Company Registration No. 04400890 (England and Wales)
S & S PHARMACY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 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
S & S PHARMACY LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
S & S PHARMACY LIMITED
REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF S & S PHARMACY LIMITED
- 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 S & S Pharmacy Limited for the year ended 31 March 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 https://www.accaglobal.com/gb/en/about-us/regulation/rulebook.html.
Our work has been undertaken solely to prepare for your approval the financial statements of S & S Pharmacy Limited and state those matters that we have agreed to state to the Board of Directors of S & S 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 S & S Pharmacy Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that S & S 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 S & S Pharmacy Limited. You consider that S & S 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 S & S 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 November 2024
S & S PHARMACY LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
564,661
641,661
Tangible assets
5
454,044
350,151
1,018,705
991,812
Current assets
Stocks
133,738
74,484
Debtors
6
221,849
188,701
Cash at bank and in hand
21,918
115,060
377,505
378,245
Creditors: amounts falling due within one year
8
(554,627)
(445,161)
Net current liabilities
(177,122)
(66,916)
Total assets less current liabilities
841,583
924,896
Creditors: amounts falling due after more than one year
9
(195,089)
(261,088)
Provisions for liabilities
(60,908)
(32,702)
Net assets
585,586
631,106
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
585,486
631,006
Total equity
585,586
631,106
The directors of the company have taken advantage under section 444 of the Companies Act 2006 to not deliver the profit and loss account and the directors' report within the financial statements.true
For the financial year ended 31 March 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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
S & S PHARMACY LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 15 November 2024 and are signed on its behalf by:
Mr A A Patel
Director
Company Registration No. 04400890
S & S PHARMACY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
1
Accounting policies
Company information
S & S Pharmacy Limited is a private company limited by shares incorporated in England and Wales. The registered office is 40 Harrow Road, Wembley, Middlesex, HA9 6PG.
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 are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts receivable for goods dispensed, sales of pharmaceutical and perfumery products and community pharmacy advisers net of VAT and trade discounts.
1.3
Intangible fixed assets - goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life at the rate of 5% per annum.
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:
Buildings Leasehold
2.5% per annum on straight line basis
Fixtures, fittings & equipment
15% per annum on straight line basis
Motor vehicles
25% per annum on straight line basis
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 complete and 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 balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit and loss account.
1.6
Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors, creditors and the loans.
S & S PHARMACY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
Basic financial assets
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.
Basic financial liabilities
Basic financial liabilities, including trade and other creditors and the bank loans are initially recognised at transaction price, unless the arrangement constitutes a financing transactions, where the debt instruments is measured at the present value of the future payments discounted at market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.8
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.
1.9
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.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
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.
S & S PHARMACY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
20
21
3
Directors' remuneration and dividends
2024
2023
£
£
Remuneration paid to directors
34,039
17,292
Dividends paid to directors
85,000
125,000
Sums paid to third parties for directors' services
1,995
6,384
4
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
1,941,871
Amortisation and impairment
At 1 April 2023
1,300,210
Amortisation charged for the year
77,000
At 31 March 2024
1,377,210
Carrying amount
At 31 March 2024
564,661
At 31 March 2023
641,661
S & S PHARMACY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2023
258,370
400,205
658,575
Additions
138,713
138,713
At 31 March 2024
258,370
538,918
797,288
Depreciation and impairment
At 1 April 2023
52,743
255,681
308,424
Depreciation charged in the year
6,460
28,360
34,820
At 31 March 2024
59,203
284,041
343,244
Carrying amount
At 31 March 2024
199,167
254,877
454,044
At 31 March 2023
205,627
144,524
350,151
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
173,112
157,864
Other debtors
48,737
30,837
221,849
188,701
7
Loans and overdrafts
2024
2023
£
£
Bank loans
262,801
328,188
Bank overdrafts
24,854
287,655
328,188
Payable within one year
92,566
67,100
Payable after one year
195,089
261,088
The total amount of creditors for which security has been provided amounted to £262,801 (2023: £328,188) of which the bank loans of £116,697 (2023: £132,354) are secured by a fixed charge over Unit 1, 23 Hillside, London NW10 8LY and a personal guarantee of £30,000 given by the Director, Mr A M Patel. Bank loans of £145,834 (2023: £195,834) are partially guaranteed by the Secretary of State for Business, Energy and Industrial Strategy under the Coronavirus Business Interruption Loan Scheme. The remaining amount of creditors relates to the bank overdraft as at 31 March 2024 amounting to £24,854.
S & S PHARMACY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
7
Loans and overdrafts
(Continued)
- 8 -
8
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
92,566
67,100
Trade creditors
392,330
310,375
Corporation tax
9,095
549
Other taxation and social security
9,445
8,594
Other creditors
51,191
58,543
554,627
445,161
9
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
195,089
261,088
Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
44,317
60,317
10
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
60,908
32,702
2024
Movements in the year:
£
Liability at 1 April 2023
32,702
Charge to profit or loss
28,206
Liability at 31 March 2024
60,908
S & S PHARMACY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
11
Reserves
The only movements in reserves for the the year ended 31 March 2024 are profit for the year and dividends paid. The only movements in reserves for the year ended 31 March 2023 were profit for the year and dividend paid.
12
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
26,368
49,868
13
Directors' transactions
Dividends totalling £85,000 (2023 - £125,000) were paid in the year in respect of shares held by the company's directors.
As at 31 March 2024 the amount due to the director, Mr A M Patel was £- nil (2023 - nil) and due to Mr A A Patel was £989.76 (2023: £2,300).