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Registrar

Registration number: 10640674

Prulab Pharma Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2024

 

Prulab Pharma Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Prulab Pharma Limited

Company Information

Directors

A G Oades

L A Oades

Registered office

4th Floor
Victoria House
Victoria Road
Chelmsford
CM1 1JR

Bankers

Natwest
Harpenden
21 High Street
Harpenden
Hertfordshire
AL5 2RY

Accountants

Lambert Chapman LLP
Chartered accountants
3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

 

Prulab Pharma Limited

(Registration number: 10640674)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

134,719

160,377

Tangible assets

5

22,517

4,495

Investment property

6

410,469

327,411

 

567,705

492,283

Current assets

 

Debtors

7

274,493

50,924

Cash at bank and in hand

 

325,028

209,051

 

599,521

259,975

Creditors: Amounts falling due within one year

8

(533,460)

(338,044)

Net current assets/(liabilities)

 

66,061

(78,069)

Total assets less current liabilities

 

633,766

414,214

Creditors: Amounts falling due after more than one year

8

(240,332)

(300,481)

Net assets

 

393,434

113,733

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

393,334

113,633

Shareholders' funds

 

393,434

113,733

For the financial year ending 31 July 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 6 February 2025 and signed on its behalf by:
 

A G Oades
Director

L A Oades
Director

 
     
 

Prulab Pharma Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is: 4th Floor, Victoria House, Victoria Road, Chelmsford, CM1 1JR.

The principal place of business is: 41 Chelmerton Avenue, Great Baddow, Chelmsford, Essex, CM2 9RF.

These financial statements were authorised for issue by the Board on 6 February 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention.

These financial statements are presented in Sterling (£), which is the company's functional currency.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
- the amount of revenue can be reliably measured;
- it is probable that future economic benefits will flow to the entity;
- and specific criteria have been met for each of the company's activities.

Tax

Current Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on material temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 

Prulab Pharma Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation.

Depreciation

Depreciation is charged so as to write off the cost or valuation of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

33% Straight line

Website Costs

20% Straight line

Fixtures & Fittings

20% Reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate. Changes in fair value are recognised in profit or loss.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Development costs

10% Straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Prulab Pharma Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

4

Intangible assets

Development costs
£

Total
£

Cost or valuation

At 1 August 2023

257,129

257,129

At 31 July 2024

257,129

257,129

Amortisation

At 1 August 2023

96,752

96,752

Amortisation charge

25,658

25,658

At 31 July 2024

122,410

122,410

Carrying amount

At 31 July 2024

134,719

134,719

At 31 July 2023

160,377

160,377

 

Prulab Pharma Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

5

Tangible assets

Fixtures, Fittings and Office Equipment
£

Website
£

Total
£

Cost or valuation

At 1 August 2023

7,179

4,420

11,599

Additions

13,430

8,230

21,660

At 31 July 2024

20,609

12,650

33,259

Depreciation

At 1 August 2023

2,684

4,420

7,104

Charge for the year

3,374

264

3,638

At 31 July 2024

6,058

4,684

10,742

Carrying amount

At 31 July 2024

14,551

7,966

22,517

At 31 July 2023

4,495

-

4,495

6

Investment properties

2024
£

At 1 August

327,411

Additions

83,058

At 31 July

410,469

There has been no valuation of the investment property by an independent valuer. The directors' do not consider that the current market value is materially different to the valuation held within the financial statements.

7

Debtors

2024
£

2023
£

Trade debtors

189,727

16,557

Prepayments

24,433

17,125

Other debtors

60,333

17,242

274,493

50,924

 

Prulab Pharma Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

14,465

30,421

Trade creditors

 

253,574

131,865

Taxation and social security

 

168,124

86,302

Accruals and deferred income

 

52,361

10,200

Other creditors

 

44,936

79,256

 

533,460

338,044


Creditors include bank loans of £9,176 (2023 - £25,251) which are secured by the way of a fixed charge over the investment property

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

240,332

238,840

Other non-current financial liabilities

 

-

61,641

 

240,332

300,481


Creditors include bank loans of £212,043 (2023 - £205,144) which are secured by the way of a fixed charge over the investment property

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100

       
 

Prulab Pharma Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

10

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

14,465

30,421

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

240,332

238,840

11

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £11,631 (2023 - £25,588).