9
false
false
false
false
false
false
false
false
false
true
false
false
false
false
true
false
No description of principal activity
2022-08-01
Sage Accounts Production Advanced 2021 - FRS102_2021
550,000
275,000
55,000
330,000
220,000
275,000
xbrli:pure
xbrli:shares
iso4217:GBP
06485658
2022-08-01
2023-07-31
06485658
2023-07-31
06485658
2022-07-31
06485658
2021-08-01
2022-07-31
06485658
2022-07-31
06485658
core:NetGoodwill
2022-08-01
2023-07-31
06485658
core:PlantMachinery
2022-08-01
2023-07-31
06485658
core:MotorVehicles
2022-08-01
2023-07-31
06485658
bus:RegisteredOffice
2022-08-01
2023-07-31
06485658
bus:OrdinaryShareClass1
2022-08-01
2023-07-31
06485658
bus:LeadAgentIfApplicable
2022-08-01
2023-07-31
06485658
bus:Director1
2022-08-01
2023-07-31
06485658
core:NetGoodwill
2022-07-31
06485658
core:NetGoodwill
2023-07-31
06485658
core:PlantMachinery
2022-07-31
06485658
core:MotorVehicles
2022-07-31
06485658
core:PlantMachinery
2023-07-31
06485658
core:MotorVehicles
2023-07-31
06485658
core:WithinOneYear
2023-07-31
06485658
core:WithinOneYear
2022-07-31
06485658
core:ShareCapital
2023-07-31
06485658
core:ShareCapital
2022-07-31
06485658
core:RetainedEarningsAccumulatedLosses
2023-07-31
06485658
core:RetainedEarningsAccumulatedLosses
2022-07-31
06485658
core:NetGoodwill
2022-07-31
06485658
core:PlantMachinery
2022-07-31
06485658
core:MotorVehicles
2022-07-31
06485658
bus:SmallEntities
2022-08-01
2023-07-31
06485658
bus:AuditExemptWithAccountantsReport
2022-08-01
2023-07-31
06485658
bus:FullAccounts
2022-08-01
2023-07-31
06485658
bus:SmallCompaniesRegimeForAccounts
2022-08-01
2023-07-31
06485658
bus:PrivateLimitedCompanyLtd
2022-08-01
2023-07-31
06485658
bus:OrdinaryShareClass1
2023-07-31
06485658
bus:OrdinaryShareClass1
2022-07-31
COMPANY REGISTRATION NUMBER:
06485658
Filleted Unaudited Financial Statements |
|
Year ended 31 July 2023
Officers and professional advisers |
1 |
|
|
Statement of financial position |
2 |
|
|
Notes to the financial statements |
4 |
|
|
Officers and Professional Advisers |
|
Registered office |
78 Langland Bay Road |
|
Langland |
|
Swansea |
|
Wales |
|
SA3 4QR |
|
|
Accountants |
James & Uzzell Ltd |
|
Chartered Certified Accountants |
|
Axis 15, Axis Court |
|
Mallard Way |
|
Riverside Business Park |
|
Swansea |
|
SA7 0AJ |
|
|
Statement of Financial Position |
|
31 July 2023
FIXED ASSETS
Intangible assets |
5 |
220,000 |
275,000 |
Tangible assets |
6 |
3,415 |
4,055 |
|
--------- |
--------- |
|
223,415 |
279,055 |
|
|
|
|
CURRENT ASSETS
Stocks |
7 |
28,500 |
31,500 |
Debtors |
8 |
185,762 |
174,583 |
Cash at bank and in hand |
44,439 |
47,469 |
|
--------- |
--------- |
|
258,701 |
253,552 |
|
|
|
|
CREDITORS: amounts falling due within one year |
9 |
253,863 |
307,972 |
|
--------- |
--------- |
NET CURRENT ASSETS/(LIABILITIES) |
4,838 |
(
54,420) |
|
--------- |
--------- |
TOTAL ASSETS LESS CURRENT LIABILITIES |
228,253 |
224,635 |
|
|
|
|
PROVISIONS |
510 |
594 |
|
--------- |
--------- |
NET ASSETS |
227,743 |
224,041 |
|
--------- |
--------- |
|
|
|
CAPITAL AND RESERVES
Called up share capital |
10 |
1,000 |
1,000 |
Profit and loss account |
226,743 |
223,041 |
|
--------- |
--------- |
SHAREHOLDERS FUNDS |
227,743 |
224,041 |
|
--------- |
--------- |
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
;
-
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
Statement of Financial Position (continued) |
|
31 July 2023
These financial statements were approved by the
board of directors
and authorised for issue on
18 April 2024
, and are signed on behalf of the board by:
Mr S Palmer
Mr S Palmer
Director
Company registration number:
06485658
Notes to the Financial Statements |
|
Year ended 31 July 2023
1.
