6 false false false false false false false false false true false false false false false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2021 - FRS102_2021 250,000 249,999 1 1 xbrli:pure xbrli:shares iso4217:GBP 03734812 2023-04-01 2024-03-31 03734812 2024-03-31 03734812 2023-03-31 03734812 2022-04-01 2023-03-31 03734812 2023-03-31 03734812 core:FurnitureFittings 2023-04-01 2024-03-31 03734812 core:MotorVehicles 2023-04-01 2024-03-31 03734812 core:NetGoodwill 2023-04-01 2024-03-31 03734812 bus:Director1 2023-04-01 2024-03-31 03734812 core:WithinOneYear 2024-03-31 03734812 core:WithinOneYear 2023-03-31 03734812 core:NetGoodwill 2024-03-31 03734812 core:LandBuildings 2023-03-31 03734812 core:FurnitureFittings 2023-03-31 03734812 core:MotorVehicles 2023-03-31 03734812 core:LandBuildings 2024-03-31 03734812 core:FurnitureFittings 2024-03-31 03734812 core:MotorVehicles 2024-03-31 03734812 core:LandBuildings 2023-04-01 2024-03-31 03734812 core:ShareCapital 2024-03-31 03734812 core:ShareCapital 2023-03-31 03734812 core:RetainedEarningsAccumulatedLosses 2024-03-31 03734812 core:RetainedEarningsAccumulatedLosses 2023-03-31 03734812 core:NetGoodwill 2023-03-31 03734812 core:LandBuildings 2023-03-31 03734812 core:FurnitureFittings 2023-03-31 03734812 core:MotorVehicles 2023-03-31 03734812 bus:SmallEntities 2023-04-01 2024-03-31 03734812 bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 03734812 bus:FullAccounts 2023-04-01 2024-03-31 03734812 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 03734812 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 03734812 core:LandBuildings core:OwnedOrFreeholdAssets 2023-04-01 2024-03-31
COMPANY REGISTRATION NUMBER: 03734812
Shan Chemist Limited
Filleted Unaudited Financial Statements
31 March 2024
Shan Chemist Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Intangible assets
5
1
1
Tangible assets
6
111,704
122,821
---------
---------
111,705
122,822
Current assets
Stocks
30,446
29,730
Debtors
7
80,457
92,968
Cash at bank and in hand
72,780
107,136
---------
---------
183,683
229,834
Creditors: amounts falling due within one year
8
( 150,269)
( 139,902)
---------
---------
Net current assets
33,414
89,932
---------
---------
Total assets less current liabilities
145,119
212,754
Provisions
Taxation including deferred tax
( 11,518)
( 10,519)
---------
---------
Net assets
133,601
202,235
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
133,501
202,135
---------
---------
Shareholders funds
133,601
202,235
---------
---------
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 income and retained earnings has not been delivered.
For the year ending 31st March 2024 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 .
Shan Chemist Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 2 August 2024 , and are signed on behalf of the board by:
Mr S H Patel
Director
Company registration number: 03734812
Shan Chemist Limited
Notes to the Financial Statements
Year ended 31st March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 6 Bruce Grove, London, N17 6RA.
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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key estimates and assumptions that have a significant impact on the amounts recognised in the financial statements are set out below. The company exercises judgement to determine useful lives of tangible and intangible fixed assets. All tangible and intangible fixed assets are depreciated and amortised respectively over their estimated useful lives. Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Revenue recognition
Turnover represents amounts receivable for sale of prescriptions and other counter goods exclusive of discounts and Value Added Tax. Revenue from NHS goods and services are recognised on a receivable basis and counter goods are recognised at the point of cash receipt.
Taxation
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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the 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 its 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 ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
Over 20 years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated 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:
Freehold property
-
Straight line over 50 years
Fixtures and fittings
-
25% reducing balance
Motor Vehicles
-
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.
Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans from related parties. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Defined contribution plans
The company operates a defined contribution scheme for its employees under Auto Enrolment Scheme. Contributions payable are charged to the profit and loss account in the year they are payable.
Debtors
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Creditors
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2023: 5 ).
5. Intangible assets
Goodwill
£
Cost
At 1st April 2023 and 31st March 2024
250,000
---------
Amortisation
At 1st April 2023 and 31st March 2024
249,999
---------
Carrying amount
At 31st March 2024
1
---------
At 31st March 2023
1
---------
6. Tangible assets
Land and buildings
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1st April 2023
120,000
88,077
58,000
266,077
Additions
7,128
7,128
Disposals
( 19,188)
( 19,188)
---------
--------
--------
---------
At 31st March 2024
120,000
76,017
58,000
254,017
---------
--------
--------
---------
Depreciation
At 1st April 2023
52,800
75,956
14,500
143,256
Charge for the year
2,400
4,759
10,875
18,034
Disposals
( 18,977)
( 18,977)
---------
--------
--------
---------
At 31st March 2024
55,200
61,738
25,375
142,313
---------
--------
--------
---------
Carrying amount
At 31st March 2024
64,800
14,279
32,625
111,704
---------
--------
--------
---------
At 31st March 2023
67,200
12,121
43,500
122,821
---------
--------
--------
---------
7. Debtors
2024
2023
£
£
Trade debtors
71,883
82,676
Prepayments and accrued income
3,693
3,483
Other debtors
4,881
6,809
--------
--------
80,457
92,968
--------
--------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
100,991
104,220
Accruals and deferred income
5,163
4,655
Corporation tax
33,619
24,053
Social security and other taxes
2,144
977
Director loan accounts
2,400
1,220
Other creditors
5,952
4,777
---------
---------
150,269
139,902
---------
---------
9. Related party transactions
Included in creditors due within one year is a loan of £2,400 (2023: £1,220) from the directors. This loan is interest-free and has no fixed repayment term.