Caseware UK (AP4) 2020.0.247 2020.0.247 2022-02-282022-02-28false2021-03-01Community Pharmacy5235truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 04104111 2021-03-01 2022-02-28 04104111 2020-03-01 2021-02-28 04104111 2022-02-28 04104111 2021-02-28 04104111 c:Director1 2021-03-01 2022-02-28 04104111 d:Buildings d:ShortLeaseholdAssets 2021-03-01 2022-02-28 04104111 d:Buildings d:ShortLeaseholdAssets 2022-02-28 04104111 d:Buildings d:ShortLeaseholdAssets 2021-02-28 04104111 d:PlantMachinery 2021-03-01 2022-02-28 04104111 d:PlantMachinery 2022-02-28 04104111 d:PlantMachinery 2021-02-28 04104111 d:PlantMachinery d:OwnedOrFreeholdAssets 2021-03-01 2022-02-28 04104111 d:MotorVehicles 2021-03-01 2022-02-28 04104111 d:OwnedOrFreeholdAssets 2021-03-01 2022-02-28 04104111 d:PatentsTrademarksLicencesConcessionsSimilar 2022-02-28 04104111 d:PatentsTrademarksLicencesConcessionsSimilar 2021-02-28 04104111 d:Goodwill 2021-03-01 2022-02-28 04104111 d:Goodwill 2022-02-28 04104111 d:Goodwill 2021-02-28 04104111 d:OtherResidualIntangibleAssets 2021-03-01 2022-02-28 04104111 d:CurrentFinancialInstruments 2022-02-28 04104111 d:CurrentFinancialInstruments 2021-02-28 04104111 d:CurrentFinancialInstruments 3 2022-02-28 04104111 d:CurrentFinancialInstruments 3 2021-02-28 04104111 d:Non-currentFinancialInstruments 2022-02-28 04104111 d:Non-currentFinancialInstruments 2021-02-28 04104111 d:CurrentFinancialInstruments d:WithinOneYear 2022-02-28 04104111 d:CurrentFinancialInstruments d:WithinOneYear 2021-02-28 04104111 d:Non-currentFinancialInstruments d:AfterOneYear 2022-02-28 04104111 d:Non-currentFinancialInstruments d:AfterOneYear 2021-02-28 04104111 d:ShareCapital 2022-02-28 04104111 d:ShareCapital 2021-02-28 04104111 d:RetainedEarningsAccumulatedLosses 2022-02-28 04104111 d:RetainedEarningsAccumulatedLosses 2021-02-28 04104111 c:FRS102 2021-03-01 2022-02-28 04104111 c:AuditExempt-NoAccountantsReport 2021-03-01 2022-02-28 04104111 c:AbridgedAccounts 2021-03-01 2022-02-28 04104111 c:PrivateLimitedCompanyLtd 2021-03-01 2022-02-28 04104111 d:PatentsTrademarksLicencesConcessionsSimilar d:ExternallyAcquiredIntangibleAssets 2021-03-01 2022-02-28 04104111 d:Goodwill d:ExternallyAcquiredIntangibleAssets 2021-03-01 2022-02-28 04104111 2 2021-03-01 2022-02-28 04104111 6 2021-03-01 2022-02-28 04104111 d:ExternallyAcquiredIntangibleAssets 2021-03-01 2022-02-28 04104111 d:Goodwill d:OwnedIntangibleAssets 2021-03-01 2022-02-28 04104111 d:PatentsTrademarksLicencesConcessionsSimilar d:OwnedIntangibleAssets 2021-03-01 2022-02-28 iso4217:GBP xbrli:pure

Registered number: 04104111










G.M. GRAHAM PHARMACIES LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 28 FEBRUARY 2022

 
G.M. GRAHAM PHARMACIES LIMITED
REGISTERED NUMBER: 04104111

STATEMENT OF FINANCIAL POSITION
AS AT 28 FEBRUARY 2022

2022
2021
Note
£
£

Fixed assets
  

Intangible assets
 4 
1,388,010
1,431,385

Tangible assets
 5 
289,838
247,410

Investments
 6 
54,607
54,607

  
1,732,455
1,733,402

Current assets
  

Stocks
  
607,807
627,614

Debtors: amounts falling due within one year
 7 
3,309,159
2,263,262

Cash at bank and in hand
  
1,137,948
608,174

  
5,054,914
3,499,050

Creditors: amounts falling due within one year
 8 
(2,675,061)
(2,809,800)

Net current assets
  
 
 
2,379,853
 
 
689,250

Total assets less current liabilities
  
4,112,308
2,422,652

Creditors: amounts falling due after more than one year
 9 
(371,251)
(386,553)

Provisions for liabilities
  

Deferred tax
  
(45,022)
(33,324)

  
 
 
(45,022)
 
 
(33,324)

Net assets
  
3,696,035
2,002,775


Capital and reserves
  

Called up share capital 
  
10
10

Profit and loss account
  
3,696,025
2,002,765

  
3,696,035
2,002,775


Page 1

 
G.M. GRAHAM PHARMACIES LIMITED
REGISTERED NUMBER: 04104111
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 28 FEBRUARY 2022

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 13 August 2022.




