Poseidon Pharmaceutical UK Limited Filleted accounts for Companies House (small and micro)

POSEIDON PHARMACEUTICAL UK LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 04987103

Poseidon Pharmaceutical UK Limited

Filleted Financial Statements

31 March 2020

Poseidon Pharmaceutical UK Limited

Statement of Financial Position

31 March 2020

	2020	2019
Note	£	£

Fixed assets

Tangible assets	5	18,853	35,134

Current assets

Stocks		166,246	151,040
Debtors	6	71,163	26,251
Cash at bank and in hand		53,870	24,648
		---------	---------
		291,279	201,939

Creditors: amounts falling due within one year	7	506,186	684,027
		---------	---------
Net current liabilities		214,907	482,088
		---------	---------
Total assets less current liabilities		( 196,054)	( 446,954)
		---------	---------
Net liabilities		( 196,054)	( 446,954)
		---------	---------

Capital and reserves

Called up share capital	100	100
Profit and loss account	( 196,154)	( 447,054)
	---------	---------
Shareholders deficit	( 196,054)	( 446,954)
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

The directors acknowledge their 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 were approved by the board of directors and authorised for issue on 10 September 2020 , and are signed on behalf of the board by:

Mr D Mullinder

Director

Company registration number: 04987103

Poseidon Pharmaceutical UK Limited

Notes to the Financial Statements

Year ended 31 March 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Fernhill Estate Office, Fernhill Road, Sutton, Newport, TF10 8DJ.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity. The financial statements have been rounded to the nearest £1.

Defined contribution plans

When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.

Going concern

The directors have considered their responsibility to assess the company accounts and whether they should be prepared as a going concern in light of the balance sheet deficit of £196,054. The company is showing an improved turnover in the year to March 2021, which has continued the trend in the year so far. The directors feel with this level of turnover, the company should continue to make profits. The directors have considered that within creditors there is a liability to group undertakings, as shown in note 8 of £438,992 - as the directors have control of the group companies, they would not be enforcing repayment of this item until the company is in a position to repay. If this figure is ignored, the company would have net assets of £242,938. On this basis, the directors believe the accounts should be prepared on a going concern basis.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Freehold property	-	20% straight line
Equipment	-	20% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

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, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. 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. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are 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.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 6 (2019: 6 ).

5. Tangible assets

	Freehold property	Equipment	Total
	£	£	£
Cost
At 1 April 2019	51,026	23,562	74,588
Additions	–	500	500
	--------	--------	--------
At 31 March 2020	51,026	24,062	75,088
	--------	--------	--------
Depreciation
At 1 April 2019	25,514	13,940	39,454
Charge for the year	10,206	6,575	16,781
	--------	--------	--------
At 31 March 2020	35,720	20,515	56,235
	--------	--------	--------
Carrying amount
At 31 March 2020	15,306	3,547	18,853
	--------	--------	--------
At 31 March 2019	25,512	9,622	35,134
	--------	--------	--------

6. Debtors

	2020	2019
	£	£
Trade debtors	58,001	22,094
Amounts owed by group undertakings and undertakings in which the company has a participating interest	380	–
Other debtors	12,782	4,157
	--------	--------
	71,163	26,251
	--------	--------

7. Creditors: amounts falling due within one year

	2020	2019
	£	£
Trade creditors	32,519	29,075
Amounts owed to group undertakings and undertakings in which the company has a participating interest	438,992	622,406
Social security and other taxes	17,007	7,537
Other creditors	17,668	25,009
	---------	---------
	506,186	684,027
	---------	---------

8. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2020	2019
	£	£
Not later than 1 year	34,425	34,425
Later than 1 year and not later than 5 years	–	34,425
	--------	--------
	34,425	68,850
	--------	--------

9. Summary audit opinion

The auditor's report for the year dated 10 September 2020 was unqualified, however, the auditor drew attention to the following by way of emphasis.

Whilst we have nothing to report in respect of the above matters we feel it incumbent upon us to draw the reader's attention to the accounting policy drawn up by the Directors in respect of going concern. Our opinion is not qualified on this matter.

The senior statutory auditor was Lyndsay Nicholson ACA , for and on behalf of Paul Clegg & Company .

10. Related party transactions

Included within debtors at the year end is a balance owed by connected parties totalling £380 (2019 - £Nil). Included within creditors at the year end is a balance owed to connected parties totalling £438,992 (2019 - £622,406)

11. Controlling party

The company is owned 100% by Parkhill 2000 Limited , its immediate parent. The ultimate controller of the company is the C Cornes Dicretionary Trust.