Company registration number 06965839 (England and Wales)
PHARMACYREPUBLIC LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
PHARMACYREPUBLIC LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
PHARMACYREPUBLIC LIMITED
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
43,804
33,397
Current assets
Stocks
181,448
172,703
Debtors
4
794,743
717,644
Cash at bank and in hand
173,132
211,045
1,149,323
1,101,392
Creditors: amounts falling due within one year
5
(538,309)
(444,887)
Net current assets
611,014
656,505
Total assets less current liabilities
654,818
689,902
Provisions for liabilities
2,853
2,421
Net assets
657,671
692,323
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
657,571
692,223
Total equity
657,671
692,323
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their 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 by the board of directors and authorised for issue on 23 April 2025 and are signed on its behalf by:
Usama Tariq
Director
Company registration number 06965839 (England and Wales)
PHARMACYREPUBLIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 2 -
1
Accounting policies
Company information
Pharmacyrepublic Limited is a private company limited by shares incorporated in England and Wales. The registered office is 138 Barking Road, London, UK, E6 3BD.
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 directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
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
20% on reducing balance
Fixtures and fittings
20% on reducing balance
Motor vehicles
20% 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.
PHARMACYREPUBLIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 3 -
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 is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.
1.7
Retirement benefits
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.
1.8
Hire purchase and leasing commitments
Rentals paid under operating leases were charged to profit or loss on a straight line basis over the period of the lease.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
42
46
PHARMACYREPUBLIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 4 -
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 August 2023
98,688
36,399
135,087
Additions
21,358
21,358
At 31 July 2024
98,688
21,358
36,399
156,445
Depreciation and impairment
At 1 August 2023
75,432
26,257
101,689
Depreciation charged in the year
4,651
4,272
2,029
10,952
At 31 July 2024
80,083
4,272
28,286
112,641
Carrying amount
At 31 July 2024
18,605
17,086
8,113
43,804
At 31 July 2023
29,069
4,328
33,397
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
550,144
417,338
Other debtors
244,599
300,306
794,743
717,644
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
429,342
373,469
Corporation tax
67,017
33,351
Other creditors
41,950
38,067
538,309
444,887
PHARMACYREPUBLIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 5 -
6
Directors' transactions
The following advances and credits to directors subsisted during the years ended 31 July 2023 and 31 July 2024:
Description
% Rate
Opening balance
Amounts repaid
Closing balance
£
£
£
Shazlee Ahsan -
-
35,494
(20,500)
14,994
Asif bashir -
-
35,151
(20,530)
14,621
Usama Tariq -
-
35,121
(20,500)
14,621
105,766
(61,530)
44,236
The loans are unsecured , Interest is charged at 2.25% and repayable on demand.
7
Ultimate Controlling Party
The company is jointly controlled by Asif Bashir, Shazlee Ahsan and Usama Tariq.