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REGISTERED NUMBER: 04657437 (England and Wales)






















Towler's Chemist Limited

Unaudited Financial Statements for the Year Ended 31 March 2024






Towler's Chemist Limited (Registered number: 04657437)






Contents of the Financial Statements
for the year ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Towler's Chemist Limited

Company Information
for the year ended 31 March 2024







DIRECTORS: R J Towler
Mrs J C Towler



SECRETARY: Mrs J C Towler



REGISTERED OFFICE: 10 Market Place
Kirkbymoorside
York
North Yorkshire
YO62 6DB



REGISTERED NUMBER: 04657437 (England and Wales)



ACCOUNTANTS: Smailes Goldie
Chartered Accountants
Regent's Court
Princess Street
Hull
East Yorkshire HU2 8BA



BANKERS: HSBC Bank plc
5 Piercy End
Kirkbymoorside
YORK
YO62 6DQ

Towler's Chemist Limited (Registered number: 04657437)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 - 687
- 687

CURRENT ASSETS
Stocks 64,785 62,890
Debtors 6 125,338 152,635
Cash at bank and in hand 240,201 240,955
430,324 456,480
CREDITORS
Amounts falling due within one year 7 187,736 203,662
NET CURRENT ASSETS 242,588 252,818
TOTAL ASSETS LESS CURRENT
LIABILITIES

242,588

253,505

PROVISIONS FOR LIABILITIES - 48
NET ASSETS 242,588 253,457

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 242,488 253,357
SHAREHOLDERS' FUNDS 242,588 253,457

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

Towler's Chemist Limited (Registered number: 04657437)

Balance Sheet - continued
31 March 2024


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 Profit and loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 September 2024 and were signed on its behalf by:





R J Towler - Director


Towler's Chemist Limited (Registered number: 04657437)

Notes to the Financial Statements
for the year ended 31 March 2024

1. STATUTORY INFORMATION

Towler's Chemist 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.

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 measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

Sale of goods
Turnover represents amounts earned in respect of prescription income, over the counter sales along with professional services income .Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates and value added tax is rec and is recognised on sale of goods or the dispensing of a prescription in the period to which the revenue relates.

Interest and other income
Interest income is recognised using the effective interest method and dividend income is recognised as the company's right to receive payment is established.

Goodwill
Goodwill arising on business combinations is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over 15 years, which the directors consider to be its useful economic life. Provision is made for any impairment.

Tangible fixed assets
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Plant and machinery - 20% on cost

Stocks
Stocks are stated 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 stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.


Towler's Chemist Limited (Registered number: 04657437)

Notes to the Financial Statements - continued
for the year ended 31 March 2024

2. ACCOUNTING POLICIES - continued
Taxation
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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 balance sheet date that are expected to apply to the reversal of timing differences.

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.

Pension costs and other post-retirement benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2023 - 16 ) .

Towler's Chemist Limited (Registered number: 04657437)

Notes to the Financial Statements - continued
for the year ended 31 March 2024

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2023
and 31 March 2024 530,000
AMORTISATION
At 1 April 2023
and 31 March 2024 530,000
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 -

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2023
and 31 March 2024 21,930
DEPRECIATION
At 1 April 2023 21,243
Charge for year 687
At 31 March 2024 21,930
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 687

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 94,706 112,565
Other debtors 30,632 40,070
125,338 152,635

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 170,155 177,955
Corporation tax 9,538 15,755
Social security and other taxes 1,083 1,860
Other creditors 6,960 8,092
187,736 203,662

Towler's Chemist Limited (Registered number: 04657437)

Notes to the Financial Statements - continued
for the year ended 31 March 2024

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Included in other debtors is £15,000 (2023 £25,000) owed by the directors of the company. Interest is charged at the HMRC beneficial loan rates.