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REGISTERED NUMBER: 03888136 (England and Wales)















HUGHES CHEMISTS (NORTHERN) LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023






HUGHES CHEMISTS (NORTHERN) LIMITED (REGISTERED NUMBER: 03888136)

CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 December 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


HUGHES CHEMISTS (NORTHERN) LIMITED

COMPANY INFORMATION
for the year ended 31 December 2023







DIRECTOR: Mr J Dasanjh



SECRETARY: Mrs A K Dasanjh



REGISTERED OFFICE: 3/5 Oxford Terrace
Off Soothill Lane
Batley
West Yorkshire
WF17 5ST



REGISTERED NUMBER: 03888136 (England and Wales)



ACCOUNTANTS: SMH Sheards
Chartered Accountants
Vernon House
40 New North Road
Huddersfield
West Yorkshire
HD1 5LS



BANKERS: National Westminster Bank Plc
69 Station Road
Cross Gates
Leeds
LS15 8DJ

HUGHES CHEMISTS (NORTHERN) LIMITED (REGISTERED NUMBER: 03888136)

BALANCE SHEET
31 December 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 4 480,500 480,500
Tangible assets 5 10,150 12,671
490,650 493,171

CURRENT ASSETS
Stocks 6 119,065 99,416
Debtors 7 402,041 415,338
Cash at bank and in hand 604,824 563,721
1,125,930 1,078,475
CREDITORS
Amounts falling due within one year 8 (454,153 ) (467,247 )
NET CURRENT ASSETS 671,777 611,228
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,162,427

1,104,399

PROVISIONS FOR LIABILITIES 10 (1,426 ) (1,813 )
NET ASSETS 1,161,001 1,102,586

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 1,160,901 1,102,486
SHAREHOLDERS' FUNDS 1,161,001 1,102,586

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

HUGHES CHEMISTS (NORTHERN) LIMITED (REGISTERED NUMBER: 03888136)

BALANCE SHEET - continued
31 December 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 19 September 2024 and were signed by:





Mr J Dasanjh - Director


HUGHES CHEMISTS (NORTHERN) LIMITED (REGISTERED NUMBER: 03888136)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2023


1. STATUTORY INFORMATION

Hughes Chemists (Northern) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is recognised on the supply of goods to the customer net of value added tax.

Goodwill
Goodwill is considered to have an indefinite life that can be demonstrated, and the value of the goodwill can be readily measured. The dispensing chemist industry, in which the company operates, has high market entry barriers due to the nature of licence agreements with local health authorities and the limited number available in the marketplace. The value of the business can be ascertained by reference to the current value of goodwill which is payable in the market based on a price per £ in relation to the levels of turnover for each individual pharmacy. The director undertakes an impairment review of the value of goodwill on an annual basis, and considers it to be worth in excess of the net book value.

This is a departure from the Companies Act 2006, which states that goodwill must be amortised over it's useful economic life; however the director has departed with this requirement in order to show a true and fair view.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - over the lease term
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 25% on reducing balance on monthly basis
Computer equipment - 33% straight line

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

HUGHES CHEMISTS (NORTHERN) LIMITED (REGISTERED NUMBER: 03888136)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023


2. ACCOUNTING POLICIES - continued

Financial instruments
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.

Basic financial assets, which include trade, other debtors and cash and bank balances, are initially measured at transaction price including transaction costs.

Financial assets are assessed for indicators of impairment at each balance sheet date, with any impairment losses being recognised in profit or loss. If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed in profit or loss.

Financial liabilities are classified depending on the substance of the contractual arrangements entered into.

Basic financial liabilities, including trade, other creditors and accruals, are initially recognised at transaction price.

Financial assets and liabilities are derecognised when the company's contractual obligations are settled, cancelled or they expire.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2022 - 17 ) .

HUGHES CHEMISTS (NORTHERN) LIMITED (REGISTERED NUMBER: 03888136)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023


4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 480,500
NET BOOK VALUE
At 31 December 2023 480,500
At 31 December 2022 480,500

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 January 2023 9,733 154,336 164,069
Additions - 463 463
At 31 December 2023 9,733 154,799 164,532
DEPRECIATION
At 1 January 2023 9,733 141,665 151,398
Charge for year - 2,984 2,984
At 31 December 2023 9,733 144,649 154,382
NET BOOK VALUE
At 31 December 2023 - 10,150 10,150
At 31 December 2022 - 12,671 12,671

6. STOCKS
2023 2022
£    £   
Stocks 119,065 99,416

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 202,539 232,818
Other debtors 199,502 182,520
402,041 415,338

HUGHES CHEMISTS (NORTHERN) LIMITED (REGISTERED NUMBER: 03888136)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023


8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 377,135 398,276
Taxation and social security 69,295 60,888
Other creditors 7,723 8,083
454,153 467,247

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Between one and five years - 176,880
In more than five years 530,928 -
530,928 176,880

10. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Capital allowances in excess of depreciation
on fixed assets

1,426

1,813

Deferred
tax
£   
Balance at 1 January 2023 1,813
Credit to Income Statement during year (387 )
Balance at 31 December 2023 1,426

11. RELATED PARTY DISCLOSURES

At the year end, debtors include £132,434 (2022 - £144,434) from a company in which the director is also a director and shareholder.