Wallace Pharmaceuticals Ltd - Filleted accounts

Registered number

SC758342

Wallace Pharmaceuticals Ltd

Filleted Accounts

28 February 2026

Wallace Pharmaceuticals Ltd
Registered number:		SC758342
Balance Sheet
as at 28 February 2026

Notes			2026			2025
£				£
Fixed assets
Intangible assets	3		494,239			558,519
Tangible assets	4		11,411			14,264
			505,650			572,783

Current assets
Stocks		85,219			77,767
Debtors	5	859,350			245,224
Cash at bank and in hand		227,344			323,986
		1,171,913			646,977

Creditors: amounts falling due within one year	6	(887,368)			(903,659)

Net current assets/(liabilities)			284,545			(256,682)

Net assets			790,195			316,101

Capital and reserves
Called up share capital			2			2
Profit and loss account			790,193			316,099

Shareholders' funds			790,195			316,101

The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.


Mr S Lalli
Director
Approved by the board on 27 June 2026

Wallace Pharmaceuticals Ltd
Notes to the Accounts
for the year ended 28 February 2026


1	Accounting policies

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

	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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.

	Intangible fixed assets
	Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.

	Tangible fixed assets
	Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

	Motor Vehicles	over 5 years
	Fixtures & fittings	over 5 years

	Stocks
	Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.

	Debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Taxation
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Provisions
	Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.

	Pensions
	Contributions to defined contribution plans are expensed in the period to which they relate.


2	Employees			2026		2025
Number					Number

	Average number of persons employed by the company			10		10


3	Intangible fixed assets					£
	Goodwill:

	Cost
	At 1 March 2025					642,800
	At 28 February 2026					642,800

	Amortisation
	At 1 March 2025					84,281
	Provided during the year					64,280
	At 28 February 2026					148,561

	Net book value
	At 28 February 2026					494,239
	At 28 February 2025					558,519

	Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.


4	Tangible fixed assets
		Fixtures & Fittings		Motor vehicles		Total
£			£		£
	Cost
	At 1 March 2025	6,250		12,540		18,790
	At 28 February 2026	6,250		12,540		18,790

	Depreciation
	At 1 March 2025	1,684		2,842		4,526
	Charge for the year	913		1,940		2,853
	At 28 February 2026	2,597		4,782		7,379

	Net book value
	At 28 February 2026	3,653		7,758		11,411
	At 28 February 2025	4,566		9,698		14,264


5	Debtors			2026		2025
£					£

	Trade debtors			384,445		181,834
	Amounts owed by group undertakings and undertakings in which the company has a participating interest			450,000		-
	Taxation and social security costs			24,455		63,390
	Other debtors			450		-
				859,350		245,224


6	Creditors: amounts falling due within one year			2026		2025
£					£

	Trade creditors			232,023		232,525
	Taxation and social security costs			200,896		146,407
	Other creditors			454,449		524,727
				887,368		903,659


7	Other information

	Wallace Pharmaceuticals Ltd is a private company limited by shares and incorporated in Scotland. Its registered office is:
	67 Broomfield Avenue
	Newton Mearns
	Glasgow
	G77 5JR