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REGISTERED NUMBER: 05833093 (England and Wales)











UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2023

FOR

FOCUS CHEMISTS LIMITED

FOCUS CHEMISTS LIMITED (REGISTERED NUMBER: 05833093)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


FOCUS CHEMISTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2023







DIRECTOR: Mr J N Shaw





SECRETARY: Mrs M Shaw





REGISTERED OFFICE: 139-141 Watling Street
Gillingham
Kent
ME7 2YY





REGISTERED NUMBER: 05833093 (England and Wales)





ACCOUNTANTS: Stephen Hill Partnership Limited
139-141 Watling Street
Gillingham
Kent
ME7 2YY

FOCUS CHEMISTS LIMITED (REGISTERED NUMBER: 05833093)

BALANCE SHEET
31 MAY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 7,500 10,000
Tangible assets 5 13,979 7,032
21,479 17,032

CURRENT ASSETS
Stocks 6 36,412 31,250
Debtors 7 8,685 15,881
Cash at bank and in hand 9,562 8,721
54,659 55,852
CREDITORS
Amounts falling due within one year 8 107,303 90,565
NET CURRENT LIABILITIES (52,644 ) (34,713 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(31,165

)

(17,681

)

CREDITORS
Amounts falling due after more than one
year

9

20,709

35,399
NET LIABILITIES (51,874 ) (53,080 )

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings (51,876 ) (53,082 )
SHAREHOLDERS' FUNDS (51,874 ) (53,080 )

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.

FOCUS CHEMISTS LIMITED (REGISTERED NUMBER: 05833093)

BALANCE SHEET - continued
31 MAY 2023


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

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 14 March 2024 and were signed by:





Mr J N Shaw - Director


FOCUS CHEMISTS LIMITED (REGISTERED NUMBER: 05833093)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

1. STATUTORY INFORMATION

Focus Chemists 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.

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 basis of gong concern. This basis may not be appropriate because the company had, at 31st May 2023, net liabilities of £51,874 (2022 £53,080). The validity of the going concern basis is dependant upon the continued support of the bank and ordinary creditors.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates and value added tax.

Goodwill
Goodwill being the amount paid in connection with the acquisition of a business is being amortised evenly over its useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 15% on reducing balance
Computer equipment - 33% on cost

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.

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 value amount and are recognised in the Income Statement.

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
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.


FOCUS CHEMISTS LIMITED (REGISTERED NUMBER: 05833093)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

2. ACCOUNTING POLICIES - continued
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.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors
Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions.

Creditors
Short term creditors are measured at the transaction price.

3. EMPLOYEES AND DIRECTORS

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

FOCUS CHEMISTS LIMITED (REGISTERED NUMBER: 05833093)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 June 2022
and 31 May 2023 50,000
AMORTISATION
At 1 June 2022 40,000
Amortisation for year 2,500
At 31 May 2023 42,500
NET BOOK VALUE
At 31 May 2023 7,500
At 31 May 2022 10,000

5. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 June 2022 47,602 20,701 68,303
Additions 92 10,257 10,349
At 31 May 2023 47,694 30,958 78,652
DEPRECIATION
At 1 June 2022 41,014 20,257 61,271
Charge for year 995 2,407 3,402
At 31 May 2023 42,009 22,664 64,673
NET BOOK VALUE
At 31 May 2023 5,685 8,294 13,979
At 31 May 2022 6,588 444 7,032

6. STOCKS
2023 2022
£    £   
Stocks 36,412 31,250

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 4,956 3,978
VAT 3,729 11,903
8,685 15,881

FOCUS CHEMISTS LIMITED (REGISTERED NUMBER: 05833093)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 17,714 15,096
Trade creditors 68,702 54,155
Tax 10,914 11,629
Social security and other taxes 4,093 4,030
Accrued expenses 5,880 5,655
107,303 90,565

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 2-5 years 20,709 35,399

10. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 May 2023 and 31 May 2022:

2023 2022
£    £   
Mr J N Shaw
Balance outstanding at start of year - 35,409
Amounts advanced - 45,726
Amounts repaid - (35,409 )
Amounts written off - (45,726 )
Amounts waived - -
Balance outstanding at end of year - -