Company registration number 09741325 (England and Wales)
NIHAL HEALTHCARE LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
PAGES FOR FILING WITH REGISTRAR
NIHAL HEALTHCARE LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
NIHAL HEALTHCARE LTD
BALANCE SHEET
AS AT 28 FEBRUARY 2023
28 February 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
864,503
910,003
Tangible assets
4
53,187
58,018
917,690
968,021
Current assets
Stocks
91,472
90,619
Debtors
5
189,701
165,796
Cash at bank and in hand
351,383
273,986
632,556
530,401
Creditors: amounts falling due within one year
6
(545,862)
(533,658)
Net current assets/(liabilities)
86,694
(3,257)
Total assets less current liabilities
1,004,384
964,764
Creditors: amounts falling due after more than one year
7
(385,714)
(426,219)
Net assets
618,670
538,545
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
618,570
538,445
Total equity
618,670
538,545

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

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

The director acknowledges his 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.

NIHAL HEALTHCARE LTD
BALANCE SHEET (CONTINUED)
AS AT 28 FEBRUARY 2023
28 February 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 23 November 2023
Mr MS Sandhu
Director
Company Registration No. 09741325
NIHAL HEALTHCARE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 3 -
1
Accounting policies
Company information

Nihal Healthcare Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Dedham Pharmacy, High Street, Dedham, Colchester, CO7 6DE.

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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents revenue generated from the pharmacy and 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 discount, settlement discounts and

volume rebates.

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 20 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.

1.4
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:

Fixtures and fittings
15% 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.

NIHAL HEALTHCARE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Stocks

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

1.6
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.

1.7
Retirement benefits

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

1.8
Leases

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.

2
Employees

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

2023
2022
Number
Number
Total
9
7
NIHAL HEALTHCARE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 5 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 March 2022 and 28 February 2023
910,003
Amortisation and impairment
At 1 March 2022
-
0
Amortisation charged for the year
45,500
At 28 February 2023
45,500
Carrying amount
At 28 February 2023
864,503
At 28 February 2022
910,003
4
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 March 2022
120,755
Additions
4,555
At 28 February 2023
125,310
Depreciation and impairment
At 1 March 2022
62,737
Depreciation charged in the year
9,386
At 28 February 2023
72,123
Carrying amount
At 28 February 2023
53,187
At 28 February 2022
58,018
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
98,717
139,048
Other debtors
90,984
26,748
189,701
165,796
NIHAL HEALTHCARE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 6 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
65,884
65,884
Trade creditors
167,875
128,743
Taxation and social security
103,640
83,310
Other creditors
208,463
255,721
545,862
533,658
7
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
385,714
426,219

Bank loans and overdrafts are secured by way of a fixed and floating first legal charge over the company's assets.

8
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
14,889
23,397
9
OTHER FINANCIAL COMMITMENTS

As at the balance sheet date, the total financial commitments are £280,000. This commitment is in for operating lease commitment for rent of the premises.

2023-02-282022-03-01false23 November 2023CCH SoftwareCCH Accounts Production 2023.200No description of principal activityMr MS Sandhu097413252022-03-012023-02-28097413252023-02-28097413252022-02-2809741325core:Goodwill2023-02-2809741325core:Goodwill2022-02-2809741325core:FurnitureFittings2023-02-2809741325core:FurnitureFittings2022-02-2809741325core:CurrentFinancialInstrumentscore:WithinOneYear2023-02-2809741325core:CurrentFinancialInstrumentscore:WithinOneYear2022-02-2809741325core:Non-currentFinancialInstrumentscore:AfterOneYear2023-02-2809741325core:Non-currentFinancialInstrumentscore:AfterOneYear2022-02-2809741325core:CurrentFinancialInstruments2023-02-2809741325core:CurrentFinancialInstruments2022-02-2809741325core:ShareCapital2023-02-2809741325core:ShareCapital2022-02-2809741325core:RetainedEarningsAccumulatedLosses2023-02-2809741325core:RetainedEarningsAccumulatedLosses2022-02-2809741325bus:Director12022-03-012023-02-2809741325core:Goodwill2022-03-012023-02-2809741325core:FurnitureFittings2022-03-012023-02-28097413252021-03-012022-02-2809741325core:Goodwill2022-02-2809741325core:FurnitureFittings2022-02-2809741325core:WithinOneYear2023-02-2809741325core:WithinOneYear2022-02-2809741325core:Non-currentFinancialInstruments2023-02-2809741325core:Non-currentFinancialInstruments2022-02-2809741325bus:PrivateLimitedCompanyLtd2022-03-012023-02-2809741325bus:SmallCompaniesRegimeForAccounts2022-03-012023-02-2809741325bus:FRS1022022-03-012023-02-2809741325bus:AuditExemptWithAccountantsReport2022-03-012023-02-2809741325bus:FullAccounts2022-03-012023-02-28xbrli:purexbrli:sharesiso4217:GBP