Registered number
01877389
DEEN PHARMACY LTD
Report and Accounts
31 October 2023
DEEN PHARMACY LTD
Registered number: 01877389
Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 159,504 187,645
Tangible assets 4 31,317 34,359
190,821 222,004
Current assets
Stocks 237,126 195,711
Debtors 5 503,909 448,591
Cash at bank and in hand 1,001,482 1,123,557
1,742,517 1,767,859
Creditors: amounts falling due within one year 6 (558,967) (728,500)
Net current assets 1,183,550 1,039,359
Total assets less current liabilities 1,374,371 1,261,363
Creditors: amounts falling due after more than one year 7 (211,000) (211,000)
Net assets 1,163,371 1,050,363
Capital and reserves
Called up share capital 10,000 10,000
Profit and loss account 1,153,371 1,040,363
Shareholders' funds 1,163,371 1,050,363
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.
M S Akhtar
Director
Approved by the board on 16 March 2024
DEEN PHARMACY LTD
Notes to the Accounts
for the year ended 31 October 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.
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:
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 are recognised when the Company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation taking into account the risks and uncertainties surrounding the obligation.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
For a defined benefit scheme, the liability recorded in the balance sheet is the present value of the defined obligation at that date. The defined benefit obligation is calculated on an annual basis by independent actuaries.
Actuarial gains and losses are recognised in full in the period in which they occur and are shown in Other Comprehensive Income.
Current and past service costs, along with settlements or curtailments, are charged to the Income Statement. Interest on pension plan liabilities are recognised within finance expense.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 30 29
3 Intangible fixed assets £
Goodwill:
Cost
At 1 November 2022 1,368,500
At 31 October 2023 1,368,500
Amortisation
At 1 November 2022 1,180,855
Provided during the year 28,141
At 31 October 2023 1,208,996
Net book value
At 31 October 2023 159,504
At 31 October 2022 187,645
Goodwill is being written off in equal annual instalments over its estimated economic life of 20 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 November 2022 124,037
Additions 1,871
At 31 October 2023 125,908
Depreciation
At 1 November 2022 89,678
Charge for the year 4,913
At 31 October 2023 94,591
Net book value
At 31 October 2023 31,317
At 31 October 2022 34,359
5 Debtors 2023 2022
£ £
Trade debtors 298,811 256,811
Other debtors 205,098 191,780
503,909 448,591
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 448,823 457,167
Directors loan account 14,853 239,726
Corporation tax 47,183 (11,954)
Other taxes and social security costs 6,867 5,419
Other creditors 41,241 38,142
558,967 728,500
7 Creditors: amounts falling due after one year 2023 2022
£ £
Pension scheme liability 211,000 211,000
8 Pension Costs
Employer Pension Obligation
The Company has agreed to fund a defined benefit pension scheme in respect of key employees. The most recent actuarial valuation of the obligations of £211,000 (2022 - £211,000) was on 31/10/2023. During the year the expense incurred was £nil (2022 - £5,000)
The principal assumptions used are:
- Discount rate - 1.5%
- Inflation RPI - 3.8%
- Inflation CPI - 2.7%
- Pre and post Retirement mortality - S3PMA tables with improvements in the CMI 2020 model and
a long term rate of improvement of 1%
2023 2022
£ £
Present value of defined benefit obligation 211,000 211,000
Fair value of scheme asset - -
Liability recognised in the balance sheet 211,000 211,000
Movement in the present value of the defined benefit obligations were as follows:
2023 2022
£ £
At the beginning of the year 211,000 318,000
Current service cost - -
Interest cost - 5,000
Acturial losses - (112,000)
At the end of the year 211,000 211,000
9 Controlling party
The company is controlled by Mr M Akhtar and Mrs N Saeed by virtue of their majority shareholdings and the directorship in the company.
10 Other information
DEEN PHARMACY LTD is a private company limited by shares and incorporated in England. Its registered office is:
Brae Cottage
Woodford Road
Wilmslow
Cheshire
SK9 2LS
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