Draft Financial Statements at 04 April 2025 at 09:58:19
Company registration number 09526893 (England and Wales)
ISLINGTON PHARMA LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
Draft Financial Statements at 04 April 2025 at 09:58:19
ISLINGTON PHARMA LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
Draft Financial Statements at 04 April 2025 at 09:58:19
ISLINGTON PHARMA LIMITED
BALANCE SHEET
AS AT 30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
5,318
6,484
Current assets
Stocks
49,075
48,300
Debtors
4
545,638
386,032
Cash at bank and in hand
90,203
144,483
684,916
578,815
Creditors: amounts falling due within one year
5
(276,390)
(258,464)
Net current assets
408,526
320,351
Net assets
413,844
326,835
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
413,744
326,735
Total equity
413,844
326,835
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his 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.
The financial statements were approved and signed by the director and authorised for issue on 31 January 2025
Aurangzeb Yousaf
Director
Company registration number 09526893 (England and Wales)
Draft Financial Statements at 04 April 2025 at 09:58:19
ISLINGTON PHARMA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
1
Accounting policies
Company information
Islington Pharma Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit A 31 North Road, Islington, London, UK, N7 9GL.
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
Going concern
Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, 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:
Plant and equipment
18% on 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.
1.5
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
1.7
Pensions
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.
Draft Financial Statements at 04 April 2025 at 09:58:19
ISLINGTON PHARMA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
6
9
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 May 2023 and 30 April 2024
18,802
Depreciation and impairment
At 1 May 2023
12,317
Depreciation charged in the year
1,167
At 30 April 2024
13,484
Carrying amount
At 30 April 2024
5,318
At 30 April 2023
6,484
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
219,103
165,242
Other debtors
326,535
220,790
545,638
386,032
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
121,405
132,386
Corporation tax
28,645
Other taxation and social security
2,110
40,115
Other creditors
124,230
85,963
276,390
258,464
Draft Financial Statements at 04 April 2025 at 09:58:19
ISLINGTON PHARMA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -
6
Ultimate Controlling Party
The controlling party is Aurangzeb Yousaf.