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No description of principal activity
2022-10-01
Sage Accounts Production Advanced 2023 - FRS102_2023
xbrli:pure
xbrli:shares
iso4217:GBP
04329416
2022-10-01
2023-09-30
04329416
2023-09-30
04329416
2022-09-30
04329416
2021-10-01
2022-09-30
04329416
2022-09-30
04329416
2021-09-30
04329416
core:LandBuildings
core:ShortLeaseholdAssets
2022-10-01
2023-09-30
04329416
core:FurnitureFittings
2022-10-01
2023-09-30
04329416
bus:RegisteredOffice
2022-10-01
2023-09-30
04329416
bus:LeadAgentIfApplicable
2022-10-01
2023-09-30
04329416
bus:Director2
2022-10-01
2023-09-30
04329416
core:LandBuildings
core:OwnedOrFreeholdAssets
2022-09-30
04329416
core:LandBuildings
core:ShortLeaseholdAssets
2022-09-30
04329416
core:FurnitureFittings
2022-09-30
04329416
core:LandBuildings
core:OwnedOrFreeholdAssets
2023-09-30
04329416
core:LandBuildings
core:ShortLeaseholdAssets
2023-09-30
04329416
core:FurnitureFittings
2023-09-30
04329416
core:AfterOneYear
2023-09-30
04329416
core:AfterOneYear
2022-09-30
04329416
core:WithinOneYear
2023-09-30
04329416
core:WithinOneYear
2022-09-30
04329416
core:ShareCapital
2023-09-30
04329416
core:ShareCapital
2022-09-30
04329416
core:RetainedEarningsAccumulatedLosses
2023-09-30
04329416
core:RetainedEarningsAccumulatedLosses
2022-09-30
04329416
core:BetweenOneFiveYears
2023-09-30
04329416
core:BetweenOneFiveYears
2022-09-30
04329416
core:MoreThanFiveYears
2023-09-30
04329416
core:MoreThanFiveYears
2022-09-30
04329416
core:LandBuildings
core:OwnedOrFreeholdAssets
2022-09-30
04329416
core:LandBuildings
core:ShortLeaseholdAssets
2022-09-30
04329416
core:FurnitureFittings
2022-09-30
04329416
bus:SmallEntities
2022-10-01
2023-09-30
04329416
bus:AuditExemptWithAccountantsReport
2022-10-01
2023-09-30
04329416
bus:SmallCompaniesRegimeForAccounts
2022-10-01
2023-09-30
04329416
bus:PrivateLimitedCompanyLtd
2022-10-01
2023-09-30
04329416
bus:FullAccounts
2022-10-01
2023-09-30
COMPANY REGISTRATION NUMBER:
04329416
Filleted Unaudited Financial Statements |
|
Year ended 30 September 2023
Officers and professional advisers |
1 |
|
|
Accountant's report to the director on the preparation of the unaudited statutory financial statements of
LT Chemists Limited |
2 |
|
|
Statement of financial position |
3 |
|
|
Notes to the financial statements |
5 |
|
|
Officers and Professional Advisers |
|
Registered office |
Waterways |
|
Lisvane Road |
|
Cardiff |
|
CF14 0SF |
|
|
Accountants |
Clay Shaw Thomas Ltd |
|
|
|
2 Oldfield Road |
|
Bocam Park |
|
Bridgend |
|
CF35 5LJ |
|
|
Bankers |
Lloyds Bank Plc |
|
42 Commercial Street |
|
Newport |
|
Gwent |
|
NP20 1WX |
|
|
Accountant's Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of
LT Chemists Limited |
|
Year ended 30 September 2023
As described on the statement of financial position, the director of the company is responsible for the preparation of the financial statements for the year ended 30 September 2023, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Clay Shaw Thomas Ltd
2 Oldfield Road
Bocam Park
Bridgend
CF35 5LJ
12 August 2024
Statement of Financial Position |
|
30 September 2023
Fixed assets
Tangible assets |
5 |
|
75,519 |
85,881 |
|
|
|
|
|
Current assets
Stocks |
72,293 |
|
71,054 |
Debtors |
6 |
759,821 |
|
491,943 |
Cash at bank and in hand |
317,689 |
|
349,378 |
|
------------ |
|
--------- |
|
1,149,803 |
|
912,375 |
|
|
|
|
|
Creditors: amounts falling due within one year |
7 |
658,173 |
|
523,884 |
|
------------ |
|
--------- |
Net current assets |
|
491,630 |
388,491 |
|
|
--------- |
--------- |
Total assets less current liabilities |
|
567,149 |
474,372 |
|
|
|
|
|
Creditors: amounts falling due after more than one year |
8 |
|
5,417 |
10,417 |
|
|
|
|
|
Provisions
Taxation including deferred tax |
|
4,442 |
4,761 |
|
|
--------- |
--------- |
Net assets |
|
557,290 |
459,194 |
|
|
--------- |
--------- |
|
|
|
|
Capital and reserves
Called up share capital |
|
4 |
4 |
Profit and loss account |
9 |
|
557,286 |
459,190 |
|
|
--------- |
--------- |
Shareholders funds |
|
557,290 |
459,194 |
|
|
--------- |
--------- |
|
|
|
|
|
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 30 September 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 financial statements for the year in question in accordance with section 476
;
-
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
Statement of Financial Position (continued) |
|
30 September 2023
These financial statements were approved by the
board of directors
and authorised for issue on
10 August 2024
, and are signed on behalf of the board by:
Company registration number:
04329416
Notes to the Financial Statements |
|
Year ended 30 September 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 Waterways, Lisvane Road, Cardiff, CF14 0SF.
