Company registration number SC209292 (Scotland)
JOHN ROSS (CHEMISTS) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
JOHN ROSS (CHEMISTS) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
JOHN ROSS (CHEMISTS) LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2023
30 November 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,024,534
1,123,898
Investments
5
4,833
4,832
1,029,367
1,128,730
Current assets
Stocks
6
296,762
270,727
Debtors
7
2,763,445
2,315,324
Cash at bank and in hand
66,213
1,477,044
3,126,420
4,063,095
Creditors: amounts falling due within one year
8
(953,897)
(1,157,446)
Net current assets
2,172,523
2,905,649
Total assets less current liabilities
3,201,890
4,034,379
Creditors: amounts falling due after more than one year
9
(91,945)
(2,005,854)
Provisions for liabilities
(15,226)
(12,853)
Net assets
3,094,719
2,015,672
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
3,094,619
2,015,572
Total equity
3,094,719
2,015,672
JOHN ROSS (CHEMISTS) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 NOVEMBER 2023
30 November 2023
- 2 -
For the financial year ended 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 30 August 2024 and are signed on its behalf by:
J ROSS
Mr J Ross
Director
Company registration number SC209292 (Scotland)
JOHN ROSS (CHEMISTS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 3 -
1
Accounting policies
Company information
John Ross (Chemists) Limited is a private company limited by shares incorporated in Scotland. The registered office is 28 Albyn Place, Aberdeen, United Kingdom, AB10 1YL.
1.1
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 £.
1.2
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.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services 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.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
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.
1.5
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
JOHN ROSS (CHEMISTS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Lease premium
Over 8 years
1.6
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold property
2% Straight line
Improvements
2% Straight line
Fixtures and fittings
20% Straight line
Motor vehicles
25% Straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.7
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.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.8
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9
Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans from group companies. These are measured at amortised cost and are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
JOHN ROSS (CHEMISTS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11
Retirement benefits
The company operates a defined contribution plan for it's employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in independently administered funds.
1.12
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.13
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.14
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid.
JOHN ROSS (CHEMISTS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 6 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
52
74
3
Intangible fixed assets
Goodwill
Lease premium
Total
£
£
£
Cost
At 1 December 2022
2,721,055
103,889
2,824,944
Disposals
(800,554)
(103,889)
(904,443)
At 30 November 2023
1,920,501
-
1,920,501
Amortisation and impairment
At 1 December 2022
2,721,055
103,889
2,824,944
Disposals
(800,554)
(103,889)
(904,443)
At 30 November 2023
1,920,501
-
1,920,501
Carrying amount
At 30 November 2023
-
-
-
At 30 November 2022
-
-
-
JOHN ROSS (CHEMISTS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 7 -
4
Tangible fixed assets
Freehold property
Improvements
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 December 2022
1,021,336
185,352
547,126
273,690
2,027,504
Additions
-
-
-
99,569
99,569
Disposals
(141,714)
-
-
(4,275)
(145,989)
At 30 November 2023
879,622
185,352
547,126
368,984
1,981,084
Depreciation and impairment
At 1 December 2022
167,936
49,724
510,089
175,857
903,606
Depreciation charged in the year
13,744
3,707
8,328
31,271
57,050
Eliminated in respect of disposals
-
-
-
(4,106)
(4,106)
At 30 November 2023
181,680
53,431
518,417
203,022
956,550
Carrying amount
At 30 November 2023
697,942
131,921
28,709
165,962
1,024,534
At 30 November 2022
853,400
135,628
37,037
97,833
1,123,898
5
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
3
2
Other investments other than loans
4,830
4,830
4,833
4,832
Movements in fixed asset investments
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 December 2022
2
4,830
4,832
Additions
2
-
2
Disposals
(1)
-
(1)
At 30 November 2023
3
4,830
4,833
Carrying amount
At 30 November 2023
3
4,830
4,833
At 30 November 2022
2
4,830
4,832
JOHN ROSS (CHEMISTS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 8 -
6
Stocks
2023
2022
£
£
Stocks
296,762
270,727
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
384,478
496,916
Other debtors
2,213,828
1,652,719
Prepayments and accrued income
54,591
165,689
2,652,897
2,315,324
2023
2022
Amounts falling due after more than one year:
£
£
Other debtors
110,548
-
Total debtors
2,763,445
2,315,324
8
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
-
173,333
Obligations under finance leases
60,259
11,542
Trade creditors
719,392
865,093
Corporation tax
10,169
299
Other taxation and social security
41,881
31,785
Other creditors
2,184
6,987
Accruals and deferred income
120,012
68,407
953,897
1,157,446
9
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
-
1,950,000
Other creditors
91,945
55,854
91,945
2,005,854
JOHN ROSS (CHEMISTS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
9
Creditors: amounts falling due after more than one year
(Continued)
- 9 -
The loan is secured by a means of a fixed and floating charge over all assets of the company.
10
Operating lease commitments
Lessee
The total future lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Within one year
7,583
7,583
Between two and five years
14,024
14,024
In over five years
51,851
59,434
73,458
81,041
11
Related party transactions
Transactions
During the year the company made advances to one of the directors of £977,516. Credits were received of £349,895. At the balance sheet date, the balance owed to the company was £930,531 (2022 - £302,911). The loan is unsecured and interest free with no fixed repayment terms in place.
During the year the company also operated a loan account with a company which is owned by one of the directors. £70,510 was advanced during the year and credits of £5,949 were received. At the balance sheet date, the balance owed to the company was £715,425 (2022 - £650,864).
During the year the company also operated a loan account with another company which is owned by one of the directors. £26,500 was advanced during the year. Credits of £8,063 were received. At the balance sheet date, the balance owed to the company was £486,214 (2022 - £504,651).
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