Acorah Software Products - Accounts Production 16.0.110 false true 3 March 2023 1 December 2021 false 4 March 2023 29 February 2024 29 February 2024 06779768 Mr Sanjay Patel Mrs Melissa Peet Mr Mitul Patel Miss Rima Raghwani iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 06779768 2023-03-03 06779768 2024-02-29 06779768 2023-03-04 2024-02-29 06779768 frs-core:CurrentFinancialInstruments 2024-02-29 06779768 frs-core:FurnitureFittings 2024-02-29 06779768 frs-core:FurnitureFittings 2023-03-04 2024-02-29 06779768 frs-core:FurnitureFittings 2023-03-03 06779768 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2024-02-29 06779768 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-03-04 2024-02-29 06779768 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-03-03 06779768 frs-core:ShareCapital 2024-02-29 06779768 frs-core:RetainedEarningsAccumulatedLosses 2024-02-29 06779768 frs-bus:PrivateLimitedCompanyLtd 2023-03-04 2024-02-29 06779768 frs-bus:FilletedAccounts 2023-03-04 2024-02-29 06779768 frs-bus:SmallEntities 2023-03-04 2024-02-29 06779768 frs-bus:AuditExempt-NoAccountantsReport 2023-03-04 2024-02-29 06779768 frs-bus:SmallCompaniesRegimeForAccounts 2023-03-04 2024-02-29 06779768 frs-bus:Director1 2023-03-04 2024-02-29 06779768 frs-bus:Director2 2023-03-04 2024-02-29 06779768 frs-bus:Director3 2023-03-04 2024-02-29 06779768 frs-bus:Director4 2023-03-04 2024-02-29 06779768 frs-countries:EnglandWales 2023-03-04 2024-02-29 06779768 2021-11-30 06779768 2023-03-03 06779768 2021-12-01 2023-03-03 06779768 frs-core:CurrentFinancialInstruments 2023-03-03 06779768 frs-core:ShareCapital 2023-03-03 06779768 frs-core:RetainedEarningsAccumulatedLosses 2023-03-03
Registered number: 06779768
Lime Pharmacy Limited
Financial Statements
For The Year Ended 29 February 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 06779768
29 February 2024 3 March 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 93,314 98,145
93,314 98,145
CURRENT ASSETS
Stocks 46,865 43,985
Debtors 5 314,380 188,719
Cash at bank and in hand 153,247 73,478
514,492 306,182
Creditors: Amounts Falling Due Within One Year 6 (269,986 ) (212,705 )
NET CURRENT ASSETS (LIABILITIES) 244,506 93,477
TOTAL ASSETS LESS CURRENT LIABILITIES 337,820 191,622
NET ASSETS 337,820 191,622
CAPITAL AND RESERVES
Called up share capital 5 5
Profit and Loss Account 337,815 191,617
SHAREHOLDERS' FUNDS 337,820 191,622
Page 1
Page 2
For the year ending 29 February 2024 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 Mitul Patel
Director
15 October 2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Lime Pharmacy Limited is a private company, limited by shares, incorporated in England & Wales, registered number 06779768 . The registered office is 205 Plumstead Road, Norwich, NR1 4AB.
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. 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:
Leasehold 5% Straight Line
Fixtures & Fittings 15% reducing balance
2.4. 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.
2.5. 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 years 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.
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 assets reflect 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 and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
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2.6. Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2.7. 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.
2.8. 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.
2.9. 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 6 (2023: 8)
6 8
4. Tangible Assets
Land & Property
Leasehold Fixtures & Fittings Total
£ £ £
Cost
As at 4 March 2023 144,000 23,898 167,898
Additions - 2,925 2,925
As at 29 February 2024 144,000 26,823 170,823
Depreciation
As at 4 March 2023 46,881 22,872 69,753
Provided during the period 7,200 556 7,756
As at 29 February 2024 54,081 23,428 77,509
Net Book Value
As at 29 February 2024 89,919 3,395 93,314
As at 4 March 2023 97,119 1,026 98,145
5. Debtors
29 February 2024 3 March 2023
£ £
Due within one year
Trade debtors 127,462 119,308
Amounts owed by group undertakings 148,120 -
Other debtors 38,798 69,411
314,380 188,719
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6. Creditors: Amounts Falling Due Within One Year
29 February 2024 3 March 2023
£ £
Trade creditors 163,952 82,506
Other creditors 54,019 54,954
Taxation and social security 52,015 75,245
269,986 212,705
7. Related Party Transactions
Mr Mitul Patel, Mr Sanjay Patel and Mrs Melissa Kate Peet are Directors of Lime Pharmacy Limited.
At the balance sheet date, the total amount owed by the company to the directors £53,772.00 The loans are interest free and repayable on demand.
During the year the company has declared dividend of £0.00
8. Controlling party
Summary of transactions with parent company
Citrus Fruit Ltd
(Parent undertaking of Lime Pharmacy Limited)
The company has provided security by way of debenture over its assets and undertaking, a first legal charge over the leasehold property it occupies and a cross company guarantee towards the bank borrowings of its parent company.
At the balance sheet date, the amount due from Citrus Fruit Ltd was £148,120.49. The loan is interest-free and repayable on demand.
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