Registered number
11980163
Sussex Pharmacies Ltd
Unaudited Filleted Accounts
31 May 2023
Sussex Pharmacies Ltd
Registered number: 11980163
Balance Sheet
as at 31 May 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 302,400 316,800
Tangible assets 4 415,431 50,809
Investments 5 1,000 1,000
718,831 368,609
Current assets
Stocks 53,289 31,117
Debtors 6 690,044 604,402
Cash at bank and in hand 69,117 114,690
812,450 750,209
Creditors: amounts falling due within one year 7 (419,885) (281,866)
Net current assets 392,565 468,343
Total assets less current liabilities 1,111,396 836,952
Creditors: amounts falling due after more than one year 8 (881,539) (618,423)
Provisions for liabilities (16,913) (9,654)
Net assets 212,944 208,875
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 211,944 207,875
Shareholder's funds 212,944 208,875
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Dervis Alkan Gurol
Director
Approved by the board on 12 February 2024
Sussex Pharmacies Ltd
Notes to the Accounts
for the year ended 31 May 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 20 % reducing balance
Motor vehicle 20 % reducing balance
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 12 6
3 Intangible fixed assets £
Goodwill:
Cost
At 1 June 2022 360,000
At 31 May 2023 360,000
Amortisation
At 1 June 2022 43,200
Provided during the year 14,400
At 31 May 2023 57,600
Net book value
At 31 May 2023 302,400
At 31 May 2022 316,800
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 June 2022 - 34,700 40,265 74,965
Additions 347,779 4,375 55,375 407,529
Disposals - - (25,995) (25,995)
At 31 May 2023 347,779 39,075 69,645 456,499
Depreciation
At 1 June 2022 - 16,103 8,053 24,156
Charge for the year - 4,594 17,517 22,111
On disposals - - (5,199) (5,199)
At 31 May 2023 - 20,697 20,371 41,068
Net book value
At 31 May 2023 347,779 18,378 49,274 415,431
At 31 May 2022 - 18,597 32,212 50,809
5 Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 June 2022 1,000
At 31 May 2023 1,000
6 Debtors 2023 2022
£ £
Trade debtors 166,401 99,429
Amounts owed by group undertakings and undertakings in which the company has a participating interest 463,528 461,528
Other debtors 60,115 43,445
690,044 604,402
7 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 110,763 89,814
Obligations under finance lease and hire purchase contracts 3,080 5,282
Trade creditors 177,703 159,043
Taxation and social security costs 11,295 9,843
Other creditors 117,044 17,884
419,885 281,866
8 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 809,660 598,464
Obligations under finance lease and hire purchase contracts 71,879 19,959
881,539 618,423
9 Other information
Sussex Pharmacies Ltd is a private company limited by shares and incorporated in England. Its registered office is:
838 Wickham Road
Croydon
CR0 8ED
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