5 5 Pharmsouth Limited 06361170 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is the provision of electro-mechanical design engineering services and machinery design and build Digita Accounts Production Advanced 6.30.9574.0 true 06361170 2023-04-01 2024-03-31 06361170 2024-03-31 06361170 core:CurrentFinancialInstruments 2024-03-31 06361170 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 06361170 core:FurnitureFittingsToolsEquipment 2024-03-31 06361170 core:OtherPropertyPlantEquipment 2024-03-31 06361170 1 2024-03-31 06361170 bus:SmallEntities 2023-04-01 2024-03-31 06361170 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 06361170 bus:FilletedAccounts 2023-04-01 2024-03-31 06361170 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 06361170 bus:RegisteredOffice 2023-04-01 2024-03-31 06361170 bus:Director2 2023-04-01 2024-03-31 06361170 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 06361170 core:ComputerEquipment 2023-04-01 2024-03-31 06361170 core:FurnitureFittings 2023-04-01 2024-03-31 06361170 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 06361170 core:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 06361170 core:PlantMachinery 2023-04-01 2024-03-31 06361170 countries:EnglandWales 2023-04-01 2024-03-31 06361170 1 2023-04-01 2024-03-31 06361170 2023-03-31 06361170 core:FurnitureFittingsToolsEquipment 2023-03-31 06361170 core:OtherPropertyPlantEquipment 2023-03-31 06361170 1 2023-03-31 06361170 2022-04-01 2023-03-31 06361170 2023-03-31 06361170 core:CurrentFinancialInstruments 2023-03-31 06361170 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 06361170 core:FurnitureFittingsToolsEquipment 2023-03-31 06361170 core:OtherPropertyPlantEquipment 2023-03-31 06361170 1 2023-03-31 06361170 1 2022-04-01 2023-03-31 06361170 1 2022-03-31 xbrli:pure iso4217:GBP

Registration number: 06361170

Pharmsouth Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Pharmsouth Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 6

 

Pharmsouth Limited

(Registration number: 06361170)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

14,534.00

17,352.00

Current assets

 

Stocks

5

10,480.00

16,400.00

Debtors

6

39,154.00

44,988.00

Cash at bank and in hand

 

193,438.00

152,460.00

 

243,072.00

213,848.00

Creditors: Amounts falling due within one year

7

-31,485.00

-35,911.00

Net current assets

 

211,587.00

177,937.00

Net assets

 

226,121.00

195,289.00

Capital and reserves

 

Called up share capital

100.00

100.00

Retained earnings

226,021.00

195,189.00

Shareholders' funds

 

226,121.00

195,289.00

For the financial year ending 31 March 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 25 March 2025 and signed on its behalf by:
 

.........................................
Mr S P Coates
Director

 

Pharmsouth Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 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:
29 Woodlands Close
Sarisbury Green
Southampton
SO31 7AQ

These financial statements were authorised for issue by the Board on 25 March 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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Pharmsouth Limited

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

Tax

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% Reducing balance

Computer equipment

33% per annum on cost

Fixtures and fittings

20% Reducing balance

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 debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Pharmsouth Limited

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

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2023 - 5).

 

Pharmsouth Limited

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

4

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2023

50,429.00

37,098.00

87,527.00

Additions

808.00

549.00

1,357.00

At 31 March 2024

51,237.00

37,647.00

88,884.00

Depreciation

At 1 April 2023

40,984.00

29,191.00

70,175.00

Charge for the year

2,484.00

1,691.00

4,175.00

At 31 March 2024

43,468.00

30,882.00

74,350.00

Carrying amount

At 31 March 2024

7,769.00

6,765.00

14,534.00

At 31 March 2023

9,445.00

7,907.00

17,352.00

5

Stocks

2024
£

2023
£

Other inventories

10,480.00

16,400.00

6

Debtors

Current

2024
£

2023
£

Trade debtors

15,433.00

10,846.00

Prepayments

2,825.00

0.00

Other debtors

20,896.00

34,142.00

 

39,154.00

44,988.00

7

Creditors

Creditors: amounts falling due within one year

 

Pharmsouth Limited

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

2024
£

2023
£

Due within one year

Taxation and social security

19,860.00

23,921.00

Accruals and deferred income

11,991.00

11,990.00

Other creditors

-366.00

0.00

31,485.00

35,911.00

8

Related party transactions

Transactions with directors

2024

At 1 April 2023
£

Repayments by director
£

At 31 March 2024
£

Directors account

28,616.00

-20,078.00

8,538.00

 

2023

At 1 April 2022
£

At 31 March 2023
£

Directors account

28,616.00

28,616.00