Company registration number 06861449 (England and Wales)
Whiteleas Way Limited
Unaudited Financial Statements
for the Year Ended 31 March 2023
Pages for filing with Registrar
Whiteleas Way Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 5
Whiteleas Way Limited
Balance Sheet
as at 31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
63,312
87,792
Tangible assets
4
4,870
1,244
68,182
89,036
Current assets
Stocks
43,413
35,444
Debtors
5
108,177
84,092
Cash at bank and in hand
153,774
279,795
305,364
399,331
Creditors: amounts falling due within one year
6
(118,833)
(175,954)
Net current assets
186,531
223,377
Net assets
254,713
312,413
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
254,613
312,313
Total equity
254,713
312,413

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 year 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 year 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.

The financial statements were approved by the board of directors and authorised for issue on 17 November 2023 and are signed on its behalf by:
Mrs J Topping
Director
Company Registration No. 06861449
Whiteleas Way Limited
Notes to the Financial Statements
for the Year Ended 31 March 2023
- 2 -
1
Accounting policies
Company information

Whiteleas Way Limited is a private company limited by shares incorporated in England and Wales. The registered office is 176 Whiteleas Way, South Shields, Tyne and Wear, NE34 8HF.

1.1
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” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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.

1.2
Turnover

Turnover represents amounts receivable for pharmaceutical goods sold over the counter net of VAT, and is recognised at the point of sale. Turnover also includes amounts receivable from the NHSBSA for the provision of pharmacy services and is recognised in the month of supply.

1.3
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 and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

1.4
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:

Land and buildings Leasehold
No charge
Fixtures, fittings & equipment
15% reducing balance
Motor vehicles
25% 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.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Whiteleas Way Limited
Notes to the Financial Statements (continued)
for the Year Ended 31 March 2023
1
Accounting policies
(continued)
- 3 -
1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct goods for resale.

Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

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
Financial instruments
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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

No provision is made for deferred taxation

Whiteleas Way Limited
Notes to the Financial Statements (continued)
for the Year Ended 31 March 2023
1
Accounting policies
(continued)
- 4 -
1.10
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
11
10
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2022 and 31 March 2023
245,000
Amortisation and impairment
At 1 April 2022
157,208
Amortisation charged for the year
24,480
At 31 March 2023
181,688
Carrying amount
At 31 March 2023
63,312
At 31 March 2022
87,792
Whiteleas Way Limited
Notes to the Financial Statements (continued)
for the Year Ended 31 March 2023
- 5 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2022
1
7,995
7,996
Additions
-
0
6,380
6,380
Disposals
-
0
(5,774)
(5,774)
At 31 March 2023
1
8,601
8,602
Depreciation and impairment
At 1 April 2022
-
0
6,752
6,752
Depreciation charged in the year
-
0
1,610
1,610
Eliminated in respect of disposals
-
0
(4,630)
(4,630)
At 31 March 2023
-
0
3,732
3,732
Carrying amount
At 31 March 2023
1
4,869
4,870
At 31 March 2022
1
1,243
1,244
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
82,731
75,767
Other debtors
25,446
8,325
108,177
84,092
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
80,528
120,986
Taxation and social security
17,271
33,177
Other creditors
21,034
21,791
118,833
175,954
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