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Company Registration number: 02130741

Hogg Chemists Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 August 2023

 

Hogg Chemists Limited

(Registration number: 02130741)
Statement of Financial Position as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

30,736

31,841

Current assets

 

Stocks

5

28,317

12,400

Debtors

6

253,449

472,645

Cash at bank and in hand

 

100

21,138

 

281,866

506,183

Creditors: Amounts falling due within one year

7

(191,386)

(330,795)

Net current assets

 

90,480

175,388

Total assets less current liabilities

 

121,216

207,229

Creditors: Amounts falling due after more than one year

7

(19,232)

(28,333)

Provisions for liabilities

-

(153)

Net assets

 

101,984

178,743

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

101,884

178,643

Shareholders' funds

 

101,984

178,743

 

Hogg Chemists Limited

(Registration number: 02130741)
Statement of Financial Position as at 31 August 2023 (continued)

For the financial 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 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 Income Statement.

Approved and authorised by the Board on 20 August 2024 and signed on its behalf by:
 

.........................................
A Begum
Director

.........................................
H Ahmed
Director

 

Hogg Chemists Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
216-220 Westoe Road
South Shields
Tyne & Wear
NE33 3PW

These financial statements were authorised for issue by the Board on 20 August 2024.

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

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 £.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Hogg Chemists Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023 (continued)

2

Accounting policies (continued)

The current income 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 between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold property

2% straight line

Fixtures and fittings

15% reducing balance basis to 50% straight line basis

Equipment

10% straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Hogg Chemists Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023 (continued)

2

Accounting policies (continued)

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 income statement 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.

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 statement of financial position 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

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2022 - 5).

 

Hogg Chemists Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023 (continued)

4

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 September 2022

55,252

42,139

5,848

103,239

At 31 August 2023

55,252

42,139

5,848

103,239

Depreciation

At 1 September 2022

23,411

42,139

5,848

71,398

Charge for the year

1,105

-

-

1,105

At 31 August 2023

24,516

42,139

5,848

72,503

Carrying amount

At 31 August 2023

30,736

-

-

30,736

At 31 August 2022

31,841

-

-

31,841

Included within the net book value of land and buildings above is £30,736 (2022 - £31,841) in respect of freehold land and buildings.
 

5

Stocks

2023
£

2022
£

Other inventories

28,317

12,400

 

Hogg Chemists Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023 (continued)

6

Debtors

Current

2023
£

2022
£

Trade debtors

29,153

183,712

Prepayments

-

5,088

Other debtors

224,296

283,845

 

253,449

472,645

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

92,970

124,849

Trade creditors

 

72,681

76,956

Taxation and social security

 

25,127

102,250

Accruals and deferred income

 

608

24,854

Other creditors

 

-

1,886

 

191,386

330,795

The finance loans are secured by fixed and floating charges over all the company's assets.

 

Hogg Chemists Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023 (continued)

7

Creditors (continued)

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

19,232

28,333

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Share Capital of £1 each

100

100

100

100

         

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

19,232

28,333

2023
£

2022
£

Current loans and borrowings

Bank borrowings

89,677

124,849

Bank overdrafts

3,293

-

92,970

124,849

10

Related party transactions

Transactions with directors

2023

At 1 September 2022
£

Advances to director
£

Repayments by director
£

At 31 August 2023
£

M Hogg

212,794

120,310

(190,382)

142,722

         
       

 

 

Hogg Chemists Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023 (continued)

10

Related party transactions (continued)

2022

At 1 September 2021
£

Advances to director
£

Repayments by director
£

At 31 August 2022
£

M Hogg

261,643

90,689

(139,538)

212,794

         
       

 

Summary of transactions with other related parties

No transactions with related parties were undertaken such are required to be disclosed under FRS 102 Section 1A small entities.