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REGISTERED NUMBER: 03590797 (England and Wales)















Unaudited Financial Statements

for the Period 1 August 2022 to 31 January 2024

for

Northwood Dispensing Chemists Limited

Northwood Dispensing Chemists Limited (Registered number: 03590797)






Contents of the Financial Statements
for the Period 1 August 2022 to 31 January 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 10

Northwood Dispensing Chemists Limited

Company Information
for the Period 1 August 2022 to 31 January 2024







DIRECTORS: Ms C J Haycock
H G Northwood
Mrs C J Northwood





SECRETARY: Mrs C J Northwood





REGISTERED OFFICE: The Bank of Wellbeing
Crown Bridge
Penkridge
Staffordshire
ST19 5AA





REGISTERED NUMBER: 03590797 (England and Wales)





ACCOUNTANTS: Tomkinson Teal (Lichfield) LLP
Hanover Court
5 Queen Street
Lichfield
Staffordshire
WS13 6QD

Northwood Dispensing Chemists Limited (Registered number: 03590797)

Balance Sheet
31 January 2024

2024 2022
Notes £    £   
FIXED ASSETS
Intangible assets 4 1,741,782 2,005,104
Tangible assets 5 911,148 587,121
2,652,930 2,592,225

CURRENT ASSETS
Stocks 325,765 530,353
Debtors 6 653,620 766,420
Cash at bank and in hand 7,814 8,028
987,199 1,304,801
CREDITORS
Amounts falling due within one year 7 (2,549,686 ) (2,129,855 )
NET CURRENT LIABILITIES (1,562,487 ) (825,054 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,090,443

1,767,171

CREDITORS
Amounts falling due after more than one
year

8

(1,047,283

)

(1,733,876

)

PROVISIONS FOR LIABILITIES 11 (72,522 ) (30,844 )
NET (LIABILITIES)/ASSETS (29,362 ) 2,451

CAPITAL AND RESERVES
Called up share capital 12 1,000 1,000
Revaluation reserve 13 61,515 -
Retained earnings (91,877 ) 1,451
SHAREHOLDERS' FUNDS (29,362 ) 2,451

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

The members have not required the company to obtain an audit of its financial statements for the period ended 31 January 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.

Northwood Dispensing Chemists Limited (Registered number: 03590797)

Balance Sheet - continued
31 January 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 July 2024 and were signed on its behalf by:





H G Northwood - Director


Northwood Dispensing Chemists Limited (Registered number: 03590797)

Notes to the Financial Statements
for the Period 1 August 2022 to 31 January 2024

1. STATUTORY INFORMATION

Northwood Dispensing Chemists 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 as modified by the revaluation of certain assets.

Preparation of consolidated financial statements
The financial statements contain information about Northwood Dispensing Chemists Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of businesses in 2013 and 2017, is being amortised evenly over its estimated useful life of 20 years. The useful life has been re-assessed by the directors based upon their knowledge and experience of the local areas in which the company operates and other general market conditions in the sector.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Land and buildings - 10% on cost and No depreciation
Plant and machinery etc - 25% on cost, 20% on cost and 10% on cost

Freehold property is initially measured at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

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.


Northwood Dispensing Chemists Limited (Registered number: 03590797)

Notes to the Financial Statements - continued
for the Period 1 August 2022 to 31 January 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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 period 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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

Going concern
The financial statements have been prepared on a going concern basis, which places reliance on the continued support of the company's directors and shareholders and the company bankers.

The directors have no reason to believe that the company bankers will not continue to provide the necessary loans and working capital finance to the company on their current agreed terms. The directors have received assurances that support provided by the directors and shareholders will continue to be provided and that they will not seek repayment of amounts due to them until such time as the company can do so without detriment to liabilities due to external creditors and its ongoing working cash flow requirements, and in any case not before a date which is within 12 months from the date of these financial statements.

Therefore, the Directors believe that the company has adequate resources to continue its current operations and that it remains appropriate to prepare the company's financial statements on a going concern basis and the financial statements do not include the adjustments that would result if the company was unable to continue as a going concern.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 63 (2022 - 65 ) .

