Company Registration No. 12194509 (England and Wales)
WEYBRIDGE PHARMA LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
Shenward (London) Limited
Formerly known as
John Cumming Ross Limited
Chartered Certified Accountants
1st Floor, Kirkland House
11-15 Peterborough Road
Harrow
Middlesex
HA1 2AX
WEYBRIDGE PHARMA LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
WEYBRIDGE PHARMA LIMITED
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF WEYBRIDGE PHARMA LIMITED FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 1 -
The following reproduces text of the Accountants' Report prepared in respect of the company's annual unaudited financial statements, from which the unaudited financial statements set out on pages 2 to 9 have been extracted.
"In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Weybridge Pharma Limited for the year ended 30 September 2024 set out on pages 3 to 12 from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/about-us/regulation/rulebook.html.
Our work has been undertaken solely to prepare for your approval the financial statements of Weybridge Pharma Limited and state those matters that we have agreed to state to the Board of Directors of Weybridge Pharma Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Weybridge Pharma Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Weybridge Pharma Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Weybridge Pharma Limited. You consider that Weybridge Pharma Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Weybridge Pharma Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Shenward (London) Limited
Formerly known as
John Cumming Ross Limited
Chartered Certified Accountants
1st Floor, Kirkland House
11-15 Peterborough Road
Harrow
Middlesex
HA1 2AX
"
17 April 2025
WEYBRIDGE PHARMA LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
1,101,314
432,288
Tangible assets
4
44,149
33,928
1,145,463
466,216
Current assets
Stocks
159,077
84,422
Debtors
5
172,276
101,731
Cash at bank and in hand
127,302
147,903
458,655
334,056
Creditors: amounts falling due within one year
6
(441,006)
(658,587)
Net current assets/(liabilities)
17,649
(324,531)
Total assets less current liabilities
1,163,112
141,685
Creditors: amounts falling due after more than one year
7
(1,067,687)
(100,000)
Provisions for liabilities
(8,108)
(4,910)
Net assets
87,317
36,775
Capital and reserves
Called up share capital
10
2
2
Profit and loss reserves
87,315
36,773
Total equity
87,317
36,775
The director of the company has taken advantage under section 444 of the Companies Act 2006 to not deliver a copy of the director's report and the profit and loss account within the financial statements. true
For the financial year ended 30 September 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 member has 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.
WEYBRIDGE PHARMA LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2024
30 September 2024
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 15 April 2025
Mr A M Shah
Director
Company Registration No. 12194509
WEYBRIDGE PHARMA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -
1
Accounting policies
Company information
Weybridge Pharma Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1st Floor, Kirkland House, 11-15 Peterborough Road, Harrow, Middlesex, HA1 2AX.
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 represents amounts receivable for goods dispensed and the retail of pharmaceutical and perfumery products net of VAT and trade discounts.
1.4
Intangible fixed assets - goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life at 6.5% per annum on a straight line basis.
1.5
Intangible fixed assets other than goodwill
Amortisation 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:
Website costs
25% p.a. on a straight line method
1.6
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:
Fixtures and fittings
25% per annum on a reducing balance basis
Computers
20% per annum on a straight line method
Motor vehicles
20% per annum on a straight line method
1.7
Stocks
Stocks are valued at the lower of cost and net realisable value. Where necessary, provision is made for obsolete, slow moving and defective stocks.
WEYBRIDGE PHARMA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 5 -
1.8
Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and trade and other creditors and bank and other loans.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including trade and other creditors, bank loans and loan from the director are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and movements in deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
WEYBRIDGE PHARMA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 6 -
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.11
Retirement benefits
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
1.12
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
9
6
3
Intangible fixed assets
Goodwill
Website cost
Total
£
£
£
Cost
At 1 October 2023
538,181
1,400
539,581
Additions
741,868
7,400
749,268
At 30 September 2024
1,280,049
8,800
1,288,849
Amortisation and impairment
At 1 October 2023
106,739
554
107,293
Amortisation charged for the year
79,185
1,057
80,242
At 30 September 2024
185,924
1,611
187,535
Carrying amount
At 30 September 2024
1,094,125
7,189
1,101,314
At 30 September 2023
431,442
846
432,288
WEYBRIDGE PHARMA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 7 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 October 2023
56,599
Additions
22,665
At 30 September 2024
79,264
Depreciation and impairment
At 1 October 2023
22,671
Depreciation charged in the year
12,444
At 30 September 2024
35,115
Carrying amount
At 30 September 2024
44,149
At 30 September 2023
33,928
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
107,264
64,308
Other debtors
65,012
37,423
172,276
101,731
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
51,336
465,948
Trade creditors
260,570
151,562
Corporation tax
20,443
11,216
Other taxation and social security
1,773
882
Other creditors
106,884
28,979
441,006
658,587
WEYBRIDGE PHARMA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 8 -
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans
967,687
Director's loan
100,000
100,000
1,067,687
100,000
Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
762,341
-
The bank loan is secured by way of a legal charge over leasehold property known at 12 Back lane, Ham, Richmond, TW10 7LF and Ham Parade Pharmacy, 305 Richmond Road, Kingston Upon Thames, Surrey, KT2 5QU. Company has given a security by way of unlimited debenture. The director, Mr A M Shah has given a personal guarantee of £497,000 to secure the bank loan.
Director's loan is payable after more than one year.
8
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
8,108
4,910
2024
Movements in the year:
£
Liability at 1 October 2023
4,910
Charge to profit or loss
3,198
Liability at 30 September 2024
8,108
WEYBRIDGE PHARMA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 9 -
9
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
3,802
5,370
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
10
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2
2
2
2
11
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
35,000
23,000
12
Related party transactions
At the balance sheet date, amount due to the director, Mr A M Shah was £179,091 (2023: £115,577 ).
13
Directors' transactions
Dividends totalling £28,665 (2023 - £27,500) were paid in the year in respect of shares held by the company's director.
14
Reserves
The only movements in reserves for the year ended 30 September 2024 and for year ended 30 September 2023 are profit for the year and dividend paid.
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