Company Registration No. 04914684 (England and Wales)
SABEL CHEMIST LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
PAGES FOR FILING WITH REGISTRAR
John Cumming Ross Limited
Chartered Certified Accountants
1st Floor, Kirkland House
11-15 Peterborough Road
Harrow
Middlesex
HA1 2AX
SABEL CHEMIST LIMITED
COMPANY INFORMATION
Directors
Miss B Patel
Mr S M Patel
Mrs R L Patel
Secretary
Miss B Patel
Company number
04914684
Registered office
116 Brent Street
Hendon
London
NW4 2DT
Accountants
John Cumming Ross Limited
Chartered Certified Accountants
1st Floor, Kirkland House
11-15 Peterborough Road
Harrow
Middlesex
HA1 2AX
SABEL CHEMIST LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 10
SABEL CHEMIST LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF SABEL CHEMIST LIMITED FOR THE YEAR ENDED 30 APRIL 2023
- 1 -
The following reproduces text of the Accountants' Report prepared in respect of the company's annual unaudited financial statements, from which the unaudited financial statements set out on pages 2 to 10 have been extracted.
"In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Sabel Chemist Limited for the year ended 30 April 2023 set out on pages 3 to 13 from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/about-us/regulation/rulebook.html.
Our work has been undertaken solely to prepare for your approval the financial statements of Sabel Chemist Limited and state those matters that we have agreed to state to the Board of Directors of Sabel Chemist Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Sabel Chemist Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Sabel Chemist Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Sabel Chemist Limited. You consider that Sabel Chemist 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 financial statements of Sabel Chemist 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 financial statements.
John Cumming Ross Limited
Chartered Certified Accountants
1st Floor, Kirkland House
11-15 Peterborough Road
Harrow
Middlesex
HA1 2AX
"
1 February 2024
SABEL CHEMIST LIMITED
BALANCE SHEET
AS AT
30 APRIL 2023
30 April 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
3
513,178
562,944
Tangible assets
4
1,039,431
825,616
Investments
5
100
100
1,552,709
1,388,660
Current assets
Stocks
80,869
74,188
Debtors
6
875,197
891,744
Cash at bank and in hand
157,668
309,079
1,113,734
1,275,011
Creditors: amounts falling due within one year
7
(813,894)
(702,460)
Net current assets
299,840
572,551
Total assets less current liabilities
1,852,549
1,961,211
Creditors: amounts falling due after more than one year
8
(1,285,778)
(1,372,080)
Provisions for liabilities
10
(62,876)
(9,314)
Net assets
503,895
579,817
Capital and reserves
Called up share capital
11
100
100
Profit and loss reserves
12
503,795
579,717
Total equity
503,895
579,817
The directors of the company have taken advantage under section 444 of the Companies Act 2006 to not deliver a copy of the directors' report and the profit and loss account within the financial statements.true
For the financial year ended 30 April 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.
SABEL CHEMIST LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2023
30 April 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 1 February 2024 and are signed on its behalf by:
Mr S M Patel
Director
Company Registration No. 04914684
SABEL CHEMIST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
- 4 -
1
Accounting policies
Company information
Sabel Chemist Limited is a private company limited by shares incorporated in England and Wales. The registered office is 116 Brent Street, Hendon, London, NW4 2DT.
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.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent, qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
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 represents amounts receivable for goods dispensed, retail and wholesale of pharmaceutical and perfumery products net of VAT and trade discounts.
Turnover from the provision of goods and all services is only recognised when the amounts to be recognised are fixed and determinable and collectability is reasonably assured.
Turnover from the provision of goods is recognised when the risks and rewards of ownership of goods have been transferred to the customer. The risks and rewards of ownership of goods are deemed to have been transferred when the goods are delivered to, or are picked up by the customer.
1.4
Intangible fixed assets - goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life at 6.5% per annum.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost 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:
Long leasehold property
not depreciated
Fixtures, fittings & equipment
15% per annum on a straight line basis.
SABEL CHEMIST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 5 -
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.
It is company’s policy to maintain the long leasehold property in a continuous state of good repair. The directors consider that the life of the long leasehold property is long and the estimated residual value at the end of the useful economic life is such that any depreciation is immaterial. Carrying value is reviewed for impairment annually.
Based on the above no charge has been made in the accounts for depreciation of long leasehold building.
1.6
Fixed asset investments
Fixed asset investments are stated at cost.
