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Company registration number: 00535531
Ackers (Chemists) Limited
Unaudited filleted financial statements
31 December 2023
Ackers (Chemists) Limited
Contents
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Ackers (Chemists) Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Ackers (Chemists) Limited
Year ended 31 December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Ackers (Chemists) Limited for the year ended 31 December 2023 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the board of directors of Ackers (Chemists) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Ackers (Chemists) Limited and state those matters that we have agreed to state to the board of directors of Ackers (Chemists) Limited as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ackers (Chemists) Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Ackers (Chemists) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Ackers (Chemists) Limited. You consider that Ackers (Chemists) Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Ackers (Chemists) Limited. 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 statutory financial statements.
Pandit & Associates Limited
Chartered Certified Accountants
Portland House
228 Portland Crescent
Stanmore
Middlesex
HA7 1LS
31 May 2024
Ackers (Chemists) Limited
Statement of financial position
31 December 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 5 468,214 468,214
Tangible assets 6 517,100 560,464
Investments 7 72 72
_______ _______
985,386 1,028,750
Current assets
Stocks 785,080 570,000
Debtors 8 530,781 599,886
Cash at bank and in hand 735,953 849,573
_______ _______
2,051,814 2,019,459
Creditors: amounts falling due
within one year 9 ( 1,580,614) ( 1,319,123)
_______ _______
Net current assets 471,200 700,336
_______ _______
Total assets less current liabilities 1,456,586 1,729,086
Creditors: amounts falling due
after more than one year 10 ( 25,595) ( 32,738)
_______ _______
Net assets 1,430,991 1,696,348
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 1,430,891 1,696,248
_______ _______
Shareholders funds 1,430,991 1,696,348
_______ _______
For the year ending 31 December 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act 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 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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 31 May 2024 , and are signed on behalf of the board by:
Mr R R Patel Mr H R Patel
Director Director
Ackers (Chemists) Limited
Statement of changes in equity
Year ended 31 December 2023
Called up share capital Profit and loss account Total
£ £ £
At 1 January 2022 100 1,560,066 1,560,166
(Loss)/profit for the year 136,182 136,182
_______ _______ _______
Total comprehensive income for the year - 136,182 136,182
_______ _______ _______
At 31 December 2022 and 1 January 2023 100 1,696,248 1,696,348
(Loss)/profit for the year ( 265,357) ( 265,357)
_______ _______ _______
Total comprehensive income for the year - ( 265,357) ( 265,357)
_______ _______ _______
At 31 December 2023 100 1,430,891 1,430,991
_______ _______ _______
Ackers (Chemists) Limited
Notes to the financial statements
Year ended 31 December 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 Ackers (Chemists) Limited, 94 Church Road, Swanscombe, Kent, DA10 0HF.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership 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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Goodwill
The accounting policy of the company is to capitalise purchased goodwill. In the director's opinion the value of goodwill has been maintained and therefore in order that the financial statements to give a true and fair view they consider it inappropriate to amortise its value.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Short leasehold property - Straight line over the life of the lease
Plant and machinery - 15% % reducing balance
Fittings fixtures and equipment - 15% % reducing balance
Motor vehicles - 25% % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
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. 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 are 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 stocks to their present location and condition.
Financial instruments
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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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 in finance costs 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 28 (2022: 30 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 January 2023 and 31 December 2023 468,214 468,214
_______ _______
Amortisation
At 1 January 2023 and 31 December 2023 - -
_______ _______
Carrying amount
At 31 December 2023 468,214 468,214
_______ _______
At 31 December 2022 468,214 468,214
_______ _______
6. Tangible assets
Short leasehold property Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 January 2023 771,934 500,404 10,200 1,282,538
Additions - 2,558 - 2,558
_______ _______ _______ _______
At 31 December 2023 771,934 502,962 10,200 1,285,096
_______ _______ _______ _______
Depreciation
At 1 January 2023 308,773 403,752 9,549 722,074
Charge for the year 30,877 14,882 163 45,922
_______ _______ _______ _______
At 31 December 2023 339,650 418,634 9,712 767,996
_______ _______ _______ _______
Carrying amount
At 31 December 2023 432,284 84,328 488 517,100
_______ _______ _______ _______
At 31 December 2022 463,161 96,652 651 560,464
_______ _______ _______ _______
7. Investments
Other investments other than loans Total
£ £
Cost
At 1 January 2023 and 31 December 2023 72 72
_______ _______
Impairment
At 1 January 2023 and 31 December 2023 - -
_______ _______
Carrying amount
At 31 December 2023 72 72
_______ _______
At 31 December 2022 72 72
_______ _______
8. Debtors
2023 2022
£ £
Trade debtors 340,142 353,328
Amounts owed by group undertakings and undertakings in which the company has a participating interest 46,863 117,893
Other debtors 143,776 128,665
_______ _______
530,781 599,886
_______ _______
9. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 8,333 8,333
Trade creditors 738,496 492,122
Corporation tax - 12,531
Social security and other taxes 16,205 15,058
Other creditors 817,580 791,079
_______ _______
1,580,614 1,319,123
_______ _______
10. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 25,595 32,738
_______ _______
11. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr R R Patel ( 472,997) ( 28,000) 6,538 ( 494,459)
Mr H R Patel ( 302,337) - - ( 302,337)
_______ _______ _______ _______
( 775,334) ( 28,000) 6,538 ( 796,796)
_______ _______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr R R Patel ( 568,420) ( 100,296) 195,719 ( 472,997)
Mr H R Patel ( 302,337) - - ( 302,337)
_______ _______ _______ _______
( 870,757) ( 100,296) 195,719 ( 775,334)
_______ _______ _______ _______
12. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value
2023 2022
£ £
Springate & Harrison Limited - Management Fees - -
Springate & Harrison Limited - Intercompany Sales & Recharges 469,909 842,820
_______ _______
During the year company also sold pharmaceutical products and recharges of costs and services to the value of £469,909 to its holding company Springate & Harrison Limited. All transactions have been on a commercial basis.
13. Ultimate parent undertaking
The company is a wholly owned subsidiary of Springate & Harrison Limited, incorporated in England and regards it as its ultimate holding company. During the year Springate & Harrison Limited was under the control of it's directors Mr R R Patel and Mr H R Patel .