Registered number
04698936
J & J Pharmacy Limited
Filleted Accounts
31 March 2024
J & J Pharmacy Limited
Registered number: 04698936
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 1,048 1,453
Current assets
Stocks 25,900 23,568
Debtors 4 382,876 378,350
Cash at bank and in hand 76,414 79,310
485,190 481,228
Creditors: amounts falling due within one year 5 (56,042) (72,862)
Net current assets 429,148 408,366
Total assets less current liabilities 430,196 409,819
Provisions for liabilities (385) (385)
Net assets 429,811 409,434
Capital and reserves
Called up share capital 100 100
Profit and loss account 429,711 409,334
Shareholders' funds 429,811 409,434
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
P M Yau
Director
Approved by the board on 17 September 2024
J & J Pharmacy Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures and fittings 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 8 8
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023 46,960
At 31 March 2024 46,960
Depreciation
At 1 April 2023 45,507
Charge for the year 405
At 31 March 2024 45,912
Net book value
At 31 March 2024 1,048
At 31 March 2023 1,453
4 Debtors 2024 2023
£ £
Trade debtors 58,869 61,895
Other debtors 324,007 316,455
382,876 378,350
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 35,523 41,450
Taxation and social security costs 15,041 19,331
Other creditors 5,478 12,081
56,042 72,862
6 Related party transactions
Other creditors include an amount of £nil (2023 - £10,581) due to the directors of the company. The company occupies premises owned by the directors, during the year rent of £12,000 (2023 - £12,000) was paid to the directors.
7 Controlling party
The ultimate controlling party is Mr P M Yau.
8 Other information
J & J Pharmacy Limited is a private company limited by shares and incorporated in England. Its registered office is:
177 Bath Road
Worcester
WR5 3AQ
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