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COMPANY REGISTRATION NUMBER: 916481
B Newton (Chemists) Limited
Filleted Unaudited Financial Statements
31 August 2023
B Newton (Chemists) Limited
Financial Statements
Year ended 31 August 2023
Contents
Page
Officers and professional advisers
1
Chartered certified accountants report to the board of directors on the preparation of the unaudited statutory financial statements
2
Statement of financial position
3
Notes to the financial statements
5
B Newton (Chemists) Limited
Officers and Professional Advisers
The board of directors
Mr S Hikmet
Mrs B Hikmet
Company secretary
Mrs B Hikmet
Registered office
727-729 High Road
London
N12 0BP
Accountants
Complete Accounting Solutions
Chartered Certified Accountants
727-729 High Road
London
N12 0BP
B Newton (Chemists) Limited
Chartered Certified Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of B Newton (Chemists) Limited
Year ended 31 August 2023
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31 August 2023, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Complete Accounting Solutions Chartered Certified Accountants
727-729 High Road London N12 0BP
B Newton (Chemists) Limited
Statement of Financial Position
31 August 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
41,684
55,578
Current assets
Stocks
59,110
55,519
Debtors
6
463,787
105,966
Cash at bank and in hand
545,204
690,262
------------
---------
1,068,101
851,747
Creditors: amounts falling due within one year
7
213,026
329,330
------------
---------
Net current assets
855,075
522,417
---------
---------
Total assets less current liabilities
896,759
577,995
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
896,659
577,895
---------
---------
Shareholders funds
896,759
577,995
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 August 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
B Newton (Chemists) Limited
Statement of Financial Position (continued)
31 August 2023
These financial statements were approved by the board of directors and authorised for issue on 13 August 2024 , and are signed on behalf of the board by:
Mr S Hikmet
Director
Company registration number: 916481
B Newton (Chemists) Limited
Notes to the Financial Statements
Year ended 31 August 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 727-729 High Road, London, N12 0BP.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date .
Operating leases
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% reducing balance
Fixtures and fittings
-
25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 8 (2022: 8 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Total
£
£
£
Cost
At 1 September 2022 and 31 August 2023
141,613
261,237
402,850
---------
---------
---------
Depreciation
At 1 September 2022
138,520
208,752
347,272
Charge for the year
773
13,121
13,894
---------
---------
---------
At 31 August 2023
139,293
221,873
361,166
---------
---------
---------
Carrying amount
At 31 August 2023
2,320
39,364
41,684
---------
---------
---------
At 31 August 2022
3,093
52,485
55,578
---------
---------
---------
6. Debtors
2023
2022
£
£
Trade debtors
68,058
Other debtors
463,787
37,908
---------
---------
463,787
105,966
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
190,074
180,729
Corporation tax
100,213
94,011
Social security and other taxes
3,561
3,616
Other creditors
( 80,822)
50,974
---------
---------
213,026
329,330
---------
---------
The overdraft is secured by way of a fixed and floating charge over all of the company's assets in favour of Svenska Handelsbanken Ab (Publ).