Caseware UK (AP4) 2023.0.135 2023.0.135 2023-10-312023-10-312022-11-01falseNo description of principal activity22falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 00185402 2022-11-01 2023-10-31 00185402 2021-11-01 2022-10-31 00185402 2023-10-31 00185402 2022-10-31 00185402 c:Director1 2022-11-01 2023-10-31 00185402 d:MotorVehicles 2022-11-01 2023-10-31 00185402 d:FurnitureFittings 2022-11-01 2023-10-31 00185402 d:OtherPropertyPlantEquipment 2022-11-01 2023-10-31 00185402 d:OtherPropertyPlantEquipment 2023-10-31 00185402 d:OtherPropertyPlantEquipment 2022-10-31 00185402 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 00185402 d:FreeholdInvestmentProperty 2022-11-01 2023-10-31 00185402 d:FreeholdInvestmentProperty 2023-10-31 00185402 d:FreeholdInvestmentProperty 2022-10-31 00185402 d:CurrentFinancialInstruments 2023-10-31 00185402 d:CurrentFinancialInstruments 2022-10-31 00185402 d:CurrentFinancialInstruments d:WithinOneYear 2023-10-31 00185402 d:CurrentFinancialInstruments d:WithinOneYear 2022-10-31 00185402 d:ShareCapital 2023-10-31 00185402 d:ShareCapital 2022-10-31 00185402 d:InvestmentPropertiesRevaluationReserve 2023-10-31 00185402 d:InvestmentPropertiesRevaluationReserve 2022-10-31 00185402 d:OtherMiscellaneousReserve 2022-11-01 2023-10-31 00185402 d:RetainedEarningsAccumulatedLosses 2022-11-01 2023-10-31 00185402 d:RetainedEarningsAccumulatedLosses 2023-10-31 00185402 d:RetainedEarningsAccumulatedLosses 2022-10-31 00185402 c:FRS102 2022-11-01 2023-10-31 00185402 c:AuditExempt-NoAccountantsReport 2022-11-01 2023-10-31 00185402 c:FullAccounts 2022-11-01 2023-10-31 00185402 c:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 00185402 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-11-01 2023-10-31 00185402 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-10-31 00185402 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-10-31 00185402 2 2022-11-01 2023-10-31 iso4217:GBP xbrli:pure

Registered number: 00185402









READS PHARMACY LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2023

 
READS PHARMACY LIMITED
REGISTERED NUMBER: 00185402

BALANCE SHEET
AS AT 31 OCTOBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
8,594
11,059

Investment property
 5 
4,215,638
3,910,000

  
4,224,232
3,921,059

Current assets
  

Debtors: amounts falling due within one year
 6 
11,480
164,121

Cash at bank and in hand
  
205,018
879,933

  
216,498
1,044,054

Creditors: amounts falling due within one year
 7 
(83,890)
(119,166)

Net current assets
  
 
 
132,608
 
 
924,888

Total assets less current liabilities
  
4,356,840
4,845,947

Provisions for liabilities
  

Deferred tax
  
(398,715)
(304,823)

  
 
 
(398,715)
 
 
(304,823)

Net assets
  
3,958,125
4,541,124


Capital and reserves
  

Called up share capital 
  
20,000
20,000

Investment property reserve
 8 
2,738,349
2,832,858

Profit and loss account
 8 
1,199,776
1,688,266

  
3,958,125
4,541,124


Page 1

 
READS PHARMACY LIMITED
REGISTERED NUMBER: 00185402
    
BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2023

The directors consider 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 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 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 16 January 2024.






E.B.Collishaw
Director

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
READS PHARMACY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

1.


General information

The company is a United Kingdom company limited by shares. It is incorporated and domiciled in England and Wales. The registered office is The Old Rectory, Forncett St Peter, Norfolk, NR16 1HY.
The company's principal activity is the letting of its own property and. The principal place of business is Norwich, Norfolk.

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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Interest income

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

 
2.3

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 in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 3

 
READS PHARMACY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.4

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, on a reducing balance basis.

Depreciation is provided on the following basis:

Motor vehicles
-
25%
reducing balance
Fixtures and fittings
-
15%
reducing balance

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.

 
2.5

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
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.

Page 4

 
READS PHARMACY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.9

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.

 
2.10

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 creditors, loans from banks and other third parties and loans to related parties.

 
2.11

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).

Page 5

 
READS PHARMACY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

4.


TANGIBLE FIXED ASSETS





Other fixed assets

£



Cost or valuation


At 1 November 2022
152,907


Additions
295



At 31 October 2023

153,202



Depreciation


At 1 November 2022
141,850


Charge for the year on owned assets
2,758



At 31 October 2023

144,608



Net book value



At 31 October 2023
8,594



At 31 October 2022
11,058

Page 6

 
READS PHARMACY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

5.


Investment property


Freehold investment property

£



Valuation


At 1 November 2022
3,910,000


Additions at cost
305,638



At 31 October 2023
4,215,638

The 2023 valuations were made by a director, on an open market value for existing use basis.





6.


Debtors

2023
2022
£
£


Other debtors
-
156,814

Prepayments and accrued income
11,480
7,307

11,480
164,121



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
9,345
-

Other taxation and social security
31,919
43,376

Other creditors
42,626
75,790

83,890
119,166


Page 7

 
READS PHARMACY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

8.


Reserves

Other reserves

The fair value reserves represents the cumulative value of revaluations of investment properties net of deferred tax. The amounts debited or credited to this reserve are transfers from the profit and loss account. Deferred tax is provided for on these fair value adjustments at the standard rate of corporation tax.

Profit and loss account

The profit and loss account includes all current and prior period retained profits and losses.


9.


Directors' Benefits: Advances, credit and guarantees

As at 1 November 2022 a director owed the company £156,814. During the year cash of £199,120 was introduced and interest of £3,235 was charged. As a result, at 31 October 2023 the company owed a director £39,071.   

 
Page 8