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REGISTERED NUMBER: 02281687 (England and Wales)












FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2023

FOR

NORLINGTON CHEMIST LIMITED

NORLINGTON CHEMIST LIMITED (REGISTERED NUMBER: 02281687)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 May 2023




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


NORLINGTON CHEMIST LIMITED

COMPANY INFORMATION
for the year ended 31 May 2023







DIRECTOR: Mr P P Ihenagwa





REGISTERED OFFICE: 3 Broadway Market
Hackney
London
E8 4PH





REGISTERED NUMBER: 02281687 (England and Wales)





ACCOUNTANTS: Raffingers LLP
Chartered Certified Accountants
19-20 Bourne Court
Southend Road
Woodford Green
Essex
IG8 8HD

NORLINGTON CHEMIST LIMITED (REGISTERED NUMBER: 02281687)

ABRIDGED BALANCE SHEET
31 May 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 26,033 1,582,408
26,033 1,582,408

CURRENT ASSETS
Stocks 44,000 52,090
Debtors 1,270,309 64,503
Cash at bank and in hand 44,578 31,951
1,358,887 148,544
CREDITORS
Amounts falling due within one year 127,761 228,736
NET CURRENT ASSETS/(LIABILITIES) 1,231,126 (80,192 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,257,159

1,502,216

CREDITORS
Amounts falling due after more than one year 6 (34,352 ) (40,417 )

PROVISIONS FOR LIABILITIES - (246,487 )
NET ASSETS 1,222,807 1,215,312

NORLINGTON CHEMIST LIMITED (REGISTERED NUMBER: 02281687)

ABRIDGED BALANCE SHEET - continued
31 May 2023

2023 2022
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 50 50
Fair value reserve - 1,153,231
Retained earnings 1,222,757 62,031
SHAREHOLDERS' FUNDS 1,222,807 1,215,312

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 May 2023 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 1 March 2024 and were signed by:





Mr P P Ihenagwa - Director


NORLINGTON CHEMIST LIMITED (REGISTERED NUMBER: 02281687)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 May 2023

1. STATUTORY INFORMATION

Norlington Chemist Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The accounts have been prepared on the going concern basis as the director is of the opinion that the company will meet its liabilities as and when due.

Turnover
Turnover comprises the value of goods and services supplied by the company, exclusive of Value Added Tax and trade discounts.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Fixtures and fittings - 15% on reducing balance
Computer equipment - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Basic financial assets, including trade and other receivables and cash and bank balances are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


NORLINGTON CHEMIST LIMITED (REGISTERED NUMBER: 02281687)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 May 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Short term debtors and creditors
Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transactions costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 5 ) .

4. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 June 2022
and 31 May 2023 27,000
AMORTISATION
At 1 June 2022
and 31 May 2023 27,000
NET BOOK VALUE

At 31 May 2023 -
At 31 May 2022 -

NORLINGTON CHEMIST LIMITED (REGISTERED NUMBER: 02281687)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 May 2023

5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 June 2022 1,659,509
Disposals (1,552,330 )
At 31 May 2023 107,179
DEPRECIATION
At 1 June 2022 77,101
Charge for year 4,945
Eliminated on disposal (900 )
At 31 May 2023 81,146
NET BOOK VALUE
At 31 May 2023 26,033
At 31 May 2022 1,582,408

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals
£   
COST
At 1 June 2022
and 31 May 2023 82,000
DEPRECIATION
At 1 June 2022 55,713
Charge for year 3,943
At 31 May 2023 59,656
NET BOOK VALUE
At 31 May 2023 22,344
At 31 May 2022 26,287

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS
2023 2022
£    £   
Repayable by instalments
Bank loans 14,352 20,417

NORLINGTON CHEMIST LIMITED (REGISTERED NUMBER: 02281687)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 May 2023

7. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts - 10,946

Hire purchase contracts are secured over the assets to which they relate.

8. RELATED PARTY DISCLOSURES

Included in other creditors, there are loans from the director and related parties of £45,860 (2022: £34,200).

As at the balance sheet date, the company was owed nil (2022: £4,686) by the Norlington PPI Limited, a company related by common control.

As at the balance sheet date, the company was owed £1,205,762 (2022: £68,030) by/(to) the Norlington Property Management Limited, a fellow group company.

During a year, consultancy fee of £18,000 (2022: nil) was paid to one of the directors.