Registered number
07457952
Gibson Pharmacy Limited
Filleted Accounts
31 January 2024
Gibson Pharmacy Limited
Registered number: 07457952
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 268,696 383,852
Tangible assets 4 113,832 127,591
Investments 5 1,296,092 1,296,092
1,678,620 1,807,535
Current assets
Stocks 124,714 123,503
Debtors 6 225,653 231,225
Cash at bank and in hand 100,136 123,278
450,503 478,006
Creditors: amounts falling due within one year 7 (1,431,300) (1,084,516)
Net current liabilities (980,797) (606,510)
Total assets less current liabilities 697,823 1,201,025
Creditors: amounts falling due after more than one year 8 (1,500,000) (1,908,000)
Net liabilities (802,177) (706,975)
Capital and reserves
Called up share capital 2 2
Profit and loss account (802,179) (706,977)
Shareholders' funds (802,177) (706,975)
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.
SE Bargh
Director
Approved by the board on 23 September 2024
Gibson Pharmacy Limited
Notes to the Accounts
for the year ended 31 January 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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:
Leasehold land and buildings over the lease term
Plant and machinery 25% on cost
Fixtures, fittings, tools and equipment 15% on cost
Motor vehicles 25% on cost
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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 20 18
3 Intangible fixed assets £
Goodwill:
Cost
At 1 February 2023 2,518,268
At 31 January 2024 2,518,268
Amortisation
At 1 February 2023 2,134,416
Provided during the year 115,156
At 31 January 2024 2,249,572
Net book value
At 31 January 2024 268,696
At 31 January 2023 383,852
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 February 2023 297,507 172,886 11,999 482,392
Additions - 1,395 - 1,395
At 31 January 2024 297,507 174,281 11,999 483,787
Depreciation
At 1 February 2023 178,960 172,840 3,001 354,801
Charge for the year 11,900 254 3,000 15,154
At 31 January 2024 190,860 173,094 6,001 369,955
Net book value
At 31 January 2024 106,647 1,187 5,998 113,832
At 31 January 2023 118,547 46 8,998 127,591
5 Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 February 2023 1,296,092
At 31 January 2024 1,296,092
6 Debtors 2024 2023
£ £
Trade debtors 177,489 183,190
Amounts owed by group undertakings and undertakings in which the company has a participating interest 16,065 16,065
Other debtors 32,099 31,970
225,653 231,225
7 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts - 65,440
Trade creditors 254,051 288,294
Amounts owed to group undertakings and undertakings in which the company has a participating interest 537,414 458,570
Taxation and social security costs 11,881 8,530
Other creditors 627,954 263,682
1,431,300 1,084,516
8 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans - 608,000
Other creditors 1,500,000 1,300,000
1,500,000 1,908,000
9 Loans 2024 2023
£ £
Creditors include:
Amounts payable otherwise than by instalment falling due for payment after more than five years 500,000 500,000
Secured bank loans - 673,440
Bank loans secured on premises lease & floating charge on assets & investments.
10 Controlling party
The company's ultimate controlling party are the directors.
11 Other information
Gibson Pharmacy Limited is a private company limited by shares and incorporated in England. Its registered office is:
Undercliffe Health Care Centre
Lowther Street
Bradford
BD2 4RA
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