23 false false false false false false false false false true false false false false false false No description of principal activity 2023-05-01 Sage Accounts Production Advanced 2021 - FRS102_2021 30,539 30,538 1 1 1,216,201 1,216,101 100 100 1,216,201 xbrli:pure xbrli:shares iso4217:GBP 00716779 2023-05-01 2024-04-30 00716779 2024-04-30 00716779 2023-04-30 00716779 2022-05-01 2023-04-30 00716779 2023-04-30 00716779 core:NetGoodwill 2023-05-01 2024-04-30 00716779 bus:Director1 2023-05-01 2024-04-30 00716779 bus:Director2 2023-05-01 2024-04-30 00716779 core:WithinOneYear 2024-04-30 00716779 core:WithinOneYear 2023-04-30 00716779 core:NetGoodwill 2024-04-30 00716779 core:LandBuildings core:LongLeaseholdAssets 2023-04-30 00716779 core:FurnitureFittings 2023-04-30 00716779 core:LandBuildings core:LongLeaseholdAssets 2024-04-30 00716779 core:FurnitureFittings 2024-04-30 00716779 core:ShareCapital 2024-04-30 00716779 core:ShareCapital 2023-04-30 00716779 core:RetainedEarningsAccumulatedLosses 2024-04-30 00716779 core:RetainedEarningsAccumulatedLosses 2023-04-30 00716779 core:BetweenOneFiveYears 2023-04-30 00716779 core:LandBuildings core:LongLeaseholdAssets 2023-05-01 2024-04-30 00716779 core:FurnitureFittings 2023-05-01 2024-04-30 00716779 core:NetGoodwill 2023-04-30 00716779 core:CostValuation core:Non-currentFinancialInstruments 2023-04-30 00716779 core:DisposalsRepaymentsInvestments core:Non-currentFinancialInstruments 2024-04-30 00716779 core:CostValuation core:Non-currentFinancialInstruments 2024-04-30 00716779 core:Non-currentFinancialInstruments 2024-04-30 00716779 core:Non-currentFinancialInstruments 2023-04-30 00716779 core:LandBuildings core:LongLeaseholdAssets 2023-04-30 00716779 core:FurnitureFittings 2023-04-30 00716779 bus:SmallEntities 2023-05-01 2024-04-30 00716779 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 00716779 bus:FullAccounts 2023-05-01 2024-04-30 00716779 bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 00716779 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 00716779 core:LandBuildings core:ShortLeaseholdAssets 2023-05-01 2024-04-30
COMPANY REGISTRATION NUMBER: 00716779
A.F. BROWNE LIMITED
Filleted Unaudited Financial Statements
30 April 2024
A.F. BROWNE LIMITED
Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
£
Fixed assets
Intangible assets
5
1
1
Tangible assets
6
75,185
89,716
Investments
7
100
1,216,201
--------
------------
75,286
1,305,918
Current assets
Stocks
381,310
323,144
Debtors
8
296,527
295,336
Investments
9
400
Cash at bank and in hand
1,986,492
885,836
------------
------------
2,664,329
1,504,716
Creditors: amounts falling due within one year
10
( 822,558)
( 886,737)
------------
------------
Net current assets
1,841,771
617,979
------------
------------
Total assets less current liabilities
1,917,057
1,923,897
Provisions
Taxation including deferred tax
( 15,457)
( 17,321)
------------
------------
Net assets
1,901,600
1,906,576
------------
------------
Capital and reserves
Called up share capital
94
94
Profit and loss account
1,901,506
1,906,482
------------
------------
Shareholders funds
1,901,600
1,906,576
------------
------------
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 April 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 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 .
A.F. BROWNE LIMITED
Statement of Financial Position (continued)
30 April 2024
These financial statements were approved by the board of directors and authorised for issue on 20 August 2024 , and are signed on behalf of the board by:
Mr. R. D. Patel
Mr. S. D. Patel
Director
Director
Company registration number: 00716779
A.F. BROWNE LIMITED
Notes to the Financial Statements
Year ended 30 April 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 6 Bruce Grove, London, N17 6RA.
