Company registration number 01290875 (England and Wales)
SAFFRON APOTHECARIES (LEICESTER) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
SAFFRON APOTHECARIES (LEICESTER) LIMITED
COMPANY INFORMATION
Directors
Mr A S Johal
Mr A S Johal
Mrs B K Johal
(Appointed 1 April 2022)
Secretary
Mrs B K Johal
Company number
01290875
Registered office
16 Central Street
Countesthorpe
Leicester
Leicestershire
LE8 5QJ
Auditor
De Montfort Advisory Limited T/A Pinnacle Accountants
32 De Montfort Street
Leicester
Leicestershire
United Kingdom
LE1 7GD
Business address
9 Church Lane
Knighton
Leicester
Leicestershire
LE2 3WG
SAFFRON APOTHECARIES (LEICESTER) LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Directors' responsibilities statement
4
Independent auditor's report
5 - 8
Profit and loss account
9
Statement of comprehensive income
10
Balance sheet
11
Statement of changes in equity
12
Statement of cash flows
13
Notes to the financial statements
14 - 28
SAFFRON APOTHECARIES (LEICESTER) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
- 1 -
The directors present the strategic report for the year ended 31 December 2022.
Review of the business
The company continues to trade successfully, and looking at efficiencies within the business. The acquisitions of the pharmacy last year has been integrated within the group and is delivering as expected with our commitment to customer service, combined with our investment in staff, we strive to provide the best possible healthcare to all the local communities in which we operate and serve.
Principal risks and uncertainties
The company operates in a highly regulated environment and any significant changes to those regulations could have impact on the business, adverse or otherwise. The director and the management of the company engage with relevant organisations, and constantly review any changes to regulations.
Staff recruitment like in other industries is challenging and this can have an impact on the business but the business is coping well. Staff and other overheads are on an upward trend with inflation in double digits, this will have an impact on trading and the business is looking at ways to mitigate these as much as possible. Similarly supplies are challenging, however the business has managed this and has not affected business. With the cost-of-living head winds, times ahead are expected to be challenging.
Development and performance
Company is exploring new technologies to utilise artificial intelligence to stream line prescription process.
Key performance indicators
The directors consider the financial KPl's of the business to be:
Turnover - Turnover for the year has increased to £12.29m (2021 - £10.28m)
Gross profit margin - Gross profit margin has reduced to 32% (2021 - 37%)
Earnings before depreciation, interest, amortisation and taxation - EBIDTA is .953m (2021 - 1.565m)
Debtors days - Debtors days have reduced to 27 days (2021 - 30days)
Stock days - Stock days have reduced to 37 days (2021 - 40 days)
Creditors days - Creditors days reduced to 82 days (2021 - 91 days)
KPI's are closely monitored and appropriate action is taken if required.
Mr A S Johal
Director
21 November 2023
SAFFRON APOTHECARIES (LEICESTER) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
- 2 -
The directors present their annual report and financial statements for the year ended 31 December 2022.
Principal activities
The principal activity of the company continued to be that of retailing, and dispensing of pharmaceutical products and related products.
Results and dividends
The results for the year are set out on page 9.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr A S Johal
Mr A S Johal
Mrs B K Johal
(Appointed 1 April 2022)
Financial instruments
The company's financial instruments comprise cash at bank, trade debtors and trade creditors that arises directly from operations, and bank and other loans. The financial risks affecting the company are monitored and reviewed by the directors on a regular basis.
Liquidity risk
The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business.
Interest rate risk
The company finances some of its operations through bank funding, therefore there is a potential risk from an increase in interest rates on those facilities. The directors monitor any changes in interest rates so that action can be taken in a timely manner if necessary.
Credit risk
The company has no significant credit risk as the majority of the company's trade receivables balance is with government backed agencies.
Post reporting date events
Company acquired four pharmacies after the year end. The sale has been completed before the sign off date.
