Registered number
05098790
Lobley Hill Pharmacy Limited
Filleted Accounts
30 April 2023
Lobley Hill Pharmacy Limited
Registered number: 05098790
Balance Sheet
as at 30 April 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 8,085 16,170
Tangible assets 4 32,605 27,921
40,690 44,091
Current assets
Stocks 42,900 42,300
Debtors 5 643,873 473,822
Cash at bank and in hand 300,831 541,729
987,604 1,057,851
Creditors: amounts falling due within one year 6 (473,313) (595,308)
Net current assets 514,291 462,543
Total assets less current liabilities 554,981 506,634
Creditors: amounts falling due after more than one year 7 (41,603) (61,960)
Provisions for liabilities (4,623) (2,974)
Net assets 508,755 441,700
Capital and reserves
Called up share capital 100 100
Profit and loss account 508,655 441,600
Shareholders' funds 508,755 441,700
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 members have 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.
S Hanna
Director
Approved by the board on 18 April 2024
Lobley Hill Pharmacy Limited
Notes to the Accounts
for the year ended 30 April 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 receivable, net of discounts and VAT. 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 when the services are performed.
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:
Leasehold land and buildings over the lease term
Motor vehicles 25% reducing balance
Fixtures, fittings, and equipment 20% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. 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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
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 8 8
3 Intangible fixed assets £
Goodwill:
Cost
At 1 May 2022 161,700
At 30 April 2023 161,700
Amortisation
At 1 May 2022 145,530
Provided during the year 8,085
At 30 April 2023 153,615
Net book value
At 30 April 2023 8,085
At 30 April 2022 16,170
Goodwill is being written off in equal annual instalments over the director's estimate of its economic life of 20 years.
4 Tangible fixed assets
Land and buildings Equipment Motor vehicles Total
£ £ £ £
Cost
At 1 May 2022 10 40,664 33,224 73,898
Additions - 8,206 6,148 14,354
At 30 April 2023 10 48,870 39,372 88,252
Depreciation
At 1 May 2022 - 26,404 19,573 45,977
Charge for the year - 5,617 4,053 9,670
At 30 April 2023 - 32,021 23,626 55,647
Net book value
At 30 April 2023 10 16,849 15,746 32,605
At 30 April 2022 10 14,260 13,651 27,921
5 Debtors 2023 2022
£ £
Trade debtors 117,132 147,922
Amounts owed by group undertakings and undertakings in which the company has a participating interest 213,000 213,000
Other debtors 313,741 112,900
643,873 473,822
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 17,091 25,461
Obligations under finance lease and hire purchase contracts 3,346 3,347
Trade creditors 161,741 129,129
Corporation tax 54,763 107,837
Other taxes and social security costs 4 1,423
Other creditors 236,368 328,111
473,313 595,308
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 31,403 48,413
Obligations under finance lease and hire purchase contracts 10,200 13,547
41,603 61,960
8 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
S Hanna
2023 loan (interest bearing) - 286,113 - 286,113
2022 loan (interest bearing) 101,715 - (101,715) -
101,715 286,113 (101,715) 286,113
9 Related party transactions
Dividends of £102,000 (2022 - £127,600) were paid to the parent company, Hanna Brothers Limited, during the year. Loans have been extended to the parent company in prior periods on interest free terms. The balance at the year end, which is repayable on demand, is £213,000 (2022 - £213,000).
10 Controlling party
The company is a wholly owned subsidiary of Hanna Brothers Limited, a company incorporated in England (registered number 05902822).
11 Other information
Lobley Hill Pharmacy Limited is a private company limited by shares and incorporated in England. Its registered office is:
72 Malvern Gardens
Lobley Hill
Gateshead
Tyne and Wear
NE11 9LL
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