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Registration number: 14186049

HASSTAM LTD

trading as Medichem Pharmacy

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

HASSTAM LTD

trading as Medichem Pharmacy

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

HASSTAM LTD

trading as Medichem Pharmacy

Company Information

Directors

Amnah Masood Yousaf

Mohammed Hassan Ejaz

Perveen Akhtar

Thamoor Hayder Faqir

Registered office

34-35 Woodley Precinct
Woodley
Stockport
SK6 1RJ

Accountants

Analytia Partners Limited
Licenced Accountants83 Ducie Street
Manchester
Greater Manchester
M1 2JQ

 

HASSTAM LTD

trading as Medichem Pharmacy

(Registration number: 14186049)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

807,874

900,202

Tangible assets

5

298,225

286,378

 

1,106,099

1,186,580

Current assets

 

Stocks

6

48,772

119,593

Debtors

7

296,631

251,765

Cash at bank and in hand

 

467,495

131,100

 

812,898

502,458

Creditors: Amounts falling due within one year

8

(656,174)

(542,522)

Net current assets/(liabilities)

 

156,724

(40,064)

Total assets less current liabilities

 

1,262,823

1,146,516

Creditors: Amounts falling due after more than one year

8

(1,179,158)

(1,137,606)

Net assets

 

83,665

8,910

Capital and reserves

 

Called up share capital

9

11

11

Retained earnings

83,654

8,899

Shareholders' funds

 

83,665

8,910

For the financial year ending 30 June 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:
 

 

HASSTAM LTD

trading as Medichem Pharmacy

(Registration number: 14186049)
Balance Sheet as at 30 June 2024

.........................................
Mohammed Hassan Ejaz
Director

.........................................
Thamoor Hayder Faqir
Director

 

HASSTAM LTD

trading as Medichem Pharmacy

Notes to the Unaudited Financial Statements for the Year Ended 30 June 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:
34-35 Woodley Precinct
Woodley
Stockport
SK6 1RJ
England

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.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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.

 

HASSTAM LTD

trading as Medichem Pharmacy

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

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

Leasehold improvements

10% on cost

Plant and machinery

20% on cost

Computer and office equipment

33% on cost

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:

Asset class

Amortisation method and rate

Goodwill

10% on cost

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.

 

HASSTAM LTD

trading as Medichem Pharmacy

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

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.

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.

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.

 

HASSTAM LTD

trading as Medichem Pharmacy

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 30 (2023 - 18).

 

HASSTAM LTD

trading as Medichem Pharmacy

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 July 2023

923,284

923,284

At 30 June 2024

923,284

923,284

Amortisation

At 1 July 2023

23,082

23,082

Amortisation charge

92,328

92,328

At 30 June 2024

115,410

115,410

Carrying amount

At 30 June 2024

807,874

807,874

At 30 June 2023

900,202

900,202

5

Tangible assets

Leasehold improvements
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 July 2023

264,150

30,350

294,500

Additions

28,700

18,156

46,856

At 30 June 2024

292,850

48,506

341,356

Depreciation

At 1 July 2023

6,604

1,518

8,122

Charge for the year

26,631

8,378

35,009

At 30 June 2024

33,235

9,896

43,131

Carrying amount

At 30 June 2024

259,615

38,610

298,225

At 30 June 2023

257,546

28,832

286,378

6

Stocks

2024
£

2023
£

Other inventories

48,772

119,593

 

HASSTAM LTD

trading as Medichem Pharmacy

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

7

Debtors

Current

2024
£

2023
£

Trade debtors

207,900

191,834

Prepayments

1,959

1,111

Other debtors

86,772

58,820

 

296,631

251,765

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

109,519

110,532

Trade creditors

 

347,573

363,708

Taxation and social security

 

92,552

1,982

Accruals and deferred income

 

36,595

12,110

Other creditors

 

69,935

54,190

 

656,174

542,522

.
Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £109,519 (2023 - £110,532).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

1,179,158

1,137,606

.
Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £859,514 (2023 - £897,938).

9

Share capital

Allotted, called up and fully paid shares

 

HASSTAM LTD

trading as Medichem Pharmacy

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

2024

2023

No.

£

No.

£

A Ordinary of £0.10 each

49

5

49

5

B Ordinary of £0.10 each

49

5

49

5

C Ordinary of £0.10 each

6

1

6

1

D Ordinary of £0.10 each

6

1

6

1

110

11

110

11

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

859,514

897,938

Other borrowings

319,644

239,668

1,179,158

1,137,606

Current loans and borrowings

2024
£

2023
£

Bank borrowings

109,519

110,532

11

Dividends

2024

2023

£

£

Interim dividend of £140,000.00 (2023 - £Nil)

140,000

-

 

 

12

Related party transactions

 

HASSTAM LTD

trading as Medichem Pharmacy

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

28,283

4,190