Registered number
04918136
VMS PHARMACY LIMITED
Filleted Accounts
31 January 2024
VMS PHARMACY LIMITED
Registered number: 04918136
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 207,671 207,671
Tangible assets 4 64,398 65,753
Investments 5 841,002 841,002
1,113,071 1,114,426
Current assets
Stocks 54,603 57,748
Debtors 6 379,661 382,048
Cash at bank and in hand 3,371 16,454
437,635 456,250
Creditors: amounts falling due within one year 7 (474,426) (372,316)
Net current (liabilities)/assets (36,791) 83,934
Total assets less current liabilities 1,076,280 1,198,360
Creditors: amounts falling due after more than one year 8 (589,587) (629,998)
Provisions for liabilities (505) (505)
Net assets 486,188 567,857
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 485,188 566,857
Shareholders' funds 486,188 567,857
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mrs S Rahman
Director
Approved by the board on 2 October 2024
VMS PHARMACY LIMITED
Notes to the Accounts
for the year ended 31 January 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold land and buildings over the lease term
Plant and machinery 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 14 10
3 Intangible fixed assets £
Goodwill:
Cost
At 1 February 2023 207,671
At 31 January 2024 207,671
Amortisation
At 31 January 2024 -
Net book value
At 31 January 2024 207,671
At 31 January 2023 207,671
4 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 February 2023 60,334 66,676 127,010
At 31 January 2024 60,334 66,676 127,010
Depreciation
At 1 February 2023 - 61,257 61,257
Charge for the year - 1,355 1,355
At 31 January 2024 - 62,612 62,612
Net book value
At 31 January 2024 60,334 4,064 64,398
At 31 January 2023 60,334 5,419 65,753
5 Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 February 2023 841,002
At 31 January 2024 841,002
6 Debtors 2024 2023
£ £
Trade debtors 69,783 61,270
Other debtors 309,878 320,778
379,661 382,048
7 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 101,859 76,900
Trade creditors 136,203 136,594
Taxation and social security costs 4,518 16,358
Other creditors 231,846 142,464
474,426 372,316
8 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 589,587 629,998
9 Related party transactions
TOTALFOOD DISTRIBUTION LIMITED
Controlled by director & spouse.
Amount due (from) to the related party included in other debtors. 288,661 309,661
N9 LTD
Controlled by director & spouse.
Amount due (from) to the related party included in other creditors. (231,504) (140,804)
10 Controlling party
The director controls the company by virtue of a controlling interest of 100% (directly or indirectly) of the issued ordinary share capital.
11 Other information
VMS PHARMACY LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Charter House
8-10 Station Road
London
E12 5BT
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