Company registration number 06149800 (England and Wales)
GRAHAM YOUNG  (2007) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
GRAHAM YOUNG  (2007) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
GRAHAM YOUNG  (2007) LIMITED
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
152,108
228,148
Tangible assets
4
64,656
53,503
Investments
5
100
100
216,864
281,751
Current assets
Stocks
71,874
70,874
Debtors
6
231,795
204,843
Cash at bank and in hand
118,812
58,141
422,481
333,858
Creditors: amounts falling due within one year
7
(477,612)
(481,097)
Net current liabilities
(55,131)
(147,239)
Total assets less current liabilities
161,733
134,512
Creditors: amounts falling due after more than one year
8
(446,225)
(505,207)
Provisions for liabilities
(15,037)
(9,161)
Net liabilities
(299,529)
(379,856)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(299,629)
(379,956)
Total equity
(299,529)
(379,856)

The directors of the company have elected not to include a copy of the profit and loss account 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.

GRAHAM YOUNG  (2007) LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 16 September 2024 and are signed on its behalf by:
Dr NJ Modha
Director
Company registration number 06149800 (England and Wales)
GRAHAM YOUNG  (2007) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

Graham Young (2007) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 681 Lincoln Road, Peterborough, England, PE1 3HA.

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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Going concern

The company has net current liabilities of £55,131 (2023: £147,239) and net liabilities of £299,529 (2023: 379,856). A significant proportion of the funding of £191,571 is provided by parent company, Thistlemoor Healthcare & Management Limited ("THM"). THM has confirmed they will support the Company to meet its liabilities and obligations for at least twelve months from the date of approval of these financial statements.

 

For this reason, the directors continue to adopt the going concern basis in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

GRAHAM YOUNG  (2007) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is ten years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.5
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:

Plant and equipment
15% on reducing balance
Fixtures and fittings
25% on reducing balance
Motor vehicles
15% on reducing balance

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.

1.6
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

GRAHAM YOUNG  (2007) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
1.8
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.9
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10
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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102,'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

GRAHAM YOUNG  (2007) 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
14
14
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
760,428
Amortisation and impairment
At 1 April 2023
532,280
Amortisation charged for the year
76,040
At 31 March 2024
608,320
Carrying amount
At 31 March 2024
152,108
At 31 March 2023
228,148
4
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2023
107,190
5,541
6,781
119,512
Additions
3,000
22,162
-
0
25,162
At 31 March 2024
110,190
27,703
6,781
144,674
Depreciation and impairment
At 1 April 2023
62,742
1,385
1,882
66,009
Depreciation charged in the year
7,117
6,157
735
14,009
At 31 March 2024
69,859
7,542
2,617
80,018
Carrying amount
At 31 March 2024
40,331
20,161
4,164
64,656
At 31 March 2023
44,448
4,156
4,899
53,503
GRAHAM YOUNG  (2007) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
100
100

The company owns 100% of the share capital of Graham Young Chemist Ltd ('GYCL'). GYCL remained dormant throughout the year.

6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
200,337
113,499
Other debtors
31,458
66,987
231,795
180,486
2024
2023
Amounts falling due after more than one year:
£
£
Other debtors
-
0
24,357
Total debtors
231,795
204,843
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
75,501
75,501
Trade creditors
164,390
197,449
Amounts owed to group undertakings
191,671
194,171
Taxation and social security
31,736
7,384
Other creditors
14,314
6,592
477,612
481,097
8
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
446,225
505,207
GRAHAM YOUNG  (2007) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
8
Creditors: amounts falling due after more than one year
(Continued)
- 8 -

The bank loans and overdrafts falling due less than 1 year and after more than 1 year are secured by a fixed and floating charge over the assets of the company.

 

The following assets held as security are charged to Santander Bank

 

1. First Legal Charge over 677, 681 and 679 Lincoln Road given by Graham Young (2007) Ltd

2. Debenture given by Graham Young Chemist Ltd

3. Debenture given by Graham Young (2007) Ltd

4. Cross company guarantee - Parties Graham Young Chemist Ltd and Graham Young (2007) Ltd

Amounts included above which fall due after five years are as follows:
Payable by instalments
144,221
203,203
10
Parent company

The ultimate parent company is Thistlemoor Healthcare & Management Limited which is incorporated in England and Wales.

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