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Registration number: 06464304

Milborne Port Pharmacy Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Milborne Port Pharmacy Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Statement of Changes in Equity

4

Notes to the Unaudited Financial Statements

5 to 9

 

Milborne Port Pharmacy Limited

Company Information

Directors

OM Lawal

Mrs OI Lawal

Registered office

10 High Street
Milborne Port
Sherborne
Dorset
DT9 5AG

 

Milborne Port Pharmacy Limited

(Registration number: 06464304)
Balance Sheet as at 31 December 2023

Note

2023

2022

Fixed assets

 

Intangible assets

4

768,000

90,000

Tangible assets

5

103,656

96,983

 

871,656

186,983

Current assets

 

Stocks

6

127,584

38,109

Debtors

7

431,505

363,108

Cash at bank and in hand

 

108,334

102,764

 

667,423

503,981

Creditors: Amounts falling due within one year

8

(123,763)

(90,476)

Net current assets

 

543,660

413,505

Total assets less current liabilities

 

1,415,316

600,488

Creditors: Amounts falling due after more than one year

8

(718,757)

-

Net assets

 

696,559

600,488

Capital and reserves

 

Called up share capital

1

1

Retained earnings

696,558

600,487

Shareholders' funds

 

696,559

600,488

For the financial year ending 31 December 2023 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Milborne Port Pharmacy Limited

(Registration number: 06464304)
Balance Sheet as at 31 December 2023

Approved and authorised for issue by the Board on 8 October 2024 and signed on its behalf by:
 

.........................................
OM Lawal
Director

 

Milborne Port Pharmacy Limited

Statement of Changes in Equity for the Year Ended 31 December 2023

Share capital

Retained earnings

Total

At 1 January 2023

1

600,487

600,488

Profit for the year

-

143,062

143,062

Dividends

-

(46,991)

(46,991)

At 31 December 2023

1

696,558

696,559

Share capital

Retained earnings

Total

At 1 January 2022

1

503,988

503,989

Profit for the year

-

96,499

96,499

At 31 December 2022

1

600,487

600,488

 

Milborne Port Pharmacy Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
10 High Street
Milborne Port
Sherborne
Dorset
DT9 5AG

These financial statements were authorised for issue by the Board on 8 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

The financial statements have been prepared under the historical cost convention and in accordance with FRS 105 'The Financial Reporting Standard applicable to the Micro-entities Regime'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Milborne Port Pharmacy Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Milborne Port Pharmacy Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 11 (2022 - 5).

 

Milborne Port Pharmacy Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Intangible assets

Goodwill
 

Total

Cost or valuation

At 1 January 2023

150,000

150,000

Addition

720,000

720,000

At 31 December 2023

870,000

870,000

Amortisation

At 1 January 2023

60,000

60,000

Amortisation charge

42,000

42,000

At 31 December 2023

102,000

102,000

Carrying amount

At 31 December 2023

768,000

768,000

At 31 December 2022

90,000

90,000

5

Tangible assets

Land and buildings

Furniture, fittings and equipment
 

Total

Cost or valuation

At 1 January 2023

95,000

8,412

103,412

Additions

-

7,820

7,820

At 31 December 2023

95,000

16,232

111,232

Depreciation

At 1 January 2023

-

6,429

6,429

Charge for the year

-

1,147

1,147

At 31 December 2023

-

7,576

7,576

Carrying amount

At 31 December 2023

95,000

8,656

103,656

At 31 December 2022

95,000

1,983

96,983

Included within the net book value of land and buildings above is 95,000 (2022 - 95,000) in respect of freehold land and buildings.
 

 

Milborne Port Pharmacy Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

6

Stocks

2023

2022

Other inventories

127,584

38,109

7

Debtors

Current

Note

2023

2022

Trade debtors

 

134,156

94,788

Amounts owed by related parties

265,224

248,610

Prepayments

 

9,412

100

Other debtors

 

22,713

19,610

   

431,505

363,108

8

Creditors

Creditors: amounts falling due within one year

Note

2023

2022

Due within one year

 

Loans and borrowings

71,138

-

Trade creditors

 

-

62,385

Taxation and social security

 

41,169

26,310

Accruals and deferred income

 

4,358

1,781

Other creditors

 

7,098

-

 

123,763

90,476

Creditors: amounts falling due after more than one year

Note

2023

2022

Due after one year

 

Loans and borrowings

718,757

-