Company registration number 07132172 (England and Wales)
ALLBRO'S PHARMACY LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
PAGES FOR FILING WITH REGISTRAR
ALLBRO'S PHARMACY LTD
COMPANY INFORMATION
Directors
M Sheikh
T Sheikh
(Appointed 1 May 2024)
Company number
07132172
Registered office
56 Parksway
Prestwich
Manchester
M25 0JB
Accountants
M J Goldman (Chartered Accountants)
Hollinwood Business Centre
Albert Street
Oldham
Lancashire
OL8 3QL
Business address
106 Broughton Lane
Salford
M7 1UF
ALLBRO'S PHARMACY LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
ALLBRO'S PHARMACY LTD
BALANCE SHEET
AS AT
31 JULY 2023
31 July 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
243,408
296,679
Current assets
Stocks
58,500
95,000
Debtors
4
469,959
357,623
Cash at bank and in hand
183,518
135,390
711,977
588,013
Creditors: amounts falling due within one year
5
(304,375)
(253,559)
Net current assets
407,602
334,454
Total assets less current liabilities
651,010
631,133
Creditors: amounts falling due after more than one year
6
(58,045)
(94,097)
Provisions for liabilities
(60,852)
(56,369)
Net assets
532,113
480,667
Capital and reserves
Called up share capital
7
3
3
Profit and loss reserves
532,110
480,664
Total equity
532,113
480,667

For the financial year ended 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 30 July 2024 and are signed on its behalf by:
M Sheikh
Director
Company Registration No. 07132172
ALLBRO'S PHARMACY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
- 2 -
1
Accounting policies
Company information

Allbro's Pharmacy Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 56 Parksway, Prestwich, Manchester, M25 0JB.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, except for modification to a fair value basis where specified in the accounting policies below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

Revenue is recognised as earned, when, and to the extent that, the company obtains the right to consideration in exchange for goods and services it has provided.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
10% straight line
Plant and machinery
10% straight line
Fixtures, fittings & equipment
15% reducing balance
Computer equipment
33.3% straight line
Motor vehicles
25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

ALLBRO'S PHARMACY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 3 -
1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Basic financial assets, which include debtors and cash, together with basic financial liabilities, including creditors, are initially recognised at transaction cost and not amortised as they are either receivable or payable within one year.

 

Creditors payable after one year constitutes hire purchase agreements and a bank loan with a market rate of interest being applied. This is recognised in full.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.7
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.8
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

ALLBRO'S PHARMACY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 4 -
1.9
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

 

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Employees

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

2023
2022
Number
Number
Total
13
11
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 August 2022
88,104
364,405
452,508
Additions
2,899
1,200
4,099
Disposals
-
0
(15,629)
(15,629)
At 31 July 2023
91,003
349,976
440,979
Depreciation and impairment
At 1 August 2022
19,054
136,776
155,831
Depreciation charged in the year
9,068
39,682
48,750
Eliminated in respect of disposals
-
0
(7,009)
(7,009)
At 31 July 2023
28,122
169,449
197,571
Carrying amount
At 31 July 2023
62,881
180,527
243,408
At 31 July 2022
69,050
227,629
296,679
ALLBRO'S PHARMACY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 5 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
278,114
213,591
Other debtors
191,845
144,032
469,959
357,623
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
10,834
10,494
Trade creditors
212,624
159,722
Taxation and social security
44,299
30,179
Other creditors
36,618
53,164
304,375
253,559

As at 31 July 2023, the company had outstanding hire purchase liabilities totalling £63,234 (2022 - £93,830), which are secured over the related assets. Of this liability, the amount due within one year is £26,021 (2022 - £30,566). The remaining balance of £37,213 (2022 - £63,264) is due after one year

6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
20,833
30,833
Other creditors
37,212
63,264
58,045
94,097
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
3
3
3
3
8
Financial commitments, guarantees and contingent liabilities

The company has provided a guarantee for a loan provided by Santander, for a mortgage held by a connected company, Allbro's Properties Limited. The total amounts due as at 31 July 2023, were £83,656 (2022 : £89,428), with amounts due over one year of £70,322 (2022 : £84,349).

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