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Registered number: 10534912
Raglan Pharmacy Limited
Unaudited Financial Statements
For The Year Ended 31 July 2023
Lewis Ballard BBB Ltd
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 10534912
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 326,768 363,076
Tangible Assets 5 346,701 357,346
673,469 720,422
CURRENT ASSETS
Stocks 6 39,750 35,687
Debtors 7 274,342 261,903
Cash at bank and in hand 22,600 37,212
336,692 334,802
Creditors: Amounts Falling Due Within One Year 8 (259,010 ) (269,512 )
NET CURRENT ASSETS (LIABILITIES) 77,682 65,290
TOTAL ASSETS LESS CURRENT LIABILITIES 751,151 785,712
Creditors: Amounts Falling Due After More Than One Year 9 (595,047 ) (667,786 )
NET ASSETS 156,104 117,926
CAPITAL AND RESERVES
Called up share capital 11 100 100
Profit and Loss Account 156,004 117,826
SHAREHOLDERS' FUNDS 156,104 117,926
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For the 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.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her 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
Mrs Mahshid Chegounchei
Director
18/01/2024
The notes on pages 3 to 7 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Raglan Pharmacy Limited is a private company, limited by shares, incorporated in England & Wales, registered number 10534912 . The registered office is Celtic House , Caxton Place, Cardiff, CF23 8HA.
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 measured at cost less accumulated depreciation and any accumulated impairment losses. 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 2% Straight Line
Plant & Machinery 25% Reducing Balance
Motor Vehicles 25% Reducing Balance
Fixtures & Fittings 20% Reducing Balance
Computer Equipment 33% Straight Line
2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.6. 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.
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2.7. 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 years 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.
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 assets reflect 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was:
2023 2022
Office and administration 8 8
8 8
4. Intangible Assets
Goodwill
£
Cost
As at 1 August 2022 590,000
As at 31 July 2023 590,000
Amortisation
As at 1 August 2022 226,924
Provided during the period 36,308
As at 31 July 2023 263,232
Net Book Value
As at 31 July 2023 326,768
As at 1 August 2022 363,076
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5. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 August 2022 380,000 333 10,232 32,050
Additions - - - -
As at 31 July 2023 380,000 333 10,232 32,050
Depreciation
As at 1 August 2022 38,000 135 6,095 21,039
Provided during the period 7,600 50 1,034 2,202
As at 31 July 2023 45,600 185 7,129 23,241
Net Book Value
As at 31 July 2023 334,400 148 3,103 8,809
As at 1 August 2022 342,000 198 4,137 11,011
Computer Equipment Total
£ £
Cost
As at 1 August 2022 - 422,615
Additions 333 333
As at 31 July 2023 333 422,948
Depreciation
As at 1 August 2022 - 65,269
Provided during the period 92 10,978
As at 31 July 2023 92 76,247
Net Book Value
As at 31 July 2023 241 346,701
As at 1 August 2022 - 357,346
6. Stocks
2023 2022
£ £
Stock 39,750 35,687
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7. Debtors
2023 2022
£ £
Due within one year
Trade debtors 176,308 167,872
Prepayments and accrued income 6,247 3,782
Nivra Homes Intercompany 80,000 78,825
VAT 11,770 11,424
Other taxes and social security 17 -
274,342 261,903
8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 1,393 2,038
Trade creditors 109,034 103,201
Bank loans and overdrafts 38,305 36,684
Corporation tax 35,393 66,194
Other taxes and social security - 782
Other creditors 58,060 48,846
NHS Recovery Loan 11,006 11,006
Accrued expenses 5,000 -
Director's loan account 819 761
259,010 269,512
9. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts - 876
Bank loans 595,047 666,910
595,047 667,786
Of the creditors falling due after more than one year the following amounts are due after more than five years.
2023 2022
£ £
Bank loans - 485,357
10. Obligations Under Finance Leases and Hire Purchase
2023 2022
£ £
The future minimum finance lease payments are as follows:
Not later than one year 1,393 2,038
Later than one year and not later than five years - 876
1,393 2,914
1,393 2,914
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11. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
12. Related Party Transactions
As at the reporting date, the company owed the director £819 (2022: £761)
Dividends were paid to the director of £24,000 (2022: £24,000)
During the year, the company made loan payments to Nivra Homes Limited, a related party due to common control, totalling £80,000 (2022: £78,825)
13. Ultimate Controlling Party
The company's ultimate controlling party is Mahshid Chegounchei by virtue of her ownership of 99% of the issued share capital in the company.
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