Registered number
08468007
Totty Pharmacy Limited
Unaudited Filleted Accounts
30 September 2023
Totty Pharmacy Limited
Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of Totty Pharmacy Limited for the period ended 30 September 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Totty Pharmacy Limited for the period ended 30 September 2023 which comprise of the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at
www.icaew.com/en/members/regulations-standards-and-guidance
Our work has been undertaken in accordance with ICAEW Technical Release 07/16 AAF.
Pitts & SeeUs
Chartered Accountants
Studio 6
6 Hornsey Street
London
N7 8GR
4 April 2024
Totty Pharmacy Limited
Registered number: 08468007
Balance Sheet
as at 30 September 2023
Notes 30/9/23 31/3/23
£ £
Fixed assets
Intangible assets 3 869,250 874,000
Tangible assets 4 42,451 44,905
911,701 918,905
Current assets
Stocks - 55,475
Debtors 5 67,884 274,878
Cash at bank and in hand - 403,624
67,884 733,977
Creditors: amounts falling due within one year 6 - (161,479)
Net current assets 67,884 572,498
Net assets 979,585 1,491,403
Capital and reserves
Called up share capital 608,425 608,425
Profit and loss account 371,160 882,978
Shareholders' funds 979,585 1,491,403
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.
Mrs P Patel
Director
Approved by the board on 4 April 2024
Totty Pharmacy Limited
Notes to the Accounts
for the period from 1 April 2023 to 30 September 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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
Leasehold land and buildings over the lease term 15 years
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 30/9/23 31/3/23
Number Number
Average number of persons employed by the company 6 6
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2023 950,000
At 30 September 2023 950,000
Amortisation
At 1 April 2023 76,000
Provided during the period 4,750
At 30 September 2023 80,750
Net book value
At 30 September 2023 869,250
At 31 March 2023 874,000
Goodwill is being written off in equal annual instalments over its estimated economic life of 25 years.
4 Tangible fixed assets
Leasehold Property Plant and machinery etc Total
£ £ £
Cost
At 1 April 2023 34,240 30,894 65,134
At 30 September 2023 34,240 30,894 65,134
Depreciation
At 1 April 2023 6,848 13,381 20,229
Charge for the period 1,141 1,313 2,454
At 30 September 2023 7,989 14,694 22,683
Net book value
At 30 September 2023 26,251 16,200 42,451
At 31 March 2023 27,392 17,513 44,905
5 Debtors 30/9/23 31/3/23
£ £
Trade debtors - 119,641
Amor Pharma Ltd 66,774 -
Other debtors 1,110 155,237
67,884 274,878
6 Creditors: amounts falling due within one year 30/9/23 31/3/23
£ £
Trade creditors - 101,758
Taxation and social security costs - 50,080
Other creditors - 9,641
- 161,479
7 Other information
Totty Pharmacy Limited is a private company limited by shares and incorporated in England. Its registered office is:
Studio 6
6 Hornsey Street
London
N7 8GR
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