Caseware UK (AP4) 2023.0.135 2023.0.135 2023-05-312023-05-31falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2022-06-017Community Pharmacy7truetrue 11504287 2022-06-01 2023-05-31 11504287 2021-06-01 2022-05-31 11504287 2023-05-31 11504287 2022-05-31 11504287 c:Director1 2022-06-01 2023-05-31 11504287 d:Buildings 2022-06-01 2023-05-31 11504287 d:Buildings 2023-05-31 11504287 d:Buildings 2022-05-31 11504287 d:Buildings d:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 11504287 d:FurnitureFittings 2022-06-01 2023-05-31 11504287 d:FurnitureFittings 2023-05-31 11504287 d:FurnitureFittings 2022-05-31 11504287 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 11504287 d:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 11504287 d:Goodwill 2022-06-01 2023-05-31 11504287 d:Goodwill 2023-05-31 11504287 d:Goodwill 2022-05-31 11504287 d:CurrentFinancialInstruments 2023-05-31 11504287 d:CurrentFinancialInstruments 2022-05-31 11504287 d:CurrentFinancialInstruments 2 2023-05-31 11504287 d:CurrentFinancialInstruments 2 2022-05-31 11504287 d:Non-currentFinancialInstruments 2023-05-31 11504287 d:Non-currentFinancialInstruments 2022-05-31 11504287 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-31 11504287 d:CurrentFinancialInstruments d:WithinOneYear 2022-05-31 11504287 d:Non-currentFinancialInstruments d:AfterOneYear 2023-05-31 11504287 d:Non-currentFinancialInstruments d:AfterOneYear 2022-05-31 11504287 d:ShareCapital 2023-05-31 11504287 d:ShareCapital 2022-05-31 11504287 d:RetainedEarningsAccumulatedLosses 2023-05-31 11504287 d:RetainedEarningsAccumulatedLosses 2022-05-31 11504287 c:FRS102 2022-06-01 2023-05-31 11504287 c:AuditExempt-NoAccountantsReport 2022-06-01 2023-05-31 11504287 c:FullAccounts 2022-06-01 2023-05-31 11504287 c:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 11504287 2 2022-06-01 2023-05-31 11504287 d:Goodwill d:OwnedIntangibleAssets 2022-06-01 2023-05-31 11504287 f:PoundSterling 2022-06-01 2023-05-31 iso4217:GBP xbrli:pure

Registered number: 11504287










MEDICINES EXTRA HEALTHCARE LTD








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MAY 2023

 
MEDICINES EXTRA HEALTHCARE LTD
REGISTERED NUMBER: 11504287

STATEMENT OF FINANCIAL POSITION
AS AT 31 MAY 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
539,571
588,624

Tangible assets
 5 
194,715
198,442

  
734,286
787,066

Current assets
  

Stocks
  
53,698
43,096

Debtors: amounts falling due within one year
 6 
310,968
350,195

Cash at bank and in hand
 7 
864
3,436

  
365,530
396,727

Creditors: amounts falling due within one year
 8 
(282,413)
(322,977)

Net current assets
  
 
 
83,117
 
 
73,750

Total assets less current liabilities
  
817,403
860,816

Creditors: amounts falling due after more than one year
 9 
(694,558)
(757,855)

Provisions for liabilities
  

Deferred tax
  
(2,749)
(2,245)

  
 
 
(2,749)
 
 
(2,245)

Net assets
  
120,096
100,716


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
119,996
100,616

  
120,096
100,716


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Page 1

 
MEDICINES EXTRA HEALTHCARE LTD
REGISTERED NUMBER: 11504287
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MAY 2023


The Company has opted not to file the income statement in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 13 February 2024.




Mr G S Olaniyan
Director

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
MEDICINES EXTRA HEALTHCARE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

1.


General information

Medicines Extra Healthcare Ltd is a private company limited by share capital, incorporated in England and Wales under registration number 11504287. The address of the registered office is 37 Warren Street, London W1T 6AD. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 3

 
MEDICINES EXTRA HEALTHCARE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

2.Accounting policies (continued)

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 4

 
MEDICINES EXTRA HEALTHCARE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

2.Accounting policies (continued)

 
2.8

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Income statement over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Goodwill
-
15
years

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Freehold property
-
2%
per annum
Fixtures, fittings and equipment
-
15%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 5

 
MEDICINES EXTRA HEALTHCARE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

2.Accounting policies (continued)

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 7 (2022 - 7).

Page 6

 
MEDICINES EXTRA HEALTHCARE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

4.


Intangible assets




Goodwill

£



Cost


At 1 June 2022
735,780



At 31 May 2023

735,780



Amortisation


At 1 June 2022
147,156


Charge for the year on owned assets
49,052



At 31 May 2023

196,208



Net book value



At 31 May 2023
539,572



At 31 May 2022
588,624



Page 7

 
MEDICINES EXTRA HEALTHCARE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

5.


Tangible fixed assets





Freehold property
Fixtures, fittings and equipment
Total

£
£
£



Cost or valuation


At 1 June 2022
180,710
45,604
226,314


Additions
-
4,624
4,624



At 31 May 2023

180,710
50,228
230,938



Depreciation


At 1 June 2022
10,627
17,245
27,872


Charge for the year on owned assets
3,402
4,947
8,349



At 31 May 2023

14,029
22,192
36,221



Net book value



At 31 May 2023
166,681
28,036
194,717



At 31 May 2022
170,083
28,359
198,442


6.


Debtors

2023
2022
£
£


Trade debtors
89,971
84,708

Section 455 tax recoverable
15,898
-

Other debtors-note 13
135,897
253,717

VAT repayable
21,593
9,562

Directors' loan account
47,105
-

Prepayments
504
2,208

310,968
350,195


The directors' loan account balance of Mr G S Olaniyan and Mrs J O Olaniyan was £47,105 debit balance (2022 - £45,838 credit balance) at 31 May 2023. Mr G S Olaniyan and Mrs J O Olaniyan paid £931 (2022 - £Nil) as interest to the company, calculated at the prevailing official HMRC rate of interest.



Page 8

 
MEDICINES EXTRA HEALTHCARE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
864
3,436

864
3,436



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
91,679
86,969

Trade creditors
132,810
138,283

Other creditors
-
2,886

Directors' loan account
-
45,838

Other taxation and social security
1,204
987

Pension payable
486
310

Corporation tax payable
48,716
33,418

Accruals
7,518
14,286

282,413
322,977


The bank loan was secured by a fixed and floating charge over the property and undertaking of the company.

Page 9

 
MEDICINES EXTRA HEALTHCARE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
694,558
757,855

694,558
757,855


The bank loan was secured by a fixed and floating charge over the property and undertaking of the company. 

Page 10

 
MEDICINES EXTRA HEALTHCARE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

10.


Controlling party

The company is under the control of the directors, Mr G S Olaniyan (50% share) and his spouse Mrs J O Olaniyan (50% share), by virtue of the fact that between them they own the entire issued share capital of the company.

 
Page 11