Apharm Limited 03705212 false 2022-08-01 2023-07-31 2023-07-31 The principal activity of the company is operating a retail pharmacy. The company trades under the name of Moors Pharmacy. Digita Accounts Production Advanced 6.30.9574.0 true 03705212 2022-08-01 2023-07-31 03705212 2023-07-31 03705212 bus:OrdinaryShareClass1 2023-07-31 03705212 core:CurrentFinancialInstruments 2023-07-31 03705212 core:CurrentFinancialInstruments core:WithinOneYear 2023-07-31 03705212 core:Goodwill 2023-07-31 03705212 core:FurnitureFittingsToolsEquipment 2023-07-31 03705212 core:LandBuildings 2023-07-31 03705212 core:MotorVehicles 2023-07-31 03705212 bus:SmallEntities 2022-08-01 2023-07-31 03705212 bus:AuditExemptWithAccountantsReport 2022-08-01 2023-07-31 03705212 bus:FullAccounts 2022-08-01 2023-07-31 03705212 bus:SmallCompaniesRegimeForAccounts 2022-08-01 2023-07-31 03705212 bus:RegisteredOffice 2022-08-01 2023-07-31 03705212 bus:Director1 2022-08-01 2023-07-31 03705212 bus:Director2 2022-08-01 2023-07-31 03705212 bus:Director3 2022-08-01 2023-07-31 03705212 bus:OrdinaryShareClass1 2022-08-01 2023-07-31 03705212 bus:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 03705212 core:Goodwill 2022-08-01 2023-07-31 03705212 core:FurnitureFittings 2022-08-01 2023-07-31 03705212 core:FurnitureFittingsToolsEquipment 2022-08-01 2023-07-31 03705212 core:LandBuildings 2022-08-01 2023-07-31 03705212 core:MotorVehicles 2022-08-01 2023-07-31 03705212 countries:EnglandWales 2022-08-01 2023-07-31 03705212 2022-07-31 03705212 core:Goodwill 2022-07-31 03705212 core:FurnitureFittingsToolsEquipment 2022-07-31 03705212 core:LandBuildings 2022-07-31 03705212 core:MotorVehicles 2022-07-31 03705212 2021-08-01 2022-07-31 03705212 2022-07-31 03705212 bus:OrdinaryShareClass1 2022-07-31 03705212 core:CurrentFinancialInstruments 2022-07-31 03705212 core:CurrentFinancialInstruments core:WithinOneYear 2022-07-31 03705212 core:Goodwill 2022-07-31 03705212 core:FurnitureFittingsToolsEquipment 2022-07-31 03705212 core:LandBuildings 2022-07-31 03705212 core:MotorVehicles 2022-07-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 03705212

Apharm Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2023

 

Apharm Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

Apharm Limited

Company Information

Directors

Mr S A Chiari

Mrs H E Chiari

Ms C H Carrigan

Registered office

175 Station Road
West Moors
Ferndown
BH22 0HX

Accountants

Aventus Partners Limited
Hygeia Building
Ground Floor
66-68 College Road
Harrow
Middlesex
HA1 1BE

 

Apharm Limited

(Registration number: 03705212)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

59,902

63,297

Current assets

 

Stocks

6

54,306

55,549

Debtors

7

136,888

147,447

Cash at bank and in hand

 

471,203

556,858

 

662,397

759,854

Creditors: Amounts falling due within one year

8

(211,641)

(286,504)

Net current assets

 

450,756

473,350

Net assets

 

510,658

536,647

Capital and reserves

 

Called up share capital

9

5,000

5,000

Retained earnings

505,658

531,647

Shareholders' funds

 

510,658

536,647

For the financial year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

The financial statements were approved and authorised for issue by the Board on 15 April 2024 and signed on its behalf by:
 

.........................................
Mr S A Chiari
Director

.........................................
Mrs H E Chiari
Director

.........................................
Ms C H Carrigan
Director

     
 

Apharm Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
175 Station Road
West Moors
Ferndown
BH22 0HX
United Kingdom

These financial statements were authorised for issue by the Board on 15 April 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The functional and presentational currency is GBP Sterling (£), being the currency of the primary economic environment in which the company operates in. The amounts are presented rounded to the nearest pound.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Apharm Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)

2

Accounting policies (continued)

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold property

Over the period of the lease of 80 years

Fixtures, fittings and equipment

20% Reducing balance basis

Motor vehicles

20% Reducing balance basis

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Over 20 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Apharm Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)

2

Accounting policies (continued)

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Apharm Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)

2

Accounting policies (continued)

Financial instruments

Classification
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans from related parties.

 Recognition and measurement
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other debtors and creditors, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method.

Debt instruments that are payable or receivable within one year, typically trade creditors or debtors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms of financed at a rate of interest that is not a market rate or in case of an out-right short term loan not at a market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.


 Impairment
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss if recognised in the Profit and loss account.

For financial assets measured as amortised cost, the impairment loss is measured as the difference between an asset’s carrying amount and the present value of estimated cash flows discounted at the asset’s original effective interest rate. If a financial asset has a variable interest rate, the discounted rate for measuring any impairment loss is the current effective interest rate determined under the contract.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

3

Staff numbers

The average monthly number of persons employed by the company (including directors) during the year, was 19 (2022: 20).

 

Apharm Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)

4

Intangible assets

Goodwill
 £

Cost or valuation

At 1 August 2022

450,000

At 31 July 2023

450,000

Amortisation

At 1 August 2022

450,000

At 31 July 2023

450,000

Carrying amount

At 31 July 2023

-

At 31 July 2022

-

5

Tangible assets

Land and buildings
£

Fixtures, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost

At 1 August 2022

60,075

54,051

15,830

129,956

Additions

-

1,438

-

1,438

At 31 July 2023

60,075

55,489

15,830

131,394

Depreciation

At 1 August 2022

15,750

50,910

-

66,660

Charge for the year

750

916

3,166

4,832

At 31 July 2023

16,500

51,826

3,166

71,492

Carrying amount

At 31 July 2023

43,575

3,663

12,664

59,902

At 31 July 2022

44,325

3,142

15,830

63,297

Included within the net book value of land and buildings above is £43,575 (2022: £44,325) in respect of long leasehold land and buildings.
 

 

Apharm Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)

6

Stocks

2023
£

2022
£

Finished goods and goods for resale

54,306

55,549

7

Debtors

2023
£

2022
£

Trade debtors

97,212

110,474

Other debtors

39,676

35,592

Prepayments

-

1,381

136,888

147,447

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

134,407

185,290

Taxation and social security

2,908

2,728

Other creditors

2,563

1,910

Accrued expenses

3,650

2,650

Corporation tax payable

1,636

6,757

Directors current account

66,477

87,169

211,641

286,504

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Shares of £1 each

5,000

5,000

5,000

5,000

         
 

Apharm Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)

10

Dividends

   

2023

 

2022

   

£

 

£

Interim dividend of £6.00 (2022 - £10.20) per ordinary share

 

30,000

 

51,000

         

11

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

69,014

64,738

Contributions paid to money purchase schemes

3,461

3,237

72,475

67,975