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Registered number: 02114634
M&A Pharmacies Ltd
Unaudited Financial Statements
For The Year Ended 31 March 2023
AJ Dean Management Accountants
GCMA,ACMA
21 Kemps Bridge
Wakefield
West Yorkshire
WF2 9NJ
Contents
Page
Balance Sheet 1—2
Statement of Changes in Equity 3
Notes to the Financial Statements 4—7
Page 1
Balance Sheet
Registered number: 02114634
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 5,673 6,645
5,673 6,645
CURRENT ASSETS
Stocks 7 79,868 79,868
Debtors 8 585,735 663,648
Cash at bank and in hand 176,021 215,624
841,624 959,140
Creditors: Amounts Falling Due Within One Year 9 (348,832 ) (374,646 )
NET CURRENT ASSETS (LIABILITIES) 492,792 584,494
TOTAL ASSETS LESS CURRENT LIABILITIES 498,465 591,139
NET ASSETS 498,465 591,139
CAPITAL AND RESERVES
Called up share capital 10 200 200
Revaluation reserve - 508,058
Profit and Loss Account 498,265 82,881
SHAREHOLDERS' FUNDS 498,465 591,139
Page 1
Page 2
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Mohamed Patel
Director
14/04/2024
The notes on pages 4 to 7 form part of these financial statements.
Page 2
Page 3
Statement of Changes in Equity
Share Capital Revaluation reserve Profit and Loss Account Total
£ £ £ £
As at 1 April 2021 200 508,058 2,322,285 2,830,543
Profit for the year and total comprehensive income - - 140,996 140,996
Dividends paid - - (2,380,400) (2,380,400)
As at 31 March 2022 and 1 April 2022 200 508,058 82,881 591,139
Profit for year - - 15,326 15,326
Net investment property revaluation reserve - (508,058 ) - (508,058)
Other comprehensive income for the year - (508,058 ) - (508,058 )
Total comprehensive income for the year - (508,058) 15,326 (492,732)
Dividends paid - - (108,000) (108,000)
Transfer from revaluation reserve - - 508,058 508,058
As at 31 March 2023 200 - 498,265 498,465
Balance on Revaluation Reseve transffered to Retained earnings
Page 3
Page 4
Notes to the Financial Statements
1. General Information
M&A Pharmacies Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 02114634 . The registered office is 1A Lee Brig, Altofts, Wakefield, West Yorkshire, WF6 2JJ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 10 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold Straight line over fifty years
Leasehold Straight line over the life of the lease
Motor Vehicles 25% Reducing balance
Fixtures & Fittings 15% Reducing balance
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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.
...CONTINUED
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2.6. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.7. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
3. Average Number of Employees
Average number of employees, including directors, during the year was:
2023 2022
Office and administration 1 1
Sales, marketing and distribution 22 22
23 23
4. Intangible Assets
Goodwill
£
Cost
As at 1 April 2022 336,505
As at 31 March 2023 336,505
Amortisation
As at 1 April 2022 336,505
As at 31 March 2023 336,505
5. Tangible Assets
Land & Property
Leasehold Motor Vehicles Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 April 2022 160 15,998 151,225 167,383
As at 31 March 2023 160 15,998 151,225 167,383
...CONTINUED
Page 5
Page 6
Depreciation
As at 1 April 2022 - 15,998 144,740 160,738
Provided during the period - - 972 972
As at 31 March 2023 - 15,998 145,712 161,710
Net Book Value
As at 31 March 2023 160 - 5,513 5,673
As at 1 April 2022 160 - 6,485 6,645
6. Investments
These are investment properties which have been included at fair value.
7. Stocks
2023 2022
£ £
Finished goods 79,868 79,868
8. Debtors
2023 2022
£ £
Due within one year
Trade debtors 130,034 230,185
Prepayments and accrued income 8,671 12,832
Director 1 Current Account (Debit) - Mr Mohamed Patel 121,393 116,393
Director 2 current account (debit) - Mrs Angela Dean 99,825 99,825
VAT Repayable 128,910 121,264
488,833 580,499
Due after more than one year
Other debtors 4,624 4,484
M&A and Kajal Investments 17,904 17,904
Corporation tax recoverable assets 74,374 60,761
96,902 83,149
585,735 663,648
9. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 228,424 216,057
Corporation tax 94,639 76,082
Other taxes and social security 3,777 5,694
Other creditors 17,860 16,328
Other creditors (1) - 3,924
Accruals and deferred income 4,132 56,561
348,832 374,646
Other Creditors represents dividends payable to directors
Page 6
Page 7
10. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 200 200
11. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 April 2022 Amounts advanced Amounts repaid Amounts written off As at 31 March 2023
£ £ £ £ £
Mrs Angela Dean 99,824 - - - 99,824
Mr Mohamed Patel 121,392 - - - 121,392
The above loan is unsecured, interest free and repayable on demand.
Dividends paid to directors
2023 2022
£ £
Mrs Angela Dean 27,000 31,600
Mr Mohamed Patel 27,000 31,600
Page 7