REGISTERED NUMBER: |
MIAH R LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
REGISTERED NUMBER: |
MIAH R LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
MIAH R LIMITED (REGISTERED NUMBER: 07921865) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
MIAH R LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 JANUARY 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
MIAH R LIMITED (REGISTERED NUMBER: 07921865) |
BALANCE SHEET |
31 JANUARY 2024 |
2024 | 2023 |
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 (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 13 | ( |
) | ( |
) |
NET ASSETS |
MIAH R LIMITED (REGISTERED NUMBER: 07921865) |
BALANCE SHEET - continued |
31 JANUARY 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital | 14 |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
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 |
MIAH R LIMITED (REGISTERED NUMBER: 07921865) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
1. | STATUTORY INFORMATION |
Miah R Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. In making their assessment, the directors have reviewed the balance sheet, the likely future cashflows of the business and has considered the facilities that are available to the company along with their continued support. |
At the date of approving the financial statements the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and that the going concern basis of accounting remains appropriate. The directors continue to adopt the going concern basis of accounting in preparing the financial statements. |
MIAH R LIMITED (REGISTERED NUMBER: 07921865) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
2. | ACCOUNTING POLICIES - continued |
Significant judgements and estimates |
In the application of the company's accounting policies, which are described in note 2, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
Useful economic lives of tangible assets - The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect the current estimate based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See notes for the carrying amount of the tangible fixed assets and accounting policies in note 2 for the useful economic lives of each class of asset. |
Useful economic lives of intangible assets - The annual amortisation charge for Goodwill is sensitive to changes in the estimate useful economic life of the asset. The useful economic life of Goodwill is reviewed and assessed annually for any indication of impairment. The carrying value of Goodwill is adjusted when necessary with any decrease in value expensed through the profit and loss account. |
Management makes an estimate of the recoverable value of trade and other debtors. When assessing these balances for impairment, management considers a range of factors including the current credit rating of the debtor, ageing profile as well as historical experience. |
In assessing the recoverability of balances with connected companies, management periodically reviews the financial of these entities to gain assurance as to the recoverability. |
MIAH R LIMITED (REGISTERED NUMBER: 07921865) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
2. | ACCOUNTING POLICIES - continued |
Turnover |
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates and VAT. |
Retail Sales: |
Turnover from the sale of goods, including over-the-counter medications, is recognised when the significant risks and rewards of ownership are transferred to the customer, which typically occurs at the point of sale. Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, VAT, and other sales taxes. |
Prescription Services: |
Turnover from NHS and other third-party prescription services is recognised when the services are provided, and the pharmacy becomes entitled to payment. Any adjustments related to prescription pricing claims are recognised in the period in which the prescription claims are settled. |
Wholesale Sales: |
Turnover from the sale of goods to wholesale customers is recognised when the goods are dispatched to the customer and the significant risks and rewards of ownership have passed to the buyer. Wholesale sales are measured at the invoiced value of the goods supplied, excluding VAT, and are recognised when the performance obligations under the terms of the sale are satisfied, typically upon delivery of the goods. |
Turnover is recognised net of returns, rebates, and discounts, and any provisions for doubtful debts are made when the recoverability of the receivable is uncertain. |
Goodwill |
Goodwill arising on business combinations is initially measured as the excess of the cost of the business combination over the fair value of the identifiable assets, liabilities, and contingent liabilities acquired. Goodwill is capitalised and classified as an intangible asset on the balance sheet. |
Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and any accumulated impairment losses. Goodwill is amortised on a straight-line basis over its estimated useful life, which is determined at the time of acquisition. The useful life is generally no more than ten years unless a longer period can be justified. |
Goodwill is reviewed annually for impairment, or more frequently if events or changes in circumstances indicate that the carrying amount may not be recoverable. Any impairment loss is recognised in profit or loss immediately and is not subsequently reversed. |
If the fair value of identifiable assets and liabilities acquired exceeds the consideration, this excess is recognised immediately in profit or loss as negative goodwill. |
MIAH R LIMITED (REGISTERED NUMBER: 07921865) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Freehold property | - |
Improvements to property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses. |
At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs. |
Stocks |
Stock, which consist primarily of pharmaceutical products and medical supplies, are valued at the lower of cost and estimated selling price less costs to sell. Cost is determined using the first-in, first-out (FIFO) method. Provision is made for obsolete, slow-moving, or damaged items where necessary. |
