Registration number:
Wellbeing (Keynsham) Limited
for the Period from 1 March 2023 to 31 August 2024
Wellbeing (Keynsham) Limited
Contents
Company Information |
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Statement of Directors' Responsibilities |
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Accountants' Report |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Wellbeing (Keynsham) Limited
Company Information
Directors |
Mr M A Hedley Mr F T Gourlay |
Company secretary |
Mr M A Hedley |
Registered office |
|
Accountants |
|
Wellbeing (Keynsham) Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
• |
select suitable accounting policies and apply them consistently; |
• |
make judgements and accounting estimates that are reasonable and prudent; |
• |
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Wellbeing (Keynsham) Limited
for the Period Ended 31 August 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Wellbeing (Keynsham) Limited for the period ended 31 August 2024 as set out on pages 4 to 11 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants of Scotland, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance.
This report is made solely to you, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial information of Wellbeing (Keynsham) Limited and state those matters that we have agreed to state to you in this report in accordance with the requirements of the Institute of Chartered Accountants of Scotland as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company for our work or for this report.
It is your duty to ensure that Wellbeing (Keynsham) Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Wellbeing (Keynsham) Limited. You consider that Wellbeing (Keynsham) Limited is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the accounts of Wellbeing (Keynsham) 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 accounts.
......................................
Chartered Accountants
Kirkcaldy
Fife
KY1 1HB
Wellbeing (Keynsham) Limited
(Registration number: SC442208)
Balance Sheet as at 31 August 2024
Note |
2024 |
2023 |
|
Fixed assets |
|||
Intangible assets |
- |
|
|
Tangible assets |
- |
|
|
- |
|
||
Current assets |
|||
Stock |
- |
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets/(liabilities) |
|
( |
|
Total assets less current liabilities |
|
( |
|
Creditors: Amounts falling due after more than one year |
- |
( |
|
Net assets/(liabilities) |
|
( |
|
Capital and reserves |
|||
Called up share capital |
100 |
100 |
|
Retained earnings |
9,110 |
(190,915) |
|
Shareholders' funds/(deficit) |
9,210 |
(190,815) |
For the financial period ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
......................................... |
Wellbeing (Keynsham) Limited
Notes to the Unaudited Financial Statements for the Period from 1 March 2023 to 31 August 2024
General information |
The company is a private company limited by share capital, incorporated in Scotland. Its registration number and registered office address can be found on the Company Information page.
The principal place of business was:
47 Chandag Road
Keynsham
Bristol
BS31 1PW
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention.
The presentation currency is sterling.
Going concern
The company made a profit of £200,025 (2023 £876) and had net assets of £9,210 (2023 net liabilities of £190,815). The financial statements have been prepared on the going concern basis. The directors consider this appropriate as the company expects to meet its day to day commitments from working capital and existing financial arrangements as they fall due.
Turnover
Turnover represents the total value, excluding VAT, of revenue earned during the period from the sale of pharmaceutical products.
Licence
Licence represents fees paid to obtain permission to operate the pharmacy and was being amortised evenly over its estimated life of 20 years. This was a departure from the requirement of section 1A of FRS 102 which requires intangible assets to be amortised over a period not exceeding 10 years. The directors believed the company's licence had a lifespan longer than 10 years and considered 20 years a more accurate period for amortisation of the licence.
If the licence had been amortised over 10 years the amortisation charge to the profit and loss account would have been £1,000 (2023 £1,000) resulting in a decreased profit of £626 (2023 £500).
Amortisation
Amortisation is provided on intangible assets so as to write off the cost over their useful life as follows:
Asset class |
Amortisation method and rate |
Licence |
5% per annum straight line |
Tangible assets
Tangible fixed assets were stated at historic cost, less accumulated depreciation and accumulated impairment losses.
Wellbeing (Keynsham) Limited
Notes to the Unaudited Financial Statements for the Period from 1 March 2023 to 31 August 2024
Depreciation
Depreciation was provided at rates calculated so as to write off the cost less residual value of each asset over its expected useful life as follows:
Asset class |
Depreciation method and rate |
Plant & equipment |
10% per annum straight line |
Fixtures & fittings |
10% per annum straight line |
Office equipment |
20% per annum straight line |
Tenants' improvements |
5% per annum straight line |
Motor vehicles |
25% per annum straight line |
Impairment of assets
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.
If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.
Trade debtors
The company operated under a confidential invoice discounting agreement for its principal debtors. The directors considered that under this agreement, separate presentation was appropriate. The gross amounts of debts were shown on the balance sheet within assets as trade debtors, funds advanced by the discounter in excess of funds collected were included in current liabilities and funds lodged with the discounter in excess of advances were included in debtors. This agreement has now ceased.
Stock
Stock is stated at the lower of cost and net realisable value, and comprises pharmaceutical products for resale.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Tax
Taxation for the year comprises corporation tax. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted.
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is possible that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Group relief
Tax losses surrendered to any group company are paid in full by the claimant company.
Wellbeing (Keynsham) Limited
Notes to the Unaudited Financial Statements for the Period from 1 March 2023 to 31 August 2024
Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. The capital element of the future payments is treated as a liability. The interest element of these obligations is charged to the profit and loss account over the relevant period on a straight line basis. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is shorter.
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.
