Caseware UK (AP4) 2023.0.135 2023.0.135 2023-06-302023-06-302022-07-01false1110truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 06230037 2022-07-01 2023-06-30 06230037 2021-07-01 2022-06-30 06230037 2023-06-30 06230037 2022-06-30 06230037 2021-07-01 06230037 c:Director2 2022-07-01 2023-06-30 06230037 d:Buildings d:ShortLeaseholdAssets 2022-07-01 2023-06-30 06230037 d:Buildings d:ShortLeaseholdAssets 2023-06-30 06230037 d:Buildings d:ShortLeaseholdAssets 2022-06-30 06230037 d:MotorVehicles 2022-07-01 2023-06-30 06230037 d:MotorVehicles 2023-06-30 06230037 d:MotorVehicles 2022-06-30 06230037 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 06230037 d:FurnitureFittings 2022-07-01 2023-06-30 06230037 d:FurnitureFittings 2023-06-30 06230037 d:FurnitureFittings 2022-06-30 06230037 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 06230037 d:ComputerEquipment 2022-07-01 2023-06-30 06230037 d:ComputerEquipment 2023-06-30 06230037 d:ComputerEquipment 2022-06-30 06230037 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 06230037 d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 06230037 d:CurrentFinancialInstruments 2023-06-30 06230037 d:CurrentFinancialInstruments 2022-06-30 06230037 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 06230037 d:CurrentFinancialInstruments d:WithinOneYear 2022-06-30 06230037 d:ShareCapital 2023-06-30 06230037 d:ShareCapital 2022-06-30 06230037 d:RetainedEarningsAccumulatedLosses 2023-06-30 06230037 d:RetainedEarningsAccumulatedLosses 2022-06-30 06230037 c:OrdinaryShareClass1 2022-07-01 2023-06-30 06230037 c:OrdinaryShareClass1 2023-06-30 06230037 c:FRS102 2022-07-01 2023-06-30 06230037 c:AuditExempt-NoAccountantsReport 2022-07-01 2023-06-30 06230037 c:FullAccounts 2022-07-01 2023-06-30 06230037 c:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 06230037 d:WithinOneYear 2023-06-30 06230037 d:WithinOneYear 2022-06-30 06230037 2 2022-07-01 2023-06-30 06230037 d:AcceleratedTaxDepreciationDeferredTax 2023-06-30 06230037 d:AcceleratedTaxDepreciationDeferredTax 2022-06-30 06230037 d:OtherDeferredTax 2023-06-30 06230037 d:OtherDeferredTax 2022-06-30 06230037 e:PoundSterling 2022-07-01 2023-06-30 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 06230037














PETTS WOOD PHARMACY LIMITED

 
UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023

 
PETTS WOOD PHARMACY LIMITED
 

CONTENTS



Page
Balance Sheet
 
1 - 2
Notes to the Financial Statements
 
3 - 9


 
PETTS WOOD PHARMACY LIMITED
REGISTERED NUMBER:06230037

BALANCE SHEET
AS AT 30 JUNE 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
12,317
16,739

  
12,317
16,739

Current assets
  

Stocks
 5 
232,246
230,590

Debtors: amounts falling due within one year
 6 
4,450,173
4,117,778

Cash at bank and in hand
 7 
1,011,482
1,104,229

  
5,693,901
5,452,597

Creditors: amounts falling due within one year
 8 
(388,660)
(409,854)

Net current assets
  
 
 
5,305,241
 
 
5,042,743

Total assets less current liabilities
  
5,317,558
5,059,482

Provisions for liabilities
  

Deferred tax
 9 
(492)
(887)

  
 
 
(492)
 
 
(887)

Net assets
  
5,317,066
5,058,595


Capital and reserves
  

Called up share capital 
 10 
4
4

Profit and loss account
  
5,317,062
5,058,591

  
5,317,066
5,058,595


1

 
PETTS WOOD PHARMACY LIMITED
REGISTERED NUMBER:06230037
    
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2023

The director considers that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 19 April 2024.




G Dhillon
Director

The notes on pages 3 to 9 form part of these financial statements.

2

 
PETTS WOOD PHARMACY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1.


General information

Petts Wood Pharmacy Limited is a private company, limited by shares, registered in England and Wales, registration number 06230037. The registered office address is Elsley Court, 20-22 Great Titchfield Street, London, W1W 8BE and the trading address is 83 Queensway, Petts Wood, Orpington, BR5 1DQ.
The principal activity of the company continued to be that of a pharmacy.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The company's functional and presentational currency is pound sterling.

The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover from pharmacy is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method and on a reducing balance basis.

Depreciation is provided on the following basis:

Short term Leasehold Property
-
7%
on a straight line basis
Motor vehicles
-
25%
reducing balance basis
Fixtures and fittings
-
25%
reducing balance basis
Computer equipment
-
33%
on a straight line basis

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

3

 
PETTS WOOD PHARMACY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.4

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment.

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.7

Financial instruments

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

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.9

 Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Profit and Loss Account in the same period as the related expenditure.

 
2.10

 Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.11

 Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

4

 
PETTS WOOD PHARMACY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.12

 Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.13

 Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.14

 Provisions for liabilities

Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the company becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
 
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

 
2.15

 Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3.


Employees

The average monthly number of employees, including directors, during the year was 11 (2022 - 10).

5

 
PETTS WOOD PHARMACY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

4.


Tangible fixed assets





Short term Leasehold Property
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 July 2022
9,337
19,425
262,836
6,798
298,396



At 30 June 2023

9,337
19,425
262,836
6,798
298,396



Depreciation


At 1 July 2022
9,020
16,643
249,196
6,798
281,657


Charge for the year on owned assets
316
696
3,410
-
4,422



At 30 June 2023

9,336
17,339
252,606
6,798
286,079



Net book value



At 30 June 2023
1
2,086
10,230
-
12,317



At 30 June 2022
316
2,782
13,641
-
16,739


5.


Stocks

2023
2022
£
£

Finished goods and goods for resale
232,246
230,590


6

 
PETTS WOOD PHARMACY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

6.


Debtors

2023
2022
£
£


Trade debtors
149,854
77,362

Amounts owed by group undertakings
4,248,599
3,965,586

Other debtors
40,362
64,023

Prepayments and accrued income
11,358
10,807

4,450,173
4,117,778



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
1,011,482
1,104,229



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
281,055
297,104

Corporation tax
14,931
13,001

Other taxation and social security
3,374
2,600

Other creditors
77,756
85,047

Accruals and deferred income
11,544
12,102

388,660
409,854


7

 
PETTS WOOD PHARMACY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

9.


Deferred taxation




2023
2022


£

£






At beginning of year
(887)
(1,862)


Charged to profit or loss
395
975



At end of year
(492)
(887)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(745)
(1,317)

Short term timing differences
253
430

(492)
(887)


10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



4 Ordinary shares of £1.00 each
4
4



11.


Pension commitments


The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company  in an independently administered fund. The pension cost charge represents contributions payable by the company  to the fund and amounted to £4,723 (2022 - £2,151). Contributions totalling £1,013 (2022 - £1,719) were payable to the fund at the balance sheet date and are included in creditors.


12.


Commitments under operating leases

At 30 June 2023 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
-
9,250

8

 
PETTS WOOD PHARMACY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

13.


Related party transactions

At the year end, the company owed £66,340 (2022 - £22,075 owed by) to a director. The loan is unsecured, interest free and repayable on demand.
 
No disclosure has been made of transactions with other wholly owned group companies in accordance with FRS 102 section 1A paragraph 1AC.35, as the company is itself a wholly owned subsidiary of Interactive London Limited.
 
9