Registered number
06305132
SPRINGFIELD PHARMACY (RICHMOND) LIMITED
Unaudited Filleted Accounts
31 July 2023
SPRINGFIELD PHARMACY (RICHMOND) LIMITED
Registered number: 06305132
Balance Sheet
as at 31 July 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 89,845 113,803
Tangible assets 4 331,168 343,159
421,013 456,962
Current assets
Stocks 108,254 110,276
Debtors 5 937,119 822,546
Cash at bank and in hand 27,065 56,631
1,072,438 989,453
Creditors: amounts falling due within one year 6 (445,393) (551,911)
Net current assets 627,045 437,542
Total assets less current liabilities 1,048,058 894,504
Creditors: amounts falling due after more than one year 7 (161,899) (177,214)
Net assets 886,159 717,290
Capital and reserves
Called up share capital 100 100
Share premium 70,000 70,000
Profit and loss account 816,059 647,190
Shareholder's funds 886,159 717,290
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
Sam Hedayati
Director
Approved by the board on 15 May 2024
SPRINGFIELD PHARMACY (RICHMOND) LIMITED
Notes to the Accounts
for the year ended 31 July 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 (as applied to small entities by section 1A of the standard).
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.
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:
Freehold buildings Nil
Buildings 10% on cost
Plant and machinery 25% on cost
Fixtures and fittings 25% on cost
Office equipment 33% on cost
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities, and contingent liabilities of the entity recognized at the date of acquisition. Goodwill is initially recognized as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. It is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets to write off the cost, less any estimated residual value, over their useful life as follows:
Asset Class Amortisation method and rate
Goodwill 5% on cost
Cash and cash equivalents
Cash and cash equivalents consist of cash on hand, 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.
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 labor 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.
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.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 3 2
3 Intangible fixed assets £
Goodwill:
Cost
At 1 August 2022 479,165
At 31 July 2023 479,165
Amortisation
At 1 August 2022 365,362
Provided during the year 23,958
At 31 July 2023 389,320
Net book value
At 31 July 2023 89,845
At 31 July 2022 113,803
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 August 2022 380,000 20,000 78,476 478,476
At 31 July 2023 380,000 20,000 78,476 478,476
Depreciation
At 1 August 2022 48,000 20,000 67,317 135,317
Charge for the year 8,000 - 3,991 11,991
At 31 July 2023 56,000 20,000 71,308 147,308
Net book value
At 31 July 2023 324,000 - 7,168 331,168
At 31 July 2022 332,000 - 11,159 343,159
5 Debtors 2023 2022
£ £
Trade debtors 84,069 108,617
Other debtors 853,050 713,929
937,119 822,546
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 13,314 8,780
Trade creditors 220,879 319,848
Accruals 2,750 2,750
Taxation and social security costs 40,407 39,379
Other creditors 168,043 181,154
445,393 551,911
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 161,899 177,214
8 Other information
SPRINGFIELD PHARMACY (RICHMOND) LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
277-279 Chiswick High Road
London
W4 4PU
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