FAIRLEYS PHARMACY LIMITED

Company Registration Number:
08123391 (England and Wales)

Unaudited abridged accounts for the year ended 30 June 2023

Period of accounts

Start date: 01 July 2022

End date: 30 June 2023

FAIRLEYS PHARMACY LIMITED

Contents of the Financial Statements

for the Period Ended 30 June 2023

Balance sheet
Notes

FAIRLEYS PHARMACY LIMITED

Balance sheet

As at 30 June 2023


Notes

2023

2022


£

£
Fixed assets
Intangible assets: 3 468,000 520,000
Tangible assets: 4 141,855 6,644
Total fixed assets: 609,855 526,644
Current assets
Stocks: 268,981 305,824
Debtors:   162,574 150,258
Cash at bank and in hand: 237,499 335,761
Total current assets: 669,054 791,843
Creditors: amounts falling due within one year:   (1,192,941) (1,225,079)
Net current assets (liabilities): (523,887) (433,236)
Total assets less current liabilities: 85,968 93,408
Total net assets (liabilities): 85,968 93,408
Capital and reserves
Called up share capital: 120 120
Profit and loss account: 85,848 93,288
Shareholders funds: 85,968 93,408

The notes form part of these financial statements

FAIRLEYS PHARMACY LIMITED

Balance sheet statements

For the year ending 30 June 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

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

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 09 February 2024
and signed on behalf of the board by:

Name: Hitesh Patel
Status: Director

The notes form part of these financial statements

FAIRLEYS PHARMACY LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2023

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Tangible fixed assets and depreciation policy

Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.DepreciationDepreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:Motor Vehicle - 25% per annum on a reducing balance basisFurniture, Fittings & Equipment - 20% per annum on a straight line basisIf there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Intangible fixed assets and amortisation policy

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are recorded at the fair value at the acquisition date.AmortisationAmortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:Goodwill - 5% per annum on a straight line basisIf there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

FAIRLEYS PHARMACY LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2023

2. Employees

2023 2022
Average number of employees during the period 12 12

FAIRLEYS PHARMACY LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2023

3. Intangible Assets

Total
Cost £
At 01 July 2022 1,040,000
At 30 June 2023 1,040,000
Amortisation
At 01 July 2022 520,000
Charge for year 52,000
At 30 June 2023 572,000
Net book value
At 30 June 2023 468,000
At 30 June 2022 520,000

FAIRLEYS PHARMACY LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2023

4. Tangible Assets

Total
Cost £
At 01 July 2022 17,006
Additions 171,369
At 30 June 2023 188,375
Depreciation
At 01 July 2022 10,362
Charge for year 36,158
At 30 June 2023 46,520
Net book value
At 30 June 2023 141,855
At 30 June 2022 6,644