Acorah Software Products - Accounts Production 16.0.110 false true 31 October 2022 1 November 2021 false 1 November 2022 31 October 2023 31 October 2023 10997260 Mr Hiren Patel Mr Nicky Patel iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 10997260 2022-10-31 10997260 2023-10-31 10997260 2022-11-01 2023-10-31 10997260 frs-core:CurrentFinancialInstruments 2023-10-31 10997260 frs-core:Non-currentFinancialInstruments 2023-10-31 10997260 frs-core:ComputerEquipment 2023-10-31 10997260 frs-core:ComputerEquipment 2022-11-01 2023-10-31 10997260 frs-core:ComputerEquipment 2022-10-31 10997260 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-10-31 10997260 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-11-01 2023-10-31 10997260 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-10-31 10997260 frs-core:FurnitureFittings 2023-10-31 10997260 frs-core:FurnitureFittings 2022-11-01 2023-10-31 10997260 frs-core:FurnitureFittings 2022-10-31 10997260 frs-core:NetGoodwill 2023-10-31 10997260 frs-core:NetGoodwill 2022-11-01 2023-10-31 10997260 frs-core:NetGoodwill 2022-10-31 10997260 frs-core:MotorVehicles 2023-10-31 10997260 frs-core:MotorVehicles 2022-11-01 2023-10-31 10997260 frs-core:MotorVehicles 2022-10-31 10997260 frs-core:PlantMachinery 2023-10-31 10997260 frs-core:PlantMachinery 2022-11-01 2023-10-31 10997260 frs-core:PlantMachinery 2022-10-31 10997260 frs-core:ShareCapital 2023-10-31 10997260 frs-core:RetainedEarningsAccumulatedLosses 2023-10-31 10997260 frs-bus:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 10997260 frs-bus:FilletedAccounts 2022-11-01 2023-10-31 10997260 frs-bus:SmallEntities 2022-11-01 2023-10-31 10997260 frs-bus:AuditExempt-NoAccountantsReport 2022-11-01 2023-10-31 10997260 frs-bus:SmallCompaniesRegimeForAccounts 2022-11-01 2023-10-31 10997260 frs-core:UnlistedNon-exchangeTraded 2023-10-31 10997260 frs-core:UnlistedNon-exchangeTraded 2022-10-31 10997260 frs-core:CostValuation frs-core:UnlistedNon-exchangeTraded 2022-10-31 10997260 frs-core:CostValuation frs-core:UnlistedNon-exchangeTraded 2023-10-31 10997260 frs-core:ProvisionsForImpairmentInvestments frs-core:UnlistedNon-exchangeTraded 2022-10-31 10997260 frs-core:ProvisionsForImpairmentInvestments frs-core:UnlistedNon-exchangeTraded 2023-10-31 10997260 frs-bus:Director1 2022-11-01 2023-10-31 10997260 frs-bus:Director2 2022-11-01 2023-10-31 10997260 frs-countries:EnglandWales 2022-11-01 2023-10-31 10997260 2021-10-31 10997260 2022-10-31 10997260 2021-11-01 2022-10-31 10997260 frs-core:CurrentFinancialInstruments 2022-10-31 10997260 frs-core:Non-currentFinancialInstruments 2022-10-31 10997260 frs-core:ShareCapital 2022-10-31 10997260 frs-core:RetainedEarningsAccumulatedLosses 2022-10-31
Registered number: 10997260
NH Pharm Ltd
Unaudited Financial Statements
For The Year Ended 31 October 2023
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 10997260
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 2,250,946 1,670,367
Tangible Assets 5 135,804 117,507
Investments 6 200 200
2,386,950 1,788,074
CURRENT ASSETS
Stocks 7 288,308 140,866
Debtors 8 1,121,419 799,821
Cash at bank and in hand 206,035 538,029
1,615,762 1,478,716
Creditors: Amounts Falling Due Within One Year 9 (1,836,965 ) (1,497,156 )
NET CURRENT ASSETS (LIABILITIES) (221,203 ) (18,440 )
TOTAL ASSETS LESS CURRENT LIABILITIES 2,165,747 1,769,634
Creditors: Amounts Falling Due After More Than One Year 10 (959,178 ) (808,705 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (31,789 ) (20,579 )
NET ASSETS 1,174,780 940,350
CAPITAL AND RESERVES
Called up share capital 11 100 100
Profit and Loss Account 1,174,680 940,250
SHAREHOLDERS' FUNDS 1,174,780 940,350
Page 1
Page 2
For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Hiren Patel
Director
Mr Nicky Patel
Director
30/10/2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
NH Pharm Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 10997260 . The registered office is St James House, 65 Mere Green Road, Sutton Coldfield, West Midlands, B75 5BY.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of ten years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 10% straight line
Motor Vehicles 15% reducing balance
Fixtures & Fittings 25% straight line
Computer Equipment 25% straight line
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
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2.6. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.7. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.8. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 29 (2022: 22)
29 22
4. Intangible Assets
Goodwill Development Costs Total
£ £ £
Cost
As at 1 November 2022 2,470,000 - 2,470,000
Additions 825,000 3,000 828,000
As at 31 October 2023 3,295,000 3,000 3,298,000
Amortisation
As at 1 November 2022 799,633 - 799,633
Provided during the period 247,226 195 247,421
As at 31 October 2023 1,046,859 195 1,047,054
Net Book Value
As at 31 October 2023 2,248,141 2,805 2,250,946
As at 1 November 2022 1,670,367 - 1,670,367
Page 4
Page 5
5. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 November 2022 71,919 38,052 22,141 19,279 151,391
Additions 9,413 18,134 2,874 11,222 41,643
As at 31 October 2023 81,332 56,186 25,015 30,501 193,034
Depreciation
As at 1 November 2022 5,946 10,231 6,062 11,645 33,884
Provided during the period 7,408 5,388 4,697 5,853 23,346
As at 31 October 2023 13,354 15,619 10,759 17,498 57,230
Net Book Value
As at 31 October 2023 67,978 40,567 14,256 13,003 135,804
As at 1 November 2022 65,973 27,821 16,079 7,634 117,507
6. Investments
Unlisted
£
Cost
As at 1 November 2022 200
As at 31 October 2023 200
Provision
As at 1 November 2022 -
As at 31 October 2023 -
Net Book Value
As at 31 October 2023 200
As at 1 November 2022 200
NH Pharm Ltd owns the entire issued share capital of Pinxton Pharmacy Ltd and Trent Health Pharmacy Limited. Both these companies are now dormant.
7. Stocks
2023 2022
£ £
Finished goods 288,308 140,866
8. Debtors
2023 2022
£ £
Due within one year
Trade debtors 685,219 445,491
Other debtors 185,918 99,482
Amounts owed by associates 250,282 254,848
1,121,419 799,821
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9. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 738,499 521,191
Bank loans and overdrafts 225,803 216,130
Other taxes and social security 259,153 97,972
Other creditors 613,510 661,863
1,836,965 1,497,156
10. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 959,178 808,705
11. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
12. Related Party Transactions
The company is owed £243,645 by Amber Pharm Limited. Nicky Patel and Hiren Patel are directors and shareholders of this company.
The company is owed £6,637 by Trent Health Pharmacy Ltd a wholly owned subsidiary of the company.
The company is owed £102,129 from Hiren Patel. This is in relation to funds withdrawn to support the purchase of 2 new pharmacies which NH Pharm completed during this year.
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