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Registration number: 04018681

Internet Pharmacy Limited
Annual Report and
Unaudited Financial Statements

31 March 2024

 

Internet Pharmacy Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Internet Pharmacy Limited

Balance Sheet
31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

4,550

13,650

Tangible assets

5

565,350

565,577

 

569,900

579,227

Current assets

 

Stocks

6

95,264

81,467

Debtors

7

303,058

454,347

Cash at bank and in hand

 

115,099

107,393

 

513,421

643,207

Creditors: Amounts falling due within one year

8

(424,670)

(530,594)

Net current assets

 

88,751

112,613

Total assets less current liabilities

 

658,651

691,840

Creditors: Amounts falling due after more than one year

8

(404,493)

(447,749)

Provisions for liabilities

(2,591)

(1,934)

Net assets

 

251,567

242,157

Capital and reserves

 

Called up share capital

200

200

Retained earnings

251,367

241,957

Shareholders' funds

 

251,567

242,157

For the financial year ending 31 March 2024 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 accounts for the year in question in accordance with section 476; and

The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Internet Pharmacy Limited

Balance Sheet
31 March 2024

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. As permitted by section 444 (5A) of the Companies Act 2006, the Directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 16 September 2024 and signed on its behalf by:
 

.........................................
Mr D W Bagshaw
Director

Company Registration Number: 04018681

 

Internet Pharmacy Limited

Notes to the Unaudited Financial Statements
Year Ended 31 March 2024

1

General information

The Company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
120 Bury New Road
Heywood
Lancashire
OL10 4RG

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.

Government grants

Government grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the relevant assets by equal annual instalments. Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.

 

Internet Pharmacy Limited

Notes to the Unaudited Financial Statements
Year Ended 31 March 2024

Tax

The tax expense for the period comprises current and deferred 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.

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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

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

Plant and machinery

15% reducing balance

Motor vehicles

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% straight line

 

Internet Pharmacy Limited

Notes to the Unaudited Financial Statements
Year Ended 31 March 2024

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.

Stocks

The basis of the stock valuation is the lower of historical cost and net realisable value, excluding VAT. Dispensing bottles and working materials have been excluded.

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.

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.

 

Internet Pharmacy Limited

Notes to the Unaudited Financial Statements
Year Ended 31 March 2024

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 23 (2023 - 23).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2023

91,000

91,000

At 31 March 2024

91,000

91,000

Amortisation

At 1 April 2023

77,350

77,350

Amortisation charge

9,100

9,100

At 31 March 2024

86,450

86,450

Carrying amount

At 31 March 2024

4,550

4,550

At 31 March 2023

13,650

13,650

 

Internet Pharmacy Limited

Notes to the Unaudited Financial Statements
Year Ended 31 March 2024

5

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Motor vehicles
 £

Other tangible assets
 £

Total
£

Cost or valuation

At 1 April 2023

551,711

5,146

11,991

50,089

618,937

Additions

-

3,321

-

-

3,321

At 31 March 2024

551,711

8,467

11,991

50,089

622,258

Depreciation

At 1 April 2023

-

2,562

8,197

42,601

53,360

Charge for the year

-

1,476

949

1,123

3,548

At 31 March 2024

-

4,038

9,146

43,724

56,908

Carrying amount

At 31 March 2024

551,711

4,429

2,845

6,365

565,350

At 31 March 2023

551,711

2,584

3,794

7,488

565,577

Included within the net book value of land and buildings above is £551,711 (2023 - £551,711) in respect of freehold land and buildings.
 

 

Internet Pharmacy Limited

Notes to the Unaudited Financial Statements
Year Ended 31 March 2024

6

Stocks

2024
£

2023
£

Other inventories

95,264

81,467

7

Debtors

2024
£

2023
£

Trade debtors

275,335

363,216

Other debtors

25,979

39,103

Prepayments

1,744

52,028

303,058

454,347

 

Internet Pharmacy Limited

Notes to the Unaudited Financial Statements
Year Ended 31 March 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

43,928

44,600

Trade creditors

 

319,633

435,598

Taxation and social security

 

57,451

47,347

Accruals and deferred income

 

3,658

3,049

 

424,670

530,594

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

404,493

447,749

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

404,493

447,749

Current loans and borrowings

2024
£

2023
£

Bank borrowings

43,928

44,600

10

Related party transactions

Directors' remuneration

The directors are remunerated by the company. The directors consider that their remuneration meets the criteria of being under normal market conditions.