Auditor
The auditor, De Montfort Advisory Limited T/A Pinnacle Accountants, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
SAFFRON APOTHECARIES (LEICESTER) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 3 -
On behalf of the board
Mr A S Johal
Director
21 November 2023
SAFFRON APOTHECARIES (LEICESTER) LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2022
- 4 -
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
SAFFRON APOTHECARIES (LEICESTER) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF SAFFRON APOTHECARIES (LEICESTER) LIMITED
- 5 -
Opinion
We have audited the financial statements of Saffron Apothecaries (Leicester) Limited (the 'company') for the year ended 31 December 2022 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 December 2022 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
SAFFRON APOTHECARIES (LEICESTER) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF SAFFRON APOTHECARIES (LEICESTER) LIMITED
- 6 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
SAFFRON APOTHECARIES (LEICESTER) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF SAFFRON APOTHECARIES (LEICESTER) LIMITED
- 7 -
Extent to which the audit was considered capable of detecting irregularies, including fraud
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
we identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, and through discussion with the directors and other management (as required by auditing standards), and discussed with the directors and other management the policies and procedures regarding compliance with laws and regulations.
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including health and safety; General Data Protection Regulation (GDPR); fraud; bribery and corruption, employment law and The General Pharmaceutical (GPHc). Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. The identified actual or suspected non-compliance was not sufficiently significant to our audit to result in our response being identified as a key audit matter.
We considered the legal and regulatory frameworks directly applicable to the financial statements reporting framework (FRS 102 and the Companies Act 2006) and the relevant tax compliance regulations in the UK.
We considered the nature of the industry, the control environment and business performance, including the key drivers for management’s remuneration;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We considered the procedures and controls that the company has established to address risks identified, or that otherwise prevent, deter and detect fraud; and how senior management monitors those programmes and controls.
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included: testing manual journals; reviewing the financial statement disclosures and testing to supporting documentation; performing analytical procedures; and enquiring of management, and were designed to provide reasonable assurance that the financial statements were free from fraud or error.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect noncompliance with all laws and regulations.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
SAFFRON APOTHECARIES (LEICESTER) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF SAFFRON APOTHECARIES (LEICESTER) LIMITED
- 8 -
This report is made solely to the company's member in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's member those matters we are required to state to the member in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's member, for our audit work, for this report, or for the opinions we have formed.
Harendra Kishorlal Shah (FCCA)
Senior Statutory Auditor
For and on behalf of De Montfort Advisory Limited T/A Pinnacle Accountants
21 November 2023
2023-11-22
Chartered Certified Accountants
Statutory Auditor
32 De Montfort Street
Leicester
Leicestershire
United Kingdom
LE1 7GD
SAFFRON APOTHECARIES (LEICESTER) LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2022
- 9 -
2022
2021
Notes
£
£
Turnover
3
12,293,266
10,282,005
Cost of sales
(8,355,466)
(6,428,089)
Gross profit
3,937,800
3,853,916
Administrative expenses
(4,290,243)
(3,630,408)
Other operating income
21,412
19,522
Operating (loss)/profit
4
(331,031)
243,030
Interest receivable and similar income
8
75,000
100,000
Interest payable and similar expenses
9
(200,009)
(109,354)
(Loss)/profit before taxation
(456,040)
233,676
Tax on (loss)/profit
10
(33,690)
(74,901)
(Loss)/profit for the financial year
(489,730)
158,775
The profit and loss account has been prepared on the basis that all operations are continuing operations.
