Relate AccountsProduction v2.7.2 v2.7.2 2022-02-01 The company was not dormant during the period The company was trading for the entire period Unaudited Accounts The principal activity of the company is retail pharmacy. 25 September 2023 23 23 NI056054 2023-01-31 NI056054 2022-01-31 NI056054 2021-01-31 NI056054 2022-02-01 2023-01-31 NI056054 2021-02-01 2022-01-31 NI056054 uk-bus:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31 NI056054 uk-curr:PoundSterling 2022-02-01 2023-01-31 NI056054 uk-bus:SmallCompaniesRegimeForAccounts 2022-02-01 2023-01-31 NI056054 uk-bus:AbridgedAccounts 2022-02-01 2023-01-31 NI056054 uk-bus:Director1 2022-02-01 2023-01-31 NI056054 uk-bus:CompanySecretaryDirector1 2022-02-01 2023-01-31 NI056054 uk-bus:CompanySecretary1 2022-02-01 2023-01-31 NI056054 uk-bus:RegisteredOffice 2022-02-01 2023-01-31 NI056054 uk-bus:Agent1 2022-02-01 2023-01-31 NI056054 uk-core:ShareCapital 2023-01-31 NI056054 uk-core:ShareCapital 2022-01-31 NI056054 uk-core:OtherReservesSubtotal 2023-01-31 NI056054 uk-core:OtherReservesSubtotal 2022-01-31 NI056054 uk-core:RetainedEarningsAccumulatedLosses 2023-01-31 NI056054 uk-core:RetainedEarningsAccumulatedLosses 2022-01-31 NI056054 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-01-31 NI056054 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2022-01-31 NI056054 uk-bus:FRS102 2022-02-01 2023-01-31 NI056054 uk-core:Goodwill 2022-02-01 2023-01-31 NI056054 uk-core:LandBuildings 2022-02-01 2023-01-31 NI056054 uk-core:FurnitureFittingsToolsEquipment 2022-02-01 2023-01-31 NI056054 uk-core:MotorVehicles 2022-02-01 2023-01-31 NI056054 uk-core:Goodwill 2022-01-31 NI056054 uk-core:Goodwill 2023-01-31 NI056054 2022-02-01 2023-01-31 NI056054 uk-bus:AuditExempt-NoAccountantsReport 2022-02-01 2023-01-31 xbrli:pure iso4217:GBP xbrli:shares
 
 
 
Castle Pharmacy Limited
 
Abridged Unaudited Financial Statements
 
for the financial year ended 31 January 2023



Castle Pharmacy Limited
DIRECTORS AND OTHER INFORMATION

 
Directors Mr. Lee Dearn
Ms. Ciara Dearn
 
 
Company Secretary Ms. Ciara Dearn
 
 
Company Registration Number NI056054
 
 
Registered Office 16 Mount Charles
Belfast
BT7 1NZ
 
 
Business Address 10 Blackthorn Manor
Londonderry
BT47 5ST
 
 
Accountants Muldoon & Co
Chartered Accountants & Reporting Accountants
16 Mount Charles
Belfast
BT7 1NZ



Castle Pharmacy Limited
Company Registration Number: NI056054
ABRIDGED BALANCE SHEET
as at 31 January 2023

2023 2022
Notes £ £
 
Fixed Assets
Tangible assets 5 796,794 687,606
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Current Assets
Stocks 247,928 263,753
Debtors 687,308 583,957
Cash and cash equivalents 306,090 484,958
───────── ─────────
1,241,326 1,332,668
───────── ─────────
Creditors: amounts falling due within one year (517,031) (543,984)
───────── ─────────
Net Current Assets 724,295 788,684
───────── ─────────
Total Assets less Current Liabilities 1,521,089 1,476,290
 
Creditors:
amounts falling due after more than one year (820,493) (958,921)
 
Provisions for liabilities (2,147) (11,615)
 
Government grants (3,284) (3,864)
───────── ─────────
Net Assets 695,165 501,890
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Capital and Reserves
Called up share capital 10 10
Other reserves (833,655) (833,655)
Retained earnings 1,528,810 1,335,535
───────── ─────────
Equity attributable to owners of the company 695,165 501,890
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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).
           
All of the members have consented to the preparation of abridged accounts in accordance with section 444(2A) of the Companies Act 2006.
           
The company has taken advantage of the exemption under section 444 not to file the Abridged Profit and Loss Account and Directors' Report.
For the financial year ended 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
           
The directors confirm that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006.
           
The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the 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.
           
