IRIS Accounts Production v24.1.4.33 00648468 Board of Directors 1.2.23 31.1.24 31.1.24 false true false false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh006484682023-01-31006484682024-01-31006484682023-02-012024-01-31006484682022-01-31006484682022-02-012023-01-31006484682023-01-3100648468ns15:EnglandWales2023-02-012024-01-3100648468ns14:PoundSterling2023-02-012024-01-3100648468ns10:Director12023-02-012024-01-3100648468ns10:PrivateLimitedCompanyLtd2023-02-012024-01-3100648468ns10:SmallEntities2023-02-012024-01-3100648468ns10:AuditExempt-NoAccountantsReport2023-02-012024-01-3100648468ns10:SmallCompaniesRegimeForDirectorsReport2023-02-012024-01-3100648468ns10:SmallCompaniesRegimeForAccounts2023-02-012024-01-3100648468ns10:FullAccounts2023-02-012024-01-310064846812023-02-012024-01-3100648468ns10:OrdinaryShareClass12023-02-012024-01-3100648468ns10:Director22023-02-012024-01-3100648468ns10:Director32023-02-012024-01-3100648468ns10:Director42023-02-012024-01-3100648468ns10:CompanySecretary12023-02-012024-01-3100648468ns10:RegisteredOffice2023-02-012024-01-3100648468ns5:CurrentFinancialInstruments2024-01-3100648468ns5:CurrentFinancialInstruments2023-01-3100648468ns5:Non-currentFinancialInstruments2024-01-3100648468ns5:Non-currentFinancialInstruments2023-01-3100648468ns5:ShareCapital2024-01-3100648468ns5:ShareCapital2023-01-3100648468ns5:CapitalRedemptionReserve2024-01-3100648468ns5:CapitalRedemptionReserve2023-01-3100648468ns5:RetainedEarningsAccumulatedLosses2024-01-3100648468ns5:RetainedEarningsAccumulatedLosses2023-01-3100648468ns5:NetGoodwill2023-02-012024-01-3100648468ns5:OwnedOrFreeholdAssetsns5:LandBuildings2023-02-012024-01-3100648468ns5:LongLeaseholdAssetsns5:LandBuildings2023-02-012024-01-3100648468ns5:MotorVehicles2023-02-012024-01-3100648468ns5:ComputerEquipment2023-02-012024-01-3100648468ns5:NetGoodwill2023-01-3100648468ns5:NetGoodwill2024-01-3100648468ns5:NetGoodwill2023-01-3100648468ns5:LandBuildings2023-01-3100648468ns5:LongLeaseholdAssetsns5:LandBuildings2023-01-3100648468ns5:MotorVehicles2023-01-3100648468ns5:ComputerEquipment2023-01-3100648468ns5:LandBuildings2023-02-012024-01-3100648468ns5:LandBuildings2024-01-3100648468ns5:LongLeaseholdAssetsns5:LandBuildings2024-01-3100648468ns5:MotorVehicles2024-01-3100648468ns5:ComputerEquipment2024-01-3100648468ns5:LandBuildings2023-01-3100648468ns5:LongLeaseholdAssetsns5:LandBuildings2023-01-3100648468ns5:MotorVehicles2023-01-3100648468ns5:ComputerEquipment2023-01-3100648468ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-01-3100648468ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-01-3100648468ns5:CurrentFinancialInstruments2023-02-012024-01-3100648468ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2024-01-3100648468ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-01-3100648468ns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2024-01-3100648468ns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2023-01-3100648468ns5:Non-currentFinancialInstruments2023-02-012024-01-3100648468ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-01-3100648468ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-01-3100648468ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2024-01-3100648468ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2023-01-3100648468ns5:HirePurchaseContracts2024-01-3100648468ns5:HirePurchaseContracts2023-01-3100648468ns5:WithinOneYear2024-01-3100648468ns5:WithinOneYear2023-01-3100648468ns5:BetweenOneFiveYears2024-01-3100648468ns5:BetweenOneFiveYears2023-01-3100648468ns5:MoreThanFiveYears2024-01-3100648468ns5:MoreThanFiveYears2023-01-3100648468ns5:AllPeriods2024-01-3100648468ns5:AllPeriods2023-01-3100648468ns10:OrdinaryShareClass12024-01-31
REGISTERED NUMBER: 00648468 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024

FOR

MASON & SON (CHEMISTS) LIMITED

MASON & SON (CHEMISTS) LIMITED (REGISTERED NUMBER: 00648468)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


MASON & SON (CHEMISTS) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2024







Directors: Mr G Mason
Mrs H J Lumb
Mrs J C Mason
Mr C Mason





Secretary: Mr G Mason





Registered office: 63 North Street
Whitwick
Leicestershire
LE67 5HB





Registered number: 00648468 (England and Wales)





Accountants: Haines Watts
Chartered Accountants
10 Stadium Business Court
Millennium Way
Pride Park
Derby
DE24 8HP

MASON & SON (CHEMISTS) LIMITED (REGISTERED NUMBER: 00648468)