SAFFRON APOTHECARIES (LEICESTER) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2022
- 10 -
2022
2021
£
£
(Loss)/profit for the year
(489,730)
158,775
Other comprehensive income
-
-
Total comprehensive income for the year
(489,730)
158,775
SAFFRON APOTHECARIES (LEICESTER) LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
- 11 -
2022
2021
Notes
£
£
£
£
Fixed assets
Goodwill
11
5,408,411
6,495,079
Tangible assets
12
328,511
290,922
Investments
13
759,506
759,506
6,496,428
7,545,507
Current assets
Stocks
15
844,950
709,890
Debtors
16
1,977,321
1,488,130
Cash at bank and in hand
168,770
487,395
2,991,041
2,685,415
Creditors: amounts falling due within one year
17
(2,762,407)
(2,333,524)
Net current assets
228,634
351,891
Total assets less current liabilities
6,725,062
7,897,398
Creditors: amounts falling due after more than one year
18
(5,734,484)
(6,417,090)
Net assets
990,578
1,480,308
Capital and reserves
Called up share capital
22
15,000
15,000
Profit and loss reserves
23
975,578
1,465,308
Total equity
990,578
1,480,308
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.true
The financial statements were approved by the board of directors and authorised for issue on 21 November 2023 and are signed on its behalf by:
Mr A S Johal
Director
Company registration number 01290875 (England and Wales)
SAFFRON APOTHECARIES (LEICESTER) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
- 12 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2021
15,000
1,306,533
1,321,533
Year ended 31 December 2021:
Profit and total comprehensive income
-
158,775
158,775
Balance at 31 December 2021
15,000
1,465,308
1,480,308
Year ended 31 December 2022:
Loss and total comprehensive income
-
(489,730)
(489,730)
Balance at 31 December 2022
15,000
975,578
990,578
SAFFRON APOTHECARIES (LEICESTER) LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 13 -
2022
2021
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
29
420,340
328,023
Interest paid
(200,009)
(109,354)
Income taxes paid
(43,510)
(10,864)
Net cash inflow from operating activities
176,821
207,805
Investing activities
Purchase of business
(1,401,048)
Purchase of tangible fixed assets
(160,263)
(236,153)
Dividends received
75,000
100,000
Net cash used in investing activities
(85,263)
(1,537,201)
Financing activities
Repayment of bank loans
(415,462)
865,270
Payment of finance leases obligations
5,328
(10,460)
Net cash (used in)/generated from financing activities
(410,134)
854,810
Net decrease in cash and cash equivalents
(318,576)
(474,586)
Cash and cash equivalents at beginning of year
487,346
961,932
Cash and cash equivalents at end of year
168,770
487,346
Relating to:
Cash at bank and in hand
168,770
487,395
Bank overdrafts included in creditors payable within one year
(49)
SAFFRON APOTHECARIES (LEICESTER) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 14 -
1
Accounting policies
Company information
Saffron Apothecaries (Leicester) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 16 Central Street, Countesthorpe, Leicester, Leicestershire, LE8 5QJ. The principal place of business is 9 Church Lane, Knighton, Leicester, Leicestershire, LE2 3WG.
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.
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.
The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
Saffron Apothecaries (Leicester) Limited is a wholly owned subsidiary of Chase Pharmacy Limited and the results of Saffron Apothecaries (Leicester) Limited are included in the consolidated financial statements of Chase Pharmacy Limited which are available from 9 Church Lane, Leicester, LE2 3WG.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
SAFFRON APOTHECARIES (LEICESTER) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 15 -
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 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.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
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:
Leasehold improvements
15% on cost
Fixtures and fittings
20% on cost
Motor vehicles
25% on cost
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
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.7
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.
SAFFRON APOTHECARIES (LEICESTER) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 16 -
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.8
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement 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.
1.9
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.
1.10
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
SAFFRON APOTHECARIES (LEICESTER) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 17 -
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
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.
SAFFRON APOTHECARIES (LEICESTER) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 18 -
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.11
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.
1.12
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 and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
SAFFRON APOTHECARIES (LEICESTER) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 19 -
1.13
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
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.
1.14
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.15
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
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.
1.16
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Turnover and other revenue
An analysis of the company's turnover is as follows:
2022
2021
£
£
Turnover analysed by class of business
Turnover
12,293,266
10,282,005
SAFFRON APOTHECARIES (LEICESTER) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
3
Turnover and other revenue
(Continued)
- 20 -
2022
2021
£
£
Other revenue
Dividends received
75,000
100,000
4
Operating (loss)/profit
2022
2021
Operating (loss)/profit for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
4,000
4,000
Depreciation of owned tangible fixed assets
122,674
83,836
Amortisation of intangible assets
1,086,668
1,138,674
Operating lease charges
151,567
147,649
5
Auditor's remuneration
2022
2021
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
4,000
4,000
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
111
82
Their aggregate remuneration comprised:
2022
2021
£
£
Wages and salaries
1,557,361
1,200,041
Social security costs
107,946
78,955
Pension costs
33,828
30,778
1,699,135
1,309,774
SAFFRON APOTHECARIES (LEICESTER) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 21 -
7
Directors' remuneration
2022
2021
£
£
Remuneration for qualifying services
39,128
37,657
Company pension contributions to defined contribution schemes
12,800
-
51,928
37,657
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2021 - 2).
