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Registration number: SC442208

Wellbeing (Keynsham) Limited

Unaudited Filleted Financial Statements

for the Year Ended 28 February 2023

 

Wellbeing (Keynsham) Limited

Contents

Company Information

1

Statement of Directors' Responsibilities

2

Accountants' Report

3

Balance Sheet

4

Notes to the Unaudited Financial Statements

5 to 11

 

Wellbeing (Keynsham) Limited

Company Information

Directors

Mr M A Hedley

Mr F T Gourlay

Company secretary

Mr M A Hedley

Registered office




Registration number

31 Townsend Place
Kirkcaldy
Fife
KY1 1HB

SC442208 (Scotland)

Accountants

Brown, Scott & Main
Chartered Accountants
31 Townsend Place
Kirkcaldy
Fife
KY1 1HB

 

Wellbeing (Keynsham) Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities 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 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.

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Wellbeing (Keynsham) Limited
for the Year Ended 28 February 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Wellbeing (Keynsham) Limited for the year ended 28 February 2023 as set out on pages 4 to 11 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants of Scotland, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance.

This report is made solely to you, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial information of Wellbeing (Keynsham) Limited and state those matters that we have agreed to state to you in this report in accordance with the requirements of the Institute of Chartered Accountants of Scotland as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company for our work or for this report.

It is your duty to ensure that Wellbeing (Keynsham) Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Wellbeing (Keynsham) Limited. You consider that Wellbeing (Keynsham) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Wellbeing (Keynsham) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Brown, Scott & Main
Chartered Accountants
31 Townsend Place
Kirkcaldy
Fife
KY1 1HB

22 November 2023

 

Wellbeing (Keynsham) Limited

(Registration number: SC442208)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

6

5,583

6,083

Tangible assets

7

39,690

42,167

 

45,273

48,250

Current assets

 

Stock

27,740

31,247

Debtors

8

88,996

119,402

Cash at bank and in hand

 

48,356

29,880

 

165,092

180,529

Creditors: Amounts falling due within one year

9

(377,975)

(387,578)

Net current liabilities

 

(212,883)

(207,049)

Total assets less current liabilities

 

(167,610)

(158,799)

Creditors: Amounts falling due after more than one year

9

(23,205)

(32,892)

Net liabilities

 

(190,815)

(191,691)

Capital and reserves

 

Called up share capital

11

100

100

Retained earnings

(190,915)

(191,791)

Shareholders' deficit

 

(190,815)

(191,691)

For the financial year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 21 November 2023 and signed on its behalf by:
 

.........................................
Mr F T Gourlay
Director

 

Wellbeing (Keynsham) Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

1

General information

The company is a private company limited by share capital, incorporated in Scotland. Its registration number and registered office address can be found on the Company Information page.

The principal place of business is:
47 Chandag Road
Keynsham
Bristol
BS31 1PW

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The presentation currency is sterling.

Going concern

The company made a profit of £876 (2022 £16,433) and had net liabilities of £190,815 (2022 £191,691). The financial statements have been prepared on the going concern basis. The directors consider this appropriate as the company expects to meet its day to day commitments from working capital and existing financial arrangements as they fall due. With continuing financial support from Wellbeing Pharmacies Limited and MAF Pharma Limited, the directors remain committed to supporting it.

Turnover

Turnover represents the total value, excluding VAT, of revenue earned during the period from the sale of pharmaceutical products.


Licence
Licence represents fees paid to obtain permission to operate the pharmacy and is being amortised evenly over its estimated life of 20 years. This is a departure from the requirement of section 1A of FRS 102 which requires intangible assets to be amortised over a period not exceeding 10 years. The directors believe the company's licence has a lifespan longer than 10 years and consider 20 years a more accurate period for amortisation of the licence.

If the licence had been amortised over 10 years the amortisation charge to the profit and loss account would have been £1,000 (2022 £1,000) resulting in a decreased profit of £500 (2022 £500).

Amortisation

Amortisation is provided on intangible assets so as to write off the cost over their useful life as follows:

Asset class

Amortisation method and rate

Licence

5% per annum straight line

Tangible assets

Tangible fixed assets are stated at historic cost, less accumulated depreciation and accumulated impairment losses.

 

Wellbeing (Keynsham) Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Depreciation

Depreciation is provided at rates calculated so as to write off the cost less residual value of each asset over its expected useful life as follows:

Asset class

Depreciation method and rate

Plant & equipment

10% per annum straight line

Fixtures & fittings

10% per annum straight line

Office equipment

20% per annum straight line

Tenants' improvements

5% per annum straight line

Motor vehicles

25% per annum straight line

Impairment of assets

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

Trade debtors

The company operates under a confidential invoice discounting agreement for its principal debtors. The directors consider that under this agreement, separate presentation is appropriate. The gross amounts of debts are shown on the balance sheet within assets as trade debtors, funds advanced by the discounter in excess of funds collected are included in current liabilities and funds lodged with the discounter in excess of advances are included in debtors.

