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REGISTERED NUMBER: SC502582 (Scotland)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2023

FOR

STEPHEN MCCORMICK PHARMACIES LIMITED

STEPHEN MCCORMICK PHARMACIES LIMITED (REGISTERED NUMBER: SC502582)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


STEPHEN MCCORMICK PHARMACIES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2023







DIRECTORS: S McCormick
Mrs I McCormick





SECRETARY: Mrs I McCormick





REGISTERED OFFICE: 64 Mill Of Shield Road
Drongan
Ayr
Ayrshire
KA6 7AY





REGISTERED NUMBER: SC502582 (Scotland)





ACCOUNTANTS: Galbraith Pritchards
20 Barns Street
Ayr
Ayrshire
KA7 1XA

STEPHEN MCCORMICK PHARMACIES LIMITED (REGISTERED NUMBER: SC502582)

BALANCE SHEET
31 MAY 2023

31/5/23 31/5/22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 270,000 405,000
Tangible assets 5 179,140 185,597
449,140 590,597

CURRENT ASSETS
Stocks 61,721 56,468
Debtors 6 218,618 188,805
Cash at bank and in hand 247,895 401,020
528,234 646,293
CREDITORS
Amounts falling due within one year 7 265,768 343,456
NET CURRENT ASSETS 262,466 302,837
TOTAL ASSETS LESS CURRENT
LIABILITIES

711,606

893,434

PROVISIONS FOR LIABILITIES 20,896 16,236
NET ASSETS 690,710 877,198

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 690,610 877,098
SHAREHOLDERS' FUNDS 690,710 877,198

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

STEPHEN MCCORMICK PHARMACIES LIMITED (REGISTERED NUMBER: SC502582)

BALANCE SHEET - continued
31 MAY 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 January 2024 and were signed on its behalf by:





S McCormick - Director


STEPHEN MCCORMICK PHARMACIES LIMITED (REGISTERED NUMBER: SC502582)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023


1. STATUTORY INFORMATION

Stephen Mccormick Pharmacies Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

CRITICAL ACCOUNTING 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 amounts 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

TURNOVER
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

GOODWILL
Goodwill, being the amount paid in connection with the acquisition of a business in 2015, is being amortised evenly over its estimated useful life of ten years.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - not provided
Plant and machinery - 20% on reducing balance and 5% on cost
Fixtures and fittings - 15% on reducing balance
Computer equipment - 33.33% on cost

Depreciation is not provided on freehold property as it is maintained to such a standard that its value is not impaired by the passage of time.

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

FINANCIAL INSTRUMENTS
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.


STEPHEN MCCORMICK PHARMACIES LIMITED (REGISTERED NUMBER: SC502582)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023


2. ACCOUNTING POLICIES - continued
TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 reversal of the timing difference.

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

HIRE PURCHASE AND LEASING COMMITMENTS
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2022 - 13 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 June 2022
and 31 May 2023 1,350,000
AMORTISATION
At 1 June 2022 945,000
Charge for year 135,000
At 31 May 2023 1,080,000
NET BOOK VALUE
At 31 May 2023 270,000
At 31 May 2022 405,000

STEPHEN MCCORMICK PHARMACIES LIMITED (REGISTERED NUMBER: SC502582)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023


5. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Computer
property machinery fittings equipment Totals
£    £    £    £    £   
COST
At 1 June 2022 74,663 111,956 85,388 11,336 283,343
Additions - - - 8,629 8,629
At 31 May 2023 74,663 111,956 85,388 19,965 291,972
DEPRECIATION
At 1 June 2022 - 34,349 53,898 9,499 97,746
Charge for year - 5,927 4,784 4,375 15,086
At 31 May 2023 - 40,276 58,682 13,874 112,832
NET BOOK VALUE
At 31 May 2023 74,663 71,680 26,706 6,091 179,140
At 31 May 2022 74,663 77,607 31,490 1,837 185,597

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/5/23 31/5/22
£    £   
Trade debtors 173,792 144,699
VAT 43,013 43,458
Prepayments 1,813 648
218,618 188,805

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/5/23 31/5/22
£    £   
Trade creditors 173,494 215,012
Tax 24,567 34,182
Directors' current accounts 23,412 89,966
Deferred income 40,164 -
Accrued expenses 4,131 4,296
265,768 343,456

8. RELATED PARTY DISCLOSURES

During the year £6,000 (2022 £3,000) was paid to the directors for rent of a shop owned by them.

Included in creditors at the year end were directors loans of £23,412 (2022 £89,967). No interest is charged on these loans and there is no fixed date for repayment.

9. ULTIMATE CONTROLLING PARTY

The directors consider that there is no ultimate controlling party as the directors, Mr and Mrs McCormick, each
own 50% of the issued share capital of the company