8
Interest receivable and similar income
2022
2021
£
£
Income from fixed asset investments
Income from shares in group undertakings
75,000
100,000
9
Interest payable and similar expenses
2022
2021
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
199,424
108,218
Other finance costs:
Other interest
585
1,136
200,009
109,354
10
Taxation
2022
2021
£
£
Current tax
UK corporation tax on profits for the current period
33,690
87,806
Deferred tax
Origination and reversal of timing differences
(12,905)
Total tax charge
33,690
74,901
SAFFRON APOTHECARIES (LEICESTER) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
10
Taxation
(Continued)
- 22 -
The actual charge for the year can be reconciled to the expected (credit)/charge for the year based on the profit or loss and the standard rate of tax as follows:
2022
2021
£
£
(Loss)/profit before taxation
(456,040)
233,676
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 19.00% (2021: 19.00%)
(86,648)
44,398
Tax effect of expenses that are not deductible in determining taxable profit
1,407
Permanent capital allowances in excess of depreciation
(40,984)
Depreciation on assets not qualifying for tax allowances
23,308
4,183
Amortisation on assets not qualifying for tax allowances
150,857
45,320
Dividend income
(14,250)
(19,000)
Taxation charge for the year
33,690
74,901
11
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2022 and 31 December 2022
12,195,022
Amortisation and impairment
At 1 January 2022
5,699,943
Amortisation charged for the year
1,086,668
At 31 December 2022
6,786,611
Carrying amount
At 31 December 2022
5,408,411
At 31 December 2021
6,495,079
SAFFRON APOTHECARIES (LEICESTER) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 23 -
12
Tangible fixed assets
Leasehold improvements
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2022
210,709
1,036,425
49,440
1,296,574
Additions
149,707
10,556
160,263
At 31 December 2022
210,709
1,186,132
59,996
1,456,837
Depreciation and impairment
At 1 January 2022
203,521
766,094
36,037
1,005,652
Depreciation charged in the year
2,334
111,645
8,695
122,674
At 31 December 2022
205,855
877,739
44,732
1,128,326
Carrying amount
At 31 December 2022
4,854
308,393
15,264
328,511
At 31 December 2021
7,188
270,331
13,403
290,922
13
Fixed asset investments
2022
2021
Notes
£
£
Investments in subsidiaries
14
759,506
759,506
14
Subsidiaries
Details of the company's subsidiaries at 31 December 2022 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
D.M.H. Pharm Limited
16 Central Street, Countesthorpe, LE8 5QJ
Ordinary
100.00
Millennium Pharmacy Limited
16 Central Street, Countesthorpe, LE8 5QJ
Ordinary
100.00
15
Stocks
2022
2021
£
£
Finished goods and goods for resale
844,950
709,890
SAFFRON APOTHECARIES (LEICESTER) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 24 -
16
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
917,657
847,204
Amounts owed by group undertakings
743,284
356,284
Other debtors
313,265
281,527
Prepayments and accrued income
3,115
3,115
1,977,321
1,488,130
17
Creditors: amounts falling due within one year
2022
2021
Notes
£
£
Bank loans and overdrafts
19
350,716
77,003
Obligations under finance leases
20
5,980
7,270
Trade creditors
1,904,142
1,640,612
Amounts owed to group undertakings
103,332
99,333
Corporation tax
134,159
143,979
Other taxation and social security
25,143
26,675
Other creditors
206,040
257,042
Accruals and deferred income
32,895
81,610
2,762,407
2,333,524
18
Creditors: amounts falling due after more than one year
2022
2021
Notes
£
£
Bank loans and overdrafts
19
5,715,499
6,404,723
Obligations under finance leases
20
18,985
12,367
5,734,484
6,417,090
Amounts included above which fall due after five years are as follows:
Payable by instalments
4,343,029
4,436,535
SAFFRON APOTHECARIES (LEICESTER) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 25 -
19
Loans and overdrafts
2022
2021
£
£
Bank loans
6,066,215
6,481,677
Bank overdrafts
49
6,066,215
6,481,726
Payable within one year
350,716
77,003
Payable after one year
5,715,499
6,404,723
The long-term loans are secured by first charges over the freehold properties of the group companies, by joint and several personal guarantees of the shareholders (who are also the directors) of the company and the group), and by debentures and cross guarantees granted by the subsidiaries within the group.