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. The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key estimates and assumptions that have a significant impact on the amounts recognised in the financial statements are set out below. The company exercises judgement to determine useful lives of tangible and intangible fixed assets. All tangible and intangible fixed assets are depreciated and amortised respectively over their estimated useful lives. Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Revenue recognition
Turnover represents amounts receivable for sale of prescriptions and other counter goods exclusive of discounts and Value Added Tax. Revenue from NHS goods and services are recognised on a receivable basis and counter goods are recognised at the point of cash receipt.
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.
Goodwill
Positive purchased goodwill arising on acquisitions is capitalised, classified as an asset on the Statement of Financial and amortised over its useful economic life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years. Useful economic lives are reviewed at the end of each reporting period and revised if necessary. The carrying amount at the date of revision is amortised over the revised estimate of remaining useful economic life.
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:
Goodwill
-
Over the period of 20 years
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 subsequently stated at cost less any accumulated depreciation and impairment losses.
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 property
-
Straight line over the life of the lease
Leashold improvements
-
Straight line over the life of the lease
Fixtures and fittings
-
10% p.a reducing balance
Investments in subsidiaries
Investments in subsidiaries are accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
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.
Current asset investments
Investments are initially recorded at cost. At each reporting date any changes in the fair value are recognised in the profit and loss, if a reliable measure of fair value is available.
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. Financial assets that are measured at cost and amortised cost 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 profit or loss. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Debtors
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
Defined contribution plans
The company contributes to a defined contribution plan for the benefit of its employees. Contributions are recognised in the profit and loss as they become payable.
Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Creditors
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment
4. Employee numbers
The average number of persons employed by the company during the year amounted to 23 (2023: 26 ).
5. Intangible assets
Goodwill
£
Cost
At 1 May 2023 and 30 April 2024
30,539
--------
Amortisation
At 1 May 2023 and 30 April 2024
30,538
--------
Carrying amount
At 30 April 2024
1
--------
At 30 April 2023
1
--------
6. Tangible assets
Leasehold property
Fixtures and fittings
Total
£
£
£
Cost
At 1 May 2023 and 30 April 2024
80,396
421,117
501,513
--------
---------
---------
Depreciation
At 1 May 2023
73,220
338,577
411,797
Charge for the year
6,278
8,253
14,531
--------
---------
---------
At 30 April 2024
79,498
346,830
426,328
--------
---------
---------
Carrying amount
At 30 April 2024
898
74,287
75,185
--------
---------
---------
At 30 April 2023
7,176
82,540
89,716
--------
---------
---------
7. Investments
Shares in group undertakings
£
Cost
At 1 May 2023
1,216,201
Disposals
( 1,216,101)
------------
At 30 April 2024
100
------------
Impairment
At 1 May 2023 and 30 April 2024
------------
Carrying amount
At 30 April 2024
100
------------
At 30 April 2023
1,216,201
------------
During year ended 30 April 2023, the company hived down two of its trading pharmacies to two wholly owned subsidiaries and subsequently sold one of the subsidiary companies to a third party. The second subsidiary was sold during this year.
8. Debtors
2024
2023
£
£
Trade debtors
225,493
212,297
Amounts owed by group undertakings
21,520
Prepayments and accrued income
32,986
29,714
Other debtors
38,048
31,805
---------
---------
296,527
295,336
---------
---------
9. Investments
2024
2023
£
£
Other investments
400
----
----
10. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
440,927
468,393
Accruals and deferred income
44,517
35,595
Corporation tax
25,325
69,904
Social security and other taxes
6,344
3,638
Director loan accounts
304,316
307,315
Other creditors
1,129
1,892
---------
---------
822,558
886,737
---------
---------
11. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
54,625
41,500
Later than 1 year and not later than 5 years
28,125
--------
--------
54,625
69,625
--------
--------
12. Related party transactions
1) During the year, the company paid rent of £30,000 (2023: £59,417) to Patel Properties London Limited, a company in which the directors have an interest. 2) Included in creditors due within one year, is a balance of £304,316 (2023: £307,315) owed to the directors. No interest is charged on this amount and there is no fixed repayment term. 3) The company has taken advantage of the exemption provided in FRS 102 Section 1A from disclosing transactions with members of the same group that are wholly owned.