Alpharm Limited Filleted accounts for Companies House (small and micro)

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COMPANY REGISTRATION NUMBER: 05435268

Alpharm Limited

Filleted Unaudited Financial Statements

30 April 2021

Alpharm Limited

Statement of Financial Position

30 April 2021

	2021	2020
Note	£	£

Fixed assets

Intangible assets	5	860,000	660,000
Tangible assets	6	7,077	8,160
		---------	---------
		867,077	668,160

Current assets

Stocks		40,660	30,794
Debtors	7	103,097	75,310
Cash at bank and in hand		154,053	97,702
		---------	---------
		297,810	203,806

Creditors: amounts falling due within one year	8	342,491	317,646
		---------	---------
Net current liabilities		44,681	113,840
		---------	---------
Total assets less current liabilities		822,396	554,320

Creditors: amounts falling due after more than one year	9	277,630	–

Provisions

Taxation including deferred tax	984	1,111
	---------	---------
Net assets	543,782	553,209
	---------	---------

Alpharm Limited

Statement of Financial Position (continued)

30 April 2021

	2021	2020
Note	£	£

Capital and reserves

Called up share capital	100	100
Profit and loss account	543,682	553,109
	---------	---------
Shareholders funds	543,782	553,209
	---------	---------

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.

For the year ending 30 April 2021 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 .

These financial statements were approved by the board of directors and authorised for issue on 10 February 2022 , and are signed on behalf of the board by:

Mr S Lal
Director

Company registration number: 05435268

Alpharm Limited

Notes to the Financial Statements

Year ended 30 April 2021

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 468 Stafford Road, Oxley, Wolverhampton, West Midlands, WV10 6AN.

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. 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 and represents amounts receivable for goods supplied stated net of discounts and of Value Added Tax. Income tax Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date. Goodwill Purchased goodwill is stated at cost and is reviewed for impairment on an annual basis at the balance sheet date.

Tangible assets

Tangible assets are initially recorded at cost.

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:

Fixtures & Fittings	-	10% reducing balance
Motor Vehicles	-	20% reducing balance
Office Equipment	-	25% reducing balance

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.

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 statement of financial position and the amount of the provision as an expense.

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 8 (2020: 8 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 May 2020	660,000
Additions	200,000
	---------
At 30 April 2021	860,000
	---------
Amortisation
At 1 May 2020 and 30 April 2021	–
	---------
Carrying amount
At 30 April 2021	860,000
	---------
At 30 April 2020	660,000
	---------

During the year the goodwill of a pharmacy business was acquired for £200k.

6. Tangible assets

	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£
Cost
At 1 May 2020 and 30 April 2021	15,381	5,490	5,185	26,056
	---------	---------	---------	---------
Depreciation
At 1 May 2020	9,689	3,428	4,779	17,896
Charge for the year	569	412	102	1,083
	---------	---------	---------	---------
At 30 April 2021	10,258	3,840	4,881	18,979
	---------	---------	---------	---------
Carrying amount
At 30 April 2021	5,123	1,650	304	7,077
	---------	---------	---------	---------
At 30 April 2020	5,692	2,062	406	8,160
	---------	---------	---------	---------

7. Debtors

	2021	2020
	£	£
Trade debtors	82,595	61,813
Prepayments and accrued income	4,115	4,306
Other debtors	16,387	9,191
	---------	---------
	103,097	75,310
	---------	---------

8. Creditors: amounts falling due within one year

	2021	2020
	£	£
Bank loans	17,789	–
Trade creditors	191,113	159,667
Accruals and deferred income	6,600	4,240
Corporation tax	21,735	23,277
Social security and other taxes	1,505	545
Director loan accounts	69,681	113,311
NHS loan	33,870	16,535
Other creditors	198	71
	---------	---------
	342,491	317,646
	---------	---------

The bank loans are secured by a fixed and floating charge over the company assets.

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

	2021	2020
	£	£
Bank loans	277,630	–
	---------	---------

The bank loans are secured by a fixed and floating charge over the company assets.

Included in bank loans is an amount of £199,104 which is due after more than 5 years and repayable by instalments.

10. Directors' advances, credits and guarantees

At the end of the financial year the company owed the directors £69,681 (2020 £113,311).

11. Related party transactions

The company trades from premises owned by the directors. No rent was paid during the year (2020 £Nil).