Company registration number 04899101 (England and Wales)
EVERGREEN PHARMACY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
EVERGREEN PHARMACY LIMITED
COMPANY INFORMATION
Directors
Mr S Shah
Mrs S Shah
Secretary
Mrs S Shah
Company number
04899101
Registered office
Kingsnorth House
Blenheim Way
Birmingham
West Midlands
B44 8LS
Accountants
Malcolm Piper & Company Limited
Kingsnorth House
Blenheim Way
Birmingham
West Midlands
United Kingdom
B44 8LS
EVERGREEN PHARMACY LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
EVERGREEN PHARMACY LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF EVERGREEN PHARMACY LIMITED FOR THE PERIOD ENDED 31 MARCH 2023
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Evergreen Pharmacy Limited for the period ended 31 March 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of Evergreen Pharmacy Limited, as a body, in accordance with the terms of our engagement letter dated 28 June 2022. Our work has been undertaken solely to prepare for your approval the financial statements of Evergreen Pharmacy Limited and state those matters that we have agreed to state to the board of directors of Evergreen Pharmacy Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Evergreen Pharmacy Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Evergreen Pharmacy Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Evergreen Pharmacy Limited. You consider that Evergreen Pharmacy Limited is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the financial statements of Evergreen Pharmacy Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Malcolm Piper & Company Limited
12 October 2023
Chartered Accountants
Kingsnorth House
Blenheim Way
Birmingham
West Midlands
United Kingdom
B44 8LS
EVERGREEN PHARMACY LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 2 -
31 March 2023
31 October 2021
Notes
£
£
£
£
Fixed assets
Intangible assets
3
4,668
43,822
Tangible assets
4
68,652
75,923
73,320
119,745
Current assets
Stock
55,000
113,199
Debtors
5
1,059,508
1,022,222
Cash at bank and in hand
39,519
18,654
1,154,027
1,154,075
Creditors: amounts falling due within one year
6
(441,144)
(432,548)
Net current assets
712,883
721,527
Total assets less current liabilities
786,203
841,272
Creditors: amounts falling due after more than one year
7
(35,833)
Provisions for liabilities
(1,258)
(1,778)
Net assets
784,945
803,661
Capital and reserves
Called up share capital
8
1,000
1,000
Profit and loss reserves
783,945
802,661
Total equity
784,945
803,661
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial period ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
EVERGREEN PHARMACY LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 12 October 2023 and are signed on its behalf by:
Mr S Shah
Mrs S Shah
Director
Director
Company Registration No. 04899101
EVERGREEN PHARMACY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023
- 4 -
1
Accounting policies
Company information
Evergreen Pharmacy Limited is a private company limited by shares incorporated in England and Wales. The registered office is Kingsnorth House, Blenheim Way, Birmingham, West Midlands, B44 8LS.
1.1
Reporting period
The company's reporting period has been extended to 31 March so as to be co-terminus with that of its parent company, Consequently the comparative amounts presented in the financial statements (including the related notes) are not entirely comparable, because they are comparing a 17 month period to a 12 month period.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” and the requirements of the Companies Act 2006, as applicable to companies subject to the small companies regime.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for pharmaceutical goods and services provided in the normal course of business, and is shown net of VAT.
Revenue from the sale of goods and services is recognised when the significant risks and rewards of ownership have passed to the buyer (usually on dispatch of the goods or the provision of the services), and the amount of revenue can be measured reliably.
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation. Goodwill is considered to have a finite useful life and is amortised evenly over its expected life of 20 years.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
2% on straight line
Leasehold improvements
10% on straight line
Fixtures and fittings
25% on reducing balance
Motor vehicles
25% on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Stock
Stock is stated at the lower of cost and net realisable value, after making due allowance for obsolete and slow-moving items.
EVERGREEN PHARMACY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences.
1.10
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2023
2021
Number
Number
Total
14
20
EVERGREEN PHARMACY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
- 6 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 November 2021
438,184
Disposals
(278,183)
At 31 March 2023
160,001
Amortisation and impairment
At 1 November 2021
394,362
Amortisation charged for the period
11,333
Disposals
(250,362)
At 31 March 2023
155,333
Carrying amount
At 31 March 2023
4,668
At 31 October 2021
43,822
4
Tangible fixed assets
Freehold land and buildings
Leasehold improvements
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 November 2021
104,008
34,720
143,267
15,745
297,740
Disposals
(34,720)
(82,676)
(117,396)
At 31 March 2023
104,008
60,591
15,745
180,344
Depreciation and impairment
At 1 November 2021
37,441
34,720
140,554
9,102
221,817
Depreciation charged in the period
2,946
406
2,353
5,705
Eliminated in respect of disposals
(34,720)
(81,110)
(115,830)
At 31 March 2023
40,387
59,850
11,455
111,692
Carrying amount
At 31 March 2023
63,621
741
4,290
68,652
At 31 October 2021
66,567
2,713
6,643
75,923
EVERGREEN PHARMACY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
- 7 -
5
Debtors
2023
2021
Amounts falling due within one year:
£
£
Trade debtors
88,036
264,786
Amounts owed by group undertakings
956,321
750,123
Other debtors
15,151
7,313
1,059,508
1,022,222
6
Creditors: amounts falling due within one year
2023
2021
£
£
Bank loans
10,000
Trade creditors
179,973
336,590
Taxation and social security
9,012
46,935
Other creditors
252,159
39,023
441,144
432,548
7
Creditors: amounts falling due after more than one year
2023
2021
£
£
Bank loans and overdrafts
35,833
8
Called up share capital
2023
2021
2023
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
340
340
340
340
Ordinary B shares of £1 each
660
660
660
660
1,000
1,000
1,000
1,000
10
Financial commitments, guarantees and contingent liabilities
The company has entered into a cross-guarantee with its parent company, whereby it has guaranteed the bank borrowings of that company, which amounted to £Nil (2021 - £274,795) at the period end.
EVERGREEN PHARMACY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
- 8 -
11
Parent company
The company is a wholly-owned subsidiary of Evergreen Birmingham Limited, a company incorporated in England and Wales, whose registered office is Kingsnorth House, Blenheim Way, Birmingham, West Midlands, B44 8LS.