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Registration number: NI663753

Stranmillis Healthcare Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 August 2023

 

Stranmillis Healthcare Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 11

 

Stranmillis Healthcare Ltd

Company Information

Director

Mr Paul McKenna

Registered office

3 Lockview Road
BELFAST
BT9 5FH

Accountants

McKeague Morgan & Company
27 College Gardens
Belfast
BT9 6BS

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of Stranmillis Healthcare Ltd for the Year Ended 31 August 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Stranmillis Healthcare Ltd for the year ended 31 August 2023 as set out on pages 3 to 11 from the company's accounting records and from information and explanations you have given us.

We have carried out this engagement in accordance with guidance issued by the Institute of Chartered Accountants in Ireland and have complied with the Code of Ethics for Members published by the Institute relating to members undertaking the compilation of financial statements.

This report is made solely to the Board of Directors of Stranmillis Healthcare Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken so that we might compile the financial statements that we have been engaged to compile, report to the Company’s Board of Directors that we have done so, and state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s Board of Directors, as a body, for our work, or for this report.

You have acknowledged on the balance sheet for the financial year ended 31 August 2023 your duty under the Companies Act 2006 to ensure that the company has kept adequate accounting records and prepared financial statements which give a true and fair view of the assets, liabilities and financial position of the company at the end of its financial year and of its profit or loss for that financial year and otherwise comply with the provisions of the Companies Act 2006 relating to financial statements so far as they are applicable to the company. You consider that the company is exempt from the statutory requirement for an audit for the financial year.

We have not been instructed to carry out an audit or a review of the accounts of Stranmillis Healthcare Ltd. 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 financial statements.

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

McKeague Morgan & Company
27 College Gardens
Belfast
BT9 6BS

28 August 2024

 

Stranmillis Healthcare Ltd

(Registration number: NI663753)
Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

158,700

185,150

Tangible assets

5

8,945

4,864

 

167,645

190,014

Current assets

 

Stocks

6

70,399

56,310

Debtors

7

104,791

110,227

Cash at bank and in hand

 

182,046

238,938

 

357,236

405,475

Creditors: Amounts falling due within one year

8

(283,801)

(346,391)

Net current assets

 

73,435

59,084

Total assets less current liabilities

 

241,080

249,098

Creditors: Amounts falling due after more than one year

8

(162,570)

(187,888)

Net assets

 

78,510

61,210

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

78,410

61,110

Total equity

 

78,510

61,210

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.

Director's 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 director acknowledges his 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 and the option not to file the Profit and Loss Account has been taken.

 

Stranmillis Healthcare Ltd

(Registration number: NI663753)
Balance Sheet as at 31 August 2023

Approved and authorised by the director on 28 August 2024
 

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

Mr Paul McKenna
Director

 

Stranmillis Healthcare Ltd

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 the United Kingdom.

The address of its registered office is:
3 Lockview Road
BELFAST
BT9 5FH

These financial statements were authorised for issue by the director on 28 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.

Going concern

The financial statements have been prepared on a going concern basis.

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 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.

 

Stranmillis Healthcare Ltd

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

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.

Tangible assets

Tangible assets are stated in the balance sheet 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

Fixtures, fittings and equipment

25% straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Stranmillis Healthcare Ltd

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

2

Accounting policies (continued)

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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Stranmillis Healthcare Ltd

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

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 7 (2022 - 6).

 

Stranmillis Healthcare Ltd

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 September 2022

264,500

264,500

At 31 August 2023

264,500

264,500

Amortisation

At 1 September 2022

79,350

79,350

Amortisation charge

26,450

26,450

At 31 August 2023

105,800

105,800

Carrying amount

At 31 August 2023

158,700

158,700

At 31 August 2022

185,150

185,150

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 September 2022

14,979

14,979

Additions

10,435

10,435

At 31 August 2023

25,414

25,414

Depreciation

At 1 September 2022

10,115

10,115

Charge for the year

6,354

6,354

At 31 August 2023

16,469

16,469

Carrying amount

At 31 August 2023

8,945

8,945

At 31 August 2022

4,864

4,864

 

Stranmillis Healthcare Ltd

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

6

Stocks

2023
£

2022
£

Other inventories

70,399

56,310

7

Debtors

2023
£

2022
£

Trade debtors

76,450

82,506

Prepayments

3,474

-

Other debtors

24,867

27,721

104,791

110,227

 

Stranmillis Healthcare Ltd

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

8

Creditors

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

10

31,554

31,243

Trade creditors

 

66,608

80,750

Corporation tax liability

 

52,573

52,534

Taxation and social security

 

2,240

4,766

Other creditors

 

-

8,908

Loans from directors

 

123,326

154,940

Accruals and deferred income

 

7,500

13,250

 

283,801

346,391

Due after one year

 

Loans and borrowings

10

162,570

187,888

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         

10

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

31,554

31,243

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

162,570

187,888