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Registration number: 00642857

G.Payne(Chemists)Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2023

 

G.Payne(Chemists)Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 5

 

G.Payne(Chemists)Limited

(Registration number: 00642857)
Balance Sheet as at 31 January 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

400,011

300,048

Current assets

 

Stocks

5

39,007

42,507

Debtors

6

217,663

483,450

Cash at bank and in hand

 

288,563

98,042

 

545,233

623,999

Creditors: Amounts falling due within one year

7

(235,153)

(280,528)

Net current assets

 

310,080

343,471

Total assets less current liabilities

 

710,091

643,519

Provisions for liabilities

(66,191)

(31,303)

Net assets

 

643,900

612,216

Capital and reserves

 

Called up share capital

8

200

200

Revaluation reserve

301,918

236,803

Retained earnings

341,782

375,213

Shareholders' funds

 

643,900

612,216

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 members have 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 7 November 2023
 

.........................................
E P Court
Director

 

G.Payne(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 and the company registration number is 00642857.

The address of its registered office is:
8 High Street
Kirton Lindsey
Gainsborough
DN21 4LU

These financial statements were authorised for issue by the director on 7 November 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.

The financial statements have been prepared in sterling and are rounded to the nearest pound.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services 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.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

 

G.Payne(Chemists)Limited

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

Tangible assets

Tangible assets are stated in the statement of financial position 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

Land and buildings

No depreciation

Fixtures and fittings

20% per annum on a reducing balance basis or 33% per annum on a 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 or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Defined contribution pension obligation

The company contributes to the personal pension schemes of it's director and operates a defined contribution scheme on behalf of it's employees.

Contributions payable are charged to the profit and loss account in the year they are payable.

 

G.Payne(Chemists)Limited

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

3

Staff numbers

The average number of persons employed by the Company (including the Director) during the year, was 8 (2022 - 6).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 February 2022

300,000

19,792

319,792

Revaluations

100,000

-

100,000

At 31 January 2023

400,000

19,792

419,792

Depreciation

At 1 February 2022

-

19,744

19,744

Charge for the year

-

37

37

At 31 January 2023

-

19,781

19,781

Carrying amount

At 31 January 2023

400,000

11

400,011

At 31 January 2022

300,000

48

300,048

Included within the net book value of land and buildings above is £400,000 (2022 - £300,000) in respect of freehold land and buildings.
 

Revaluation

The fair value of the Company's Land and buildings was revalued on 31 January 2023. An independent valuer was not involved. .
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £53,961 (2022 - £53,961).

5

Stocks

2023
£

2022
£

Finished goods and goods for resale

39,007

42,507

6

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

78,409

144,282

Amounts owed by related parties

68,610

94,060

Prepayments

 

1,952

2,375

Other debtors

 

68,692

242,733

   

217,663

483,450

 

G.Payne(Chemists)Limited

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

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

121,943

131,826

Taxation and social security

 

1,640

1,490

Other creditors

 

103,645

136,912

Accruals and deferred income

 

7,925

10,300

 

235,153

280,528

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

200

200

200

200

         

9

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Revaluation reserve
£

Retained earnings
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

65,115

34,885

100,000

10

Dividends

   

2023

 

2022

   

£

 

£

Interim dividend of £200.00 (2022 - £200.00) per ordinary share

 

40,000

 

40,000

         

11

Parent and ultimate parent undertaking

The Company's immediate parent is E P Court Limited, incorporated in England and Wales.