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Company registration number: 05232579
Kelly's Pharma Limited
Unaudited filleted financial statements
28 January 2024
Kelly's Pharma Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Kelly's Pharma Limited
Directors and other information
Directors Paul Kelly
Secretary Mrs. Susan Kelly
Company number 05232579
Registered office 195 Altway
Aintree
Liverpool
Merseyside
L10 6LB
Accountants Accounts Tax Solutions Limited
Paul House
Stockport Road
Timperley
Cheshire
WA15 7UQ
Kelly's Pharma Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Kelly's Pharma Limited
Period ended 28 January 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 period ended 28 January 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
Cheshire
WA15 7UQ
28 January 2025
Kelly's Pharma Limited
Statement of financial position
28 January 2024
28/01/24 29/01/23
Note £ £ £ £
Fixed assets
Intangible assets 5 - -
Tangible assets 6 24,307 9,980
Investments 7 51,175 51,175
_______ _______
75,482 61,155
Current assets
Stocks 61,338 60,001
Debtors 8 781,826 547,319
Cash at bank and in hand 903,796 1,083,482
_______ _______
1,746,960 1,690,802
Creditors: amounts falling due
within one year 9 ( 261,269) ( 186,189)
_______ _______
Net current assets 1,485,691 1,504,613
_______ _______
Total assets less current liabilities 1,561,173 1,565,768
Provisions for liabilities - ( 604)
_______ _______
Net assets 1,561,173 1,565,164
_______ _______
Capital and reserves
Called up share capital 2 2
Profit and loss account 1,561,171 1,565,162
_______ _______
Shareholders funds 1,561,173 1,565,164
_______ _______
For the period ending 28 January 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 period 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 28 January 2025 , and are signed on behalf of the board by:
Paul Kelly
Director
Company registration number: 05232579
Kelly's Pharma Limited
Statement of changes in equity
Period ended 28 January 2024
Called up share capital Profit and loss account Total
£ £ £
At 31 January 2022 2 1,400,028 1,400,030
Profit for the period 224,334 224,334
_______ _______ _______
Total comprehensive income for the period - 224,334 224,334
Dividends paid and payable ( 59,200) ( 59,200)
_______ _______ _______
Total investments by and distributions to owners - ( 59,200) ( 59,200)
_______ _______ _______
At 29 January 2023 and 30 January 2023 2 1,565,162 1,565,164
Profit for the period 176,689 176,689
_______ _______ _______
Total comprehensive income for the period - 176,689 176,689
Dividends paid and payable ( 180,680) ( 180,680)
_______ _______ _______
Total investments by and distributions to owners - ( 180,680) ( 180,680)
_______ _______ _______
At 28 January 2024 2 1,561,171 1,561,173
_______ _______ _______
Kelly's Pharma Limited
Notes to the financial statements
Period ended 28 January 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 195 Altway, Aintree, Liverpool, Merseyside, L10 6LB.
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.
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 - 25 % reducing balance
Motor vehicles - 20 % 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.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 11 (2023: 10 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 30 January 2023 and 28 January 2024 825,500 825,500
_______ _______
Amortisation
At 30 January 2023 and 28 January 2024 825,500 825,500
_______ _______
Carrying amount
At 28 January 2024 - -
_______ _______
At 29 January 2023 - -
_______ _______
6. Tangible assets
Fixtures, fittings and equipment Motor vehicles Total
£ £ £
Cost
At 30 January 2023 38,269 17,800 56,069
Additions - 20,650 20,650
_______ _______ _______
At 28 January 2024 38,269 38,450 76,719
_______ _______ _______
Depreciation
At 30 January 2023 34,338 11,751 46,089
Charge for the year 983 5,340 6,323
_______ _______ _______
At 28 January 2024 35,321 17,091 52,412
_______ _______ _______
Carrying amount
At 28 January 2024 2,948 21,359 24,307
_______ _______ _______
At 29 January 2023 3,931 6,049 9,980
_______ _______ _______
7. Investments
Other investments other than loans Total
£ £
Cost
At 30 January 2023 and 28 January 2024 51,175 51,175
_______ _______
Impairment
At 30 January 2023 and 28 January 2024 - -
_______ _______
Carrying amount
At 28 January 2024 51,175 51,175
_______ _______
At 29 January 2023 51,175 51,175
_______ _______
8. Debtors
28/01/24 29/01/23
£ £
Trade debtors 245 611
Other debtors 781,581 546,708
_______ _______
781,826 547,319
_______ _______
9. Creditors: amounts falling due within one year
28/01/24 29/01/23
£ £
Trade creditors 155,768 143,463
Corporation tax 84,721 28,029
Social security and other taxes 12,515 10,961
Other creditors 8,265 3,736
_______ _______
261,269 186,189
_______ _______
10. Directors advances, credits and guarantees
During the period the directors entered into the following advances and credits with the company:
Period ended 28/01/24
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Paul Kelly 2,897 - 2,897
_______ _______ _______
Period ended 29/01/23
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Paul Kelly ( 60,000) 62,897 2,897
_______ _______ _______
11. Controlling party
The ultimate controlling party of the company are its Directors.