SUPPLIES LIMITED
REGISTERED NUMBER: 01597645
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024


Page 2

 
WELBECK PHARMACEUTICALS & HOSPITAL SUPPLIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Welbeck Pharmaceuticals & Hospital Supplies Limited is a private company limited by shares incorporated in England and Wales. The registered office is 35 Devonshire Street, London, W1G 6PZ. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Revenue

Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.

Page 3

 
WELBECK PHARMACEUTICALS & HOSPITAL SUPPLIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Long-term leasehold property
-
Straight line over the term of the lease
Plant and machinery
-
15% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

Foreign currency

Functional and presentational currency
The company's functional and presentational currency is GBP. 

 
2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. 
At each reporting date, stocks are assessed for impairment. If stock is 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.

 
2.9

Debtors

Short term debtors are measured at transaction price, less any impairment

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.11

Creditors

Short term creditors are measured at the transaction price.

Page 4

 
WELBECK PHARMACEUTICALS & HOSPITAL SUPPLIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.12

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.13

Dividends

Equity dividends are recognised when they become legally payable. 


3.


Employees

The average monthly number of employees, including directors, during the year was 9 (2023 - 9).


4.


Tangible fixed assets





Long-term leasehold property
Plant and machinery
Motor vehicles
Total

£
£
£
£



Cost or valuation


At 1 April 2023
195,246
208,829
-
404,075


Additions
-
3,286
90,642
93,928



At 31 March 2024

195,246
212,115
90,642
498,003



Depreciation


At 1 April 2023
192,558
193,531
-
386,089


Charge for the year on owned assets
398
2,789
3,965
7,152



At 31 March 2024

192,956
196,320
3,965
393,241



Net book value



At 31 March 2024
2,290
15,795
86,677
104,762



At 31 March 2023
2,688
15,298
-
17,986

Page 5

 
WELBECK PHARMACEUTICALS & HOSPITAL SUPPLIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Debtors

2024
2023
£
£


Trade debtors
603,899
632,045

Other debtors
51,055
69,955

Prepayments and accrued income
95,010
105,871

749,964
807,871



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
168,354
273,964

Corporation tax
81,928
50,050

Other taxation and social security
53,726
49,607

Obligations under hire purchase contracts
26,046
-

Other creditors
658,360
582,387

988,414
956,008



7.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Net obligations under hire purchase contracts
45,580
-



8.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
26,046
-

Between 1-5 years
45,580
-

71,626
-

Page 6

 
WELBECK PHARMACEUTICALS & HOSPITAL SUPPLIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



50,000 (2023 - 50,000) Ordinary shares of £1.00 each
50,000
50,000



10.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £123,493 (2023 - £83,321). 


11.


Related party transactions

At the year end the company owed £110,893 (2023: £97,055) to its directors. The amount due is interest free and deemed repayable on demand.


12.


Controlling party

The company is controlled by Mr A Wahab and Mr O Wahab who together own 51% of the share capital. 

 
Page 7