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COMPANY REGISTRATION NUMBER: 08338867
Prescription2you Healthcare Ltd
Filleted Unaudited Financial Statements
31 December 2021
Prescription2you Healthcare Ltd
Statement of Financial Position
31 December 2021
2021
2020
Note
£
£
£
Fixed assets
Intangible assets
5
1,428,900
1,554,059
Tangible assets
6
20,391
23,212
------------
------------
1,449,291
1,577,271
Current assets
Stocks
89,078
80,183
Debtors
7
424,994
288,857
Cash at bank and in hand
675,536
820,692
------------
------------
1,189,608
1,189,732
Creditors: amounts falling due within one year
8
640,154
1,027,100
------------
------------
Net current assets
549,454
162,632
------------
------------
Total assets less current liabilities
1,998,745
1,739,903
Creditors: amounts falling due after more than one year
9
120,100
300,100
Provisions
Taxation including deferred tax
3,570
3,570
------------
------------
Net assets
1,875,075
1,436,233
------------
------------
Capital and reserves
Called up share capital
100
100
Profit and loss account
1,874,975
1,436,133
------------
------------
Shareholders funds
1,875,075
1,436,233
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Prescription2you Healthcare Ltd
Statement of Financial Position (continued)
31 December 2021
These financial statements were approved by the board of directors and authorised for issue on 5 September 2022 , and are signed on behalf of the board by:
Mr K C Patel
Mr M C Patel
Director
Director
Company registration number: 08338867
Prescription2you Healthcare Ltd
Notes to the Financial Statements
Year ended 31 December 2021
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 176 Franciscan Road, London, SW17 8HH.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
No significant judgements have had to be made by the directors in preparing these financial statements
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
5% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures & Fittings
-
25% reducing balance
Motor Vehicles
-
25% reducing balance
Equipment
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 19 (2020: 20 ).
5. Intangible assets
Goodwill
£
Cost
At 1 January 2021 and 31 December 2021
2,503,182
------------
Amortisation
At 1 January 2021
949,123
Charge for the year
125,159
------------
At 31 December 2021
1,074,282
------------
Carrying amount
At 31 December 2021
1,428,900
------------
At 31 December 2020
1,554,059
------------
6. Tangible assets
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 January 2021
67,903
11,495
50,846
130,244
Additions
3,977
3,977
--------
--------
--------
---------
At 31 December 2021
67,903
11,495
54,823
134,221
--------
--------
--------
---------
Depreciation
At 1 January 2021
57,168
5,164
44,700
107,032
Charge for the year
2,684
1,583
2,531
6,798
--------
--------
--------
---------
At 31 December 2021
59,852
6,747
47,231
113,830
--------
--------
--------
---------
Carrying amount
At 31 December 2021
8,051
4,748
7,592
20,391
--------
--------
--------
---------
At 31 December 2020
10,735
6,331
6,146
23,212
--------
--------
--------
---------
7. Debtors
2021
2020
£
£
Trade debtors
356,242
208,159
Other debtors
68,752
80,698
---------
---------
424,994
288,857
---------
---------
8. Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans and overdrafts
180,000
230,000
Trade creditors
298,245
268,117
Corporation tax
132,491
101,301
Social security and other taxes
2,418
3,780
Other creditors
27,000
423,902
---------
------------
640,154
1,027,100
---------
------------
9. Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
90,000
270,000
Prescription2you Ltd
100
100
Other creditors
30,000
30,000
---------
---------
120,100
300,100
---------
---------
In respect of bank loan, the bank has a floating charge on the assets of the company. In addition the directors, Mr K C Patel and Mr M C Patel , have also provided personal guarantee of £95,000 each for the loan.
10. Related party transactions
The company was under the control of Mr K C Patel and Mr M C Patel throughout the current period. They are the directors of the company and own 100% of the share capital. The directors advanced amounts to the company in order to finance the acquisition of business of Prescription2you Limited. The balance owed to the directors as at the end of the period was £17,659 (2020 £317659) and is shown under creditors due within one year. These are repayable on demand and are interest free.