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Registered number: 03913392
IPharmacy Limited
Financial Statements
For The Year Ended 31 January 2026
Lsd Accountants Ltd
Chartered Accountants
23 Stockwood Business Park
Redditch
Worcestershire
B96 6SX
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 03913392
2026 2025
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 100,721 121,527
Tangible Assets 5 21,155 18,779
121,876 140,306
CURRENT ASSETS
Stocks 6 55,765 44,000
Debtors 7 313,667 64,004
Cash at bank and in hand 188,433 153,837
557,865 261,841
Creditors: Amounts Falling Due Within One Year 8 (247,638 ) (150,886 )
NET CURRENT ASSETS (LIABILITIES) 310,227 110,955
TOTAL ASSETS LESS CURRENT LIABILITIES 432,103 251,261
NET ASSETS 432,103 251,261
CAPITAL AND RESERVES
Called up share capital 9 270 270
Profit and Loss Account 431,833 250,991
SHAREHOLDERS' FUNDS 432,103 251,261
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Page 2
For the year ending 31 January 2026 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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 Profit and Loss Account.
On behalf of the board
Mr Amrik Wilkhu
Director
31/08/2026
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
IPharmacy Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03913392 . The registered office is 185 Emsleigh Drive, Leigh on Sea, Essex, SS9 4JH.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
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 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. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 10 years.
2.4. 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:
Leasehold 10 years reducing balance
Plant & Machinery 25% reducing balance
Computer Equipment 33.33% reducing balance
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 10 (2025: 10)
10 10
4. Intangible Assets
Goodwill
£
Cost
As at 1 February 2025 208,053
As at 31 January 2026 208,053
Amortisation
As at 1 February 2025 86,526
Provided during the period 20,806
As at 31 January 2026 107,332
Net Book Value
As at 31 January 2026 100,721
As at 1 February 2025 121,527
5. Tangible Assets
Land & Property
Leasehold Plant & Machinery Computer Equipment Total
£ £ £ £
Cost
As at 1 February 2025 17,052 18,343 9,599 44,994
Additions 4,442 336 1,539 6,317
As at 31 January 2026 21,494 18,679 11,138 51,311
Depreciation
As at 1 February 2025 4,793 15,139 6,283 26,215
Provided during the period 1,670 836 1,435 3,941
As at 31 January 2026 6,463 15,975 7,718 30,156
Net Book Value
As at 31 January 2026 15,031 2,704 3,420 21,155
As at 1 February 2025 12,259 3,204 3,316 18,779
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6. Stocks
2026 2025
£ £
Materials 55,765 44,000
7. Debtors
2026 2025
£ £
Due within one year
Trade debtors 97,501 1,446
Other debtors 216,166 62,558
313,667 64,004
8. Creditors: Amounts Falling Due Within One Year
2026 2025
£ £
Trade creditors 158,949 107,336
Other creditors 8,369 9,326
Taxation and social security 80,320 34,224
247,638 150,886
9. Share Capital
2026 2025
£ £
Allotted, Called up and fully paid 270 270
10. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 February 2025 Amounts advanced Amounts repaid Amounts written off As at 31 January 2026
£ £ £ £ £
Mr Amrik Wilkhu 47,169 206,271 52,884 - 200,557
The above loan is unsecured and repayable on demand. Interest is charged at HMRC published rates.  The loan was repaid within  9 months of the year end.
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