Wellbeing (Keynsham) Limited SC442208 false 2023-03-01 2024-08-31 2024-08-31 The principal activity of the company is retail pharmacy. Digita Accounts Production Advanced 6.30.9574.0 true true SC442208 2023-03-01 2024-08-31 SC442208 2024-08-31 SC442208 bus:OrdinaryShareClass1 2024-08-31 SC442208 core:CurrentFinancialInstruments 2024-08-31 SC442208 core:CurrentFinancialInstruments core:WithinOneYear 2024-08-31 SC442208 core:Non-currentFinancialInstruments 2024-08-31 SC442208 core:Non-currentFinancialInstruments core:AfterOneYear 2024-08-31 SC442208 core:OtherResidualIntangibleAssets 2024-08-31 SC442208 core:FurnitureFittingsToolsEquipment 2024-08-31 SC442208 core:LandBuildings 2024-08-31 SC442208 core:MotorVehicles 2024-08-31 SC442208 bus:SmallEntities 2023-03-01 2024-08-31 SC442208 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-08-31 SC442208 bus:FilletedAccounts 2023-03-01 2024-08-31 SC442208 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-08-31 SC442208 bus:RegisteredOffice 2023-03-01 2024-08-31 SC442208 bus:CompanySecretaryDirector1 2023-03-01 2024-08-31 SC442208 bus:Director2 2023-03-01 2024-08-31 SC442208 bus:OrdinaryShareClass1 2023-03-01 2024-08-31 SC442208 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-08-31 SC442208 bus:Agent1 2023-03-01 2024-08-31 SC442208 core:LicencesFranchises 2023-03-01 2024-08-31 SC442208 core:OtherResidualIntangibleAssets 2023-03-01 2024-08-31 SC442208 core:FurnitureFittings 2023-03-01 2024-08-31 SC442208 core:FurnitureFittingsToolsEquipment 2023-03-01 2024-08-31 SC442208 core:LandBuildings 2023-03-01 2024-08-31 SC442208 core:LeaseholdImprovements 2023-03-01 2024-08-31 SC442208 core:MotorVehicles 2023-03-01 2024-08-31 SC442208 core:OfficeEquipment 2023-03-01 2024-08-31 SC442208 core:PlantMachinery 2023-03-01 2024-08-31 SC442208 countries:Scotland 2023-03-01 2024-08-31 SC442208 2023-02-28 SC442208 core:OtherResidualIntangibleAssets 2023-02-28 SC442208 core:FurnitureFittingsToolsEquipment 2023-02-28 SC442208 core:LandBuildings 2023-02-28 SC442208 core:MotorVehicles 2023-02-28 SC442208 2022-03-01 2023-02-28 SC442208 2023-02-28 SC442208 bus:OrdinaryShareClass1 2023-02-28 SC442208 core:CurrentFinancialInstruments 2023-02-28 SC442208 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 SC442208 core:Non-currentFinancialInstruments 2023-02-28 SC442208 core:Non-currentFinancialInstruments core:AfterOneYear 2023-02-28 SC442208 core:OtherResidualIntangibleAssets 2023-02-28 SC442208 core:FurnitureFittingsToolsEquipment 2023-02-28 SC442208 core:LandBuildings 2023-02-28 SC442208 core:MotorVehicles 2023-02-28 iso4217:GBP xbrli:pure xbrli:shares

Registration number: SC442208

Wellbeing (Keynsham) Limited

Unaudited Filleted Financial Statements

for the Period from 1 March 2023 to 31 August 2024

 

Wellbeing (Keynsham) Limited

Contents

Company Information

1

Statement of Directors' Responsibilities

2

Accountants' Report

3

Balance Sheet

4

Notes to the Unaudited Financial Statements

5 to 11

 

Wellbeing (Keynsham) Limited

Company Information

Directors

Mr M A Hedley

Mr F T Gourlay

Company secretary

Mr M A Hedley

Registered office




Registration number

31 Townsend Place
Kirkcaldy
Fife
KY1 1HB

SC442208 (Scotland)

Accountants

Brown, Scott & Main
Chartered Accountants
31 Townsend Place
Kirkcaldy
Fife
KY1 1HB

 

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.

......................................

Brown, Scott & Main
Chartered Accountants
31 Townsend Place
Kirkcaldy
Fife
KY1 1HB

21 November 2024

 

Wellbeing (Keynsham) Limited

(Registration number: SC442208)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

6

-

5,583

Tangible assets

7

-

39,690

 

-

45,273

Current assets

 

Stock

-

27,740

Debtors

8

20,040

88,996

Cash at bank and in hand

 

104,707

48,356

 

124,747

165,092

Creditors: Amounts falling due within one year

9

(115,537)

(377,975)

Net current assets/(liabilities)

 

9,210

(212,883)

Total assets less current liabilities

 

9,210

(167,610)

Creditors: Amounts falling due after more than one year

9

-

(23,205)

Net assets/(liabilities)

 

9,210

(190,815)

Capital and reserves

 

Called up share capital

11

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 members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

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 Board on 20 November 2024 and signed on its behalf by:
 

.........................................
Mr F T Gourlay
Director

 

Wellbeing (Keynsham) Limited

Notes to the Unaudited Financial Statements for the Period from 1 March 2023 to 31 August 2024

1

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

2

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.

3

Staff numbers

The average number of persons employed by the company during the period was 12 (2023 - 11).

4

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

5

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

6

Intangible assets

Licence
 £

Total
£

Cost

At 1 March 2023

10,000

10,000

Disposals

(10,000)

(10,000)

At 31 August 2024

-

-

Amortisation

At 1 March 2023

4,417

4,417

Amortisation charge

626

626

Amortisation eliminated on disposals

(5,043)

(5,043)

At 31 August 2024

-

-

Carrying amount

At 31 August 2024

-

-

At 28 February 2023

5,583

5,583

7

Tangible assets

Leasehold improvements

£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost

At 1 March 2023

22,553

78,859

6,805

108,217

Disposals

(22,553)

(78,859)

(6,805)

(108,217)

At 31 August 2024

-

-

-

-

Depreciation

At 1 March 2023

10,998

50,724

6,805

68,527

Charge for the period

1,410

6,538

-

7,948

Eliminated on disposal

(12,408)

(57,262)

(6,805)

(76,475)

At 31 August 2024

-

-

-

-

Carrying amount

At 31 August 2024

-

-

-

-

At 28 February 2023

11,555

28,135

-

39,690

8

Debtors

Current

2024
£

2023
£

Trade debtors

7,197

66,506

Prepayments

-

4,546

Other debtors

12,843

17,944

 

20,040

88,996

 

Wellbeing (Keynsham) Limited

Notes to the Unaudited Financial Statements for the Period from 1 March 2023 to 31 August 2024

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

-

96,195

Trade creditors

 

(109)

112,713

Taxation and social security

 

33,976

116

Accruals and deferred income

 

81,670

3,091

Other creditors

 

-

165,860

 

115,537

377,975

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

10

-

23,205

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

-

23,205

Current loans and borrowings

2024
£

2023
£

Bank borrowings

-

10,000

Other borrowings

-

86,195

-

96,195

 

Wellbeing (Keynsham) Limited

Notes to the Unaudited Financial Statements for the Period from 1 March 2023 to 31 August 2024

11

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

12

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

13

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:

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