Interest on bank loans of £4,807,364 is charged at 1.6% over the Bank of England base rate. These loans are repayable over 5 years with a 15 year amortisation profile (12 years remaining).
Interest on bank loans of £709,627 is charged at 2.16% over the Bank of England base rate. These loans are repayable over 5 years with a 15 year amortisation profile (13 years remaining).
Government backed Bounce Back loans of £50,000 taken out in June 2020 are interest free for the first twelve months, then repayable over five years at fixed interest rate of 2.5%.
Other non-commercial bank loans amounting to £49,416 are at weighted average APR of 19.9%. Amounts repayable within 12 months on these loans is £39,416.
20
Finance lease obligations
2022
2021
Future minimum lease payments due under finance leases:
£
£
Within one year
5,979
7,270
In two to five years
18,986
12,367
24,965
19,637
Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is four years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
All finance lease obligations are secured over the assets to which they relate.
SAFFRON APOTHECARIES (LEICESTER) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 26 -
21
Retirement benefit schemes
2022
2021
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
33,828
30,778
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
22
Share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
15,000
15,000
15,000
15,000
23
Profit and loss reserves
2022
2021
£
£
At the beginning of the year
1,465,308
1,306,533
(Loss)/profit for the year
(489,730)
158,775
At the end of the year
975,578
1,465,308
24
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2022
2021
£
£
Within one year
61,792
61,792
Between two and five years
247,168
247,168
In over five years
322,289
384,081
631,249
693,041
SAFFRON APOTHECARIES (LEICESTER) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 27 -
25
Events after the reporting date
Company acquired a pharmacy on 13 September 2023, The purchase price for the pharmacy is £590,000, The business is located in Burton Latimer Health Centre Higham Rd, Burton Latimer, Northamptonshire NN15 5PU
Company acquired a pharmacy on 23 September 2023, The purchase price for the pharmacy is £234,000, The business is located in Unit 1, Fraternity House 52 Church Street, Hunslet, Leeds LS10 2AR.
Company acquired a pharmacy on 27 September 2023, The purchase price for the pharmacy is £75,000, The business is located in 18-20 Kennedy Way, Lincolnshire DN40 2AE.
Company acquired a pharmacy on 16 September 2023, The purchase price for the pharmacy is £1,150,000, The business is located in Allesley Park Medical Ctentre2 Whitaker Road, Coventry, West Midlands CV5 9JE
26
Related party transactions
Transactions with related parties
Name of related party
Nature of relationship
Chase Pharmacy Limited
Parent company
D.M.H. Pharm Limited
Subsidary
Description of
Income
Payments
transaction
2022
2021
2022
2021
£
£
£
£
Chase Pharmacy Limited
Rent paid
51,000
51,000
D.M.H. Pharm Limited
Dividends received
75,000
100,000
Balances with related parties
Amounts owed by
Amounts owed to
related parties
related parties
2022
2021
2022
2021
£
£
£
£
Chase Pharmacy Limited
743,284
356,284
D.M.H. Pharm Limited
93,325
89,324
Millennium Pharmacy Limited
10,008
10,008
-
27
Directors' transactions
At the year end, the company owes £200,435 (2021 - £251,857) to both the directors in aggregate. The loan is interest free and repayable on demand.
SAFFRON APOTHECARIES (LEICESTER) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 28 -
28
Ultimate controlling party
The company is a wholly owed subsidiary of Chase Pharmacy Ltd (a company incorporated in England), and its registered address is 32 De Montfort Street, Leicester LE1 7GD.
The ultimate controlling parties are Mr A S Johal and Mrs B K Johal by virtue of their shareholding in the parent company.
The entity's financial statements are consolidated into Chase Pharmacy Limited.
