Company Registration No. 07924989 (England and Wales)
MEDWAY DRIVE-THRU PHARMACY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
John Cumming Ross Limited
Chartered Certified Accountants
1st Floor, Kirkland House
11-15 Peterborough Road
Harrow
Middlesex
HA1 2AX
MEDWAY DRIVE-THRU PHARMACY LIMITED
COMPANY INFORMATION
Directors
Mr S Majeed
Mrs N Majeed
Secretary
Mrs N Majeed
Company number
07924989
Registered office
465 Canterbury Street
Gillingham
Kent
ME7 5LJ
Accountants
John Cumming Ross Limited
Chartered Certified Accountants
1st Floor, Kirkland House
11-15 Peterborough Road
Harrow
Middlesex
HA1 2AX
MEDWAY DRIVE-THRU PHARMACY LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
MEDWAY DRIVE-THRU PHARMACY LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF MEDWAY DRIVE-THRU PHARMACY LIMITED FOR THE YEAR ENDED 31 JANUARY 2024
- 1 -
The following reproduces text of the Accountants' Report prepared in respect of the company's annual unaudited financial statements, from which the unaudited financial statements set out on pages 2 to 9 have been extracted.
"In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Medway Drive-Thru Pharmacy Limited for the year ended 31 January 2024 set out on pages 3 to 11 from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/gb/en/member/professional-standards/rules-standards/acca-rulebook.html.
Our work has been undertaken solely to prepare for your approval the financial statements of Medway Drive-Thru Pharmacy Limited and state those matters that we have agreed to state to the Board of Directors of Medway Drive-Thru Pharmacy Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Medway Drive-Thru Pharmacy Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Medway Drive-Thru Pharmacy 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 profit of Medway Drive-Thru Pharmacy Limited. You consider that Medway Drive-Thru Pharmacy Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Medway Drive-Thru Pharmacy 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.
John Cumming Ross Limited
Chartered Certified Accountants
1st Floor, Kirkland House
11-15 Peterborough Road
Harrow
Middlesex
HA1 2AX
"
15 October 2024
MEDWAY DRIVE-THRU PHARMACY LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
77,739
84,699
Tangible assets
4
19,212
25,580
96,951
110,279
Current assets
Stocks
58,640
72,301
Debtors
5
573,745
317,831
Cash at bank and in hand
137,395
240,599
769,780
630,731
Creditors: amounts falling due within one year
6
(378,224)
(306,349)
Net current assets
391,556
324,382
Total assets less current liabilities
488,507
434,661
Creditors: amounts falling due after more than one year
7
(3,577)
Net assets
488,507
431,084
Capital and reserves
Called up share capital
10
100
100
Profit and loss reserves
11
488,407
430,984
Total equity
488,507
431,084
The directors of the company have taken advantage under section 444 of the Companies Act 2006 to not deliver a copy of the directors' report and profit and loss account within the financial statements.true
For the financial year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 of Companies Act 2006.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
MEDWAY DRIVE-THRU PHARMACY LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2024
31 January 2024
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 15 October 2024 and are signed on its behalf by:
Mr S Majeed
Director
Company Registration No. 07924989
MEDWAY DRIVE-THRU PHARMACY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 4 -
1
Accounting policies
Company information
Medway Drive-Thru Pharmacy Limited is a private company limited by shares incorporated in England and Wales. The registered office is 465 Canterbury Street, Gillingham, Kent, ME7 5LJ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements have been prepared under the historical cost convention.The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on supply of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 20 years.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold buildings
Over the term of the lease
Plant and machinery
25% on reducing balance
Fixtures, fittings & equipment
25% on reducing balance
Motor vehicles
25% on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
MEDWAY DRIVE-THRU PHARMACY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 5 -
1.6
Financial instruments
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.
Debtors
Basic financial assets, which include debtors 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 transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Creditors
Basic financial liabilities, including creditors, loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.9
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
MEDWAY DRIVE-THRU PHARMACY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 6 -
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
16
13
3
Intangible fixed assets
Goodwill
£
Cost
At 1 February 2023 and 31 January 2024
139,220
Amortisation and impairment
At 1 February 2023
54,521
Amortisation charged for the year
6,960
At 31 January 2024
61,481
Carrying amount
At 31 January 2024
77,739
At 31 January 2023
84,699
MEDWAY DRIVE-THRU PHARMACY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 7 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 February 2023 and 31 January 2024
508
64,766
65,274
Depreciation and impairment
At 1 February 2023
265
39,429
39,694
Depreciation charged in the year
34
6,334
6,368
At 31 January 2024
299
45,763
46,062
Carrying amount
At 31 January 2024
209
19,003
19,212
At 31 January 2023
243
25,337
25,580
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
167,514
150,634
Corporation tax recoverable
72,034
35,143
Other debtors
329,120
127,882
568,668
313,659
Deferred tax asset
5,077
4,172
573,745
317,831
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
247,662
217,414
Amounts owed to group undertakings
5,941
6,200
Corporation tax
86,652
47,122
Other taxation and social security
6,866
7,072
Other creditors
31,103
28,541
378,224
306,349
MEDWAY DRIVE-THRU PHARMACY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 8 -
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
3,577
8
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
4,570
In two to five years
3,577
8,147
Finance lease payments represent instalments payable by the company for motor vehicles. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. All leases are on a fixed repayment basis.
The total amount of creditors for which security has been provided amounted to £nil (2023 £8,147)
9
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Assets
Assets
2024
2023
Balances:
£
£
Accelerated capital allowances
5,077
4,172
2024
Movements in the year:
£
Liability/(Asset) at 1 February 2023
(4,172)
Credit to profit or loss
(905)
Liability/(Asset) at 31 January 2024
(5,077)
10
Called up share capital
2024
2023
Ordinary share capital
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
MEDWAY DRIVE-THRU PHARMACY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 9 -
11
Profit and loss reserves
The only movements in reserves for the current and preceding year relate to the profit and dividends.
12
Financial commitments, guarantees and contingent liabilities
Lessee
At the reporting end date the company had total outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
Annual rental of £18,000 for lease of shop payable over lease period
114,000
132,000
13
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Mr S Majeed -
-
106,423
209,310
(16,500)
299,233
106,423
209,310
(16,500)
299,233
14
Parent company
The parent undertaking is Bischem Limited, a company registered in England and Wales.
The company was under the control of Bischem Limited and ultimate control of Mr S Majeed and his wife, Mrs N Majeed by virtue of 100% shareholding of Bischem Limited in both 2024 and 2023.
Dividends paid to parent undertaking Bischem Limited during the year amounted to £98,500 (2023: £100,000).
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