Company registration number 13334115 (England and Wales)
OAKPHARM LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 26 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
OAKPHARM LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
OAKPHARM LIMITED
BALANCE SHEET
AS AT
26 APRIL 2024
26 April 2024
- 1 -
26 April 2024
30 April 2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
85,000
95,000
Tangible assets
4
6,604
7,332
91,604
102,332
Current assets
Stocks
82,448
14,887
Debtors
5
60,769
4,924
Cash at bank and in hand
30,363
32,111
173,580
51,922
Creditors: amounts falling due within one year
6
(224,660)
(117,044)
Net current liabilities
(51,080)
(65,122)
Net assets
40,524
37,210
Capital and reserves
Called up share capital
7
18
18
Profit and loss reserves
40,506
37,192
Total equity
40,524
37,210
For the financial period ended 26 April 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 period in question in accordance with section 476.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved and signed by the director and authorised for issue on 22 July 2025
Dr A Hussain
Director
Company registration number 13334115 (England and Wales)
OAKPHARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 26 APRIL 2024
- 2 -
1
Accounting policies
Company information
Oakpharm Limited is a private company limited by shares incorporated in England and Wales. The registered office is Miller Road Pharmacy, 200 Miller Road, Ribbleton, Preston, Lancashire, PR2 6NH.
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
The company is reliant upon support from its director in order to meet its liabilities. The director has indicated that this support will continue for the foreseeable future.true Thus the director continues 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.
1.4
Intangible fixed assets - goodwill
Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
1.5
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
15% Reducing balance
Fixtures and fittings
15% Straight Line
Computers
15% Straight Line
Motor vehicles
25% reducing balance
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
OAKPHARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 26 APRIL 2024
1
Accounting policies
(Continued)
- 3 -
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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.
Basic financial assets
Basic financial assets, which include 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.
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.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price.
1.9
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.
1.10
Taxation
The tax expense represents the sum of the tax currently payable.
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.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
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.
OAKPHARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 26 APRIL 2024
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2024
2023
Number
Number
Total
3
2
3
Intangible fixed assets
Goodwill
£
Cost
At 1 May 2023 and 26 April 2024
100,000
Amortisation and impairment
At 1 May 2023
5,000
Amortisation charged for the period
10,000
At 26 April 2024
15,000
Carrying amount
At 26 April 2024
85,000
At 30 April 2023
95,000
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 May 2023
9,205
Additions
962
At 26 April 2024
10,167
Depreciation and impairment
At 1 May 2023
1,873
Depreciation charged in the period
1,690
At 26 April 2024
3,563
Carrying amount
At 26 April 2024
6,604
At 30 April 2023
7,332
OAKPHARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 26 APRIL 2024
- 5 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
60,769
4,924
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
56,502
1,519
Corporation tax
12,611
9,799
Other taxation and social security
4,388
127
Other creditors
151,159
105,599
224,660
117,044
Within other creditors is a director's loan of £145,759 (2023: £100,000).
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and not fully paid
Ordinary A shares of £1 each
15
15
15
15
Ordinary B shares of £1 each
1
1
1
1
Ordinary C shares of £1 each
1
1
1
1
Ordinary D shares of £1 each
1
1
1
1
18
18
18
18