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Unaudited Financial Statements |
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For The Year Ended 30 June 2021 |
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ACE LABORATORIES LIMITED |
REGISTERED NUMBER:
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Unaudited Financial Statements |
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For The Year Ended 30 June 2021 |
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for |
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ACE LABORATORIES LIMITED |
ACE LABORATORIES LIMITED (REGISTERED NUMBER: 08556513) |
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Contents of the Financial Statements |
For The Year Ended 30 June 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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ACE LABORATORIES LIMITED |
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Company Information |
For The Year Ended 30 June 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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Accountants & Tax Advisers |
79 College Road |
Harrow |
Middlesex |
HA1 1BD |
ACE LABORATORIES LIMITED (REGISTERED NUMBER: 08556513) |
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Balance Sheet |
30 June 2021 |
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30.6.21 | 30.6.20 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Prepayments and accrued income |
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Cash at bank and in hand |
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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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CREDITORS |
Amounts falling due after more than one
year |
7 |
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PROVISIONS FOR LIABILITIES | ( |
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NET LIABILITIES | ( |
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CAPITAL AND RESERVES |
Called up share capital | 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. |
ACE LABORATORIES LIMITED (REGISTERED NUMBER: 08556513) |
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Balance Sheet - continued |
30 June 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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ACE LABORATORIES LIMITED (REGISTERED NUMBER: 08556513) |
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Notes to the Financial Statements |
For The Year Ended 30 June 2021 |
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1. | STATUTORY INFORMATION |
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Ace Laboratories 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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Tangible fixed assets |
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Land and buildings | - |
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Plant and machinery etc | - |
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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. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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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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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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ACE LABORATORIES LIMITED (REGISTERED NUMBER: 08556513) |
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Notes to the Financial Statements - continued |
For The Year Ended 30 June 2021 |
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4. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 July 2020 |
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Additions |
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At 30 June 2021 |
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DEPRECIATION |
At 1 July 2020 |
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Charge for year |
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At 30 June 2021 |
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NET BOOK VALUE |
At 30 June 2021 |
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At 30 June 2020 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.21 | 30.6.20 |
£ | £ |
Trade debtors |
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Other debtors |
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Other Debtors balance includes £219,822 loaned to LM Manufacturing Ltd. |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.21 | 30.6.20 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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Other Creditors balance includes £100,152 loaned to Bristol Laboratories Ltd, £100,000 to Kindexe UK Ltd and £29,000 to Wave Pharma Regulatory Services Ltd. |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
30.6.21 | 30.6.20 |
£ | £ |
Bank loans (see note 8) |
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Other creditors |
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ACE LABORATORIES LIMITED (REGISTERED NUMBER: 08556513) |
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Notes to the Financial Statements - continued |
For The Year Ended 30 June 2021 |
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7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued |
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Other Creditors balance of £1,010,339 at the balance sheet date represents amounts loaned to the company by Arise Pharma Ltd (£178,550), Wave Pharma Ltd (£162,122), Mrs Vaishali Patel (£69,950). Abhaya Ltd (£599,717). |
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Unsecured Arise Pharma Ltd loan of £178,550 is interest free and subordinated in favour of third party creditors. The loan from Arise Pharma is repayable after 10 years. |
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8. | LOANS |
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An analysis of the maturity of loans is given below: |
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30.6.21 | 30.6.20 |
£ | £ |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
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The company received a government backed bounce back loan for £50,000 on 4th November 2020. |
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9. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.6.21 | 30.6.20 |
value: | £ | £ |
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Ordinary | 1.00 | 500 | 500 |
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The shareholdings in the company are as follows; |
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Abhaya Ltd 275 Ordinary Shares of £1 each |
Arise Pharma Ltd 110 Ordinary Shares of £1 each |
Wave Pharma Ltd 65 Ordinary Shares of £1 each |
Mrs Vaishali Patel 50 Ordinary Shares of £1 each |
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10. | OTHER FINANCIAL COMMITMENTS |
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The company entered into a 10 year lease agreement commencing 1st September 2013 for the premises at 3rd floor, Cavendish House 369-391 Burnt Oak, Edgware, Middlesex, HA8 5AW at an annual rental of £50,000 with rent review at the end of 5 years from the commencement date. |
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The company also entered into a 4 and a half year lease agreement commencing 1st February 2019 in respect of the 2nd floor at the same address for an annual rent of £17,712 and rent review after 2 years. |
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Additionally, the company has a licence agreement for a unit on 4th floor at the same address for a monthly licence fee of £460 per month which commenced on 1st November 2017 and also unit 4 on the first floor for a monthly licence of £637.50 per month commencing 1st April 2017 |