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Registered number: 10990644
Verbatim Pharma Ltd
Unaudited Financial Statements
For The Year Ended 31 December 2024
Sterling Accounting Solutions Ltd
Chartered Accountants
SAS House
Chipperfield Road
Kings Langley
Hertfordshire
WD4 9JB
Contents
Page
Company Information 1
Accountants' Report 2
Statement of Financial Position 3—4
Notes to the Financial Statements 5—9
Page 1
Company Information
Directors Matthew Mackenzie
Jasmine Ramtoolah
Company Number 10990644
Registered Office Suite 4 Amersham House
Mill Street
Berkhamsted
Hertfordshire
HP4 2DT
Accountants Sterling Accounting Solutions Ltd
Chartered Accountants
SAS House
Chipperfield Road
Kings Langley
Hertfordshire
WD4 9JB
Page 1
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Accountants' Report
Chartered Accountants' report to the directors on the preparation of the unaudited statutory accounts of Verbatim Pharma Ltd For The Year Ended 31 December 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Verbatim Pharma Ltd For The Year Ended 31 December 2024 which comprise the Income Statement, the Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given to us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/membership/regulations-standards-and-guidance.
This report is made solely to the directors of Verbatim Pharma Ltd , as a body, in accordance with the terms of our engagement letter dated . Our work has been undertaken solely to prepare for your approval the accounts of Verbatim Pharma Ltd and state those matters that we have agreed to state to the directors of Verbatim Pharma Ltd , as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Verbatim Pharma Ltd and its directors, as a body, for our work or for this report.
It is your duty to ensure that Verbatim Pharma Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of Verbatim Pharma Ltd . You consider that Verbatim Pharma Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit of the accounts of Verbatim Pharma Ltd . 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 financial statements.
15/07/2025
Sterling Accounting Solutions Ltd
Chartered Accountants
SAS House
Chipperfield Road
Kings Langley
Hertfordshire
WD4 9JB
Page 2
Page 3
Statement of Financial Position
Registered number: 10990644
31 December 2024 31 December 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 92,829 119,049
92,829 119,049
CURRENT ASSETS
Debtors 5 363,265 250,168
Cash at bank and in hand 222,164 366,220
585,429 616,388
Creditors: Amounts Falling Due Within One Year 6 (104,294 ) (60,373 )
NET CURRENT ASSETS (LIABILITIES) 481,135 556,015
TOTAL ASSETS LESS CURRENT LIABILITIES 573,964 675,064
PROVISIONS FOR LIABILITIES
Deferred Taxation (23,207 ) (8,262 )
NET ASSETS 550,757 666,802
CAPITAL AND RESERVES
Called up share capital 8 100 100
Income Statement 550,657 666,702
SHAREHOLDERS' FUNDS 550,757 666,802
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For the year ending 31 December 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 in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
Jasmine Ramtoolah
Director
15/07/2025
The notes on pages 5 to 9 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Verbatim Pharma Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 10990644 . The registered office is Suite 4 Amersham House, Mill Street, Berkhamsted, Hertfordshire, HP4 2DT.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
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 a mounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Motor Vehicles 20% straight line
Fixtures & Fittings 25% straight line
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2.4. Financial Instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
All equity instruments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
2.5. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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.
...CONTINUED
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2.6. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
2.7. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the income statement as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 12 (2023: 12)
12 12
4. Tangible Assets
Motor Vehicles Fixtures & Fittings Total
£ £ £
Cost
As at 1 January 2024 127,395 46,485 173,880
Additions - 3,087 3,087
As at 31 December 2024 127,395 49,572 176,967
Depreciation
As at 1 January 2024 37,791 17,040 54,831
Provided during the period 17,921 11,386 29,307
As at 31 December 2024 55,712 28,426 84,138
Net Book Value
As at 31 December 2024 71,683 21,146 92,829
As at 1 January 2024 89,604 29,445 119,049
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5. Debtors
31 December 2024 31 December 2023
£ £
Due within one year
Trade debtors 245,629 86,860
Prepayments and accrued income 10,921 50,201
Other debtors 37,950 45,569
Directors' loan accounts 68,765 67,538
363,265 250,168
6. Creditors: Amounts Falling Due Within One Year
31 December 2024 31 December 2023
£ £
Trade creditors 11,562 22,729
Corporation tax 57,440 -
Other taxes and social security - 6,383
VAT 10,328 15,452
Other creditors 24,964 15,809
104,294 60,373
7. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 January 2024 8,262 8,262
Deferred taxation 14,945 14,945
Balance at 31 December 2024 23,207 23,207
8. Share Capital
31 December 2024 31 December 2023
Allotted, called up and fully paid £ £
100 Ordinary Shares of £ 1.00 each 100 100
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9. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
31 December 2024 31 December 2023
£ £
Not later than one year 15,000 30,000
Later than one year and not later than five years - 15,000
15,000 45,000
10. Pension Commitments
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. At the statement of financial position date unpaid contributions of £3,034 (2023: £2,296) were due to the fund. They are included in Other Creditors.
11. Related Party Transactions
At the year end Verbatim Pharma Ltd was owed £6,988 (2023: £7,416) from companies under common control. This amount is included within other debtors.
12. Controlling Party
The company's controlling party is Jasmine Ramtoolah by virtue of her majority shareholding in the company.
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