REGISTERED NUMBER: |
HUGHES CHEMISTS (NORTHERN) LIMITED |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Vernon House |
40 New North Road |
Huddersfield |
West Yorkshire |
HD1 5LS |
BANKERS: |
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 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks | 6 |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 10 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 |
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 |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Short leasehold | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
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 |
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 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
5. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 January 2023 |
Additions |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
6. | STOCKS |
2023 | 2022 |
£ | £ |
Stocks |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
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 |
Taxation and social security |
Other creditors |
9. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2022 |
£ | £ |
Between one and five years |
In more than five years |
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 |
Credit to Income Statement during year | ( |
) |
Balance at 31 December 2023 |
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. |