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Registration number: SC491313

Wellbeing Rushport (Middlewich) Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

 

Wellbeing Rushport (Middlewich) Limited

Contents

Company Information

1

Statement of Directors' Responsibilities

2

Accountants' Report

3

Balance Sheet

4

Notes to the Financial Statements

5 to 10

 

Wellbeing Rushport (Middlewich) Limited

Company Information

Directors

Mr M A Hedley

Mr K A Murphy

Mr F T Gourlay

Mr G P Rowley

Registered office




Registration number

31 Townsend Place
Kirkcaldy
Fife
KY1 1HB

SC491313 (Scotland)

Accountants

Brown, Scott & Main
Chartered Accountants
91 West Savile Terrace
Edinburgh
Lothian
EH9 3DP

 

Wellbeing Rushport (Middlewich) Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Wellbeing Rushport (Middlewich) Limited
for the Year Ended 30 November 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Wellbeing Rushport (Middlewich) Limited for the year ended 30 November 2023 as set out on pages 4 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of The Institute of Chartered Accountants of Scotland, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance

This report is made solely to you, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial information of Wellbeing Rushport (Middlewich) Limited and state those matters that we have agreed to state to you in this report in accordance with the requirements of The Institute of Chartered Accountants of Scotland as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its directors for our work or for this report.

It is your duty to ensure that Wellbeing Rushport (Middlewich) Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Wellbeing Rushport (Middlewich) Limited. You consider that Wellbeing Rushport (Middlewich) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Wellbeing Rushport (Middlewich) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Brown, Scott & Main
Chartered Accountants
91 West Savile Terrace
Edinburgh
Lothian
EH9 3DP

23 August 2024

 

Wellbeing Rushport (Middlewich) Limited

(Registration number: SC491313)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

6

5,979

6,479

Tangible assets

7

217,333

217,837

 

223,312

224,316

Current assets

 

Stocks

47,982

49,981

Debtors

8

96,995

112,659

Cash at bank and in hand

 

45,204

60,022

 

190,181

222,662

Creditors: Amounts falling due within one year

9

(180,425)

(183,636)

Net current assets

 

9,756

39,026

Total assets less current liabilities

 

233,068

263,342

Creditors: Amounts falling due after more than one year

9

(24,022)

(33,688)

Provisions for liabilities

11

(22,409)

(21,421)

Net assets

 

186,637

208,233

Capital and reserves

 

Called up share capital

600

600

Share premium reserve

99,800

99,800

Retained earnings

86,237

107,833

Shareholders' funds

 

186,637

208,233

For the financial year ending 30 November 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 22 August 2024 and signed on its behalf by:
 

.........................................
Mr F T Gourlay
Director

 

Wellbeing Rushport (Middlewich) Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

1

General information

The Company is a private limited company limited by share capital incorporated in Scotland.

The address of its registered office is:
31 Townsend Place
Kirkcaldy
Fife
KY1 1HB
UK

The principal place of business is:
70 Warmingham Lane
Middlewich
Cheshire
CW10 0DJ
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Basis of preparation

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

The operational and presentation currency is sterling.

Turnover

Turnover represents sales of pharmaceutical products, excluding value added tax and net of discounts allowed, recognised when goods are despatched or provided to customers.

Intangible assets

Intangible assets are initially measured at cost and comprise a licence fee paid to obtain permission to operate the company’s pharmacy. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

The company’s licence is amortised on the straight-line basis over its estimated life of 20 years. This is a departure from the requirements of section 1A of FRS 102 which requires intangible assets to be amortised over a period not exceeding 10 years where it is not possible to make a reliable estimate of the useful life. The directors believe the company’s licence has a lifespan longer than 10 years and consider 20 years is a more accurate period for amortisation of the licence.

If the licence had been amortised over 10 years the amortisation charge to the profit and loss account would have been £1,000 (2022 £1,000), resulting in an increase in loss of £500 (2022 £500).

Tangible assets

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Depreciation is charged so as to write off the cost less residual value of each asset over its useful life at the following annual rates:

Leasehold improvements

5% straight line

Plant & equipment

10% straight line

Office equipment

20% straight line

Fixtures & fittings

10% straight line

Motor vehicles

25% straight line

 

Wellbeing Rushport (Middlewich) Limited

Notes to the Financial Statements for the Year Ended 30 November 2023


Impairment of assets
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

Stock

Stock is valued at the lower of cost and net realisable value, after making due allowances for obsolete and slow moving items, and comprises pharmaceutical products for resale.

