ACCOUNTS - Final Accounts

Commitments under operating leases

At 31 December 2018 the Company had future minimum lease payments under non-cancellable operating leases as follows:

Caseware UK (AP4) 2018.0.111 2018.0.111 2018-12-312018-12-31The company's principal activity is that of dispensing, retail and wholesale pharmacy.false2018-01-01The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truetrue 03891952 2018-01-01 2018-12-31 03891952 2017-01-01 2017-12-31 03891952 2018-12-31 03891952 2017-12-31 03891952 c:Director2 2018-01-01 2018-12-31 03891952 c:RegisteredOffice 2018-01-01 2018-12-31 03891952 d:Buildings d:ShortLeaseholdAssets 2018-01-01 2018-12-31 03891952 d:Buildings d:ShortLeaseholdAssets 2018-12-31 03891952 d:Buildings d:ShortLeaseholdAssets 2017-12-31 03891952 d:MotorVehicles 2018-12-31 03891952 d:MotorVehicles 2017-12-31 03891952 d:FurnitureFittings 2018-01-01 2018-12-31 03891952 d:FurnitureFittings 2018-12-31 03891952 d:FurnitureFittings 2017-12-31 03891952 d:FurnitureFittings d:OwnedOrFreeholdAssets 2018-01-01 2018-12-31 03891952 d:OfficeEquipment 2018-01-01 2018-12-31 03891952 d:OfficeEquipment 2018-12-31 03891952 d:OfficeEquipment 2017-12-31 03891952 d:OfficeEquipment d:OwnedOrFreeholdAssets 2018-01-01 2018-12-31 03891952 d:ComputerEquipment 2018-01-01 2018-12-31 03891952 d:OwnedOrFreeholdAssets 2018-01-01 2018-12-31 03891952 d:Goodwill 2018-01-01 2018-12-31 03891952 d:Goodwill 2018-12-31 03891952 d:Goodwill 2017-12-31 03891952 d:CurrentFinancialInstruments 2018-12-31 03891952 d:CurrentFinancialInstruments 2017-12-31 03891952 d:Non-currentFinancialInstruments 2018-12-31 03891952 d:Non-currentFinancialInstruments 2017-12-31 03891952 d:CurrentFinancialInstruments d:WithinOneYear 2018-12-31 03891952 d:CurrentFinancialInstruments d:WithinOneYear 2017-12-31 03891952 d:Non-currentFinancialInstruments d:AfterOneYear 2018-12-31 03891952 d:Non-currentFinancialInstruments d:AfterOneYear 2017-12-31 03891952 d:ShareCapital 2018-12-31 03891952 d:ShareCapital 2017-12-31 03891952 d:RetainedEarningsAccumulatedLosses 2018-12-31 03891952 d:RetainedEarningsAccumulatedLosses 2017-12-31 03891952 c:FRS102 2018-01-01 2018-12-31 03891952 c:AuditExemptWithAccountantsReport 2018-01-01 2018-12-31 03891952 c:FullAccounts 2018-01-01 2018-12-31 03891952 c:PrivateLimitedCompanyLtd 2018-01-01 2018-12-31 03891952 c:PublicLimitedCompanyPLCNotQuotedOnAnyExchange 2018-01-01 2018-12-31 03891952 d:WithinOneYear 2018-12-31 03891952 d:WithinOneYear 2017-12-31 03891952 d:BetweenOneFiveYears 2018-12-31 03891952 d:BetweenOneFiveYears 2017-12-31 03891952 2 2018-01-01 2018-12-31 03891952 6 2018-01-01 2018-12-31 iso4217:GBP xbrli:pure

Registered number: 03891952

PHARMA-Z LIMITED

UNAUDITED

DIRECTOR'S REPORT AND FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2018

PHARMA-Z LIMITED

COMPANY INFORMATION

Director	Mrs D M Whyatt


Registered number	03891952


Registered office	Dove House Farm
	Dove House Lane
	Potter Heigham
	Norfolk
	NR29 5LJ


Accountants	MA Partners LLP
	Chartered Accountants
	7 The Close
	Norwich
	Norfolk
	NR1 4DJ

PHARMA-Z LIMITED

CONTENTS

	Page
Director's report	1
Accountants' report	2
Balance sheet	3 - 4
Notes to the financial statements	5 - 11

PHARMA-Z LIMITED

DIRECTOR'S REPORT

FOR THE YEAR ENDED 31 DECEMBER 2018

The director presents her report and the financial statements for the year ended 31 December 2018.

Director's responsibilities statement

The director is responsible for preparing the Director's report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless she is satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

In preparing these financial statements, the director is required to:

∙select suitable accounting policies for the Company's financial statements and then apply them consistently;

∙make judgments and accounting estimates that are reasonable and prudent;

∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable her to ensure that the financial statements comply with the Companies Act 2006. She is also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Director

The director who served during the year was:

Mrs D M Whyatt

This report was approved by the board on 3 September 2019 and signed on its behalf.

Mrs D M Whyatt

Director

Page 1

PHARMA-Z LIMITED

CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF PHARMA-Z LIMITED
FOR THE YEAR ENDED 31 DECEMBER 2018

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Pharma-Z Limited for the year ended 31 December 2018 which comprise the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given 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/ members/regulations-standards-and-guidance/.

This report is made solely to the director of Pharma-Z Limited in accordance with the terms of our engagement letter dated 20 July 2015. Our work has been undertaken solely to prepare for your approval the financial statements of Pharma-Z Limited and state those matters that we have agreed to state to the director of Pharma-Z Limited in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Pharma-Z Limited and its director for our work or for this report.

