Medichem (Leeds) Limited Filleted accounts for Companies House (small and micro)

MEDICHEM (LEEDS) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 05625799

MEDICHEM (LEEDS) LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

31 January 2022

MEDICHEM (LEEDS) LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 31 JANUARY 2022

Contents	Pages

Balance sheet 1 to 2

Notes to the financial statements 3 to 8

MEDICHEM (LEEDS) LIMITED

BALANCE SHEET

31 January 2022

	2022	2021
Note	£	£

Fixed assets

Intangible assets	5	396,110	495,137
Tangible assets	6	12,453	28,527
		------------	------------
		408,563	523,664

Current assets

Stocks		98,441	107,049
Debtors	7	633,700	1,265,631
Cash at bank and in hand		1,372,772	1,305,607
		------------	------------
		2,104,913	2,678,287

Creditors: amounts falling due within one year	8	( 335,958)	( 1,149,164)
		------------	------------
Net current assets		1,768,955	1,529,123
		------------	------------
Total assets less current liabilities		2,177,518	2,052,787

Creditors: amounts falling due after more than one year	9	–	( 50,000)

Provisions	( 1,717)	( 5,005)
	------------	------------
Net assets	2,175,801	1,997,782
	------------	------------

Capital and reserves

Called up share capital	12	6,000	6,000
Profit and loss account		2,169,801	1,991,782
		------------	------------
Shareholders funds		2,175,801	1,997,782
		------------	------------

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 profit and loss account has not been delivered.

For the year ending 31 January 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

MEDICHEM (LEEDS) LIMITED

BALANCE SHEET (continued)

31 January 2022

These financial statements were approved by the board of directors and authorised for issue on 18 October 2022 , and are signed on behalf of the board by:

Mr R Dhand Director

Company registration number: 05625799

MEDICHEM (LEEDS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 JANUARY 2022

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Medichem House, 40-42 Harrogate Road, Leeds, West Yorskhire, LS7 4LA.

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.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

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.

Taxation

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.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	10% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

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:

Improvements to property	-	25% straight line
Plant & machinery	-	20% straight line
Fixtures & fittings	-	25% straight line
Computer equipment	-	25% straight line

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.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

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 25 (2021: 28 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 February 2021 and 31 January 2022	990,273
	------------
Amortisation
At 1 February 2021	495,136
Charge for the year	99,027
	------------
At 31 January 2022	594,163
	------------
Carrying amount
At 31 January 2022	396,110
	------------
At 31 January 2021	495,137
	------------

6. Tangible assets

	Property improvements	Plant and machinery	Fixtures and fittings	Equipment	Total
	£	£	£	£	£
Cost
At 1 February 2021	14,200	13,030	86,045	50,117	163,392
Additions	4,052	530	–	–	4,582
	------------	------------	------------	------------	------------
At 31 January 2022	18,252	13,560	86,045	50,117	167,974
	------------	------------	------------	------------	------------
Depreciation
At 1 February 2021	10,646	10,134	68,816	45,269	134,865
Charge for the year	4,567	1,581	12,129	2,379	20,656
	------------	------------	------------	------------	------------
At 31 January 2022	15,213	11,715	80,945	47,648	155,521
	------------	------------	------------	------------	------------
Carrying amount
At 31 January 2022	3,039	1,845	5,100	2,469	12,453
	------------	------------	------------	------------	------------
At 31 January 2021	3,554	2,896	17,229	4,848	28,527
	------------	------------	------------	------------	------------

7. Debtors

	2022	2021
	£	£
Trade debtors	323,010	186,062
Prepayments and accrued income	9,564	6,176
Other debtors	301,126	1,073,393
	------------	------------
	633,700	1,265,631
	------------	------------

8. Creditors: amounts falling due within one year

	2022	2021
	£	£
Trade creditors	228,900	254,629
Accruals and deferred income	28,549	32,569
Corporation tax	73,456	40,942
Social security and other taxes	5,053	4,159
Director's loan account	–	816,865
	------------	------------
	335,958	1,149,164
	------------	------------

9. Creditors: amounts falling due after more than one year

	2022	2021
	£	£
Bank loans and overdrafts	–	50,000
	------------	------------

10. Deferred tax

The deferred tax included in the balance sheet is as follows:

	2022	2021
	£	£
Included in provisions	1,717	5,005
	------------	------------

11. Employee benefits

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution pension plans was £ 89,252 (2021: £ 92,087 ).

12. Called up share capital

Issued, called up and fully paid

	2022		2021
	No.	£	No.	£
Ordinary shares of £ 1 each	6,000	6,000	6,000	6,000
	------------	------------	------------	------------

13. Related party transactions

The company occupies premises owned by certain of the directors. The annual rent is £41,000 (2021: £41,000). The director's loan set out above is unsecured, repayable on demand and currently interest-free. Dividends paid to certain directors during the year amounted to £47,285 (2021: £2,000). There is no one controlling party of the company.