Caseware UK (AP4) 2022.0.179 2022.0.179 2023-02-282023-02-282022-03-01false86falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 05080316 2022-03-01 2023-02-28 05080316 2021-03-01 2022-02-28 05080316 2023-02-28 05080316 2022-02-28 05080316 c:Director2 2022-03-01 2023-02-28 05080316 d:PlantMachinery 2023-02-28 05080316 d:PlantMachinery 2022-02-28 05080316 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 05080316 d:MotorVehicles 2022-03-01 2023-02-28 05080316 d:MotorVehicles 2023-02-28 05080316 d:MotorVehicles 2022-02-28 05080316 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 05080316 d:FurnitureFittings 2022-03-01 2023-02-28 05080316 d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 05080316 d:Goodwill 2022-03-01 2023-02-28 05080316 d:Goodwill 2023-02-28 05080316 d:Goodwill 2022-02-28 05080316 d:CurrentFinancialInstruments 2023-02-28 05080316 d:CurrentFinancialInstruments 2022-02-28 05080316 d:CurrentFinancialInstruments 3 2023-02-28 05080316 d:CurrentFinancialInstruments 3 2022-02-28 05080316 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 05080316 d:CurrentFinancialInstruments d:WithinOneYear 2022-02-28 05080316 d:ShareCapital 2023-02-28 05080316 d:ShareCapital 2022-02-28 05080316 d:RetainedEarningsAccumulatedLosses 2023-02-28 05080316 d:RetainedEarningsAccumulatedLosses 2022-02-28 05080316 c:FRS102 2022-03-01 2023-02-28 05080316 c:AuditExempt-NoAccountantsReport 2022-03-01 2023-02-28 05080316 c:FullAccounts 2022-03-01 2023-02-28 05080316 c:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 iso4217:GBP xbrli:pure

Registered number: 05080316










RISHI PHARMACY LTD








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 28 FEBRUARY 2023

 
RISHI PHARMACY LTD
REGISTERED NUMBER: 05080316

STATEMENT OF FINANCIAL POSITION
AS AT 28 FEBRUARY 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
-
-

Tangible assets
 5 
5,650
6,699

  
5,650
6,699

Current assets
  

Stocks
  
73,063
69,580

Debtors: amounts falling due within one year
 6 
757,038
877,006

Cash at bank and in hand
  
44,411
79,914

  
874,512
1,026,500

Creditors: amounts falling due within one year
 7 
(151,107)
(265,597)

Net current assets
  
 
 
723,405
 
 
760,903

Total assets less current liabilities
  
729,055
767,602

Provisions for liabilities
  

Deferred tax
  
(116)
(145)

  
 
 
(116)
 
 
(145)

Net assets
  
728,939
767,457


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
728,839
767,357

  
728,939
767,457


Page 1

 
RISHI PHARMACY LTD
REGISTERED NUMBER: 05080316
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 28 FEBRUARY 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 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.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Mr M Patel
Director

Date: 13 November 2023

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
RISHI PHARMACY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

1.


General information

Rishi Pharmacy Limited is a private company, limited by share capital, incorporated in England & Wales under registration number 05080316. The address of the registered office is situated at 84 Hart Road, Essex, SS7 3PF.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
RISHI PHARMACY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.3

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.4

Current and deferred taxation

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

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.5

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Goodwill
-
10
years 

Page 4

 
RISHI PHARMACY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Delivery vehicle
-
15% reducing balance
Fixtures and fittings
-
20% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is 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.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 5

 
RISHI PHARMACY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

3.


Employees

The average monthly number of employees, including directors, during the year was 8 (2022 - 6).


4.


Intangible assets




Goodwill

£



Cost


At 1 March 2022
462,033



At 28 February 2023

462,033



Amortisation


At 1 March 2022
462,033



At 28 February 2023

462,033



Net book value



At 28 February 2023
-



At 28 February 2022
-



Page 6

 
RISHI PHARMACY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

5.


Tangible fixed assets





Fixtures and fittings
Delivery vehicle
Total

£
£
£



Cost or valuation


At 1 March 2022
20,371
11,200
31,571



At 28 February 2023

20,371
11,200
31,571



Depreciation


At 1 March 2022
19,517
5,354
24,871


Charge for the year on owned assets
171
877
1,048



At 28 February 2023

19,688
6,231
25,919



Net book value



At 28 February 2023
683
4,969
5,652



At 28 February 2022
854
5,846
6,700


6.


Debtors

2023
2022
£
£


Trade debtors
45,146
245,072

Other debtors
196,674
271,898

VAT repayable
426,282
269,978

Section 458 tax repayable
88,367
88,367

Prepayments and accrued income
569
1,691

757,038
877,006


Included in other debtors is the balance on shareholder's loan account of Mrs H B Patel was £106,667 debit balance (2022 - £181,891 debit balance) at 28 February 2023. Mrs H B Patel paid the company £2,092 (2022 - £3,423) as interest, calculated at the prevailing official HMRC rate of interest per annum.
Also, included in other debtors is the balance on loan account of the spouse of Mrs H B Patel, Mr B K Patel was £90,007 debit balance (2022 - £90,007 debit balance) at 28 February 2023. Mr B K Patel paid the company £1,800 (2022 - £1,807) as interest, calculated at the prevailing official HMRC rate of interest per annum.

Page 7

 
RISHI PHARMACY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
120,020
141,234

Other creditors
2,348
-

Corporation tax
8,241
64,458

Other taxation and social security
20,498
23,905

Accruals and deferred income
-
36,000

151,107
265,597



8.


Controlling party

There is no controlling party.

 
Page 8