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Registration number: 13237933

Apex Pharma Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2024

 

Apex Pharma Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Apex Pharma Ltd

(Registration number: 13237933)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

1,369,860

1,565,554

Investments

5

436

100

 

1,370,296

1,565,654

Current assets

 

Cash at bank and in hand

 

615

627

Creditors: Amounts falling due within one year

7

(504,101)

(375,740)

Net current liabilities

 

(503,486)

(375,113)

Total assets less current liabilities

 

866,810

1,190,541

Creditors: Amounts falling due after more than one year

7

(855,319)

(932,959)

Net assets

 

11,491

257,582

Capital and reserves

 

Called up share capital

100

100

Retained earnings

11,391

257,482

Shareholders' funds

 

11,491

257,582

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 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.

 

Apex Pharma Ltd

(Registration number: 13237933)
Balance Sheet as at 31 July 2024

Approved and authorised by the Board on 18 February 2025 and signed on its behalf by:
 

.........................................
Mr Imraan Khan
Company secretary and director

 

Apex Pharma Ltd

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:
22 Kinloch Drive
Kinloch Drive
Bolton
BL1 4LZ
United Kingdom

These financial statements were authorised for issue by the Board on 18 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 except that as disclosed in the accounting policies certain items are shown at fair value.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

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:

 

Apex Pharma Ltd

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

Asset class

Amortisation method and rate

Goodwill

Over 10 years

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.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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.

 

Apex Pharma Ltd

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

 

Apex Pharma Ltd

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 August 2023

1,956,942

1,956,942

At 31 July 2024

1,956,942

1,956,942

Amortisation

At 1 August 2023

391,388

391,388

Amortisation charge

195,694

195,694

At 31 July 2024

587,082

587,082

Carrying amount

At 31 July 2024

1,369,860

1,369,860

At 31 July 2023

1,565,554

1,565,554

5

Investments

2024
£

2023
£

Investments in subsidiaries

436

100

Subsidiaries

£

Cost or valuation

At 1 August 2023

100

Additions

336

At 31 July 2024

436

Provision

Carrying amount

At 31 July 2024

436

At 31 July 2023

100

 

Apex Pharma Ltd

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

6

Debtors

Current

2024
£

2023
£

 

-

-

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

151,714

97,740

Amounts owed to group undertakings and undertakings in which the company has a participating interest

352,387

278,000

 

504,101

375,740

 

Apex Pharma Ltd

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

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

855,319

932,959

A debenture has been lodged at Companies House, in favour of Santander bank, with fixed and floating charges over all assets, dated 2 August 2021.

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

855,319

932,959

Current loans and borrowings

2024
£

2023
£

Bank borrowings

151,714

97,740