Registration number:
Mepharm Limited
for the Year Ended 31 May 2024
Mepharm Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Mepharm Limited
Company Information
Directors |
Mr B Patel Mrs M Patel |
Registered office |
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Accountants |
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Mepharm Limited
(Registration number: 07997148)
Balance Sheet as at 31 May 2024
Note |
2024 |
2023 |
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Fixed assets |
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Investments |
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Current assets |
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Debtors |
- |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Approved and authorised by the
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Mepharm Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are presented in Pound Sterling, which is the functional currency of the company.
Summary of disclosure exemptions
The Company is part of a small group. The company has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 and has not prepared group accounts.
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transactions 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.
Mepharm Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024
Financial instruments
Classification
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Investments |
2024 |
2023 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
Cost or valuation |
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At 1 June 2023 |
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Carrying amount |
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At 31 May 2024 |
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At 31 May 2023 |
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Debtors |
2024 |
2023 |
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Prepayments and accrued income |
- |
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- |
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Mepharm Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024
Creditors |
Note |
2024 |
2023 |
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Due within one year |
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Bank loans and overdrafts |
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Amounts owed to/(from) group undertakings |
731,065 |
765,269 |
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Directors' current account |
5,317 |
2,128 |
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Loans and borrowings |
2024 |
2023 |
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Current loans and borrowings |
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Bank Loan |
- |
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Related party transactions |
Summary of transactions with subsidiaries
(100% Subsidiary of Mepharm Ltd)
During the year, dividends amounting to £250,000 were received from Audley Mills Limited.
At the balance sheet date the amount due to Audley Mills Limited was £731,065 (2023: £765,269). This amount is interest - free and payable on demand.