IRIS Accounts Production v23.3.1.45 05223275 director 1.9.22 31.8.23 31.8.23 0 false true false false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh052232752022-08-31052232752023-08-31052232752022-09-012023-08-31052232752021-08-31052232752021-09-012022-08-31052232752022-08-3105223275ns10:Originalns15:EnglandWales2022-09-012023-08-3105223275ns14:PoundSterlingns10:Original2022-09-012023-08-3105223275ns10:Originalns10:Director12022-09-012023-08-3105223275ns10:Original2022-09-012023-08-3105223275ns10:Original2023-08-3105223275ns10:Originalns10:PrivateLimitedCompanyLtd2022-09-012023-08-3105223275ns10:Originalns10:SmallEntities2022-09-012023-08-3105223275ns10:Originalns10:AuditExempt-NoAccountantsReport2022-09-012023-08-3105223275ns10:Originalns10:SmallCompaniesRegimeForDirectorsReport2022-09-012023-08-3105223275ns10:SmallCompaniesRegimeForAccountsns10:Original2022-09-012023-08-3105223275ns10:Originalns10:FullAccounts2022-09-012023-08-3105223275ns10:Original12022-09-012023-08-3105223275ns10:Originalns10:OrdinaryShareClass12022-09-012023-08-3105223275ns10:Originalns10:RegisteredOffice2022-09-012023-08-3105223275ns10:Original2022-08-3105223275ns10:Originalns5:CurrentFinancialInstruments2023-08-3105223275ns10:Originalns5:CurrentFinancialInstruments2022-08-3105223275ns5:ShareCapitalns10:Original2023-08-3105223275ns5:ShareCapitalns10:Original2022-08-3105223275ns10:Originalns5:RetainedEarningsAccumulatedLosses2023-08-3105223275ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-08-3105223275ns10:Originalns5:NetGoodwill2022-09-012023-08-3105223275ns5:IntangibleAssetsOtherThanGoodwillns10:Original2022-09-012023-08-3105223275ns10:Originalns5:FurnitureFittings2022-09-012023-08-3105223275ns10:Originalns5:MotorVehicles2022-09-012023-08-3105223275ns10:Original2021-09-012022-08-3105223275ns10:Originalns5:NetGoodwill2022-08-3105223275ns10:Originalns5:NetGoodwill2023-08-3105223275ns10:Originalns5:NetGoodwill2022-08-3105223275ns10:Originalns5:FurnitureFittings2022-08-3105223275ns10:Originalns5:MotorVehicles2022-08-3105223275ns10:Originalns5:ComputerEquipment2022-08-3105223275ns10:Original2022-08-3105223275ns10:Originalns5:ComputerEquipment2022-09-012023-08-3105223275ns10:Originalns5:FurnitureFittings2023-08-3105223275ns10:Originalns5:MotorVehicles2023-08-3105223275ns10:Originalns5:ComputerEquipment2023-08-3105223275ns10:Originalns5:FurnitureFittings2022-08-3105223275ns10:Originalns5:MotorVehicles2022-08-3105223275ns10:Originalns5:ComputerEquipment2022-08-3105223275ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-08-3105223275ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-08-3105223275ns5:Securedns10:Original2023-08-3105223275ns5:Securedns10:Original2022-08-3105223275ns5:AcceleratedTaxDepreciationDeferredTaxns10:Original2023-08-3105223275ns5:AcceleratedTaxDepreciationDeferredTaxns10:Original2022-08-3105223275ns10:Originalns5:DeferredTaxation2022-08-3105223275ns10:Originalns5:DeferredTaxation2022-09-012023-08-3105223275ns10:Originalns5:DeferredTaxation2023-08-3105223275ns10:Originalns10:OrdinaryShareClass12023-08-3105223275ns10:Original1ns10:Director12022-08-3105223275ns10:Original1ns10:Director12021-08-3105223275ns10:Original1ns10:Director12022-09-012023-08-3105223275ns10:Original1ns10:Director12021-09-012022-08-3105223275ns10:Original1ns10:Director12023-08-3105223275ns10:Original1ns10:Director12022-08-31
REGISTERED NUMBER: 05223275 (England and Wales)















Shil Pharmacy Limited

Unaudited Financial Statements for the Year Ended 31 August 2023






Shil Pharmacy Limited (Registered number: 05223275)






Contents of the Financial Statements
for the Year Ended 31 August 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


Shil Pharmacy Limited

Company Information
for the Year Ended 31 August 2023







Director: Mrs S Desai





Registered office: 7 Neptune Court
Vanguard Way
Cardiff
Wales
CF24 5PJ





Registered number: 05223275 (England and Wales)