Stock

Stock is stated at the lower of cost and net realisable value, and comprises pharmaceutical products for resale.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Tax

Taxation for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, 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 timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is possible that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Group relief
Tax losses surrendered to any group company are paid in full by the claimant company.

 

Wellbeing (Keynsham) Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. The capital element of the future payments is treated as a liability. The interest element of these obligations is charged to the profit and loss account over the relevant period on a straight line basis. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is shorter.

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Defined contribution pension obligation

The company operates a defined contribution plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company during the year was 11 (2022 - 13).

4

Other operating income

2023

2022

£

£

Net rental income

8,281

7,337

Reimursement of Covid-19 costs

-

29,478

Furlough claims

-

1,232

Other operating income

50

41

8,331

38,088

5

Taxation

The company has unrelieved tax losses of £102,745 (2022 £100,426). No account has been taken of the potential deferred tax asset.

6

Intangible assets

Licence
 £

Total
£

Cost

At 1 March 2022

10,000

10,000

At 28 February 2023

10,000

10,000

Amortisation

At 1 March 2022

3,917

3,917

Amortisation charge

500

500

At 28 February 2023

4,417

4,417

Carrying amount

At 28 February 2023

5,583

5,583

At 28 February 2022

6,083

6,083

 

Wellbeing (Keynsham) Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

7

Tangible assets

Leasehold improvements

£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost

At 1 March 2022

22,553

72,715

6,805

102,073

Additions

-

6,144

-

6,144

At 28 February 2023

22,553

78,859

6,805

108,217

Depreciation

At 1 March 2022

9,870

43,231

6,805

59,906

Charge for the year

1,128

7,493

-

8,621

At 28 February 2023

10,998

50,724

6,805

68,527

Carrying amount

At 28 February 2023

11,555

28,135

-

39,690

At 28 February 2022

12,683

29,484

-

42,167

8

Debtors

Current

2023
£

2022
£

Trade debtors

66,506

101,020

Prepayments

4,546

2,888

Other debtors

17,944

15,494

 

88,996

119,402

 

Wellbeing (Keynsham) Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

9

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

96,195

10,000

Trade creditors

 

112,713

113,148

Taxation and social security

 

116

2,550

Accruals and deferred income

 

3,091

7,109

Other creditors

 

165,860

254,771

 

377,975

387,578

Included in creditors are balances due to related parties. Details of related party transactions are disclosed at note 13.
 

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

23,205

32,892

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

23,205

32,892

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,000

10,000

Other borrowings

86,195

-

96,195

10,000

Where a balance arises due to the invoice discounter, included in other borrowings, it is secured by a floating charge over the company's debtors. The balance due to the invoice discounter at 28 February 2023 was £86,195 (2022 nil).

In 2020 the company borrowed £50,000 through the government's bounce back loan scheme, made available to businesses in response to the coronavirus pandemic. The loan is interest free for the first 12 months (the first 12 months interest is payable by the UK Government) and no repayments were due within that period. Interest is then charged at 2.5% per annum and the loan is repayable over the following 5 years by monthly instalment.

 

Wellbeing (Keynsham) Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

11

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

12

Leasing agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:

2023

2022

£

£

Within one year

17,554

4,904

Between one and five years

68,079

233

In more than five years

-

-

85,633

5,137

 

Wellbeing (Keynsham) Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

13

Related party transactions

Mr M A Hedley and Mr F T Gourlay, directors of Wellbeing (Keynsham) Limited, are also directors of Wellbeing Pharmacies Limited, a pharmaceutical retailer; and directors and shareholders of MAF Pharma Limited, a pharmaceutical wholesaler.

Mr M A Hedley is also a director and shareholder, and Mr F T Gourlay is a director, of Medicine Collection Limited, a retailer of medical and orthopaedic goods.

Wellbeing Pharmacies Limited and MAF Pharma Limited are the shareholders of Wellbeing (Keynsham) Limited.

During the year the following arms' length related party transactions took place:

Goods and services provided by

Goods and services purchased by

Wellbeing (Keynsham) Limited

Wellbeing (Keynsham) Limited

2023

2022

2023

2022

£

£

£

£

MAF Pharma Limited

-

-

18,635

12,450

Medicine Collection Limited

-

-

1,900

21,900

Wellbeing Pharmacies Limited

-

-

17,612

15,657

-

-

38,147

50,007

At the year end the following balances were due:

Balances due to

Balances due from

Wellbeing (Keynsham) Limited

Wellbeing (Keynsham) Limited

2023

2022

2023

2022

£

£

£

£

MAF Pharma Limited

-

-

82,500

122,235

Wellbeing Pharmacies Limited

-

-

83,142

128,672

-

-

165,642

250,907