Company registration number 06271526 (England and Wales)
AUSTINOMA CHEMIST LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 APRIL 2023
PAGES FOR FILING WITH REGISTRAR
AUSTINOMA CHEMIST LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
AUSTINOMA CHEMIST LIMITED (REGISTERED NUMBER: 06271526)
BALANCE SHEET
AS AT 28 APRIL 2023
28 April 2023
- 1 -
28 April 2023
29 April 2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
25,000
50,000
Current assets
Stocks
57,104
33,999
Debtors
4
127,615
102,897
Cash at bank and in hand
10,543
46,240
195,262
183,136
Creditors: amounts falling due within one year
5
(135,142)
(113,734)
Net current assets
60,120
69,402
Total assets less current liabilities
85,120
119,402
Creditors: amounts falling due after more than one year
6
(83,804)
(88,287)
Net assets
1,316
31,115
Capital and reserves
Called up share capital
7
2
2
Profit and loss reserves
1,314
31,113
Total equity
1,316
31,115

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial Period ended 28 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the Period in question in accordance with section 476.

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

AUSTINOMA CHEMIST LIMITED (REGISTERED NUMBER: 06271526)
BALANCE SHEET (CONTINUED)
AS AT 28 APRIL 2023
28 April 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 24 July 2024 and are signed on its behalf by:
A Achunine
Director
AUSTINOMA CHEMIST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 APRIL 2023
- 3 -
1
Accounting policies
Company information

Austinoma Chemist Limited is a private company limited by shares incorporated in England and Wales. The registered office is 19/21 Swan Street, West Malling, Kent, ME19 6JU.

1.1
Reporting period

The company accounts are presented for a period shorter than a year, covering the period from the 30th of April 2022 to the 28th of April 2023

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.3
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Turnover for the sale of goods is recognised when all of the following conditions are met:

AUSTINOMA CHEMIST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 APRIL 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

1.7
Taxation

The tax expense represents the sum of the tax currently payable.

1.8
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Employees

The average monthly number of persons (including directors) employed by the company during the Period was:

2023
2022
Number
Number
Total
2
2
AUSTINOMA CHEMIST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 APRIL 2023
- 5 -
3
Intangible fixed assets
Goodwill
£
Cost
At 30 April 2022 and 28 April 2023
250,000
Amortisation and impairment
At 30 April 2022
200,000
Amortisation charged for the Period
25,000
At 28 April 2023
225,000
Carrying amount
At 28 April 2023
25,000
At 29 April 2022
50,000
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
107,289
81,975
Other debtors
20,326
20,922
127,615
102,897
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
13,401
9,727
Trade creditors
52,089
22,975
Taxation and social security
18,324
31,941
Other creditors
51,328
49,091
135,142
113,734
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
21,595
31,568
Other creditors
62,209
56,719
83,804
88,287
AUSTINOMA CHEMIST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 APRIL 2023
- 6 -
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
1
1
1
1
Ordinary A of £1 each
1
1
1
1
2
2
2
2
8
Financial commitments, guarantees and contingent liabilities

During the 2021 accounting period, the company borrowed £50,000 from its bankers for a Bounce Back Loan. As part of this loan scheme, the UK government guaranteed the advance and paid the interest and fees due for the first 12 months. At the balance sheet date, the outstanding amount was £31,568 (2022: £41,295) and was included within creditors due within one year and over one year on the balance sheet. The interest rate on the loan is 2.5% per annum.

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