Accountants: Haines Watts Wales LLP
7 Neptune Court
Vanguard Way
Cardiff
CF24 5PJ

Shil Pharmacy Limited (Registered number: 05223275)

Statement of Financial Position
31 August 2023

2023 2022
Notes £    £   
Fixed assets
Intangible assets 4 2,500 5,000
Property, plant and equipment 5 73,052 30,946
75,552 35,946

Current assets
Inventories 34,626 31,393
Debtors 6 419,760 326,580
Cash at bank and in hand 94,936 55,580
549,322 413,553
Creditors
Amounts falling due within one year 7 (381,944 ) (349,849 )
Net current assets 167,378 63,704
Total assets less current liabilities 242,930 99,650

Provisions for liabilities 9 (18,263 ) (5,880 )
Net assets 224,667 93,770

Capital and reserves
Called up share capital 10 1 1
Retained earnings 224,666 93,769
Shareholders' funds 224,667 93,770

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

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

The director acknowledges her 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.

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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the director and authorised for issue on 19 December 2023 and were signed by:





Mrs S Desai - Director


Shil Pharmacy Limited (Registered number: 05223275)

Notes to the Financial Statements
for the Year Ended 31 August 2023

1. Statutory information

Shil Pharmacy Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Turnover
Revenue 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 2004, is being amortised evenly over its estimated useful life of twenty years.

The director believes that the estimate useful life of the goodwill at the date of transition to FRS 102 (section 1A) was reliable.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Fixtures and fittings - 15% on cost
Motor vehicles - 25% on reducing balance

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

Financial instruments
Financial instruments are classified and accounted for according to the substance of the contractual arrangements as either financial assets, financial liabilities or equity instruments, and are held at amortised cost. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all its liabilities.

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value of the future payments discounted at a market rate of interest for a similar debt instrument.

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 statement of financial position date.


Shil Pharmacy Limited (Registered number: 05223275)

Notes to the Financial Statements - continued
for the Year Ended 31 August 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 statement of financial position 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 NIL (2022 - 10 ).

4. Intangible fixed assets
Goodwill
£   
Cost
At 1 September 2022
and 31 August 2023 50,000
Amortisation
At 1 September 2022 45,000
Amortisation for year 2,500
At 31 August 2023 47,500
Net book value
At 31 August 2023 2,500
At 31 August 2022 5,000

Shil Pharmacy Limited (Registered number: 05223275)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023

5. Property, plant and equipment
Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
Cost
At 1 September 2022 54,476 49,700 - 104,176
Additions - 69,385 974 70,359
Disposals - (49,700 ) - (49,700 )
At 31 August 2023 54,476 69,385 974 124,835
Depreciation
At 1 September 2022 50,904 22,326 - 73,230
Charge for year 812 - 67 879
Eliminated on disposal - (22,326 ) - (22,326 )
At 31 August 2023 51,716 - 67 51,783
Net book value
At 31 August 2023 2,760 69,385 907 73,052
At 31 August 2022 3,572 27,374 - 30,946

6. Debtors: amounts falling due within one year
2023 2022
£    £   
Trade debtors 304,127 265,612
Other debtors - 4,901
Directors' current accounts 94,602 39,956
VAT 20,422 14,213
Prepayments 609 1,898
419,760 326,580

7. Creditors: amounts falling due within one year
2023 2022
£    £   
Bank loans and overdrafts - 12,603
Trade creditors 201,890 198,478
Tax 33,712 19,993
Social security and other taxes 2,873 1,379
Net wages 12,713 10,469
Pension 701 -
Other creditors - 518
Accruals and deferred income 130,055 106,409
381,944 349,849

8. Secured debts

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans - 12,603

The loan is secured by way of a personal guarantee from the director

Shil Pharmacy Limited (Registered number: 05223275)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023

9. Provisions for liabilities
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 5,880 5,880
Deferred tax 12,383 -
18,263 5,880

Deferred
tax
£   
Balance at 1 September 2022 5,880
Provided during year 12,383
Balance at 31 August 2023 18,263

10. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1 Ordinary £1 1 1

11. Transactions with directors

The following advances and credits to a director subsisted during the years ended 31 August 2023 and 31 August 2022:

2023 2022
£    £   
Mrs S Desai
Balance outstanding at start of year 39,956 51,385
Amounts advanced 54,646 58,771
Amounts repaid - (70,200 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 94,602 39,956

During the year Shil Pharmacy Limited paid rents of £15,000 to Mrs S Desai, director and sole shareholder of the company.