Approved by the Board and authorised for issue on 25 September 2023 and signed on its behalf by
           
           
________________________________          
Mr. Lee Dearn          
Director          
           



Castle Pharmacy Limited
NOTES TO THE ABRIDGED FINANCIAL STATEMENTS
for the financial year ended 31 January 2023

   
1. General Information
 
Castle Pharmacy Limited is a private company limited by shares incorporated in the Northern Ireland. The principal place of business is 81 Castlereagh Road, Belfast and 176-180 Connsbrook Avenue, Belfast. The registered office is 16 Mount Charles, Belfast. The Financial Statements are presented in pound sterling (£) which is also the functional currency of the company.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the year ended 31 January 2023 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Turnover
Turnover represents the total invoice value, excluding value added tax, of sales made during the year. Revenue is recognised upon customer receipts.
 
Intangible assets
 
Goodwill
Purchased goodwill arising on the acquisition of a business represents the excess of the acquisition cost over the fair value of the identifiable net assets including other intangible fixed assets when they were acquired. Purchased goodwill is capitalised in the Balance Sheet and amortised on a straight line basis over its economic useful life of 10 years, which is estimated to be the period during which benefits are expected to arise.  On disposal of a business any goodwill not yet amortised is included in determining the profit or loss on sale of the business.
 
Tangible assets and depreciation
Tangible assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows:
 
  Land and buildings freehold - 4% Straight line
  Fixtures, fittings and equipment - 15% Reducing Balance
  Motor vehicles - 25% Reducing Balance
 
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
 
Investment properties
Investment property is property held either to earn rental income, or for capital appreciation (including future re-development) or for both, but not for sale in the ordinary course of business. Investment property is initially measured at cost, which includes the purchase cost and any directly attributable expenditure. Investment property is subsequently valued at its fair value at each reporting date, by professional external valuers. The difference between the fair value of an investment property at the reporting date and its carrying value prior to the valuation is recognised in the Abridged Profit and Loss Account as a fair value gain or loss. Any gain or loss on disposal of an investment property (calculated as the difference between the net proceeds from disposal and the carrying amount of the item) is recognised in the Abridged Profit and Loss Account.
 
Leasing and hire purchases
Tangible assets held under leasing and Hire Purchases arrangements which transfer substantially all the risks and rewards of ownership to the company are capitalised and included in the Balance Sheet at their cost or valuation, less depreciation. The corresponding commitments are recorded as liabilities. Payments in respect of these obligations are treated as consisting of capital and interest elements, with interest charged to the Profit and Loss Account.
 
Stocks
Stocks are valued at the lower of cost and net realisable value. Stocks are determined on a first-in first-out basis. Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition.  Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.
 
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
 
Borrowing costs
Borrowing costs relating to the acquisition of assets are capitalised at the appropriate rate by adding them to the cost of assets being acquired. Investment income earned on the temporary investment of specific borrowings pending their expenditure on the assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
 
Provisions
Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.
 
Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Employee benefits
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.
 
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
 
Government grants
Capital grants received and receivable are treated as deferred income and amortised to the Profit and Loss Account annually over the useful economic life of the asset to which it relates. Revenue grants are credited to the Profit and Loss Account when received.
 
Foreign currencies
 
Ordinary share capital
The ordinary share capital of the company is presented as equity.
       
3. Employees
 
The average monthly number of employees, including directors, during the financial year was
 
  2023 2022
  Number Number
 
Employees 23 23
  ═════════ ═════════
       
4. Intangible assets
     
  Goodwill Total
  £ £
Cost
At 1 February 2022 1,525,344 1,525,344
  ───────── ─────────
 
At 31 January 2023 1,525,344 1,525,344
  ───────── ─────────
Amortisation
 
At 31 January 2023 1,525,344 1,525,344
  ───────── ─────────
Net book value
At 31 January 2023 - -
  ═════════ ═════════
             
5. Tangible assets
  Land and Investment Fixtures, Motor Total
  buildings properties fittings and vehicles  
  freehold   equipment    
  £ £ £ £ £
Cost or Valuation
At 1 February 2022 474,759 178,539 116,939 37,460 807,697
Additions 70,000 - 64,293 - 134,293
  ───────── ───────── ───────── ───────── ─────────
At 31 January 2023 544,759 178,539 181,232 37,460 941,990
  ───────── ───────── ───────── ───────── ─────────
Depreciation
At 1 February 2022 26,824 - 77,008 16,259 120,091
Charge for the financial year 10,645 - 9,160 5,300 25,105
  ───────── ───────── ───────── ───────── ─────────
At 31 January 2023 37,469 - 86,168 21,559 145,196
  ───────── ───────── ───────── ───────── ─────────
Net book value
At 31 January 2023 507,290 178,539 95,064 15,901 796,794
  ═════════ ═════════ ═════════ ═════════ ═════════
At 31 January 2022 447,935 178,539 39,931 21,201 687,606
  ═════════ ═════════ ═════════ ═════════ ═════════