REGISTERED NUMBER:
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HAMILTON PHARMACEUTICALS LTD |
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2020 |
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REGISTERED NUMBER:
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HAMILTON PHARMACEUTICALS LTD |
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2020 |
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HAMILTON PHARMACEUTICALS LTD (REGISTERED NUMBER: 04664876) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2020 |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 3 |
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HAMILTON PHARMACEUTICALS LTD |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2020 |
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DIRECTOR: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Chartered Accountants |
Statutory Auditors |
The Exchange |
5 Bank Street |
Bury |
BL9 0DN |
HAMILTON PHARMACEUTICALS LTD (REGISTERED NUMBER: 04664876) |
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STATEMENT OF FINANCIAL POSITION |
31 MARCH 2020 |
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2020 | 2019 |
Notes | £ | £ |
FIXED ASSETS |
Property, plant and equipment | 4 |
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CURRENT ASSETS |
Inventories |
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Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 | ( |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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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 director and authorised for issue on
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HAMILTON PHARMACEUTICALS LTD (REGISTERED NUMBER: 04664876) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2020 |
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1. | STATUTORY INFORMATION |
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Hamilton Pharmaceuticals Ltd is a private company, limited by shares, registered in England and Wales. The |
company's registered number is 04664876 and its registered office address is Falcon House, Unit 15, Lawnhurst |
Trading Estate, Oakhurst Drive, Cheadle Heath, Stockport, SK3 0XT. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Going concern |
The director has considered the impact of the global Covid-19 pandemic on the company and recognises that the |
future cannot be predicted with certainty. However, the company continues to trade during the pandemic as the |
provision of pharmaceuticals is considered a key service. The company's products are in high demand at this time |
and the majority of the company's customers are in the pharmaceutical industry and are still open for business. |
Policies are in place to ensure all staff are working safely and in accordance with government guidelines. Should |
demand for the company's services fall, the company would introduce cost control measures but would be able to |
retain staff using cash reserves. |
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The company had net assets of £6.6m and cash reserves of £4m at the year end and has generated significant |
profits post year end. The director believes that the company is well placed to manage the risks at these |
challenging times and therefore continues to adopt a going concern basis of accounting in preparing these |
financial statements. |
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Revenue |
Revenue represents the aggregate of the fair value of the sale of goods, net of value-added tax, rebates and |
discounts. Revenue is recognised when the company has delivered products to the customer, the customer has |
accepted the products and collection of the related receivables is anticipated. |
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Property, plant and equipment |
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Plant and machinery etc | - |
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The residual values, estimated useful lives and depreciation method of property, plant and equipment are |
reviewed, and adjusted as appropriate, at each statement of financial position date. The effects of any revision |
are recognised in the income statement when the change arises. |
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Inventories |
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and |
slow moving items. Cost is calculated as the costs incurred in bringing the inventory to its present location and |
condition. Net realisable value is estimated selling price less costs to complete and sell. |
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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 statement of financial position date. |
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HAMILTON PHARMACEUTICALS LTD (REGISTERED NUMBER: 04664876) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 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 |
statement of financial position 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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Foreign currencies |
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at |
the statement of financial position 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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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension |
scheme are charged to profit or loss in the period to which they relate. |
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Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of financial |
assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third |
parties and loans to related parties. |
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Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for |
objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised |
in the income statement. |
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Basic financial liabilities are initially measured at transaction price and subsequently measured at amortised cost. |
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Critical accounting estimates and judgements |
In the application of the company's accounting policies, the directors are required to make estimates and |
judgements. The estimates are based on historical experience and other relevant factors. Actual results may differ |
from these estimates. |
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The estimates are continually evaluated. Revisions to accounting estimates are recognised in the period in which |
the estimate is revised. |
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The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying |
amount of assets and liabilities are outlined below. |
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Making judgement based on historical experience on the level of provision required for impairment of stock. |
Further information received after the statement of financial position date may impact on the level of provision |
required. |
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Determining the level of provision required for dilapidations. |
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Operating leases |
Rentals paid under operating leases are charged to the income statement as incurred. |
HAMILTON PHARMACEUTICALS LTD (REGISTERED NUMBER: 04664876) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2020 |
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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. | PROPERTY, PLANT AND EQUIPMENT |
Plant and |
machinery |
etc |
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COST |
At 1 April 2019 |
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Additions |
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Disposals | ( |
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At 31 March 2020 |
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DEPRECIATION |
At 1 April 2019 |
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Charge for year |
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Eliminated on disposal | ( |
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At 31 March 2020 |
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NET BOOK VALUE |
At 31 March 2020 |
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At 31 March 2019 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade debtors |
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Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Other creditors |
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HAMILTON PHARMACEUTICALS LTD (REGISTERED NUMBER: 04664876) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2020 |
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7. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
2020 | 2019 |
£ | £ |
Within one year |
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Between one and five years |
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8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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