BALANCE SHEET
31 JANUARY 2024

2024 2023
Notes £ £
Fixed assets
Intangible assets 4 178,850 200,595
Tangible assets 5 228,486 99,748
407,336 300,343

Current assets
Stocks 6 365,598 407,501
Debtors 7 811,849 819,286
Cash at bank and in hand 310,500 574,977
1,487,947 1,801,764
Creditors
Amounts falling due within one year 8 (1,031,058 ) (1,143,156 )
Net current assets 456,889 658,608
Total assets less current liabilities 864,225 958,951

Creditors
Amounts falling due after more than one
year

9

(374,382

)

(415,290

)
Net assets 489,843 543,661

Capital and reserves
Called up share capital 11 1,600 1,600
Capital redemption reserve 12 400 400
Retained earnings 12 487,843 541,661
Shareholders' funds 489,843 543,661

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 1 July 2024 and were signed on its behalf by:



Mr G Mason - Director


MASON & SON (CHEMISTS) LIMITED (REGISTERED NUMBER: 00648468)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1. STATUTORY INFORMATION

Mason & Son (Chemists) Limited is a private company, limited by shares , registered in England and Wales.
The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102
"The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2018, is being amortised evenly over its estimated useful life of fifteen years.

Goodwill arises on business acquisitions and represents the excess of the cost of acquisition over the company's interest in the net amount of identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over the useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Freehold property - 4% on cost
Long leasehold property - 5% on cost
Motor vehicles - 25% on cost
Equipment - 10% on cost

Tangible fixed assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. Current or deferred taxation assets and liabilities are not discounted. Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

MASON & SON (CHEMISTS) LIMITED (REGISTERED NUMBER: 00648468)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's
pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 104 (2023 - 109 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£
Cost
At 1 February 2023
and 31 January 2024 370,916
Amortisation
At 1 February 2023 170,321
Amortisation for year 21,745
At 31 January 2024 192,066
Net book value
At 31 January 2024 178,850
At 31 January 2023 200,595

5. TANGIBLE FIXED ASSETS
Long
Freehold leasehold Motor
property property vehicles Equipment Totals
£ £ £ £ £
Cost
At 1 February 2023 176,701 76,681 54,180 677,075 984,637
Additions - - - 176,168 176,168
At 31 January 2024 176,701 76,681 54,180 853,243 1,160,805
Depreciation
At 1 February 2023 128,070 69,603 40,645 646,571 884,889
Charge for year 261 600 6,768 39,801 47,430
At 31 January 2024 128,331 70,203 47,413 686,372 932,319
Net book value
At 31 January 2024 48,370 6,478 6,767 166,871 228,486
At 31 January 2023 48,631 7,078 13,535 30,504 99,748

Within motor vehicles is an asset under a hire purchase agreement. The net book value as at the year-end was £6,767 (2023: £13,536). Depreciation has been charged of £6,768 (2023: £6,768).

6. STOCKS
2024 2023
£ £
Stocks 365,598 407,501

MASON & SON (CHEMISTS) LIMITED (REGISTERED NUMBER: 00648468)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade debtors 678,439 695,511
VAT 90,661 81,506
Prepayments 42,749 42,269
811,849 819,286

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Bank loans and overdrafts 51,100 51,099
Hire purchase contracts (see note 10) 1,957 1,957
Trade creditors 886,690 977,096
Tax - 7,884
Social security and other taxes 20,083 16,918
Other creditors - 1,483
Accrued expenses 71,228 86,719
1,031,058 1,143,156

Hire purchase contracts are secured against the assets to which they relate.

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£ £
Bank loans - 2-5 years 204,400 204,400
Bank loans - over 5 years 156,156 195,107
Hire purchase contracts (see note 10) 13,826 15,783
374,382 415,290

Amounts falling due in more than five years:

Repayable by instalments
Bank loans - over 5 years 156,156 195,107

The above loan is secured by a fixed charge and a floating charge on the property of the company.
Hire purchase contracts are secured against the assets in which they relate.

10. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£ £
Net obligations repayable:
Within one year 1,957 1,957
Between one and five years 13,826 15,783
15,783 17,740

MASON & SON (CHEMISTS) LIMITED (REGISTERED NUMBER: 00648468)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

10. LEASING AGREEMENTS - continued

Non-cancellable
operating leases
2024 2023
£ £
Within one year 88,402 72,184
Between one and five years 273,476 210,696
In more than five years 548,096 286,870
909,974 569,750

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
1,600 Ordinary £1 1,600 1,600

12. RESERVES
Capital
Retained redemption
earnings reserve Totals
£ £ £

At 1 February 2023 541,661 400 542,061
Deficit for the year (36,973 ) (36,973 )
Dividends (16,845 ) (16,845 )
At 31 January 2024 487,843 400 488,243

13. RELATED PARTY TRANSACTIONS

The directors own the premises from which the Coalville shop operates. During the year, a rental charge of
£20,400 (2023 - £20,400) has been incurred by the company.