Company registration number 02950518 (England and Wales)
SYNER-MED (PHARMACEUTICAL PRODUCTS) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
PAGES FOR FILING WITH REGISTRAR
SYNER-MED (PHARMACEUTICAL PRODUCTS) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 10
SYNER-MED (PHARMACEUTICAL PRODUCTS) LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2024
31 August 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
58,327
18,646
Current assets
Stocks
781,926
747,916
Debtors
5
6,425,469
6,323,502
Cash at bank and in hand
855,416
849,026
8,062,811
7,920,444
Creditors: amounts falling due within one year
6
(1,162,071)
(1,208,547)
Net current assets
6,900,740
6,711,897
Total assets less current liabilities
6,959,067
6,730,543
Creditors: amounts falling due after more than one year
7
(38,868)
-
Provisions for liabilities
(27)
(3,345)
Net assets
6,920,172
6,727,198
Capital and reserves
Called up share capital
10,000
10,000
Profit and loss reserves
6,910,172
6,717,198
Total equity
6,920,172
6,727,198
SYNER-MED (PHARMACEUTICAL PRODUCTS) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 AUGUST 2024
31 August 2024
- 2 -
For the financial year ended 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 16 April 2025 and are signed on its behalf by:
Mr D D Bhatti
Director
Company registration number 02950518 (England and Wales)
SYNER-MED (PHARMACEUTICAL PRODUCTS) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2024
- 3 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 September 2022
10,000
6,281,840
6,291,840
Year ended 31 August 2023:
Profit and total comprehensive income
-
435,358
435,358
Balance at 31 August 2023
10,000
6,717,198
6,727,198
Year ended 31 August 2024:
Profit and total comprehensive income
-
192,974
192,974
Balance at 31 August 2024
10,000
6,910,172
6,920,172
SYNER-MED (PHARMACEUTICAL PRODUCTS) LIMITED
STATEMENT OF CHANGES IN EQUITY (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 4 -
1
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
2
Accounting policies
Company information
Syner-Med (Pharmaceutical Products) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 82 St John Street, London, EC1M 4JN.
2.1
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.
2.2
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.
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.
2.3
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
2.4
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.
SYNER-MED (PHARMACEUTICAL PRODUCTS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
2
Accounting policies
(Continued)
- 5 -
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% reducing balance
Computers
33.33% on cost
Motor vehicles
25% on cost
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.
2.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
2.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.
2.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and 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.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
SYNER-MED (PHARMACEUTICAL PRODUCTS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
2
Accounting policies
(Continued)
- 6 -
Basic financial liabilities
Basic financial liabilities, including trade and other creditors and loans from fellow group companies, 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.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
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. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
2.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
SYNER-MED (PHARMACEUTICAL PRODUCTS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
2
Accounting policies
(Continued)
- 7 -
2.9
Taxation
The tax expense represents the sum of the tax currently payable and 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.
2.10
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.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2.12
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
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.
SYNER-MED (PHARMACEUTICAL PRODUCTS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
2
Accounting policies
(Continued)
- 8 -
2.13
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
11
12
4
Tangible fixed assets
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
Cost
At 1 September 2023
182,395
220,582
402,977
Additions
12,039
59,599
71,638
Disposals
(174,644)
(192,260)
(366,904)
At 31 August 2024
7,751
40,361
59,599
107,711
Depreciation and impairment
At 1 September 2023
167,076
217,255
384,331
Depreciation charged in the year
1,418
5,996
14,900
22,314
Eliminated in respect of disposals
(165,001)
(192,260)
(357,261)
At 31 August 2024
3,493
30,991
14,900
49,384
Carrying amount
At 31 August 2024
4,258
9,370
44,699
58,327
At 31 August 2023
15,319
3,327
18,646
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
622,636
824,661
Other debtors
5,785,940
5,494,278
Prepayments and accrued income
16,893
4,563
6,425,469
6,323,502
SYNER-MED (PHARMACEUTICAL PRODUCTS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 9 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Obligations under finance leases
6,176
Trade creditors
114,926
189,876
Corporation tax
69,807
91,022
Other taxation and social security
109,685
22,826
Other creditors
2,198
1,948
Accruals and deferred income
859,279
902,875
1,162,071
1,208,547
The finance lease and hire purchase liabilities of £6,176 (2023: £Nil) are secured over the fixed assets to which they relate.
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
38,868
The finance lease and hire purchase liabilities of £38,868 (2023: £Nil) are secured over the fixed assets to which they relate.
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
3,832
3,832
Other
(3,805)
(487)
27
3,345
2024
Movements in the year:
£
Liability at 1 September 2023
3,345
Credit to profit or loss
(3,318)
Liability at 31 August 2024
27
SYNER-MED (PHARMACEUTICAL PRODUCTS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
8
Deferred taxation
(Continued)
- 10 -
The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.
9
Operating lease commitments
As lessee
[Further information as appropriate]
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
Total commitments
11,221
11,221
The operating leases represent leases [of XXX] to third parties. The leases are negotiated over terms of [XX-YY] years and rentals are fixed for [XX-YY] years. All leases include a provision for five-yearly upward rent reviews according to prevailing market conditions. There are no options in place for either party to extend the lease terms.
[Further information as appropriate]
10
Directors' transactions
Included within other debtors is an amount of £7,229 (2023: £9,080) owed by a director, Mrs P D Bhatti.
11
Related party transactions
At the balance sheet date, the company was owed £48 (2023: £48) by Syner-Med Pharmaceutical Products (Kenya) Ltd, a related party by virtue of common directorship and shareholders.
At the balance sheet date the company was owed £31,485 (2023: £31,485) by Bio API, a related party by virtue of common directorship and shareholders.
At the balance sheet date the company was owed £43,158 (2023: £43,897) by Gention AG, Herisau, a related party by virtue of common directorship and shareholders.
At the balance sheet date the company was owed £1,371,199 (2023: £1,538,052) by Syner-Medica Ltd, a related party by virtue of common directorship and shareholders.
At the balance sheet date the company was owed £99,699 (2023: £Nil) by Syner-Medica BV, a related party by virtue of common directorship and shareholders.
At the balance sheet date the company was owed £3,753,560 (2023: £3,327,152) by Virpra Ltd, a related party by virtue of common directorship and shareholders.
At the balance sheet date the company was owed £346,846 (2023: £346,846) by Masai Mara Wilderness Lodge (UK) Ltd, a related party by virtue of common directorship and shareholders.
At the balance sheet date the company was owed £130,216 (2023: £130,216) by Masai Mara Wilderness Lodge (Kenya) Ltd, a related party by virtue of common directorship and shareholders.
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