Financial instruments

Financial instruments are recognised in the company’s balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic Financial Assets
Basic financial assets, which include stocks, debtors, and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market value rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of Financial Liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic Financial Liabilities
Basic financial liabilities, which include creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Tax

Taxation for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, 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.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

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.

Going concern

The financial statements have been prepared on the going concern basis. At 30 November 2023, the company had incurred a loss of £21,596 (2022 profit of £8,179) and had net assets of £186,637 (2022 £208,233). The directors consider the going concern basis is appropriate as the company is able to meet its day to day working capital requirements as they fall due and the directors expect it to be able to continue to do so with the continuing support, if required, of Wellbeing Pharmacies Limited.

 

Wellbeing Rushport (Middlewich) Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

Government grants

Grants that are received in respect of expenditure incurred by the entity are recognised in profit and loss in the period when the grant becomes receivable. No grants were received in the year to 30 November 2023 nor 30 November 2022.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Defined contribution pension obligation

The company operates a defined contribution pension scheme whose assets are held separately from those of the company in independently administered funds. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3

Staff numbers

The average number of persons employed by the company during the year, was 10 (2022 - 11).

4

Other operating income

2023

2022

£

£

Post office income

12,875

13,788

Net income / (expenditure) from property rental

695

(10,016)

Other income

5,060

-

18,630

3,772

5

Taxation

The tax charge / (credit) on the profit for the year was as follows:

2023

2022

£

£

UK corporation tax

-

(16,151)

Deferred tax

988

14,669

988

(1,482)

 

Wellbeing Rushport (Middlewich) Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

6

Intangible assets

Licence
 £

Total
£

Cost

At 1 December 2022

10,000

10,000

At 30 November 2023

10,000

10,000

Amortisation

At 1 December 2022

3,521

3,521

Amortisation charge

500

500

At 30 November 2023

4,021

4,021

Carrying amount

At 30 November 2023

5,979

5,979

At 30 November 2022

6,479

6,479

7

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Total
£

Cost

At 1 December 2022

95,917

123,901

48,347

268,165

Additions

-

-

24,818

24,818

At 30 November 2023

95,917

123,901

73,165

292,983

Depreciation

At 1 December 2022

713

31,630

17,985

50,328

Charge for the year

4,796

12,391

8,135

25,322

At 30 November 2023

5,509

44,021

26,120

75,650

Carrying amount

At 30 November 2023

90,408

79,880

47,045

217,333

At 30 November 2022

95,204

92,271

30,362

217,837

8

Debtors

Current

2023
£

2022
£

Trade debtors

83,690

79,834

Prepayments

3,087

4,094

Other debtors

10,218

28,731

 

96,995

112,659

 

Wellbeing Rushport (Middlewich) Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

9

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

40,000

11,183

Trade creditors

 

130,673

116,744

Taxation and social security

 

2,851

2,101

Accruals and deferred income

 

6,325

48,240

Other creditors

 

576

5,368

 

180,425

183,636

Included in trade creditors is a balance of £15,279 (2022 £7,869) due to Wellbeing Pharmacies Limited, a company in which Messrs Hedley, Gourlay and Murphy are directors.

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

24,022

33,688

10

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

24,022

33,688

Current loans and borrowings

2023
£

2022
£

Bank borrowings

10,000

10,000

Hire purchase creditor

-

1,183

Other borrowings

30,000

-

40,000

11,183

In 2020/21 the company borrowed £50,000 through the government's bounce back loan scheme, made available to businesses in response to the coronavirus pandemic. The loan is interest free for the first 12 months (the first 12 months interest is payable by the UK Government) and no repayments were due within this period. Interest is then charged at 2.5% per annum and the loan is repayable over the following 5 years by monthly instalment.

Other borrowings comprise the balance due to Rushport Corporate Services Limited, a company owned by Mr C P Daly who is a 50% shareholder of Wellbeing Rushport (Middlewich) Limited. This loan bears interest at 1% above base rate and is repayable by 10 August 2025.

 

Wellbeing Rushport (Middlewich) Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

11

Provisions for liabilities

2023

2022

£

£

Deferred tax

22,409

21,421

22,409

21,421

Deferred tax

Balance at 1 December 2022

21,421

Charge / (credit) to profit and loss account during the year

988

Balance at 30 November 2023

22,409

12

Lease commitments

2023

2022

£

£

Within one year

22,380

21,893

Between 1 and 5 years

73,208

72,116

In more than 5 years

28,500

46,500

124,088

140,509