Company Registration No. 07475647 (England and Wales)
SABEL PHARMACY LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
PAGES FOR FILING WITH REGISTRAR
John Cumming Ross Limited
Chartered Certified Accountants
1st Floor, Kirkland House
11-15 Peterborough Road
Harrow
Middlesex
HA1 2AX
SABEL PHARMACY LTD
COMPANY INFORMATION
Directors
Mr S M Patel
Miss B Patel
Mrs R L Patel
Company number
07475647
Registered office
116 Brent Street
Hendon
London
NW4 2DT
Accountants
John Cumming Ross Limited
Chartered Certified Accountants
1st Floor, Kirkland House
11-15 Peterborough Road
Harrow
Middlesex
HA1 2AX
SABEL PHARMACY LTD
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
SABEL PHARMACY LTD
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF SABEL PHARMACY LTD FOR THE YEAR ENDED 30 APRIL 2023
- 1 -
The following reproduces text of the Accountants' Report prepared in respect of the company's annual unaudited financial statements, from which the unaudited financial statements set out on pages 2 to 9 have been extracted.
"In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Sabel Pharmacy Ltd for the year ended 30 April 2023 set out on pages 3 to 11 from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/about-us/regulation/rulebook.html.
Our work has been undertaken solely to prepare for your approval the financial statements of Sabel Pharmacy Ltd and state those matters that we have agreed to state to the Board of Directors of Sabel Pharmacy Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Sabel Pharmacy Ltd and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Sabel Pharmacy Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Sabel Pharmacy Ltd. You consider that Sabel Pharmacy Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Sabel Pharmacy Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
John Cumming Ross Limited
Chartered Certified Accountants
1st Floor, Kirkland House
11-15 Peterborough Road
Harrow
Middlesex
HA1 2AX
"
31 January 2024
SABEL PHARMACY LTD
BALANCE SHEET
AS AT
30 APRIL 2023
30 April 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
546,329
585,521
Tangible assets
4
9,989
20,147
556,318
605,668
Current assets
Stocks
35,902
25,367
Debtors
5
98,436
48,473
Cash at bank and in hand
76,359
147,871
210,697
221,711
Creditors: amounts falling due within one year
6
(132,278)
(207,080)
Net current assets
78,419
14,631
Total assets less current liabilities
634,737
620,299
Creditors: amounts falling due after more than one year
7
(600,000)
(600,000)
Provisions for liabilities
8
(2,497)
(3,828)
Net assets
32,240
16,471
Capital and reserves
Called up share capital
10
100
100
Profit and loss reserves
11
32,140
16,371
Total equity
32,240
16,471
The directors of the company have taken advantage under section 444 of the Companies Act 2006 to not deliver a copy of the directors' report and the profit and loss account within the financial statements.true
For the financial year ended 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
SABEL PHARMACY LTD
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2023
30 April 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 31 January 2024 and are signed on its behalf by:
Mrs R L Patel
Director
Company Registration No. 07475647
SABEL PHARMACY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
- 4 -
1
Accounting policies
Company information
Sabel Pharmacy Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 116 Brent Street, Hendon, London, NW4 2DT.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents amounts receivable for goods dispensed, retail and wholesale of pharmaceutical and perfumery products net of VAT and trade discounts.
1.4
Intangible fixed assets - goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life at 5% on a straight line basis.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
15% per annum on a straight line basis.
1.6
Stocks
Stocks are valued at the lower of cost and net realisable value. Where necessary, provision is made for obsolete, slow moving and defective stocks.
1.7
Financial instruments
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 trade and other creditors and amounts due to parent undertaking.
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 the liability simultaneously.
SABEL PHARMACY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 5 -
Basic financial assets
Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including trade and other creditors and amounts due to parent undertaking are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and the movements in the deferred tax due to the adjustment to the capital allowance.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
SABEL PHARMACY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 6 -
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
9
7
3
Intangible fixed assets
Goodwill
£
Cost
At 1 May 2022 and 30 April 2023
783,843
Amortisation and impairment
At 1 May 2022
198,322
Amortisation charged for the year
39,192
At 30 April 2023
237,514
Carrying amount
At 30 April 2023
546,329
At 30 April 2022
585,521
SABEL PHARMACY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 7 -
4
Tangible fixed assets
Plant and machinery
£
Cost
At 1 May 2022
80,694
Additions
2,100
At 30 April 2023
82,794
Depreciation and impairment
At 1 May 2022
60,547
Depreciation charged in the year
12,258
At 30 April 2023
72,805
Carrying amount
At 30 April 2023
9,989
At 30 April 2022
20,147
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
29,389
20,963
Other debtors
69,047
27,510
98,436
48,473
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
68,341
75,769
Amounts due to parent undertaking
50,247
97,882
Corporation tax
5,028
23,433
Other taxation and social security
2,706
2,827
Other creditors
5,956
7,169
132,278
207,080
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Amounts due to parent undertaking
600,000
600,000
SABEL PHARMACY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 8 -
8
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
9
2,497
3,828
9
Deferred taxation
The following are the major deferred tax liabilities recognised by the company and movements thereon:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
2,497
3,828
2023
Movements in the year:
£
Liability at 1 May 2022
3,828
Credit to profit or loss
(1,331)
Liability at 30 April 2023
2,497
10
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
11
Reserves
The only movements in reserves for the year ended 30 April 2023 and year ended 30 April 2022 are profit for the year.
12
Financial commitments, guarantees and contingent liabilities
Operating lease commitments not included in the balance sheet amount to £30,000 (2022 - £30,000).
Company has given a cross guarantee in favour of Barclays Bank UK PLC and Barclays Bank PLC and Debenture held by Barclays Security Trustee Limited for the benefit of Barclays Bank UK PLC and Barclays Bank PLC for facility granted to Sabel Chemist Limited.
The bank holds a legal charge over 446 Chiswick High Road London held by Barclays Security Trustee Limited for the benefit of Barclays Bank UK PLC and Barclays Bank PLC.
SABEL PHARMACY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 9 -
13
Related party transactions
At the balance sheet date amount due from / (due to) the director, Mr S M Patel was £69 (2022: (£441))
14
Parent company
The company's ultimate parent undertaking at the balance sheet date was Sabel Chemist Limited, a company registered in England and Wales.
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