REGISTERED NUMBER:
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FOUR PHARMACEUTICALS LIMITED |
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 SEPTEMBER 2020 |
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REGISTERED NUMBER:
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FOUR PHARMACEUTICALS LIMITED |
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 SEPTEMBER 2020 |
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FOUR PHARMACEUTICALS LIMITED (REGISTERED NUMBER: 03430250) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2020 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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FOUR PHARMACEUTICALS LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 30 SEPTEMBER 2020 |
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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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Chartered Certified Accountants and |
Chartered Tax Advisers |
Broad House |
1 The Broadway |
Old Hatfield |
Hertfordshire |
AL9 5BG |
FOUR PHARMACEUTICALS LIMITED (REGISTERED NUMBER: 03430250) |
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BALANCE SHEET |
30 SEPTEMBER 2020 |
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2020 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investment property | 5 |
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CURRENT ASSETS |
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/(LIABILITIES) |
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( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital | 8 |
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Non-distributable reserve | 9 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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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. |
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In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account 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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FOUR PHARMACEUTICALS LIMITED (REGISTERED NUMBER: 03430250) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2020 |
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1. | STATUTORY INFORMATION |
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Four Pharmaceuticals Limited is a
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2. | ACCOUNTING POLICIES |
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Accounting convention |
These financial statements have been prepared in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied, other than where additional disclosure is required to show a true and fair view. |
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The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. |
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The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. |
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Going concern |
The directors have a reasonable expectation that the company will continue to operate for the foreseeable future and so these financial statements are again prepared on the going concern basis. |
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Turnover |
Turnover represents the value of consultancy services provided in the year, recognised by reference to the stage of completion of the service, exclusive of discounts, rebates and Vat, and royalties. Other operating income is primarily rental income received from letting the company's residential properties and is recognised as rents fall due. |
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Tangible fixed assets |
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Fixtures and fittings | - |
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Computer equipment | - |
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Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. |
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The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss. |
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Cash at bank and in hand |
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks. |
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Investment property |
Investment property is included at fair value. Any surplus or deficit arising from changes in fair value is recognised in the Income Statement. |
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The fair value gains or losses do not represent distributable profits and so they are credited to a separate non-distributable reserve. |
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Depreciation is not provided on the investment properties, which is a departure from the Companies Act 2006. In the opinion of the directors, the properties are primarily investments and so their current value is of more significance than any measure of consumption; consequently, they believe that any depreciation charge would distort the true and fair view presented by the accounts and therefore the accounts do not include a depreciation charge in respect of these properties. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account. |
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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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FOUR PHARMACEUTICALS LIMITED (REGISTERED NUMBER: 03430250) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2020 |
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2. | ACCOUNTING POLICIES - continued |
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. |
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Impairment of tangible fixed assets |
At the end of each reporting period, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered impairment. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. |
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Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. |
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If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount and an impairment loss is recognised immediately in profit or loss. |
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Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the lower of: |
a. the revised estimate of its recoverable amount; and |
b. the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. |
A reversal of an impairment loss is recognised immediately in profit or loss. |
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Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. |
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Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. |
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Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
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Basic financial assets, which include debtors, are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. |
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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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FOUR PHARMACEUTICALS LIMITED (REGISTERED NUMBER: 03430250) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2020 |
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4. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1 October 2019 |
and 30 September 2020 |
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DEPRECIATION |
At 1 October 2019 |
and 30 September 2020 |
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NET BOOK VALUE |
At 30 September 2020 |
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At 30 September 2019 |
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5. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 1 October 2019 |
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Revaluation surplus | 7,822 |
At 30 September 2020 |
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NET BOOK VALUE |
At 30 September 2020 |
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At 30 September 2019 |
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Fair value at 30 September 2020 is represented by: |
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Valuation in 2020 | 7,822 |
Cost | 337,178 |
345,000 |
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If investment properties had not been revalued they would have been included at the following historical cost: |
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2020 | 2019 |
£ | £ |
Cost | 337,178 | 337,178 |
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The investment properties were valued on an open market basis on 30 September 2020 by the directors . |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade debtors |
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Other debtors |
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FOUR PHARMACEUTICALS LIMITED (REGISTERED NUMBER: 03430250) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2020 |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Taxation and social security |
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Other creditors |
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8. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2020 | 2019 |
value: | £ | £ |
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Ordinary | £1 | 2 | 2 |
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9. | RESERVES |
Non-distributable |
reserve |
£ |
Transfer of reserves | 7,822 |
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At 30 September 2020 |
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10. | RELATED PARTY DISCLOSURES |
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During the year, the company borrowed £200 (2019: £200) from the directors. |
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At the balance sheet date, the company owed £27,072 (2019: £26,872) to the directors. No terms have been laid down as to repayment of capital or payment of interest on this loan. |