9 false false false false false false false false false false true false false false false false false No description of principal activity 2023-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 785,000 608,375 39,250 647,625 137,375 176,625 11,600 10,475 22,075 3,986 3,986 18,089 11,600 xbrli:pure xbrli:shares iso4217:GBP 05965364 2023-01-01 2023-12-31 05965364 2023-12-31 05965364 2022-12-31 05965364 2022-01-01 2022-12-31 05965364 2022-12-31 05965364 2021-12-31 05965364 core:FurnitureFittings 2023-01-01 2023-12-31 05965364 bus:Director1 2023-01-01 2023-12-31 05965364 core:WithinOneYear 2023-12-31 05965364 core:WithinOneYear 2022-12-31 05965364 core:NetGoodwill 2022-12-31 05965364 core:NetGoodwill 2023-12-31 05965364 core:LandBuildings 2022-12-31 05965364 core:FurnitureFittings 2022-12-31 05965364 core:LandBuildings 2023-12-31 05965364 core:FurnitureFittings 2023-12-31 05965364 core:AfterOneYear 2023-12-31 05965364 core:AfterOneYear 2022-12-31 05965364 core:ShareCapital 2023-12-31 05965364 core:ShareCapital 2022-12-31 05965364 core:RetainedEarningsAccumulatedLosses 2023-12-31 05965364 core:RetainedEarningsAccumulatedLosses 2022-12-31 05965364 core:NetGoodwill 2023-01-01 2023-12-31 05965364 core:NetGoodwill 2022-12-31 05965364 core:CostValuation core:Non-currentFinancialInstruments 2022-12-31 05965364 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2023-12-31 05965364 core:CostValuation core:Non-currentFinancialInstruments 2023-12-31 05965364 core:FurtherSpecificIncreaseDecreaseInProvisionsForImpairmentInvestments1ComponentCorrespondingTotal core:Non-currentFinancialInstruments 2023-12-31 05965364 core:Non-currentFinancialInstruments core:ProvisionsForImpairmentInvestments 2023-12-31 05965364 core:Non-currentFinancialInstruments 2023-12-31 05965364 core:Non-currentFinancialInstruments 2022-12-31 05965364 core:LandBuildings 2022-12-31 05965364 core:FurnitureFittings 2022-12-31 05965364 bus:SmallEntities 2023-01-01 2023-12-31 05965364 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 05965364 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 05965364 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 05965364 bus:FullAccounts 2023-01-01 2023-12-31 05965364 core:OfficeEquipment 2023-01-01 2023-12-31 05965364 core:OfficeEquipment 2022-12-31 05965364 core:OfficeEquipment 2023-12-31
COMPANY REGISTRATION NUMBER: 05965364
Redwood Pharmacy Limited
Filleted Unaudited Financial Statements
31 December 2023
Redwood Pharmacy Limited
Financial Statements
Year ended 31 December 2023
Contents
Page
Balance sheet
1
Notes to the financial statements
3
Redwood Pharmacy Limited
Balance Sheet
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Intangible assets
5
137,375
176,625
Tangible assets
6
52,292
50,220
Investments
7
18,089
11,600
---------
---------
207,756
238,445
Current assets
Stocks
26,270
22,570
Debtors
8
99,314
108,012
Cash at bank and in hand
397,523
385,730
---------
---------
523,107
516,312
Creditors: amounts falling due within one year
9
196,479
214,729
---------
---------
Net current assets
326,628
301,583
---------
---------
Total assets less current liabilities
534,384
540,028
Creditors: amounts falling due after more than one year
10
103,124
24,233
Provisions
Taxation including deferred tax
12,662
9,161
---------
---------
Net assets
418,598
506,634
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
11
418,498
506,534
---------
---------
Shareholders funds
418,598
506,634
---------
---------
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 31 December 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 .
Redwood Pharmacy Limited
Balance Sheet (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 9 August 2024 , and are signed on behalf of the board by:
Mr R K Shah
Director
Company registration number: 05965364
Redwood Pharmacy Limited
Notes to the Financial Statements
Year ended 31 December 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 Kimberley House, 31 Burnt Oak Broadway, Edgware, London, HA8 5LD.
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 and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Deferred tax
Full provision is made for deferred tax assets and liabilities arising from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes.
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
-
20 years straight line
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.
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:
Fixtures and fittings
-
15% reducing balance
Equipment
-
25% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 9 (2022: 10 ).
5. Intangible assets
Goodwill
£
Cost
At 1 January 2023 and 31 December 2023
785,000
---------
Amortisation
At 1 January 2023
608,375
Charge for the year
39,250
---------
At 31 December 2023
647,625
---------
Carrying amount
At 31 December 2023
137,375
---------
At 31 December 2022
176,625
---------
6. Tangible assets
Land and buildings
Fixtures and fittings
Equipment
Total
£
£
£
£
Cost
At 1 January 2023
763
93,264
41,953
135,980
Additions
14,128
14,128
----
--------
--------
---------
At 31 December 2023
763
93,264
56,081
150,108
----
--------
--------
---------
Depreciation
At 1 January 2023
54,870
30,890
85,760
Charge for the year
5,759
6,297
12,056
----
--------
--------
---------
At 31 December 2023
60,629
37,187
97,816
----
--------
--------
---------
Carrying amount
At 31 December 2023
763
32,635
18,894
52,292
----
--------
--------
---------
At 31 December 2022
763
38,394
11,063
50,220
----
--------
--------
---------
7. Investments
Other investments other than loans
£
Cost
At 1 January 2023
11,600
Additions
10,475
--------
At 31 December 2023
22,075
--------
Impairment
At 1 January 2023
Revaluations
3,986
--------
At 31 December 2023
3,986
--------
Carrying amount
At 31 December 2023
18,089
--------
At 31 December 2022
11,600
--------
8. Debtors
2023
2022
£
£
Trade debtors
63,805
67,545
Other debtors
35,509
40,467
--------
---------
99,314
108,012
--------
---------
9. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
151,471
134,567
Accruals and deferred income
2,180
1,508
Corporation tax
25,443
53,136
Social security and other taxes
5,643
5,239
Other creditors
11,742
20,279
---------
---------
196,479
214,729
---------
---------
10. Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
103,124
24,233
---------
--------
At the reporting date, the company owed £103,124 (2022: £24,233) to the directors in respect of their interest free loan which does not have a fixed repayment date. The directors do not foresee any amount of the loan to be repaid within 12 months of the reporting date and therefore this has been disclosed under amounts falling due after more than one year.
11. Reserves
2023 2022
£ £
Distributable reserves 422,484 506,534
Fair value loss on investment (3,986)
--------- ---------
418,498 506,534
--------- ---------