It is your duty to ensure that Pharma-Z Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Pharma-Z Limited. You consider that Pharma-Z Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Pharma-Z Limited. 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 statutory financial statements.

MA Partners LLP

Chartered Accountants

7 The Close

Norwich

Norfolk

NR1 4DJ

3 September 2019

Page 2

PHARMA-Z LIMITED

REGISTERED NUMBER: 03891952

BALANCE SHEET

AS AT 31 DECEMBER 2018

		2018		2017
Note		£		£

Fixed assets
Intangible assets	4		117,000		199,890
Tangible assets	5		117,667		89,246
Investments	6		950,139		950,139
			1,184,806		1,239,275
Current assets
Stocks		523,360		477,949
Debtors: amounts falling due within one year	7	784,217		777,386
Bank & cash balances		485,344		769,187
		1,792,921		2,024,522
Creditors: amounts falling due within one year	8	(1,290,445)		(1,339,649)
Net current assets			502,476		684,873
Total assets less current liabilities			1,687,282		1,924,148
Creditors: amounts falling due after more than one year	9		(749,613)		(979,691)
Provisions for liabilities
Deferred tax			(9,604)		(3,344)
Net assets			928,065		941,113

Capital and reserves
Called up share capital	2	2
Profit and loss account	928,063	941,111
	928,065	941,113

Page 3

PHARMA-Z LIMITED

REGISTERED NUMBER: 03891952

BALANCE SHEET (CONTINUED)

AS AT 31 DECEMBER 2018

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 3 September 2019.

Mrs D M Whyatt

Director

Page 4

PHARMA-Z LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2018

1.	General information

Pharma-Z Limited is a private Company limited by shares. It is both incorporated and domiciled in England and Wales. The address of its registered office is Dove House Farm, Dove House Lane, Potter Heigham, NR29 5LJ.
The company's principal activity is that of dispensing, retail and wholesale pharmacy. Its principal place of business is Norfolk, England.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Turnover

Turnover is derived from the sale of retail and wholesale pharmaceuticals. Revenue is recognised when goods are despatched or made available for collection. All revenue is stated net of value added tax.

2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Profit and loss account on a straight line basis over the lease term.

2.4

Interest income

Interest income is recognised in the Profit and loss account using the effective interest method.

2.5

Finance costs

Finance costs are charged to the Profit and loss account over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.6

Borrowing costs

All borrowing costs are recognised in the Profit and loss account in the year in which they are incurred.

Page 5

PHARMA-Z LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2018

2.Accounting policies (continued)

2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Profit and loss account when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

2.9

Intangible assets

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Profit and loss account over its useful economic life of ten years.

2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 6

PHARMA-Z LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2018

2.Accounting policies (continued)

2.10

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on both a straight line and reducing balance basis.

Depreciation is provided on the following basis:

Leasehold property	-	10% straight line
Fixtures & fittings	-	25% reducing balance
Computer equipment	-	33.3% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Profit and loss account.

2.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2.12

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first outbasis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.13

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.15

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.16

Financial instruments

Page 7

PHARMA-Z LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2018

2.Accounting policies (continued)

2.16

Financial instruments (continued)

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Employees

The average monthly number of employees, including directors, during the year was 56 (2017 - 44).

4.	Intangible assets

		Goodwill
		£
	Cost
	At 1 January 2018	2,132,799
	At 31 December 2018	2,132,799
	Amortisation
	At 1 January 2018	1,932,909
	Charge for the year	82,890
	At 31 December 2018	2,015,799
	Net book value
	At 31 December 2018	117,000
	At 31 December 2017	199,890

Page 8

PHARMA-Z LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2018

5.	Tangible fixed assets

	S/Term Leasehold Property	Motor vehicles	Fixtures & fittings	Office equipment	Total
	£	£	£	£	£
Cost or valuation
At 1 January 2018	177,566	29,925	110,719	11,772	329,982
Additions	-	-	12,773	47,597	60,370
At 31 December 2018	177,566	29,925	123,492	59,369	390,352
Depreciation
At 1 January 2018	97,502	29,925	102,478	10,831	240,736
Charge for the year on owned assets	11,496	-	4,039	16,414	31,949
At 31 December 2018	108,998	29,925	106,517	27,245	272,685
Net book value
At 31 December 2018	68,568	-	16,975	32,124	117,667
At 31 December 2017	80,064	-	8,241	941	89,246

Page 9

PHARMA-Z LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2018

6.	Fixed asset investments

		Investments in subsidiary companies
		£
	Cost
	At 1 January 2018	950,139

Debtors

					2018	2017
					£	£

Trade debtors	654,090	647,330
Other debtors	105,399	114,566
Prepayments and accrued income	24,728	15,490
	784,217	777,386

8.	Creditors: Amounts falling due within one year
		2018	2017
		£	£

Bank loans	230,078	228,251
Trade creditors	480,587	653,416
Corporation tax	7,715	30,786
Other taxation and social security	20,340	19,404
Other creditors	539,004	394,685
Accruals and deferred income	12,721	13,107
	1,290,445	1,339,649

The bank loans are secured by way of legal charges and a debenture against the Company's assets and its leasehold properties.

Page 10

PHARMA-Z LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2018

9.	Creditors: Amounts falling due after more than one year
		2018	2017
		£	£

Bank loans	749,613	979,691
	749,613	979,691

The bank loans are secured by way of legal charges and a debenture against the Company's assets and its leasehold properties.

Not later than 1 year	61,600	61,600
Later than 1 year and not later than 5 years	80,000	141,600
	141,600	203,200

Page 11