Northwood Dispensing Chemists Limited (Registered number: 03590797)

Notes to the Financial Statements - continued
for the Period 1 August 2022 to 31 January 2024

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 August 2022
and 31 January 2024 3,748,762
AMORTISATION
At 1 August 2022 1,743,658
Charge for period 263,322
At 31 January 2024 2,006,980
NET BOOK VALUE
At 31 January 2024 1,741,782
At 31 July 2022 2,005,104

5. TANGIBLE FIXED ASSETS
Freehold Long Plant and Motor
property leasehold machinery vehicles Totals
£    £    £    £    £   
COST OR VALUATION
At 1 August 2022 396,919 223,081 1,043,280 18,651 1,681,931
Additions 203,619 - 117,621 - 321,240
Disposals - (45,273 ) (3,475 ) - (48,748 )
Revaluations 82,020 - - - 82,020
At 31 January 2024 682,558 177,808 1,157,426 18,651 2,036,443
DEPRECIATION
At 1 August 2022 - 209,663 870,140 15,007 1,094,810
Charge for period - 3,921 72,006 2,192 78,119
Eliminated on disposal - (45,273 ) (2,361 ) - (47,634 )
At 31 January 2024 - 168,311 939,785 17,199 1,125,295
NET BOOK VALUE
At 31 January 2024 682,558 9,497 217,641 1,452 911,148
At 31 July 2022 396,919 13,418 173,140 3,644 587,121

Cost or valuation at 31 January 2024 is represented by:

Freehold Long Plant and Motor
property leasehold machinery vehicles Totals
£    £    £    £    £   
Valuation in 2024 82,020 - - - 82,020
Cost 600,538 177,808 1,157,426 18,651 1,954,423
682,558 177,808 1,157,426 18,651 2,036,443

Freehold property were valued on an open market basis on 31 January 2024 by the directors .

Northwood Dispensing Chemists Limited (Registered number: 03590797)

Notes to the Financial Statements - continued
for the Period 1 August 2022 to 31 January 2024

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST OR VALUATION
Additions 89,265
At 31 January 2024 89,265
DEPRECIATION
Charge for period 12,953
At 31 January 2024 12,953
NET BOOK VALUE
At 31 January 2024 76,312

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2022
£    £   
Trade debtors 526,785 557,841
Other debtors 126,835 208,579
653,620 766,420

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2022
£    £   
Bank loans and overdrafts 486,604 660,836
Hire purchase contracts (see note 9) 19,958 -
Pharmacy early payment scheme 677,000 -
Trade creditors 1,177,793 1,248,807
Amounts owed to group undertakings 100 100
Taxation and social security 74,535 90,937
Other creditors 113,696 129,175
2,549,686 2,129,855

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2022
£    £   
Bank loans 988,162 1,625,760
Hire purchase contracts (see note 9) 59,121 -
Other creditors - 108,116
1,047,283 1,733,876

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 383,242 717,214

Northwood Dispensing Chemists Limited (Registered number: 03590797)

Notes to the Financial Statements - continued
for the Period 1 August 2022 to 31 January 2024

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued



9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2022
£    £   
Net obligations repayable:
Within one year 19,958 -
Between one and five years 59,121 -
79,079 -

Non-cancellable operating leases
2024 2022
£    £   
Within one year 139,007 161,456
Between one and five years 450,511 418,800
In more than five years 544,250 670,800
1,133,768 1,251,056

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2022
£    £   
Bank overdrafts 303,780 232,588
Bank loans 1,170,986 2,054,008
1,474,766 2,286,596

Bank loans and overdrafts are secured by a fixed and floating charge over all current and future assets of the company.

The bank loans have also been secured by a personal guarantee from H G Northwood of £700,000 and a life policy in the name of H G Northwood in the sum of £950,000.

Hire purchase contracts are secured against the assets to which they relate.

11. PROVISIONS FOR LIABILITIES
2024 2022
£    £   
Deferred tax 72,522 30,844

Northwood Dispensing Chemists Limited (Registered number: 03590797)

Notes to the Financial Statements - continued
for the Period 1 August 2022 to 31 January 2024

11. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 August 2022 30,844
Provided during period 21,173
On property revaluation 20,505
Balance at 31 January 2024 72,522

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2022
value: £    £   
1,000 Ordinary £1 1,000 1,000

13. RESERVES
Revaluation
reserve
£   
Revaluation 61,515

At 31 January 2024 61,515

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Northwood Dispensing Chemists Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Northwood Dispensing Chemists Limited for the period ended 31 January 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Northwood Dispensing Chemists Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Northwood Dispensing Chemists Limited and state those matters that we have agreed to state to the Board of Directors of Northwood Dispensing Chemists Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Northwood Dispensing Chemists Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Northwood Dispensing Chemists Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Northwood Dispensing Chemists Limited. You consider that Northwood Dispensing Chemists Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the financial statements of Northwood Dispensing Chemists Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Tomkinson Teal (Lichfield) LLP
Hanover Court
5 Queen Street
Lichfield
Staffordshire
WS13 6QD


17 July 2024