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. |
MIAH R LIMITED (REGISTERED NUMBER: 07921865) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
2. | ACCOUNTING POLICIES - continued |
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. |
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 assets 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. |
Provisions |
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefit will be required in settlement and the amount can be reliably estimated. |
Where there are a number of similar obligations, the likelihood that an outflow of economic benefits will be required in settlement is determined by considering the class of obligation as a whole. A provision is recognised even if the likelihood of an outflow with respect of any one item in the same class of obligations may be small. |
Provisions are not made for future operating losses. |
Provisions are measures at the present value of the cost expected to be required to settle the obligation using a pre-tax rate that reflects current market assessment of the time value of money and the risks specific to the obligation. The increase in the provision due to the passing of time is recognised as a cost in the income statement. |
MIAH R LIMITED (REGISTERED NUMBER: 07921865) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
2. | ACCOUNTING POLICIES - continued |
Cash & cash equivalents |
Cash and cash equivalents are basic financial instruments and include cash in hand and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. |
Financial instruments |
The company has elected to apply the provisions of Section 11 "Basic Financial Instruments". |
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
Basic financial assets |
Basic financial assets, which include trade and other debtors, loans to related companies and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest. |
Basic financial liabilities |
Basic financial liabilities, including trade and other creditors, loans to related companies and bank loans are initially recognised at transaction price unless the arrangement constitutes a financial transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 February 2023 |
Additions |
At 31 January 2024 |
AMORTISATION |
At 1 February 2023 |
Amortisation for year |
At 31 January 2024 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 January 2023 |
MIAH R LIMITED (REGISTERED NUMBER: 07921865) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
4. | INTANGIBLE FIXED ASSETS - continued |
Goodwill has arisen from the acquisition of four pharmacies between May 2023 and September 2023. Goodwill represents the excess of the fair value of the consideration paid over the fair value of the identifiable net assets acquired. |
5. | TANGIBLE FIXED ASSETS |
Improvements |
Freehold | to | Plant and |
property | property | machinery |
£ | £ | £ |
COST |
At 1 February 2023 |
Additions |
At 31 January 2024 |
DEPRECIATION |
At 1 February 2023 |
Charge for year |
At 31 January 2024 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 January 2023 |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 February 2023 |
Additions |
At 31 January 2024 |
DEPRECIATION |
At 1 February 2023 |
Charge for year |
At 31 January 2024 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 January 2023 |
MIAH R LIMITED (REGISTERED NUMBER: 07921865) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
6. | STOCKS |
2024 | 2023 |
£ | £ |
Stocks |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts (see note 10) |
Payments on account |
Trade creditors |
Taxation and social security |
Other creditors |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans (see note 10) |
Other creditors |
10. | LOANS |
An analysis of the maturity of loans is given below: |
2024 | 2023 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
Bank loans |
Other loans |
MIAH R LIMITED (REGISTERED NUMBER: 07921865) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
10. | LOANS - continued |
2024 | 2023 |
£ | £ |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
Other loans - 2-5 years |
11. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
12. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Other loans |
Other loans are secured by a fixed and floating charge over the assets over the company. |
13. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax | 55,116 | 11,153 |
Deferred |
tax |
£ |
Balance at 1 February 2023 |
Provided during year |
Accelerated capital allowances |
Balance at 31 January 2024 |
MIAH R LIMITED (REGISTERED NUMBER: 07921865) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
14. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary A | £1 | 40 | 40 |
Ordinary B | £1 | 60 | 60 |
100 | 100 |
15. | TRANSACTIONS WITH DIRECTORS |
As at 31 January 2024 an amount of £101,131 (2023: £32,971) was owed to the directors and included within creditors falling due within one year. The amount is interest free and repayable on demand. |
16. | RELATED PARTY DISCLOSURES |
During the year, the company made sales amounting to £2,823,507 (2023: £451,144) to a company that is connected through common ownership and control. As at 31 January 2024, an amount of £323,627 (2023: £nil) was included within trade debtors due within one year from this related party. |
This related company also provides financial support in the form of loans. As at 31 January 2024, an amount of £979,532 (2023: £106,759) was included in creditors falling due within one year, representing amounts owed to this related party. This amount is interest-free and repayable on demand. |
17. | POST BALANCE SHEET EVENTS |
On 14 June 2024, after the balance sheet date of 31 January 2024, the company acquired an additional pharmacy for a total consideration of £425,000. The acquisition is expected to enhance the company's revenue-generating capacity and will be reflected in the financial statements for the year ending 31 January 2025. There is no adjustment required to the 2024 financial statements in respect of this transaction. |
18. | ULTIMATE CONTROLLING PARTY |
The company is controlled by Mrs F Ali, who holds 60% of the issued share capital of the company. |