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Registration number: 07997148

Mepharm Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

Mepharm Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 5

 

Mepharm Limited

Company Information

Directors

Mr B Patel

Mrs M Patel

Registered office

10 The Woodfines
Hornchurch
Essex
RM11 3HR

Accountants

Affinity Associates (Flemmings) Limited
(Trading as Flemmings)
Chartered Accountants
76 Canterbury Road
Croydon
Surrey
CR0 3HA

 

Mepharm Limited

(Registration number: 07997148)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

           

Fixed assets

   

 

Investments

4

 

942,256

 

942,256

Current assets

   

 

Debtors

5

-

 

315

 

Cash at bank and in hand

 

19,451

 

19,763

 

 

19,451

 

20,078

 

Creditors: Amounts falling due within one year

6

(736,382)

 

(889,339)

 

Net current liabilities

   

(716,931)

 

(869,261)

Net assets

   

225,325

 

72,995

Capital and reserves

   

 

Called up share capital

100

 

100

 

Profit and loss account

225,225

 

72,895

 

Total equity

   

225,325

 

72,995

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:

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 and 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 20 February 2025 and signed on its behalf by:
 

.........................................
Mr B Patel
Director

 

Mepharm Limited

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

1

General information

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

The address of its registered office is:
10 The Woodfines
Hornchurch
Essex
RM11 3HR
United Kingdom

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 - '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
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.
 

3

Staff numbers

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

4

Investments

2024
£

2023
£

Investments in subsidiaries

942,256

942,256

Subsidiaries

£

Cost or valuation

At 1 June 2023

942,256

Carrying amount

At 31 May 2024

942,256

At 31 May 2023

942,256

5

Debtors

2024
£

2023
£

Prepayments and accrued income

-

315

 

-

315

 

Mepharm Limited

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

6

Creditors

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

7

-

121,942

Amounts owed to/(from) group undertakings

 

731,065

765,269

Directors' current account

 

5,317

2,128

 

736,382

889,339

7

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank Loan

-

121,942

8

Related party transactions

Summary of transactions with subsidiaries

Audley Mills Limited
(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.