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Registered number: 04455203
Modbury Pharmacy Limited
Unaudited Financial Statements
For The Year Ended 30 November 2023
Hutchings Accountants Ltd
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 04455203
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 401,520 424,940
Tangible Assets 5 119,532 139,476
521,052 564,416
CURRENT ASSETS
Stocks 6 185,646 173,913
Debtors 7 444,184 398,018
Cash at bank and in hand 71,342 49,344
701,172 621,275
Creditors: Amounts Falling Due Within One Year 8 (512,335 ) (494,268 )
NET CURRENT ASSETS (LIABILITIES) 188,837 127,007
TOTAL ASSETS LESS CURRENT LIABILITIES 709,889 691,423
Creditors: Amounts Falling Due After More Than One Year 9 (14,667 ) (22,667 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (12,632 ) (14,897 )
NET ASSETS 682,590 653,859
CAPITAL AND RESERVES
Called up share capital 10 110 110
Profit and Loss Account 682,480 653,749
SHAREHOLDERS' FUNDS 682,590 653,859
Page 1
Page 2
For the year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Philip Dawes
Director
03/05/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Modbury Pharmacy Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04455203 . The registered office is 140 King Street, Stonehouse, Plymouth, Devon, PL1 5JE.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of .... years.
2.4. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are .... It is amortised to profit and loss account over its estimated economic life of .... years.
2.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings 15% Reducing Balance
Computer Equipment 25% Reducing Balance
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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.
...CONTINUED
Page 3
Page 4
2.7. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 32 (2022: 34)
32 34
4. Intangible Assets
Goodwill Other Total
£ £ £
Cost
As at 1 December 2022 568,269 2,757 571,026
As at 30 November 2023 568,269 2,757 571,026
Amortisation
As at 1 December 2022 145,856 230 146,086
Provided during the period - 689 689
Impairment losses 22,731 - 22,731
As at 30 November 2023 168,587 919 169,506
Net Book Value
As at 30 November 2023 399,682 1,838 401,520
As at 1 December 2022 422,413 2,527 424,940
5. Tangible Assets
Land & Property
Leasehold Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 December 2022 194,088 279,963 2,844 476,895
As at 30 November 2023 194,088 279,963 2,844 476,895
Depreciation
As at 1 December 2022 134,965 200,563 1,891 337,419
Provided during the period 7,796 11,910 238 19,944
As at 30 November 2023 142,761 212,473 2,129 357,363
Net Book Value
As at 30 November 2023 51,327 67,490 715 119,532
As at 1 December 2022 59,123 79,400 953 139,476
Page 4
Page 5
6. Stocks
2023 2022
£ £
Stock 185,646 173,913
7. Debtors
2023 2022
£ £
Due within one year
Trade debtors 303,200 328,490
Other debtors 140,984 69,528
444,184 398,018
8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 416,032 380,986
Bank loans and overdrafts 8,000 8,000
Other creditors 68,006 87,658
Taxation and social security 20,297 17,624
512,335 494,268
9. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 14,667 22,667
10. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 110 110
Page 5