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COMPANY REGISTRATION NUMBER: 04329416
LT Chemists Limited
Filleted Unaudited Financial Statements
For the year ended
30 September 2023
LT Chemists Limited
Financial Statements
Year ended 30 September 2023
Contents
Page
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
LT Chemists Limited
Officers and Professional Advisers
Director
Mr D V Thomas
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
LT Chemists Limited
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
LT Chemists Limited
Statement of Financial Position
30 September 2023
2023
2022
Note
£
£
£
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 .
LT Chemists Limited
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:
Mr D V Thomas
Director
Company registration number: 04329416
LT Chemists Limited
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
-
25% straight line
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
36,819
194,646
Additions
1,299
1,299
--------
--------
--------
--------
---------
At 30 September 2023
22,426
41,470
93,931
38,118
195,945
--------
--------
--------
--------
---------
Depreciation
At 1 October 2022
3,072
93,135
12,558
108,765
Charge for the year
3,072
160
8,429
11,661
--------
--------
--------
--------
---------
At 30 September 2023
6,144
93,295
20,987
120,426
--------
--------
--------
--------
---------
Carrying amount
At 30 September 2023
22,426
35,326
636
17,131
75,519
--------
--------
--------
--------
---------
At 30 September 2022
22,426
38,398
796
24,261
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.