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Financial Statements for the Year Ended 31 March 2021 |
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Imperial Pharmaceuticals Limited |
REGISTERED NUMBER:
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Financial Statements for the Year Ended 31 March 2021 |
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for |
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Imperial Pharmaceuticals Limited |
Imperial Pharmaceuticals Limited (Registered number: 03237756) |
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Contents of the Financial Statements |
for the Year Ended 31 March 2021 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Imperial Pharmaceuticals Limited |
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Company Information |
for the Year Ended 31 March 2021 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Wework Southbank Central |
30 Stamford Street |
London |
SE1 9PY |
Imperial Pharmaceuticals Limited (Registered number: 03237756) |
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Balance Sheet |
31 March 2021 |
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31.3.21 | 31.3.20 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks | 5 |
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Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
8 |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Revaluation reserve | 10 |
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Capital redemption reserve |
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Retained earnings |
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SHAREHOLDERS' FUNDS | 14 |
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The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Imperial Pharmaceuticals Limited (Registered number: 03237756) |
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Balance Sheet - continued |
31 March 2021 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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Imperial Pharmaceuticals Limited (Registered number: 03237756) |
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Notes to the Financial Statements |
for the Year Ended 31 March 2021 |
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1. | STATUTORY INFORMATION |
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Imperial Pharmaceuticals Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover represents net invoiced sales of goods, excluding value added tax. A sale is recognised on the despatch of goods. |
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Tangible fixed assets |
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Freehold property | - |
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Fixtures and fittings | - |
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All tangible fixed assets are capitalised and included at cost. |
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Government grants |
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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Cost is based on the average cost and net realisable value is based on the estimated selling price. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Imperial Pharmaceuticals Limited (Registered number: 03237756) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2021 |
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2. | ACCOUNTING POLICIES - continued |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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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. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | and |
property | fittings | Totals |
£ | £ | £ |
COST |
At 1 April 2020 |
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Additions |
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At 31 March 2021 |
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DEPRECIATION |
At 1 April 2020 |
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Charge for year |
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At 31 March 2021 |
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NET BOOK VALUE |
At 31 March 2021 |
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At 31 March 2020 |
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5. | STOCKS |
31.3.21 | 31.3.20 |
£ | £ |
Stocks for resale |
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6. | DEBTORS |
31.3.21 | 31.3.20 |
£ | £ |
Amounts falling due within one year: |
Other debtors |
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Directors' current accounts | 2,056,530 | 1,616,863 |
Prepayments |
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Imperial Pharmaceuticals Limited (Registered number: 03237756) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2021 |
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6. | DEBTORS - continued |
31.3.21 | 31.3.20 |
£ | £ |
Amounts falling due after more than one year: |
Other debtors |
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Aggregate amounts |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.21 | 31.3.20 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Corporation tax |
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Social security and other taxes |
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VAT | 65,127 | 50,347 |
Other creditors |
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Accrued expenses |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
31.3.21 | 31.3.20 |
£ | £ |
Bank loans - 2-5 years |
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9. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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31.3.21 | 31.3.20 |
£ | £ |
Bank overdrafts |
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Bank loans of £390,000 are also secured. |
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10. | RESERVES |
Revaluation |
reserve |
£ |
At 1 April 2020 |
and 31 March 2021 |
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Imperial Pharmaceuticals Limited (Registered number: 03237756) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2021 |
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11. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to a director subsisted during the years ended 31 March 2021 and 31 March 2020: |
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31.3.21 | 31.3.20 |
£ | £ |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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The above loan is charged interest at a rate of 2.25% per annum. |
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12. | RELATED PARTY DISCLOSURES |
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The company has the following intercompany loans. As at 31st March 2021, the company owes, £2,410,789 (2020 - £1,496,922) to Eden Pharmaceutical Ltd, and is owed by Edenwest Limited £3,649,565, (2020 - owed to £2,767,608), by Twilight Real Estate Limited £247,730 (2020 - owed to £493,018), by Saaj Investments Limited, £390,374 (2020 - £648,105), by Shiv Saaj Investments Limited £7,338,633 (2020 - £7,573,232), by Eden Parfums Limited £249,522 (2020 - £1,338,802), by Bluestar Global Capital Limited £9,992,275 (2020 - £11,006,156), by Twilight Fragrances Limited £1,757,098 (2020 - £218,095) and by Imperial Real Estates Limited £2,508 (2020 £Nil). Mr Nayan Thakrar, Mr Saajan Thakrar and Ms Shivani Thakrar are directors of these companies except Imperial Real Estates Limited where Mr Nayan Thakrar and Mr Saajan Thakrar are directors and Twilight Fragrances Limited where Mr Saajan Thakrar is a director. |
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13. | ULTIMATE CONTROLLING PARTY |
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In the opinion of the directors the company does not have a controlling party. |
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14. | RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS |
31.3.21 | 31.3.20 |
£ | £ |
Profit for the financial year |
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Dividends |
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Net addition to shareholders' funds | 855,973 | 227,616 |
Opening shareholders' funds | 21,613,968 | 21,386,352 |
Closing shareholders' funds | 22,469,941 | 21,613,968 |