Caseware UK (AP4) 2023.0.135 2023.0.135 2023-10-312023-10-31falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false2022-11-01Community pharmacy1212truetrue 09807074 2022-11-01 2023-10-31 09807074 2021-11-01 2022-10-31 09807074 2023-10-31 09807074 2022-10-31 09807074 c:Director2 2022-11-01 2023-10-31 09807074 d:Buildings 2022-11-01 2023-10-31 09807074 d:Buildings 2023-10-31 09807074 d:Buildings 2022-10-31 09807074 d:Buildings d:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 09807074 d:FurnitureFittings 2022-11-01 2023-10-31 09807074 d:FurnitureFittings 2023-10-31 09807074 d:FurnitureFittings 2022-10-31 09807074 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 09807074 d:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 09807074 d:Goodwill 2022-11-01 2023-10-31 09807074 d:Goodwill 2023-10-31 09807074 d:Goodwill 2022-10-31 09807074 d:CurrentFinancialInstruments 2023-10-31 09807074 d:CurrentFinancialInstruments 2022-10-31 09807074 d:Non-currentFinancialInstruments 2023-10-31 09807074 d:Non-currentFinancialInstruments 2022-10-31 09807074 d:CurrentFinancialInstruments d:WithinOneYear 2023-10-31 09807074 d:CurrentFinancialInstruments d:WithinOneYear 2022-10-31 09807074 d:Non-currentFinancialInstruments d:AfterOneYear 2023-10-31 09807074 d:Non-currentFinancialInstruments d:AfterOneYear 2022-10-31 09807074 d:UKTax 2022-11-01 2023-10-31 09807074 d:UKTax 2021-11-01 2022-10-31 09807074 d:ShareCapital 2023-10-31 09807074 d:ShareCapital 2022-10-31 09807074 d:RetainedEarningsAccumulatedLosses 2023-10-31 09807074 d:RetainedEarningsAccumulatedLosses 2022-10-31 09807074 c:FRS102 2022-11-01 2023-10-31 09807074 c:AuditExempt-NoAccountantsReport 2022-11-01 2023-10-31 09807074 c:FullAccounts 2022-11-01 2023-10-31 09807074 c:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 09807074 d:Goodwill d:OwnedIntangibleAssets 2022-11-01 2023-10-31 09807074 e:PoundSterling 2022-11-01 2023-10-31 iso4217:GBP xbrli:pure

Registered number: 09807074










LAM PHARMACY & HEALTH LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 OCTOBER 2023

 
LAM PHARMACY & HEALTH LIMITED
REGISTERED NUMBER: 09807074

STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 5 
496,948
627,637

Tangible assets
 6 
130,003
146,283

  
626,951
773,920

Current assets
  

Stocks
  
63,847
61,820

Debtors: amounts falling due within one year
 7 
186,849
206,043

Cash at bank and in hand
  
108,713
117,082

  
359,409
384,945

Creditors: amounts falling due within one year
 8 
(336,565)
(349,057)

Net current assets
  
 
 
22,844
 
 
35,888

Total assets less current liabilities
  
649,795
809,808

Creditors: amounts falling due after more than one year
 9 
(715,570)
(840,942)

Provisions for liabilities
  

Deferred tax
  
(2,599)
(5,070)

  
 
 
(2,599)
 
 
(5,070)

Net liabilities
  
(68,374)
(36,204)


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(68,474)
(36,304)

  
(68,374)
(36,204)


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.
Page 1

 
LAM PHARMACY & HEALTH LIMITED
REGISTERED NUMBER: 09807074
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 OCTOBER 2023


The Company has opted not to file the income statement 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 4 April 2024.




Mr Sai-Wen Lam
Director

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
LAM PHARMACY & HEALTH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

1.


General information

Lam Pharmacy & Health Limited is a private company, limited by share capital, incorporated in England
and Wales under registration number 09807074. The address of the registered office is situated at 37
Warren Street, London, W1T 6AD.  

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 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

Going concern

The financial statements have been prepared on the assumption that the company will have the continued financial support of the shareholder. The shareholder of the company has sufficient resources to finance the company as and when the need arises.
The financial statements have been prepared on a going concern basis which is dependent on the financial support of the shareholder to ensure that the company will continue in operational existence for the foreseeable future.

Page 3

 
LAM PHARMACY & HEALTH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
LAM PHARMACY & HEALTH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.5

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Income statement over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.6

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, using the reducing balance/straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
2%
straight line
Fixtures and fittings
-
20%
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.

 
2.7

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Page 5

 
LAM PHARMACY & HEALTH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.8

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.

 
2.9

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.

 
2.10

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.


3.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Employees
12
12

Page 6

 
LAM PHARMACY & HEALTH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

4.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
31,360
32,187


31,360
32,187


Total current tax
31,360
32,187

Deferred tax


Origination and reversal of timing differences
(2,471)
(2,637)

Total deferred tax
(2,471)
(2,637)


Taxation on profit on ordinary activities
28,889
29,550

Factors affecting tax charge for the year

There were no factors that affected the tax charge for the year which has been calculated on the profits on ordinary activities before tax at the standard rate of corporation tax in the UK of  19%/25% (2022 - 19%)



Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 7

 
LAM PHARMACY & HEALTH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

5.


Intangible assets




Goodwill

£



Cost


At 1 November 2022
1,306,886



At 31 October 2023

1,306,886



Amortisation


At 1 November 2022
679,249


Charge for the year on owned assets
130,689



At 31 October 2023

809,938



Net book value



At 31 October 2023
496,948



At 31 October 2022
627,637



Page 8

 
LAM PHARMACY & HEALTH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

6.


Tangible fixed assets





Freehold property
Fixtures and fittings
Total

£
£
£



Cost or valuation


At 1 November 2022
130,000
83,604
213,604


Additions
-
5,931
5,931


Disposals
-
(2,840)
(2,840)



At 31 October 2023

130,000
86,695
216,695



Depreciation


At 1 November 2022
10,400
56,921
67,321


Charge for the year on owned assets
2,600
17,339
19,939


Disposals
-
(568)
(568)



At 31 October 2023

13,000
73,692
86,692



Net book value



At 31 October 2023
117,000
13,003
130,003



At 31 October 2022
119,600
26,683
146,283


7.


Debtors

2023
2022
£
£


Trade debtors
170,261
161,917

VAT repayable
13,161
42,886

Prepayments
3,427
1,240

186,849
206,043


Page 9

 
LAM PHARMACY & HEALTH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
118,312
143,091

Trade creditors
182,048
171,289

Corporation tax payable
31,360
32,187

Other taxation and social security
3,993
1,767

Pension payable
852
723

336,565
349,057


Bank loan of £107,593 (2022 - £107,332) secured by a fixed and floating charge over the assets of the company. Bank loan of £10,719 (2022 - £35,759) is unsecured bounce back loan received by the company.


9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
387,301
478,871

Directors' loan account
328,269
362,071

715,570
840,942


Bank loan of £368,730 (2022 - £443,112) secured by a fixed and floating charge over the assets of the company. Bank loan of £18,571 (2022 - £35,759) is unsecured bounce back loan received by the company.


10.


Controlling party

The company is under the control of the directors, Mr Sai-Wen Lam (50% share) and his spouse Mrs Fung Ling Lam (50% share), by virtue of the fact that between them they own the entire issued share capital of the company.

Page 10