Niva Pharmacy Limited - Filleted accounts

Registered number

05023566

Niva Pharmacy Limited

Filleted Accounts

31 March 2023

Niva Pharmacy Limited
Registered number:		05023566
Balance Sheet
as at 31 March 2023

Notes			2023			2022
£				£
Fixed assets
Intangible assets	3		6,250			12,500
Tangible assets	4		28,165			26,240
			34,415			38,740

Current assets
Stocks		25,097			23,097
Debtors	5	97,217			89,511
Cash at bank and in hand		106,310			164,006
		228,624			276,614

Creditors: amounts falling due within one year	6	(61,484)			(86,613)

Net current assets			167,140			190,001

Total assets less current liabilities			201,555			228,741


Provisions for liabilities			(1,463)			(1,463)


Net assets			200,092			227,278

Capital and reserves
Called up share capital			100			100
Profit and loss account			199,992			227,178

Shareholders' funds			200,092			227,278

The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.




Mr N Karia
Director
Approved by the board on 2 October 2023

Niva Pharmacy Limited
Notes to the Accounts
for the year ended 31 March 2023


1	Accounting policies

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

	Turnover
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Intangible fixed assets
	Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.

	Tangible fixed assets
	Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

	Leasehold land and buildings			over the lease term
	Motor Vehicles			over 5 years
	Fixtures, fittings, tools and equipment			25% reducing balance

	Stocks
	Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.

	Debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Taxation
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Provisions
	Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.

	Pensions
	Contributions to defined contribution plans are expensed in the period to which they relate.


2	Employees					2023		2022
Number							Number

	Average number of persons employed by the company					5		5


3	Intangible fixed assets							£
	Goodwill:

	Cost
	At 1 April 2022							125,000
	At 31 March 2023							125,000

	Amortisation
	At 1 April 2022							112,500
	Provided during the year							6,250
	At 31 March 2023							118,750

	Net book value
	At 31 March 2023							6,250
	At 31 March 2022							12,500

	Goodwill is being written off in equal annual instalments over its estimated economic life of 20 years.


4	Tangible fixed assets
		Land and buildings		Plant and machinery etc		Motor vehicles		Total
£			£		£		£
	Cost
	At 1 April 2022	32,981		119,797		9,500		162,278
	Additions	-		11,796		-		11,796
	At 31 March 2023	32,981		131,593		9,500		174,074

	Depreciation
	At 1 April 2022	28,000		98,538		9,500		136,038
	Charge for the year	1,607		8,264		-		9,871
	At 31 March 2023	29,607		106,802		9,500		145,909

	Net book value
	At 31 March 2023	3,374		24,791		-		28,165
	At 31 March 2022	4,981		21,259		-		26,240


5	Debtors					2023		2022
£							£

	Trade debtors					84,014		78,261
	Other debtors					13,203		11,250
						97,217		89,511


6	Creditors: amounts falling due within one year					2023		2022
£							£

	Trade creditors					52,484		60,219
	Taxation and social security costs					464		14,723
	Other creditors					8,536		11,671
						61,484		86,613


7	Loans from directors
	Description and conditions	B/fwd	Paid		Repaid		C/fwd
£			£		£		£
	Mrs V Karia
	Advances to company	5,714		-		-		5,714

		5,714		-		-		5,714


8	Other information

	Niva Pharmacy Limited is a private company limited by shares and incorporated in England. Its registered office is:
	2 Uppingham Road
	Leicester
	LE5 0QD