BR Pharmaceuticals Limited Filleted accounts for Companies House (small and micro)

B.R. PHARMACEUTICALS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 03164815

BR Pharmaceuticals Limited

Filleted Unaudited Financial Statements

31 December 2017

BR Pharmaceuticals Limited

Statement of Financial Position

31 December 2017

	2017		2016
Note	£	£	£

Fixed assets

Intangible assets	5	19,775	24,566
Tangible assets	6	765,340	798,140
		----------	----------
		785,115	822,706

Current assets

Stocks		257,109	230,189
Debtors	7	387,647	347,082
Cash at bank and in hand		14,275	10,552
		----------	----------
		659,031	587,823

Creditors: amounts falling due within one year	8	455,778		555,668
		----------		----------
Net current assets			203,253	32,155
			----------	----------
Total assets less current liabilities			988,368	854,861

Creditors: amounts falling due after more than one year	9		–	1,767

Provisions

Taxation including deferred tax	–	( 1,226)
	----------	----------
Net assets	988,368	854,320
	----------	----------

BR Pharmaceuticals Limited

Statement of Financial Position (continued)

31 December 2017

	2017		2016
Note	£	£	£

Capital and reserves

Called up share capital	70,000	70,000
Share premium account	20,000	20,000
Revaluation reserve	360,016	360,016
Profit and loss account	538,352	404,304
	----------	----------
Shareholders funds	988,368	854,320
	----------	----------

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 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 comprehensive income has not been delivered.

For the year ending 31 December 2017 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 30 July 2018 , and are signed on behalf of the board by:

Mr Z M M Abu Sheikha

Director

Company registration number: 03164815

BR Pharmaceuticals Limited

Notes to the Financial Statements

Year ended 31 December 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Clayton Wood Close, West Park Ring Road, Leeds, West Yorkshire, LS16 6QE, England.

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.

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.

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.

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 income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are recorded at the fair value at the acquisition date.

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:

	Trade marks	-	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:

Plant and machinery	-	10% straight line
Fixtures and fittings	-	10% straight line
Motor vehicles	-	25% straight line
Equipment	-	25% 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. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

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.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

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 12 (2016: 13 ).

5. Intangible assets

	Patents, trademarks and licences
	£
Cost
At 1 January 2017 and 31 December 2017	59,791
	---------
Amortisation
At 1 January 2017	35,225
Charge for the year	4,791
	---------
At 31 December 2017	40,016
	---------
Carrying amount
At 31 December 2017	19,775
	---------
At 31 December 2016	24,566
	---------

6. Tangible assets

	Land and buildings	Plant and machinery	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£	£
Cost
At 1 Jan 2017	561,626	275,220	21,381	24,391	45,236	927,854
Additions	–	–	–	–	344	344
	----------	----------	---------	---------	---------	----------
At 31 Dec 2017	561,626	275,220	21,381	24,391	45,580	928,198
	----------	----------	---------	---------	---------	----------
Depreciation
At 1 Jan 2017	–	51,687	14,418	24,391	39,218	129,714
Charge for the year	–	29,804	909	–	2,431	33,144
	----------	----------	---------	---------	---------	----------
At 31 Dec 2017	–	81,491	15,327	24,391	41,649	162,858
	----------	----------	---------	---------	---------	----------
Carrying amount
At 31 Dec 2017	561,626	193,729	6,054	–	3,931	765,340
	----------	----------	---------	---------	---------	----------
At 31 Dec 2016	561,626	223,533	6,963	–	6,018	798,140
	----------	----------	---------	---------	---------	----------

7. Debtors

	2017	2016
	£	£
Trade debtors	310,830	270,704
Other debtors	76,817	76,378
	----------	----------
	387,647	347,082
	----------	----------

8. Creditors: amounts falling due within one year

	2017	2016
	£	£
Bank loans and overdrafts	51,519	116,195
Trade creditors	308,699	218,362
Corporation tax	1,919	2,607
Social security and other taxes	27,867	24,525
Other creditors	65,774	193,979
	----------	----------
	455,778	555,668
	----------	----------

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

	2017	2016
	£	£
Other creditors	–	1,767
	----	-------

10. Finance leases and hire purchase contracts

The total future minimum lease payments under finance leases and hire purchase contracts are as follows:

	2017	2016
	£	£
Not later than 1 year	1,767	3,534
Later than 1 year and not later than 5 years	–	1,767
	-------	-------
	1,767	5,301
	-------	-------

11. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2017	2016
	£	£
Included in provisions	–	( 1,226)
	----	-------

The deferred tax account consists of the tax effect of timing differences in respect of:

	2017	2016
	£	£
Accelerated capital allowances	1,226	6,215
Provisions	( 1,226)	( 7,441)
	-------	-------
	–	(1,226)
	-------	-------

12. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2017
	Balance brought forward	Amounts repaid	Balance outstanding
	£	£	£
Mr P M Byrne	–	–	–
	----	----	----

	2016
	Balance brought forward	Amounts repaid	Balance outstanding
	£	£	£
Mr P M Byrne	( 33)	33	–
	----	----	----

13. Related party transactions

The company traded with Abu Sheikha Drug Store, a company owned by Mr O M Abu Sheikha, at the year end the balance owed to the company was £Nil (2016 £2,905), the turnover for the year was £28,668 (2016 £90,804) all transactions were at arms length. No further transactions with related parties were undertaken such as are required to be disclosed.

14. Control

The company was under the control of its directors throught this and the previous year.