Registered number
05023566
Niva Pharmacy Limited
Filleted Accounts
31 March 2024
Niva Pharmacy Limited
Registered number: 05023566
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 - 6,250
Tangible assets 4 21,260 28,165
21,260 34,415
Current assets
Stocks 26,097 25,097
Debtors 5 97,811 97,217
Cash at bank and in hand 99,288 106,310
223,196 228,624
Creditors: amounts falling due within one year 6 (66,607) (61,484)
Net current assets 156,589 167,140
Total assets less current liabilities 177,849 201,555
Provisions for liabilities (1,463) (1,463)
Net assets 176,386 200,092
Capital and reserves
Called up share capital 100 100
Profit and loss account 176,286 199,992
Shareholders' funds 176,386 200,092
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.
Mr N Karia
Director
Approved by the board on 1 November 2024
Niva Pharmacy Limited
Notes to the Accounts
for the year ended 31 March 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
Motor Vehicles over 5 years
Fixtures, fittings, tools and equipment 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.
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 5 5
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2023 125,000
At 31 March 2024 125,000
Amortisation
At 1 April 2023 118,750
Provided during the year 6,250
At 31 March 2024 125,000
Net book value
At 31 March 2024 -
At 31 March 2023 6,250
Goodwill is being written off in equal annual instalments over its estimated economic life of 20 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 April 2023 32,981 131,593 9,500 174,074
Additions - 1,200 - 1,200
At 31 March 2024 32,981 132,793 9,500 175,274
Depreciation
At 1 April 2023 29,607 106,802 9,500 145,909
Charge for the year 1,607 6,498 - 8,105
At 31 March 2024 31,214 113,300 9,500 154,014
Net book value
At 31 March 2024 1,767 19,493 - 21,260
At 31 March 2023 3,374 24,791 - 28,165
5 Debtors 2024 2023
£ £
Trade debtors 84,824 84,014
Other debtors 12,987 13,203
97,811 97,217
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 54,120 52,484
Taxation and social security costs 2,672 464
Other creditors 9,815 8,536
66,607 61,484
7 Loans from directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Mrs V Karia
Advances to company 5,714 - - 5,714
5,714 - - 5,714
8 Other information
Niva Pharmacy Limited is a private company limited by shares and incorporated in England. Its registered office is:
2 Uppingham Road
Leicester
LE5 0QD
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