29
Cash generated from operations
2022
2021
£
£
(Loss)/profit for the year after tax
(489,730)
158,775
Adjustments for:
Taxation charged
33,690
74,901
Finance costs
200,009
109,354
Investment income
(75,000)
(100,000)
Amortisation and impairment of intangible assets
1,086,668
1,138,674
Depreciation and impairment of tangible fixed assets
122,674
83,836
Movements in working capital:
Increase in stocks
(135,060)
(130,603)
Increase in debtors
(489,191)
(472,953)
Increase/(decrease) in creditors
166,280
(533,961)
Cash generated from operations
420,340
328,023
30
Analysis of changes in net debt
1 January 2022
Cash flows
31 December 2022
£
£
£
Cash at bank and in hand
487,395
(318,625)
168,770
Bank overdrafts
(49)
49
487,346
(318,576)
168,770
Borrowings excluding overdrafts
(6,481,677)
415,462
(6,066,215)
Obligations under finance leases
(19,637)
(5,328)
(24,965)
(6,013,968)
91,558
(5,922,410)
2022-12-312022-01-01falseCCH SoftwareCCH Accounts Production 2023.200Mr A S JohalMr A S JohalMrs B K JohalMrs B K Johal7455012908752022-01-012022-12-3101290875bus:Director12022-01-012022-12-3101290875bus:Director22022-01-012022-12-3101290875bus:CompanySecretaryDirector12022-01-012022-12-3101290875bus:CompanySecretary12022-01-012022-12-3101290875bus:Director32022-01-012022-12-3101290875bus:RegisteredOffice2022-01-012022-12-31012908752022-12-31012908752021-01-012021-12-3101290875core:RetainedEarningsAccumulatedLosses2021-01-012021-12-3101290875core:RetainedEarningsAccumulatedLosses2022-01-012022-12-3101290875core:Goodwill2022-12-3101290875core:Goodwill2021-12-31012908752021-12-3101290875core:LeaseholdImprovements2022-12-3101290875core:FurnitureFittings2022-12-3101290875core:MotorVehicles2022-12-3101290875core:LeaseholdImprovements2021-12-3101290875core:FurnitureFittings2021-12-3101290875core:MotorVehicles2021-12-3101290875core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3101290875core:CurrentFinancialInstrumentscore:WithinOneYear2021-12-3101290875core:Non-currentFinancialInstrumentscore:AfterOneYear2022-12-3101290875core:Non-currentFinancialInstrumentscore:AfterOneYear2021-12-3101290875core:CurrentFinancialInstruments2022-12-3101290875core:CurrentFinancialInstruments2021-12-3101290875core:Non-currentFinancialInstruments2022-12-3101290875core:Non-currentFinancialInstruments2021-12-3101290875core:ShareCapital2022-12-3101290875core:ShareCapital2021-12-3101290875core:RetainedEarningsAccumulatedLosses2022-12-3101290875core:RetainedEarningsAccumulatedLosses2021-12-3101290875core:ShareCapital2020-12-3101290875core:RetainedEarningsAccumulatedLosses2020-12-3101290875core:RetainedEarningsAccumulatedLosses2021-12-310129087512022-01-012022-12-310129087512021-01-012021-12-31012908752021-12-31012908752020-12-3101290875core:WithinOneYear2022-12-3101290875core:WithinOneYear2021-12-3101290875core:Goodwill2022-01-012022-12-3101290875core:LeaseholdImprovements2022-01-012022-12-3101290875core:FurnitureFittings2022-01-012022-12-3101290875core:MotorVehicles2022-01-012022-12-3101290875core:UKTax2022-01-012022-12-3101290875core:UKTax2021-01-012021-12-310129087522022-01-012022-12-310129087522021-01-012021-12-3101290875core:Goodwill2021-12-3101290875core:LeaseholdImprovements2021-12-3101290875core:FurnitureFittings2021-12-3101290875core:MotorVehicles2021-12-3101290875core:BetweenTwoFiveYears2022-12-3101290875core:BetweenTwoFiveYears2021-12-3101290875core:MoreThanFiveYears2022-12-3101290875core:MoreThanFiveYears2021-12-3101290875bus:PrivateLimitedCompanyLtd2022-01-012022-12-3101290875bus:FRS1022022-01-012022-12-3101290875bus:Audited2022-01-012022-12-3101290875bus:FullAccountsbus:Original2022-01-012022-12-31xbrli:purexbrli:sharesiso4217:GBP