GENERAL INFORMATION
Garnant Pharmacy Limited
is a private company limited by shares incorporated in England & Wales, United Kingdom. The address of the registered office is given in the company information on page 1 of these financial statements. The nature of the company's operations and principal activities are pharmacy services.
2.
STATEMENT OF COMPLIANCE
The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 'The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102)', Section 1A for Small Entities and the Companies Act 2006.
3.
ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1. The reporting period of these financial statements and its comparative period is 12 months. These financial statements only include the results of the individual entity made up to 31 July 2023. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Leases
Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.
Going concern
The director has considered the future trading position of the company and is confident that the going concern principle can be applied to the financial statements.
Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
Judgements and key sources of estimation uncertainty
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of asset and liabilities within the next financial year are addressed below. Useful economic lives of tangible assets The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and physical condition of the assets. Stock provision The company sells pharmacy products. As a result it is necessary to consider the recoverability of the cost of stock and the associated provisioning required. When calculating the stock provision, management considers the nature and condition of the stock, as well as applying assumptions around anticipated saleability. Impairment of debtors The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. Goodwill and intangible fixed assets Accounting standards require the recognition of intangible assets as part of a business combination. The methods used to value such intangible assets require the use of estimates. Future results are impacted by the amortisation periods adopted and changes to the estimated useful lives would result in different effects on the profit and loss account and balance sheet. Goodwill is amortised and tested at least annually for impairment along with finite lives of intangible assets and other assets. Tests for impairment are based on subjective assumptions. Going Concern The assessment of going concern may include the use of critical judgements in respect of impact of various external factors such as political, economic and social issues. Material uncertainties are considered in this regard
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows: Sale of goods Turnover from the sale of medical and orthopaedic goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. Rendering of services When the outcome of a transaction can be estimated reliably, turnover is recognised by reference to the stage of completion at the balance sheet date. Interest receivable Interest income is recognised using the effective interest method. Other Income Other income is reported on date of receipt.
Tax
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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 balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.
Intangible assets - goodwill
Goodwill arising on business combinations is capitalised, classified as an asset on the balance sheet. Provision is made for any impairment.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
|
Goodwill |
- |
10% straight line |
|
|
|
|
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Plant and machinery |
- |
15% reducing balance |
|
Motor vehicles |
- |
25% straight line |
|
|
|
|
Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.
Employee benefits
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to
9
(2022:
8
).
5.
INTANGIBLE ASSETS
|
Goodwill |
|
£ |
Cost |
|
At 1 August 2022 and 31 July 2023 |
550,000 |
|
--------- |
Amortisation |
|
At 1 August 2022 |
275,000 |
Charge for the year |
55,000 |
|
--------- |
At 31 July 2023 |
330,000 |
|
--------- |
Carrying amount |
|
At 31 July 2023 |
220,000 |
|
--------- |
At 31 July 2022 |
275,000 |
|
--------- |
|
|
6.
TANGIBLE ASSETS
|
Plant and machinery |
Motor vehicles |
Total |
|
£ |
£ |
£ |
Cost |
|
|
|
At 1 August 2022 and 31 July 2023 |
2,913 |
2,500 |
5,413 |
|
------ |
------ |
------ |
Depreciation |
|
|
|
At 1 August 2022 |
733 |
625 |
1,358 |
Charge for the year |
327 |
313 |
640 |
|
------ |
------ |
------ |
At 31 July 2023 |
1,060 |
938 |
1,998 |
|
------ |
------ |
------ |
Carrying amount |
|
|
|
At 31 July 2023 |
1,853 |
1,562 |
3,415 |
|
------ |
------ |
------ |
At 31 July 2022 |
2,180 |
1,875 |
4,055 |
|
------ |
------ |
------ |
|
|
|
|
7.
STOCKS
|
2023 |
2022 |
|
£ |
£ |
Raw materials and consumables |
28,500 |
31,500 |
|
-------- |
-------- |
|
|
|
8.
DEBTORS
|
2023 |
2022 |
|
£ |
£ |
Other debtors |
185,762 |
174,583 |
|
--------- |
--------- |
|
|
|
9.
CREDITORS:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Trade creditors |
140,154 |
137,634 |
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
54,349 |
119,418 |
Corporation tax |
26,860 |
30,075 |
Other creditors |
32,500 |
20,845 |
|
--------- |
--------- |
|
253,863 |
307,972 |
|
--------- |
--------- |
|
|
|
10.
CALLED UP SHARE CAPITAL
Issued, called up and fully paid
|
2023 |
2022 |
|
No. |
£ |
No. |
£ |
Ordinary shares of £ 1 each |
1,000 |
1,000 |
1,000 |
1,000 |
|
------ |
------ |
------ |
------ |
|
|
|
|
|
11.
RELATED PARTY TRANSACTIONS
Exemption under Section 33.1A has been claimed to not disclose transactions for 100% group companies.
12.
PARENT
The ultimate parent company is S P (Swansea) Limited, a company registered in England & Wales. It's registered office is that disclosed on page 1 of these financial statements.