Company registration number 10098728 (England and Wales)
CONNECT PHARMA LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
CONNECT PHARMA LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
CONNECT PHARMA LIMITED
BALANCE SHEET
AS AT 31 MAY 2024
31 May 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
121,006
50,624
Current assets
Debtors
4
708,059
1,094,731
Cash at bank and in hand
1,568,559
941,313
2,276,618
2,036,044
Creditors: amounts falling due within one year
5
(253,596)
(340,532)
Net current assets
2,023,022
1,695,512
Total assets less current liabilities
2,144,028
1,746,136
Creditors: amounts falling due after more than one year
6
(104,673)
(48,687)
Provisions for liabilities
Deferred taxation
(30,251)
(12,656)
Net assets
2,009,104
1,684,793
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
2,009,004
1,684,693
Total equity
2,009,104
1,684,793

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

CONNECT PHARMA LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2024
31 May 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 27 February 2025 and are signed on its behalf by:
Mr J Cattee
Director
Company registration number 10098728 (England and Wales)
CONNECT PHARMA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 3 -
1
Accounting policies
Company information

Connect Pharma Limited is a private company limited by shares incorporated in England and Wales. The registered office is 11 Manchester Road, Walkden, Manchester, United Kingdom, M28 3NS.

 

The principal place of business is Buttermilk Lane, Bolsover, Chesterfield, United Kingdom, S44 6AE.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover comprises the fair value of the sale of goods and services net of value added tax, returns, rebates and discounts. Sales of goods and services are recognised either at the point of sale or when the company has delivered them to the customer.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Office equipment
10% straight line
Computer equipment
33% straight line
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

CONNECT PHARMA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 4 -
Deferred tax

Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

 

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

1.5
Leases

Assets held under hire purchase contracts are capitalised in the balance sheet and are depreciated over their useful lives. The capital of future obligations under hire purchase contracts are included in liabilities in the balance sheet.

 

The interest element of the rental obligations are charged to the profit and loss account over the period of the hire purchase contract.

 

Rentals payable under operating leases are charged in the profit and loss account over the lease term.

1.6

Pensions

The obligations for contributions to a defined contribution scheme are recognised as an expense in the period in which they are incurred. The assets of the scheme are held separately from those of the company in an independently administered fund.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
-
0
-
0
CONNECT PHARMA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 5 -
3
Tangible fixed assets
Office equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 June 2023
692
2,249
66,667
69,608
Additions
5,725
844
79,825
86,394
At 31 May 2024
6,417
3,093
146,492
156,002
Depreciation and impairment
At 1 June 2023
69
2,249
16,666
18,984
Depreciation charged in the year
116
70
15,826
16,012
At 31 May 2024
185
2,319
32,492
34,996
Carrying amount
At 31 May 2024
6,232
774
114,000
121,006
At 31 May 2023
623
-
50,001
50,624
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
183,825
594,379
Other debtors
524,234
500,352
708,059
1,094,731
5
Creditors: amounts falling due within one year
2024
2023
£
£
Obligations under finance leases and hire purchase contracts
12,119
3,787
Trade creditors
4,081
17,130
Taxation and social security
-
0
80,562
Other creditors
237,396
239,053
253,596
340,532

Creditors include net obligations under finance lease and hire purchase contracts which are secured of £12,119 (2023 - £3,787).

CONNECT PHARMA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 6 -
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Obligations under finance leases and hire purchase contracts
104,673
48,687

Creditors include net obligations under finance lease and hire purchase contracts which are secured of £104,673 (2023 - £48,687).

7
Financial commitments, guarantees and contingent liabilities

Amounts contracted for but not provided in the financial statements:

 

The total amount of financial commitments not included in the balance sheet is £10,052 (2023 - £17,591). This represents the total future minimum lease payments under non-cancellable operating leases.

8
Related party transactions
Transactions with related parties

During the previous year, the company advanced a loan of £500,000 to Cattee Investments Limited, that is included in debtors. Mr. J Cattee is a shareholder and director of Cattee Investments Limited.

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