Defined contribution pension obligation
The company operates a defined contribution plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company during the period was
Other operating income |
2024 |
2023 |
||
£ |
£ |
||
Gain on sale of pharmacy |
437,612 |
- |
|
Net rental income |
10,163 |
8,281 |
|
Other operating income |
1,353 |
50 |
|
449,128 |
8,331 |
Taxation |
2024 |
2023 |
||
£ |
£ |
||
Corporation tax charge |
33,976 |
- |
Wellbeing (Keynsham) Limited
Notes to the Unaudited Financial Statements for the Period from 1 March 2023 to 31 August 2024
Intangible assets |
Licence |
Total |
|
Cost |
||
At 1 March 2023 |
|
|
Disposals |
( |
( |
At 31 August 2024 |
- |
- |
Amortisation |
||
At 1 March 2023 |
|
|
Amortisation charge |
|
|
Amortisation eliminated on disposals |
( |
( |
At 31 August 2024 |
- |
- |
Carrying amount |
||
At 31 August 2024 |
- |
- |
At 28 February 2023 |
|
|
Tangible assets |
Leasehold improvements |
Furniture, fittings and equipment |
Motor vehicles |
Total |
|
Cost |
||||
At 1 March 2023 |
|
|
|
|
Disposals |
( |
( |
( |
( |
At 31 August 2024 |
- |
- |
- |
- |
Depreciation |
||||
At 1 March 2023 |
|
|
|
|
Charge for the period |
|
|
- |
|
Eliminated on disposal |
( |
( |
( |
( |
At 31 August 2024 |
- |
- |
- |
- |
Carrying amount |
||||
At 31 August 2024 |
- |
- |
- |
- |
At 28 February 2023 |
|
|
- |
|
Debtors |
Current |
2024 |
2023 |
Trade debtors |
|
|
Prepayments |
- |
|
Other debtors |
|
|
|
|
Wellbeing (Keynsham) Limited
Notes to the Unaudited Financial Statements for the Period from 1 March 2023 to 31 August 2024
Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
2023 |
|
Due within one year |
|||
Loans and borrowings |
- |
|
|
Trade creditors |
( |
|
|
Taxation and social security |
|
|
|
Accruals and deferred income |
|
|
|
Other creditors |
- |
|
|
|
|
Included in creditors and accruals are balances due to related parties. Details of related party transactions are disclosed at note 13.
Creditors: amounts falling due after more than one year
Note |
2024 |
2023 |
|
Due after one year |
|||
Loans and borrowings |
- |
|
Loans and borrowings |
Non-current loans and borrowings
2024 |
2023 |
|
Bank borrowings |
- |
|
Current loans and borrowings
2024 |
2023 |
|
Bank borrowings |
- |
|
Other borrowings |
- |
|
- |
|
Wellbeing (Keynsham) Limited
Notes to the Unaudited Financial Statements for the Period from 1 March 2023 to 31 August 2024
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
|||
No. |
£ |
No. |
£ |
|
|
|
100 |
|
100 |
Leasing agreements |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
|||
2024 |
2023 |
||
£ |
£ |
||
Within one year |
- |
17,554 |
|
Between one and five years |
- |
68,079 |
|
In more than five years |
- |
- |
|
- |
85,633 |
Wellbeing (Keynsham) Limited
Notes to the Unaudited Financial Statements for the Period from 1 March 2023 to 31 August 2024
Related party transactions |
Mr M A Hedley and Mr F T Gourlay, directors of Wellbeing (Keynsham) Limited, are also directors of Wellbeing Pharmacies Limited, a pharmaceutical retailer; and directors and shareholders of MAF Pharma Limited, a pharmaceutical wholesaler.
Mr M A Hedley is also a director and shareholder of MAH Consulting Limited, providing consultancy services principally to the pharmacy and wholesale pharmaceutical sectors.
Mr F T Gourlay is also a director of Abbey Field Health Limited, a retail pharmacy.
Wellbeing Pharmacies Limited and MAF Pharma Limited are the shareholders of Wellbeing (Keynsham) Limited.
During the year the following arms' length related party transactions took place: |
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Goods and services provided by |
Goods and services purchased by |
||||||
Wellbeing (Keynsham) Limited |
Wellbeing (Keynsham) Limited |
||||||
2024 |
2023 |
2024 |
2023 |
||||
£ |
£ |
£ |
£ |
||||
Abbey Field Health Limited |
3,712 |
- |
- |
- |
|||
MAF Pharma Limited |
- |
- |
18,000 |
18,635 |
|||
MAH Consulting Limited |
- |
- |
36,000 |
- |
|||
Medicine Collection Limited |
- |
- |
1,900 |
1,900 |
|||
Wellbeing Pharmacies Limited |
5,569 |
- |
74,418 |
17,612 |
|||
9,281 |
- |
130,318 |
38,147 |
At the year end the following balances were due: |
|||||||
Balances due to |
Balances due from |
||||||
Wellbeing (Keynsham) Limited |
Wellbeing (Keynsham) Limited |
||||||
2024 |
2023 |
2024 |
2023 |
||||
£ |
£ |
£ |
£ |
||||
MAF Pharma Limited |
- |
- |
- |
82,500 |
|||
Wellbeing Pharmacies Limited |
- |
5,569 |
- |
83,142 |
|||
- |
5,569 |
- |
165,642 |