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Registration number: 00551393

F.Crossley (Chemists) Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

 

F.Crossley (Chemists) Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 9

 

F.Crossley (Chemists) Limited

Company Information

Directors

Mr SR Walker

Mr MS Walker

Mrs C Walker

Company secretary

Mr SR Walker

Registered office

273 Lytham Road
Blackpool
Lancashire
FY4 1DP

Accountants

Crossley & Davis Chartered Accountants
Ground Floor, Seneca House
Links Point, Amy Johnson Way
Blackpool
Lancashire
FY4 2FF

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
F.Crossley (Chemists) Limited
for the Year Ended 30 November 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of F.Crossley (Chemists) Limited for the year ended 30 November 2023 as set out on pages 3 to 9 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 (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of F.Crossley (Chemists) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of F.Crossley (Chemists) Limited and state those matters that we have agreed to state to the Board of Directors of F.Crossley (Chemists) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than F.Crossley (Chemists) Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that F.Crossley (Chemists) Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of F.Crossley (Chemists) Limited. You consider that F.Crossley (Chemists) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of F.Crossley (Chemists) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Crossley & Davis Chartered Accountants
Ground Floor, Seneca House
Links Point, Amy Johnson Way
Blackpool
Lancashire
FY4 2FF

7 April 2024

 

F.Crossley (Chemists) Limited

(Registration number: 00551393)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

128,080

64,767

Current assets

 

Stocks

5

93,362

109,680

Debtors

6

193,132

186,837

Cash at bank and in hand

 

299,528

332,112

 

586,022

628,629

Creditors: Amounts falling due within one year

7

(275,669)

(242,932)

Net current assets

 

310,353

385,697

Total assets less current liabilities

 

438,433

450,464

Provisions for liabilities

(13,343)

(1,204)

Net assets

 

425,090

449,260

Capital and reserves

 

Called up share capital

8

220

220

Revaluation reserve

73,878

73,878

Retained earnings

350,992

375,162

Shareholders' funds

 

425,090

449,260

For the financial year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 7 April 2024 and signed on its behalf by:
 

 

F.Crossley (Chemists) Limited

(Registration number: 00551393)
Balance Sheet as at 30 November 2023

.........................................
Mr SR Walker
Company secretary and director

 

F.Crossley (Chemists) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
273 Lytham Road
Blackpool
Lancashire
FY4 1DP

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

F.Crossley (Chemists) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold property

over 50 years straight line

Fixtures & Fittings

15% reducing balance

Motor Vehicles

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

 

F.Crossley (Chemists) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 17 (2022 - 18).

 

F.Crossley (Chemists) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 December 2022

152,869

79,311

6,413

238,593

Additions

-

73,400

-

73,400

At 30 November 2023

152,869

152,711

6,413

311,993

Depreciation

At 1 December 2022

96,772

71,881

5,173

173,826

Charge for the year

2,833

6,944

310

10,087

At 30 November 2023

99,605

78,825

5,483

183,913

Carrying amount

At 30 November 2023

53,264

73,886

930

128,080

At 30 November 2022

56,097

7,430

1,240

64,767

Included within the net book value of land and buildings above is £42,043 (2022 - £44,876) in respect of freehold land and buildings and £11,221 (2022 - £11,221) in respect of short leasehold land and buildings.
 

5

Stocks

2023
£

2022
£

Raw materials and consumables

93,362

109,680

 

F.Crossley (Chemists) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

6

Debtors

Current

2023
£

2022
£

Trade debtors

170,632

165,860

Prepayments

3,254

2,744

Other debtors

19,246

18,233

 

193,132

186,837

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

226,488

171,678

Taxation and social security

22,622

47,544

Accruals and deferred income

14,836

13,297

Other creditors

11,723

10,413

275,669

242,932

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A shares of £1 each

110

110

110

110

Ordinary B shares of £1 each

110

110

110

110

 

220

220

220

220