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Registration number: 00798188

R. Douglas (Chemists) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 January 2023

 

R. Douglas (Chemists) Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

R. Douglas (Chemists) Limited

Company Information

Director

Mr M R Douglas

Registered office

The Bank
St Mary's
Isles of Scilly
TR21 0HY

Accountants

D.J. Reynolds & Co.
Chartered Accountants
15 Alverton Street
Penzance
Cornwall
TR18 2QP

 

R. Douglas (Chemists) Limited

(Registration number: 00798188)
Balance Sheet as at 31 January 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

5,335

619

Current assets

 

Stocks

5

24,442

25,670

Debtors

6

2,330

252

Cash at bank and in hand

 

35,700

43,162

 

62,472

69,084

Creditors: Amounts falling due within one year

7

(17,080)

(15,618)

Net current assets

 

45,392

53,466

Total assets less current liabilities

 

50,727

54,085

Provisions for liabilities

(1,067)

-

Net assets

 

49,660

54,085

Capital and reserves

 

Called up share capital

8

5,577

5,577

Retained earnings

44,083

48,508

Shareholders' funds

 

49,660

54,085

For the financial year ending 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The member has not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 14 October 2023
 

.........................................
Mr M R Douglas
Director

 

R. Douglas (Chemists) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
The Bank
St Mary's
Isles of Scilly
TR21 0HY

These financial statements were authorised for issue by the director on 14 October 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

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

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 taxable income.

 

R. Douglas (Chemists) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% Straight line basis

Computer equipment

20% Straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold in the ordinary course of business.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date.

Trade creditors are recognised at the transaction price.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

R. Douglas (Chemists) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expenses when they are due.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2022 - 2).

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 February 2022

1,184

3,000

4,184

Additions

-

6,495

6,495

At 31 January 2023

1,184

9,495

10,679

Depreciation

At 1 February 2022

565

3,000

3,565

Charge for the year

155

1,624

1,779

At 31 January 2023

720

4,624

5,344

Carrying amount

At 31 January 2023

464

4,871

5,335

At 31 January 2022

619

-

619

5

Stocks

2023
£

2022
£

Other inventories

24,442

25,670

6

Debtors

2023
£

2022
£

Other debtors

1,792

-

Prepayments

538

252

2,330

252

 

R. Douglas (Chemists) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

8,068

5,414

Taxation and social security

1,587

3,031

Accruals and deferred income

1,810

1,732

Other creditors

5,615

5,441

17,080

15,618

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

5,577

5,577

5,577

5,577

         

9

Related party transactions

Transactions with the director

2023

At 1 February 2022
£

Funds introduced by director
£

At 31 January 2023
£

Mr M R Douglas

Loan from Director

5,441

174

5,615

       
     

 

2022

At 1 February 2021
£

Advances to director
£

Funds introduced by director
£

At 31 January 2022
£

Mr M R Douglas

Loan from Director

3,521

(93)

2,013

5,441