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. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably. The turnover shown in the profit and loss account represents amounts receivable during the year, exclusive of Value Added Tax in line with the company's principal activity which is that of a chemists. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
|
Leasehold improvements |
- |
7% straight line |
|
Fixtures & Fittings |
- |
10% straight line |
|
Equipment |
- |
|
|
|
|
|
No depreciation is applied to the investment property.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
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
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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
19
(2022:
19
).
5.
Tangible assets
|
Investment property |
Short leasehold property |
Fixtures and fittings |
Equipment |
Total |
|
£ |
£ |
£ |
£ |
£ |
Cost |
|
|
|
|
|
At 1 October 2022 |
22,426 |
41,470 |
93,931 |
|
194,646 |
Additions |
– |
– |
– |
|
1,299 |
|
-------- |
-------- |
-------- |
-------- |
--------- |
At 30 September 2023 |
22,426 |
41,470 |
93,931 |
|
195,945 |
|
-------- |
-------- |
-------- |
-------- |
--------- |
Depreciation |
|
|
|
|
|
At 1 October 2022 |
– |
3,072 |
93,135 |
|
108,765 |
Charge for the year |
– |
3,072 |
160 |
|
11,661 |
|
-------- |
-------- |
-------- |
-------- |
--------- |
At 30 September 2023 |
– |
6,144 |
93,295 |
|
120,426 |
|
-------- |
-------- |
-------- |
-------- |
--------- |
Carrying amount |
|
|
|
|
|
At 30 September 2023 |
22,426 |
35,326 |
636 |
|
75,519 |
|
-------- |
-------- |
-------- |
-------- |
--------- |
At 30 September 2022 |
22,426 |
38,398 |
796 |
|
85,881 |
|
-------- |
-------- |
-------- |
-------- |
--------- |
|
|
|
|
|
|
The director has considered the valuation of the investment properties held as at 30 September 2022 and believe these to be representative of current market values.
6.
Debtors
|
2023 |
2022 |
|
£ |
£ |
Trade debtors |
243,070 |
202,664 |
Amounts owed by group undertakings |
430,943 |
216,312 |
Other debtors |
85,808 |
72,967 |
|
--------- |
--------- |
|
759,821 |
491,943 |
|
--------- |
--------- |
|
|
|
The debtors above include the following amounts falling due after more than one year:
|
2023 |
2022 |
|
£ |
£ |
Amounts owed by group undertakings |
430,943 |
216,312 |
|
--------- |
--------- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Trade creditors |
378,793 |
300,129 |
Amounts owed to group undertakings |
217,638 |
169,391 |
Social security and other taxes |
49,027 |
36,147 |
Other creditors |
12,715 |
18,217 |
|
--------- |
--------- |
|
658,173 |
523,884 |
|
--------- |
--------- |
|
|
|
8.
Creditors:
amounts falling due after more than one year
|
2023 |
2022 |
|
£ |
£ |
Other creditors |
5,417 |
10,417 |
|
------- |
-------- |
|
|
|
9.
Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses.
10.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
2023 |
2022 |
|
£ |
£ |
Not later than 1 year |
16,500 |
16,500 |
Later than 1 year and not later than 5 years |
66,000 |
66,000 |
Later than 5 years |
107,250 |
123,750 |
|
--------- |
--------- |
|
189,750 |
206,250 |
|
--------- |
--------- |
|
|
|
11.
Related party transactions
During the year the company paid the following rents to L T Chemists Directors Pension Scheme:
|
|
2023 |
2022 |
|
|
£ |
£ |
|
Corporation Road, Newport |
9,000 |
11,250 |
|
Pontfaen Road, Newport |
7,500 |
13,500 |
|
|
|
|
During the year the company incurred recharges of £60,000 (2022: £114,000) to Thomas Group Newport Limited, a company under common control. At the year end the company was owed £430,943 (2022: £216,312).
LT Chemists Limited
is a 100% subsidiary of LT Chemists Holdings Limited and as such has taken advantage of the exemption stated in FRS 102 whereby disclosure need not be given of transactions entered into between two or more members of the same group, provided that any subsidiary which is party to the transaction is wholly owned by such member.
12.
Controlling party
The parent undertaking of L T Chemists Limited is LT Chemists Holdings Limited, a company registered in England and Wales. In the opinion of the directors, there was no controlling party of LT Chemists Holdings Limited.