Registered number
08953743
Solomon Dispensing Chemist Limited
Filleted Accounts
31 March 2023
Solomon Dispensing Chemist Limited
Registered number: 08953743
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 8,000 16,000
Tangible assets 4 12,592 14,862
20,592 30,862
Current assets
Stocks 69,829 65,125
Debtors 5 111,694 92,422
Cash at bank and in hand 164,798 148,055
346,321 305,602
Creditors: amounts falling due within one year 6 (224,245) (188,465)
Net current assets 122,076 117,137
Net assets 142,668 147,999
Capital and reserves
Share premium 300 300
Profit and loss account 142,368 147,699
Shareholders' funds 142,668 147,999
The directors are 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 directors acknowledge their 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.
Jawaid Raza Ahmed
Director
Approved by the board on 2 December 2023
Solomon Dispensing Chemist Limited
Notes to the Accounts
for the year ended 31 March 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 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 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 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.
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:
Freehold buildings over 50 years
Plant and machinery 15% Reducing balance
Motor vehicles 25% Reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. 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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 9 10
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2022 80,000
At 31 March 2023 80,000
Amortisation
At 1 April 2022 64,000
Provided during the year 8,000
At 31 March 2023 72,000
Net book value
At 31 March 2023 8,000
At 31 March 2022 16,000
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2022 40,198 4,089 44,287
At 31 March 2023 40,198 4,089 44,287
Depreciation
At 1 April 2022 25,746 3,679 29,425
Charge for the year 2,168 102 2,270
At 31 March 2023 27,914 3,781 31,695
Net book value
At 31 March 2023 12,284 308 12,592
At 31 March 2022 14,452 410 14,862
5 Debtors 2023 2022
£ £
Trade debtors 104,980 86,724
Other debtors 6,714 5,698
111,694 92,422
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 88,773 102,322
Corporation tax 17,569 12,158
Other taxes and social security costs 756 620
Other creditors 117,147 73,365
224,245 188,465
7 Controlling party
The company is controlled by Messrs JR, Ahmed, JA Ahmed and SK Ahmed by virtue of their 100% direct holding in the company's ordinary share capital.
8 Other information
Solomon Dispensing Chemist Limited is a private company limited by shares and incorporated in England. Its registered office is:
188 Alum Rock Road
Alum Rock
Birmingham
B8 1HU
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