Registered number
07139443
Global Pharm Limited
Filleted Accounts
31 May 2024
Global Pharm Limited
Registered number: 07139443
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 1,477 1,176
Current assets
Stocks 99,486 61,636
Debtors 5 127,520 122,024
Cash at bank and in hand 189,064 267,848
416,070 451,508
Creditors: amounts falling due within one year 6 (70,361) (109,270)
Net current assets 345,709 342,238
Net assets 347,186 343,414
Capital and reserves
Called up share capital 100 100
Profit and loss account 347,086 343,314
Shareholders' funds 347,186 343,414
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr W Hussain
Director
Approved by the board on 11 February 2025
Global Pharm Limited
Notes to the Accounts
for the year ended 31 May 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Fixtures, fittings and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 19 19
3 Intangible fixed assets £
Goodwill:
Cost
At 1 June 2023 40,000
At 31 May 2024 40,000
Amortisation
At 1 June 2023 40,000
At 31 May 2024 40,000
Net book value
At 31 May 2024 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 June 2023 11,539 1,750 13,289
Additions 670 - 670
At 31 May 2024 12,209 1,750 13,959
Depreciation
At 1 June 2023 10,363 1,750 12,113
Charge for the year 369 - 369
At 31 May 2024 10,732 1,750 12,482
Net book value
At 31 May 2024 1,477 - 1,477
At 31 May 2023 1,176 - 1,176
5 Debtors 2024 2023
£ £
Trade debtors 108,244 104,163
Other debtors 19,276 17,861
127,520 122,024
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 70,554 97,040
Taxation and social security costs 1,638 11,588
Other creditors (1,831) 642
70,361 109,270
7 Other information
Global Pharm Limited is a private company limited by shares and incorporated in England. Its registered office is:
1 Oakley Street
Thorpe
Wakefield
West Yorkshire
WF3 3DX
Global Pharm Limited 07139443 false 2023-06-01 2024-05-31 2024-05-31 VT Final Accounts July 2024 Mr W Hussain No description of principal activity 07139443 2022-06-01 2023-05-31 07139443 core:WithinOneYear 2023-05-31 07139443 core:ShareCapital 2023-05-31 07139443 core:RetainedEarningsAccumulatedLosses 2023-05-31 07139443 2023-06-01 2024-05-31 07139443 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 07139443 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 07139443 bus:Director40 2023-06-01 2024-05-31 07139443 1 2023-06-01 2024-05-31 07139443 2 2023-06-01 2024-05-31 07139443 core:PlantMachinery 2023-06-01 2024-05-31 07139443 core:Vehicles 2023-06-01 2024-05-31 07139443 countries:England 2023-06-01 2024-05-31 07139443 bus:FRS102 2023-06-01 2024-05-31 07139443 bus:FilletedAccounts 2023-06-01 2024-05-31 07139443 2024-05-31 07139443 core:WithinOneYear 2024-05-31 07139443 core:ShareCapital 2024-05-31 07139443 core:RetainedEarningsAccumulatedLosses 2024-05-31 07139443 core:Goodwill 2024-05-31 07139443 core:PlantMachinery 2024-05-31 07139443 core:Vehicles 2024-05-31 07139443 2023-05-31 07139443 core:Goodwill 2023-05-31 07139443 core:PlantMachinery 2023-05-31 07139443 core:Vehicles 2023-05-31 iso4217:GBP xbrli:pure