Company registration number 00833066 (England and Wales)
J.H. WILLIAMS (CHEMISTS) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
J.H. WILLIAMS (CHEMISTS) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
J.H. WILLIAMS (CHEMISTS) LIMITED
BALANCE SHEET
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
85,303
170,605
Tangible assets
4
51,689
61,362
Investments
5
17,029
17,029
154,021
248,996
Current assets
Stocks
357,469
407,683
Debtors
6
743,672
667,811
Cash at bank and in hand
949,889
982,659
2,051,030
2,058,153
Creditors: amounts falling due within one year
7
(749,039)
(811,303)
Net current assets
1,301,991
1,246,850
Total assets less current liabilities
1,456,012
1,495,846
Creditors: amounts falling due after more than one year
8
(16,978)
(16,978)
Provisions for liabilities
(8,282)
(8,282)
Net assets
1,430,752
1,470,586
Capital and reserves
Called up share capital
16,451
16,451
Share premium account
866,052
866,052
Profit and loss reserves
548,249
588,083
Total equity
1,430,752
1,470,586
The notes on pages 3 to 6 form part of these financial statements.
J.H. WILLIAMS (CHEMISTS) LIMITED
BALANCE SHEET (CONTINUED)
- 2 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 28 March 2024 and are signed on its behalf by:
M I Phillips
Director
Company registration number 00833066 (England and Wales)
J.H. WILLIAMS (CHEMISTS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 3 -
1
Accounting policies
Company information
J.H. Williams (Chemists) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 5th Floor, Walker House, Exchange Flags, Liverpool, Merseyside, United Kingdom, L2 3YL.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Intangible fixed assets - goodwill
Goodwill is the amount paid in connection with the acquisition of a business in 2015. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold land and buildings
20% reducing balance
Fixtures and fittings
15% reducing balance
Computers
25% straight line
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Fixed asset investments
Investment in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
J.H. WILLIAMS (CHEMISTS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 4 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
34
36
J.H. WILLIAMS (CHEMISTS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 5 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 July 2022 and 30 June 2023
853,022
Amortisation and impairment
At 1 July 2022
682,417
Amortisation charged for the year
85,302
At 30 June 2023
767,719
Carrying amount
At 30 June 2023
85,303
At 30 June 2022
170,605
4
Tangible fixed assets
Leasehold land and buildings
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 July 2022 and 30 June 2023
10,521
233,104
34,093
48,840
326,558
Depreciation and impairment
At 1 July 2022
10,463
212,490
31,716
10,527
265,196
Depreciation charged in the year
12
3,333
444
5,884
9,673
At 30 June 2023
10,475
215,823
32,160
16,411
274,869
Carrying amount
At 30 June 2023
46
17,281
1,933
32,429
51,689
At 30 June 2022
58
20,614
2,377
38,313
61,362
5
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
17,029
17,029
J.H. WILLIAMS (CHEMISTS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 6 -
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
418,266
357,712
Amounts owed by group undertakings
259,721
248,301
Other debtors
51,856
47,261
Prepayments and accrued income
13,829
14,537
743,672
667,811
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
577,131
556,317
Corporation tax
100,000
135,280
Other taxation and social security
24,730
12,659
Other creditors
32,178
80,826
Accruals and deferred income
15,000
26,221
749,039
811,303
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Trade creditors
16,978
16,978