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REGISTERED NUMBER: SC245230 (Scotland)















Financial Statements for the Year Ended 31 March 2023

for

Kemnay Pharmacy Limited

Kemnay Pharmacy Limited (Registered number: SC245230)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Kemnay Pharmacy Limited

Company Information
for the Year Ended 31 March 2023







DIRECTORS: Kenneth McDonald Manson
Mrs Lynn Iris Muriel Manson
Peter James Manson
Richard John Manson





SECRETARY: Mrs Lynn Iris Muriel Manson





REGISTERED OFFICE: 18 North Silver Street
Aberdeen
AB10 1JU





REGISTERED NUMBER: SC245230 (Scotland)





ACCOUNTANTS: Tawse & Partners
Chartered Accountants
18 North Silver Street
Aberdeen
AB10 1JU

Kemnay Pharmacy Limited (Registered number: SC245230)

Balance Sheet
31 March 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 510,000 680,000
Tangible assets 6 169,898 142,470
679,898 822,470

CURRENT ASSETS
Stocks 122,128 104,759
Debtors 7 493,106 391,170
Prepayments and accrued income 38,038 8,846
Cash at bank and in hand 1,209,073 1,189,843
1,862,345 1,694,618
CREDITORS
Amounts falling due within one year 8 870,593 776,780
NET CURRENT ASSETS 991,752 917,838
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,671,650

1,740,308

CREDITORS
Amounts falling due after more than one year 9 (858,936 ) (957,973 )

PROVISIONS FOR LIABILITIES (30,785 ) (25,199 )
NET ASSETS 781,929 757,136

CAPITAL AND RESERVES
Called up share capital 11 2 2
Retained earnings 781,927 757,134
SHAREHOLDERS' FUNDS 781,929 757,136

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

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.

Kemnay Pharmacy Limited (Registered number: SC245230)

Balance Sheet - continued
31 March 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 11 October 2023 and were signed on its behalf by:





Kenneth McDonald Manson - Director


Kemnay Pharmacy Limited (Registered number: SC245230)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

Kemnay Pharmacy Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


The company's principal place of business is High Street, Kemnay, Aberdeenshire, AB51 5NB and 187 North Deeside Road, Peterculter, AB14 0UJ.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Accounting policies
The financial statements have been prepared under the historical cost convention.

The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year and have also been consistently applied within the same accounts.

Turnover recognition
Turnover is measured at fair value of the consideration received or receivable net of VAT and discounts. The policies adopted for the recognition of turnover are as follows:

Sale of goods
Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods
have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services
When the outcome of a transaction can be estimated reliably, turnover from services rendered is recognised by reference to the stage of completion at the Statement of Financial Position date. Stage of completion is measured by reference to the NHS Income Statements at the Statement of Financial Position date.

Grants receivable
Depending on the type of grant, the income is either recognised in the period it is received or in the same period as the costs it relates to.

Goodwill
Purchased goodwill is capitalised and depreciated on a straight line basis over its useful economic life (not exceeding 20 years).

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Tenants improvements - Over term of lease
Plant and equipment - 20% on reducing balance
Motor vehicles - 25% on cost

Kemnay Pharmacy Limited (Registered number: SC245230)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

3. ACCOUNTING POLICIES - continued

Stocks
Stocks are valued at the lower of cost and estimated selling price less costs to sell. Cost includes all costs of purchases, costs of conversion and other costs incurred in bring stock to its present location and condition. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

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.

Current or deferred taxation assets and liabilities are not discounted.

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.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

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.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 25 (2022 - 23 ) .

Kemnay Pharmacy Limited (Registered number: SC245230)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

5. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2022
and 31 March 2023 1,985,000
AMORTISATION
At 1 April 2022 1,305,000
Amortisation for year 170,000
At 31 March 2023 1,475,000
NET BOOK VALUE
At 31 March 2023 510,000
At 31 March 2022 680,000

6. TANGIBLE FIXED ASSETS
Tenants Plant and Motor
improvements equipment vehicles Totals
£    £    £    £   
COST
At 1 April 2022 2,083 323,523 11,350 336,956
Additions - 61,805 - 61,805
At 31 March 2023 2,083 385,328 11,350 398,761
DEPRECIATION
At 1 April 2022 2,083 181,053 11,350 194,486
Charge for year - 34,377 - 34,377
At 31 March 2023 2,083 215,430 11,350 228,863
NET BOOK VALUE
At 31 March 2023 - 169,898 - 169,898
At 31 March 2022 - 142,470 - 142,470

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade debtors 363,853 350,655
Other debtors 129,253 40,515
493,106 391,170

Kemnay Pharmacy Limited (Registered number: SC245230)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Bank loans and overdrafts 101,411 101,448
Trade creditors 513,986 485,044
Taxation and social security 8,315 6,929
Other creditors 246,881 183,359
870,593 776,780

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.23 31.3.22
£    £   
Bank loans 858,936 957,973

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 426,970 531,397

10. SECURED DEBTS

The following secured debts are included within creditors:

31.3.23 31.3.22
£    £   
Bank loans 960,347 1,059,421

The banks holds a floating charge over the properties and the undertaking of the company.

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.23 31.3.22
value: £    £   
100 Ordinary Shares £0.02 2 2

12. CAPITAL COMMITMENTS
31.3.23 31.3.22
£    £   
Contracted but not provided for in the
financial statements 950,000 -

The company committed to the purchase of a new Pharmacy and a deposit was paid in March 2023 which is included in Other debtors. The purchase was completed on 31 May 2023.

Kemnay Pharmacy Limited (Registered number: SC245230)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

13. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2023 and 31 March 2022:

31.3.23 31.3.22
£    £   
Kenneth McDonald Manson and Mrs Lynn Iris Muriel Manson
Balance outstanding at start of year - 4,037
Amounts repaid - (4,037 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

The loan is interest free and payable on demand.