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REGISTERED NUMBER: SC244685 (Scotland)













FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2023

FOR

SALWAN PHARMACY LIMITED

SALWAN PHARMACY LIMITED (REGISTERED NUMBER: SC244685)

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


SALWAN PHARMACY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2023







DIRECTORS: N Salwan
N Aggarwal





SECRETARY: N Aggarwal





REGISTERED OFFICE: 4 Lynedoch Place
Glasgow
G3 6AB





REGISTERED NUMBER: SC244685 (Scotland)





ACCOUNTANTS: Bannerman Johnstone Maclay
213 St Vincent Street
Glasgow
G2 5QY

SALWAN PHARMACY LIMITED (REGISTERED NUMBER: SC244685)

BALANCE SHEET
31 MAY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 195,276 269,095
Tangible assets 5 94,539 103,250
Investments 6 168,681 267,663
458,496 640,008

CURRENT ASSETS
Stocks 82,034 109,218
Debtors 7 2,235,138 1,576,410
Cash at bank and in hand 370,839 831,541
2,688,011 2,517,169
CREDITORS
Amounts falling due within one year 8 1,238,513 1,324,970
NET CURRENT ASSETS 1,449,498 1,192,199
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,907,994

1,832,207

CREDITORS
Amounts falling due after more than one
year

9

752,338

820,488
NET ASSETS 1,155,656 1,011,719

CAPITAL AND RESERVES
Called up share capital 3 3
Share premium 479,001 479,001
Capital redemption reserve 1 1
Retained earnings 676,651 532,714
SHAREHOLDERS' FUNDS 1,155,656 1,011,719

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 directors acknowledge their 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.

SALWAN PHARMACY LIMITED (REGISTERED NUMBER: SC244685)

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 Board of Directors and authorised for issue on 17 April 2024 and were signed on its behalf by:





N Salwan - Director


SALWAN PHARMACY LIMITED (REGISTERED NUMBER: SC244685)

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


1. STATUTORY INFORMATION

Salwan Pharmacy Limited is a private company, limited by shares , registered in Scotland. 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 as modified by the revaluation of certain assets.

The directors renegotiated the company's banking facilities during the year and consider it appropriate to prepare the financial statements on the going concern basis.

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

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2016, is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost, 15% on reducing balance and 10% on cost

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

SALWAN PHARMACY LIMITED (REGISTERED NUMBER: SC244685)

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


2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include certain debtors and cash and bank balances, are initially measured at transaction price including transactions costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including certain creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 37 (2022 - 33 ) .

SALWAN PHARMACY LIMITED (REGISTERED NUMBER: SC244685)

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 1,252,190
AMORTISATION
At 1 June 2022 983,095
Charge for year 73,819
At 31 May 2023 1,056,914
NET BOOK VALUE
At 31 May 2023 195,276
At 31 May 2022 269,095

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 June 2022 321,804
Additions 21,549
At 31 May 2023 343,353
DEPRECIATION
At 1 June 2022 218,554
Charge for year 30,260
At 31 May 2023 248,814
NET BOOK VALUE
At 31 May 2023 94,539
At 31 May 2022 103,250

SALWAN PHARMACY LIMITED (REGISTERED NUMBER: SC244685)

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


6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST OR VALUATION
At 1 June 2022 267,663
Disposals (100,000 )
Revaluations 1,018
At 31 May 2023 168,681
NET BOOK VALUE
At 31 May 2023 168,681
At 31 May 2022 267,663

Cost or valuation at 31 May 2023 is represented by:

Other
investments
£   
Valuation in 2023 31,081
Cost 137,600
168,681

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 266,425 279,150
Amounts owed by related undertakings 1,736,122 1,216,794
Other debtors 232,591 80,466
2,235,138 1,576,410

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 94,726 121,302
Trade creditors 679,753 711,072
Amounts owed to related undertakings 2,101 2,101
Taxation and social security 235,864 179,089
Other creditors 226,069 311,406
1,238,513 1,324,970

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 752,338 820,488

SALWAN PHARMACY LIMITED (REGISTERED NUMBER: SC244685)

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


10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 847,064 941,790