REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2023 |
FOR |
NORLINGTON CHEMIST LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2023 |
FOR |
NORLINGTON CHEMIST LIMITED |
NORLINGTON CHEMIST LIMITED (REGISTERED NUMBER: 02281687) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 May 2023 |
Page |
Company Information | 1 |
Abridged Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
NORLINGTON CHEMIST LIMITED |
COMPANY INFORMATION |
for the year ended 31 May 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
19-20 Bourne Court |
Southend Road |
Woodford Green |
Essex |
IG8 8HD |
NORLINGTON CHEMIST LIMITED (REGISTERED NUMBER: 02281687) |
ABRIDGED BALANCE SHEET |
31 May 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 6 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) |
NET ASSETS |
NORLINGTON CHEMIST LIMITED (REGISTERED NUMBER: 02281687) |
ABRIDGED BALANCE SHEET - continued |
31 May 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital |
Fair value reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
The director acknowledges his 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. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
NORLINGTON CHEMIST LIMITED (REGISTERED NUMBER: 02281687) |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 May 2023 |
1. | STATUTORY INFORMATION |
Norlington Chemist Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The accounts have been prepared on the going concern basis as the director is of the opinion that the company will meet its liabilities as and when due. |
Turnover |
Turnover comprises the value of goods and services supplied by the company, exclusive of Value Added Tax and trade discounts. |
Tangible fixed assets |
Fixtures and fittings | - |
Computer equipment | - |
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 |
Basic financial assets, including trade and other receivables and cash and bank balances are initially recognised at transaction price, 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. |
Such assets are subsequently carried at amortised cost using the effective interest method. |
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. |
NORLINGTON CHEMIST LIMITED (REGISTERED NUMBER: 02281687) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 May 2023 |
2. | ACCOUNTING POLICIES - continued |
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. |
Short term debtors and creditors |
Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account. |
Loans and borrowings |
Loans and borrowings are initially recognised at the transaction price including transactions costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 June 2022 |
and 31 May 2023 |
AMORTISATION |
At 1 June 2022 |
and 31 May 2023 |
NET BOOK VALUE |
At 31 May 2023 |
At 31 May 2022 |
NORLINGTON CHEMIST LIMITED (REGISTERED NUMBER: 02281687) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 May 2023 |
5. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 June 2022 |
Disposals | ( |
) |
At 31 May 2023 |
DEPRECIATION |
At 1 June 2022 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 May 2023 |
NET BOOK VALUE |
At 31 May 2023 |
At 31 May 2022 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Totals |
£ |
COST |
At 1 June 2022 |
and 31 May 2023 | 82,000 |
DEPRECIATION |
At 1 June 2022 | 55,713 |
Charge for year | 3,943 |
At 31 May 2023 | 59,656 |
NET BOOK VALUE |
At 31 May 2023 | 22,344 |
At 31 May 2022 | 26,287 |
6. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS |
2023 | 2022 |
£ | £ |
Repayable by instalments |
Bank loans | 14,352 | 20,417 |
NORLINGTON CHEMIST LIMITED (REGISTERED NUMBER: 02281687) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 May 2023 |
7. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Hire purchase contracts | - | 10,946 |
Hire purchase contracts are secured over the assets to which they relate. |
8. | RELATED PARTY DISCLOSURES |
Included in other creditors, there are loans from the director and related parties of £45,860 (2022: £34,200). |
As at the balance sheet date, the company was owed nil (2022: £4,686) by the Norlington PPI Limited, a company related by common control. |
As at the balance sheet date, the company was owed £1,205,762 (2022: £68,030) by/(to) the Norlington Property Management Limited, a fellow group company. |
During a year, consultancy fee of £18,000 (2022: nil) was paid to one of the directors. |