Mr N D Hunt
Director

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
G.M. GRAHAM PHARMACIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2022

1.Accounting policies

 
1.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A) of the Companies Act 2006.

The following principal accounting policies have been applied:

 
1.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
G.M. GRAHAM PHARMACIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2022

1.Accounting policies (continued)

 
1.3

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of comprehensive income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 Amortisation is provided on the following bases:

Goodwill
-
10%
straight line
Other intangible fixed assets
-
15%
straight line

 
1.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, straight line/reducing balance.

Depreciation is provided on the following basis:

Plant & machinery
-
25%
reducing balance
Improvements to leasehold property
-
10%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
1.5

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 4

 
G.M. GRAHAM PHARMACIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2022

1.Accounting policies (continued)

 
1.6

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
1.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
1.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
1.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
1.10

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

 
1.11

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
1.12

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Page 5

 
G.M. GRAHAM PHARMACIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2022

1.Accounting policies (continued)

 
1.13

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
1.14

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
1.15

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
1.16

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


2.


General information

G.M. Graham Pharmacies Limited is a private company limited by share capital, incorporated in England and Wales, registration number 04104111. The address of the registered office is 37 Warren Street, London W1T 6AD. 

Page 6

 
G.M. GRAHAM PHARMACIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2022

3.


Dividends

2022
2021
£
£


Dividends paid
60,000
60,000

60,000
60,000


4.


Intangible assets




Other Intangible Assets
Goodwill
Total

£
£
£



Cost


At 1 March 2021
229,438
2,691,924
2,921,362


Additions
47,700
157,973
205,673



At 28 February 2022

277,138
2,849,897
3,127,035



Amortisation


At 1 March 2021
30,592
1,459,386
1,489,978


Charge for the year on owned assets
20,066
228,982
249,048



At 28 February 2022

50,658
1,688,368
1,739,026



Net book value



At 28 February 2022
226,480
1,161,529
1,388,009



At 28 February 2021
198,847
1,232,538
1,431,385



Page 7

 
G.M. GRAHAM PHARMACIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2022

5.


Tangible fixed assets





Lease and improve-ment
Plant & machinery
Total

£
£
£



Cost or valuation


At 1 March 2021
110,863
846,632
957,495


Additions
-
145,085
145,085



At 28 February 2022

110,863
991,717
1,102,580



Depreciation


At 1 March 2021
87,367
622,719
710,086


Charge for the year on owned assets
10,407
92,249
102,656



At 28 February 2022

97,774
714,968
812,742



Net book value



At 28 February 2022
13,089
276,749
289,838



At 28 February 2021
23,497
223,913
247,410


6.


Fixed asset investments





Investments in subsidiary companies
Unlisted investments
Total

£
£
£



Cost or valuation


At 1 March 2021
7
54,600
54,607



At 28 February 2022
7
54,600
54,607




Page 8

 
G.M. GRAHAM PHARMACIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2022

7.


Debtors

2022
2021
£
£


Trade debtors
1,061,807
585,221

Section 458 tax repayable
486,933
350,043

Directors' loan account
1,574,370
1,153,132

VAT repayable
154,933
155,391

Prepayments
31,116
19,475

3,309,159
2,263,262


The balance on directors' loan account of Mr N D Hunt and Dr Y Wang was £1,574,370 debit balance (2021 - £1,153,132 - debit balance) at 28 February 2022. During the year, Mr N D Hunt and Dr Y Wang paid the company £31,243 (2021 - £25,647) as interest, calculated at the prevailing HMRC official rate.  

  


8.


Creditors: Amounts falling due within one year

2022
2021
£
£

Bank loans
25,088
84,873

Trade creditors
1,019,310
1,082,852

NHS Covid-19 Uplift payments
-
164,560

Amounts owed to parent company
1,063,568
1,228,383

Corporation tax payable
533,934
226,038

Other taxation and social security
23,521
12,441

Other creditors and accruals
9,640
10,653

2,675,061
2,809,800




Page 9

 
G.M. GRAHAM PHARMACIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2022

9.


Creditors: Amounts falling due after more than one year

2022
2021
£
£

Bank loans
371,251
386,553

371,251
386,553


The bank loans are secured by a fixed and floating charge over the assets of the company. 


10.


Controlling party

The company is a wholly-owned subsidiary of NDH Enterprises Limited, a company incorporated in England and Wales and operating in the United Kingdom. 

 
Page 10