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Registration number: 10849226

Prepared for the registrar

NKLA Healthcare Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2023

 

NKLA Healthcare Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

NKLA Healthcare Limited

Company Information

Directors

Mr N Patel

Mrs K N Patel

Registered office

Rowlands Castle Pharmacy
12 The Green
Rowlands Castle
Hampshire
PO9 6BN

Accountants

Hazlewoods LLP
Staverton Court
Staverton
Cheltenham
GL51 0UX

 

NKLA Healthcare Limited

(Registration number: 10849226)
Balance Sheet as at 31 October 2023

Note

2023
 £

2022
 £

Fixed assets

 

Intangible assets

4

972,637

699,138

Tangible assets

5

265,226

248,069

Investments

6

1,000,147

1,000,147

 

2,238,010

1,947,354

Current assets

 

Stocks

105,000

56,580

Debtors

7

586,856

736,560

Cash at bank and in hand

 

141,119

41,747

 

832,975

834,887

Creditors: Amounts falling due within one year

8

(1,042,919)

(1,050,364)

Net current liabilities

 

(209,944)

(215,477)

Total assets less current liabilities

 

2,028,066

1,731,877

Creditors: Amounts falling due after more than one year

8

(1,130,498)

(1,172,311)

Deferred tax liabilities

10

(4,681)

(1,289)

Net assets

 

892,887

558,277

Capital and reserves

 

Called up share capital

11

100

100

Profit and loss account

892,787

558,177

Total equity

 

892,887

558,277

For the financial year ending 31 October 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 3 April 2024 and signed on its behalf by:
 


Mr N Patel
Director

 

NKLA Healthcare Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 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:
Rowlands Castle Pharmacy
12 The Green
Rowlands Castle
Hampshire
PO9 6BN

 

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

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

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
 

Judgements

No significant judgements have been made by management in preparing these financial statements.

Key sources of estimation uncertainty

No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

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 and after eliminating sales within the company.

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.

 

NKLA Healthcare Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge 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.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position 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

Plant and machinery

10%/15% written down value

Office equipment

33% written down value

Motor vehicles

25% written down value

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Goodwill

Goodwill is amortised over its useful life, estimated by the directors to be 20 years.

Intangible assets

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 recognised at the date of acquisition. Goodwill is initially recognised 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.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 

NKLA Healthcare Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

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. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. 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 debtors.

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.

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 all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

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.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

NKLA Healthcare Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was as follows:

 

NKLA Healthcare Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

 

4

Intangible assets

Goodwill
 £

Total
£

Cost

At 1 November 2022

932,108

932,108

Additions acquired separately

327,029

327,029

At 31 October 2023

1,259,137

1,259,137

Amortisation

At 1 November 2022

232,970

232,970

Amortisation charge

53,530

53,530

At 31 October 2023

286,500

286,500

Carrying amount

At 31 October 2023

972,637

972,637

At 31 October 2022

699,138

699,138

 

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost

At 1 November 2022

188,590

31,643

71,458

291,691

Additions

-

12,517

37,233

49,750

Disposals

-

-

(32,463)

(32,463)

At 31 October 2023

188,590

44,160

76,228

308,978

Depreciation

At 1 November 2022

6,601

13,182

23,875

43,658

Charge for the year

3,772

4,188

12,672

20,632

Eliminated on disposal

-

-

(20,538)

(20,538)

At 31 October 2023

10,373

17,370

16,009

43,752

Carrying amount

At 31 October 2023

178,217

26,790

60,219

265,226

At 31 October 2022

181,989

18,497

47,583

248,069

Included within the net book value of land and buildings above is £178,217 (2022 - £181,989) in respect of freehold land and buildings.
 

 

NKLA Healthcare Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

 

6

Investments

2023
£

2022
£

Investments in subsidiaries

1,000,147

1,000,147

Subsidiaries

£

Cost

At 1 November 2022

1,000,147

At 31 October 2023

1,000,147

Carrying amount

At 31 October 2023

1,000,147

At 31 October 2022

1,000,147

 

7

Debtors

2023
 £

2022
 £

Trade debtors

360,970

134,870

Other debtors

225,886

601,690

 

586,856

736,560

 

8

Creditors

Note

2023
 £

2022
 £

Due within one year

 

Loans and borrowings

9

98,926

143,770

Trade creditors

 

469,642

408,882

Amounts due to group undertakings

199,450

434,423

Social security and other taxes

 

-

873

Other creditors

 

274,901

62,416

 

1,042,919

1,050,364

The bank loans are secured over the assets of the company.

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

1,130,498

1,172,311

-

-

 

NKLA Healthcare Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

 

9

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

98,926

143,770

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

1,130,498

1,172,311

The bank loans are secured over the assets of the company.

Included in the loans and borrowings are the following amounts due after more than five years:

Bank loans and overdrafts after five years

2023
£

2022
£

After more than five years by instalments

788,016

612,044

-

-

 

10

Deferred tax

Deferred tax assets and liabilities

2023

Liability
£

Capital allowances in excess of depreciation

4,681

4,681

2022

Liability
£

Capital allowances in excess of depreciation

1,289

1,289

 

11

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A shares of £1 each

51

51

51

51

Ordinary B shares of £1 each

49

49

49

49

 

100

100

100

100

The different classes of share referred to above carry separate rights to dividends but, in all other significant respects, rank pari passu.