Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31true2023-04-01falseCommunity pharmacy77trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 06548752 2023-04-01 2024-03-31 06548752 2022-04-01 2023-03-31 06548752 2024-03-31 06548752 2023-03-31 06548752 c:Director1 2023-04-01 2024-03-31 06548752 d:PlantMachinery 2023-04-01 2024-03-31 06548752 d:PlantMachinery 2024-03-31 06548752 d:PlantMachinery 2023-03-31 06548752 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 06548752 d:Goodwill 2023-04-01 2024-03-31 06548752 d:Goodwill 2024-03-31 06548752 d:Goodwill 2023-03-31 06548752 d:CurrentFinancialInstruments 2024-03-31 06548752 d:CurrentFinancialInstruments 2023-03-31 06548752 d:CurrentFinancialInstruments 4 2024-03-31 06548752 d:CurrentFinancialInstruments 4 2023-03-31 06548752 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 06548752 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 06548752 d:ShareCapital 2024-03-31 06548752 d:ShareCapital 2023-03-31 06548752 d:RetainedEarningsAccumulatedLosses 2024-03-31 06548752 d:RetainedEarningsAccumulatedLosses 2023-03-31 06548752 c:FRS102 2023-04-01 2024-03-31 06548752 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 06548752 c:FullAccounts 2023-04-01 2024-03-31 06548752 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 06548752 f:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: 06548752










ELMSWOOD UK LTD








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
ELMSWOOD UK LTD
REGISTERED NUMBER: 06548752

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
1
1

Tangible assets
 5 
1,113
1,390

Investments
 6 
1,247,744
1,247,744

  
1,248,858
1,249,135

Current assets
  

Stocks
  
56,503
57,055

Debtors: amounts falling due within one year
 7 
153,346
194,642

Cash at bank and in hand
  
324,947
170,813

  
534,796
422,510

Creditors: amounts falling due within one year
 8 
(158,874)
(166,636)

Net current assets
  
 
 
375,922
 
 
255,874

Total assets less current liabilities
  
1,624,780
1,505,009

  

Net assets
  
1,624,780
1,505,009

Page 1

 
ELMSWOOD UK LTD
REGISTERED NUMBER: 06548752
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Capital and reserves
  

Called up share capital 
  
1,000
1,000

Profit and loss account
  
1,623,780
1,504,009

  
1,624,780
1,505,009


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf 15 November 2024.

Mr Qamar Ali
Director

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
ELMSWOOD UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Elmswood UK Limited is a private company, limited by share capital incorporated in England and Wales under registration number: 06548752. The registered office of the company is situated at Level 5A, Maple
House, 149 Tottenham Court Road, London, W1T 7NF.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Revenue

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
ELMSWOOD UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.3

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of comprehensive income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Goodwill
-
10
years

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant & machinery
-
20%
reducing balance.

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

  
2.5

Investment properties

Investment property is carried at fair value which, in directors opinion, is not materially different from market value. No depreciation is provided. Changes in fair value are recognised in the Profit and loss account.

Page 4

 
ELMSWOOD UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.6

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting 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 or loss.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.10

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.11

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

Page 5

 
ELMSWOOD UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.12

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.



3.


Employees

The average monthly number of employees, including directors, during the year was 7 (2023 - 7).

Page 6

 
ELMSWOOD UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Intangible assets




Goodwill

£



Cost


At 1 April 2023
350,000



At 31 March 2024

350,000



Amortisation


At 1 April 2023
349,999



At 31 March 2024

349,999



Net book value



At 31 March 2024
1



At 31 March 2023
1



Page 7

 
ELMSWOOD UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Tangible fixed assets





Plant & machinery

£



Cost or valuation


At 1 April 2023
39,229



At 31 March 2024

39,229



Depreciation


At 1 April 2023
37,838


Charge for the year on owned assets
278



At 31 March 2024

38,116



Net book value



At 31 March 2024
1,113



At 31 March 2023
1,390

Page 8

 
ELMSWOOD UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Fixed asset investments





Investment properties

£



Cost or valuation


At 1 April 2023
1,247,744



At 31 March 2024
1,247,744




In the opinion of the directors, the aggregate open market value of the properties is £1,247,744 (2023 - £1,247,744) the value shown in the accounts.

Page 9

 
ELMSWOOD UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Debtors

2024
2023
£
£


Trade debtors
86,304
79,707

VAT repayable
28,816
25,540

Deferred taxation
82
70

Directors' loan account
38,144
89,325

153,346
194,642


Included within debtors due within one year is a loan to the directors Mr Qamar Ali and Mrs Farah Ali
amounting to £38,144 (2023 - £89,325). Mr Qamar Ali and Mrs Farah Ali paid the company £839
(2023 - £1,966) as interest, calculated at the prevailing HMRC official rate of interest. The directors Mr
Qamar Ali and Mrs Farah Ali repaid £38,144 on 5 October 2024 to the company.




8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdraft
-
44,077

Trade creditors
76,541
76,546

Rent received in advance
18,913
18,325

Corporation tax
56,227
20,676

Other taxation and social security
7
-

Accruals and deferred income
6,850
7,012

Pension payable
336
-

158,874
166,636


Bank overdraft is secured by a fixed and floating charge over the assets of the company.


9.


Controlling party

The company was under the control of the directors, Mr Qamar Ali (50% share) and his spouse Mrs Farah Ali (50% share), by virtue of the fact that between them they own the entire issued share capital of the company.

 
Page 10