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REGISTERED NUMBER: SC081247 (Scotland)















Unaudited Financial Statements for the Year Ended 30 April 2023

for

JMG (Pharmacists) Limited

JMG (Pharmacists) Limited (Registered number: SC081247)






Contents of the Financial Statements
for the Year Ended 30 April 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


JMG (Pharmacists) Limited

Company Information
for the Year Ended 30 April 2023







DIRECTORS: Mr John Michael Gilbride
Mrs Audrey Gilbride
Mr Iain McDowall





SECRETARY: Mr John Michael Gilbride





REGISTERED OFFICE: Netherplace House
Netherplace Road
Glasgow
G77 6PP





REGISTERED NUMBER: SC081247 (Scotland)





ACCOUNTANTS: Stevenson & Kyles
Chartered Accountants
25 Sandyford Place
Glasgow
G3 7NG

JMG (Pharmacists) Limited (Registered number: SC081247)

Balance Sheet
30 April 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 59,000 118,000
Tangible assets 5 314,317 312,027
Investments 6 445,500 445,500
818,817 875,527

CURRENT ASSETS
Stock 255,472 232,550
Debtors 7 1,756,565 1,588,755
Cash at bank and in hand 499,403 441,953
2,511,440 2,263,258
CREDITORS
Amounts falling due within one year 8 2,200,060 1,824,863
NET CURRENT ASSETS 311,380 438,395
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,130,197

1,313,922

CREDITORS
Amounts falling due after more than one
year

9

(1,096,562

)

(1,302,524

)

PROVISIONS FOR LIABILITIES 11 (19,333 ) (7,569 )
NET ASSETS 14,302 3,829

JMG (Pharmacists) Limited (Registered number: SC081247)

Balance Sheet - continued
30 April 2023

2023 2022
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 12 100 100
Retained earnings 14,202 3,729
SHAREHOLDERS' FUNDS 14,302 3,829

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 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.

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 November 2023 and were signed on its behalf by:





Mr John Michael Gilbride - Director


JMG (Pharmacists) Limited (Registered number: SC081247)

Notes to the Financial Statements
for the Year Ended 30 April 2023

1. STATUTORY INFORMATION

JMG (Pharmacists) 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 (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
The goodwill acquired on the acquisition of a new pharmacy during the year will be written off evenly over its estimated useful life of 5 years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Heritable property - 2% on cost
Plant and machinery - 15% on cost
Fittings and equipment - 20% on cost
Computer equipment - 33.33% on cost

Stocks
Stock are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Basic financial instruments, including debtors and creditors with no stated interest rate and receivable or payable within one year, are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in administrative expenses.


JMG (Pharmacists) Limited (Registered number: SC081247)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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
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.

Grant income
Where applicable, grants from the government are recognised at their fair value where there is a reasonable assurance that the grant will be received and that the company will comply with all attached conditions. Where the grant income relates to a particular expense item, the grant income is recognised in the profit and loss account over the same period as the expense it is intended to compensate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 36 (2022 - 36 ) .

JMG (Pharmacists) Limited (Registered number: SC081247)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2023

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 May 2022
and 30 April 2023 1,960,000
AMORTISATION
At 1 May 2022 1,842,000
Amortisation for year 59,000
At 30 April 2023 1,901,000
NET BOOK VALUE
At 30 April 2023 59,000
At 30 April 2022 118,000

5. TANGIBLE FIXED ASSETS
Fittings
Heritable Plant and and Computer
property machinery equipment equipment Totals
£    £    £    £    £   
COST
At 1 May 2022 300,753 11,738 260,648 27,062 600,201
Additions - - 41,467 - 41,467
At 30 April 2023 300,753 11,738 302,115 27,062 641,668
DEPRECIATION
At 1 May 2022 60,784 11,738 188,590 27,062 288,174
Charge for year 6,015 - 33,162 - 39,177
At 30 April 2023 66,799 11,738 221,752 27,062 327,351
NET BOOK VALUE
At 30 April 2023 233,954 - 80,363 - 314,317
At 30 April 2022 239,969 - 72,058 - 312,027

JMG (Pharmacists) Limited (Registered number: SC081247)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2023

6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 May 2022
and 30 April 2023 445,500
NET BOOK VALUE
At 30 April 2023 445,500
At 30 April 2022 445,500

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 556,607 491,374
Other debtors 1,199,958 1,097,381
1,756,565 1,588,755

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 997,384 997,384
Trade creditors 831,511 705,672
Taxation and social security (43,845 ) 13,659
Other creditors 415,010 108,148
2,200,060 1,824,863

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2023 2022
£    £   
Bank loans 1,096,562 1,302,524

Amounts falling due in more than five years:

Repayable by instalments
Bank loan > 5 years 669,842 875,804

JMG (Pharmacists) Limited (Registered number: SC081247)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2023

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 2,093,946 2,299,908

11. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 19,333 7,569

Deferred
tax
£   
Balance at 1 May 2022 7,569
Provided during year 11,764
Balance at 30 April 2023 19,333

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100

13. ULTIMATE CONTROLLING PARTY

100% of the issued share capital is owned by Rossinver Holdings Ltd, a company registered in Scotland which is controlled by the directors, Mr and Mrs John Gilbride.