1.7
Stocks
Stocks are valued at the lower of cost and net realisable value. Where necessary, provision is made for obsolete, slow moving and defective stocks.
1.8
Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors, trade and other creditors and bank and other loans.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances and amounts due from subsidiary undertaking, 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.
Basic financial liabilities
Basic financial liabilities, including trade and other creditors and bank and other loans 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.
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.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and the movements in the deferred tax due to the adjustment to the capital allowance.
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.
SABEL CHEMIST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 6 -
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.
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.
1.10
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.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
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.
1.13
Government grants
Due to the Covid-19 pandemic and the closure of businesses under UK Government legislation, the company utilised the Government support scheme; the Coronavirus Job Retention Scheme (CJRS) whereby the Government contributed towards the wage costs of the company. The amounts received are reported under other operating income in the financial statements. The income is reported in the period that the relief relates to.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
16
16
SABEL CHEMIST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 7 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 May 2022 and 30 April 2023
765,628
Amortisation and impairment
At 1 May 2022
202,684
Amortisation charged for the year
49,766
At 30 April 2023
252,450
Carrying amount
At 30 April 2023
513,178
At 30 April 2022
562,944
4
Tangible fixed assets
Land and buildings
Plant and machinery
Total
£
£
£
Cost
At 1 May 2022
785,952
119,762
905,714
Additions
238,849
238,849
At 30 April 2023
785,952
358,611
1,144,563
Depreciation and impairment
At 1 May 2022
80,098
80,098
Depreciation charged in the year
25,034
25,034
At 30 April 2023
105,132
105,132
Carrying amount
At 30 April 2023
785,952
253,479
1,039,431
At 30 April 2022
785,952
39,664
825,616
5
Fixed asset investments
2023
2022
£
£
Investments
100
100
SABEL CHEMIST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
5
Fixed asset investments
(Continued)
- 8 -
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 May 2022 & 30 April 2023
100
Carrying amount
At 30 April 2023
100
At 30 April 2022
100
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
106,946
130,744
Corporation tax recoverable
39,266
Amounts due from subsidiary undertaking
50,247
97,882
Other debtors
75,543
63,118
272,002
291,744
Deferred tax asset
10
3,195
275,197
291,744
Amounts falling due after more than one year:
Amounts due from subsidiary undertaking
600,000
600,000
Total debtors
875,197
891,744
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
140,995
126,270
Trade creditors
424,808
334,843
Corporation tax
39,295
Other taxation and social security
3,513
5,072
Other creditors
244,578
196,980
813,894
702,460
SABEL CHEMIST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 9 -
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans
1,285,778
1,372,080
Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable by instalments
721,797
867,000
The bank loans of £1,426,773 (2022: £1,498,350) are secured.
9
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
10
62,876
9,314
10
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
Assets
Assets
2023
2022
2023
2022
Balances:
£
£
£
£
Accelerated capital allowances
62,876
9,314
-
-
Tax losses
-
-
3,195
-
62,876
9,314
3,195
-
2023
Movements in the year:
£
Liability at 1 May 2022
9,314
Charge to profit or loss
50,367
Liability at 30 April 2023
59,681
11
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
SABEL CHEMIST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 10 -
12
Reserves
The only movements in reserves for the year ended 30/04/2023 are loss for the year and dividend paid and for the year ended 30/04/2022 were profit for the year and dividends paid.
13
Financial commitments, guarantees and contingent liabilities
Operating lease commitments not included in the balance sheet amount to £15,000 (2022 - £20,785).
Sabel Pharmacy Ltd, subsidiary undertaking of the company, has given a cross guarantee in favour of Barclays Bank UK PLC and Barclays Bank PLC and Debenture held by Barclays Security Trustee Limited for the benefit of Barclays Bank UK PLC and Barclays Bank PLC for facility granted to the company.
The bank holds a legal charge over 446 Chiswick High Road London, 116 Brent Street Hendon London and 9 Church Street Hendon London held by Barclays Security Trustee Limited for the benefit of Barclays Bank UK PLC and Barclays Bank PLC.
Directors, Mr S M Patel, Mrs R L Patel and Miss B Patel have given a personal guarantee limited to £300,000.00 to the bank to secure the bank loan.
14
Directors' transactions
During the year ordinary dividends of £12,000 (2022: £12,000) was paid to Mr S M Patel and £12,000 (2022: £12,000) was paid to Mrs R L Patel and £24,000 (2022: £24,000) was paid to Miss B Patel in respect of shares held by the company's directors.
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