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Company No: 06138376 (England and Wales)

ROSEPHARM LTD

Unaudited Financial Statements
For the financial year ended 30 April 2024
Pages for filing with the registrar

ROSEPHARM LTD

Unaudited Financial Statements

For the financial year ended 30 April 2024

Contents

ROSEPHARM LTD

BALANCE SHEET

As at 30 April 2024
ROSEPHARM LTD

BALANCE SHEET (continued)

As at 30 April 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 46,619 69,927
Tangible assets 4 3,396 4,606
50,015 74,533
Current assets
Stocks 34,583 43,605
Debtors 5 368,487 265,396
Cash at bank and in hand 164,645 234,151
567,715 543,152
Creditors: amounts falling due within one year 6 ( 333,656) ( 303,229)
Net current assets 234,059 239,923
Total assets less current liabilities 284,074 314,456
Creditors: amounts falling due after more than one year 7 ( 152,333) ( 182,315)
Provision for liabilities 8 ( 645) ( 1,152)
Net assets 131,096 130,989
Capital and reserves
Called-up share capital 100 100
Profit and loss account 130,996 130,889
Total shareholder's funds 131,096 130,989

For the financial year ending 30 April 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Rosepharm Ltd (registered number: 06138376) were approved and authorised for issue by the Director on 20 November 2024. They were signed on its behalf by:

D S Rose
Director
ROSEPHARM LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
ROSEPHARM LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Rosepharm Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Albert Goodman, Lupin Way, Yeovil, BA22 8WW, United Kingdom. The principal place of business is Marnhull Pharmacy, Church Hill, Marnhull, Sturminster Newton, Dorset, DT10 1PU.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Goodwill

Goodwill arises on business combinations and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

The expected remaining useful economic life of the goodwill was reassessed on 1 May 2016. The net book value at that date is being written off on a straight line basis over 10 years.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements 9 years straight line
Fixtures and fittings 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The Company as lessee
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. 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.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

Interest expense is recognised on the basis of effective interest method and is included in interest payable and similar expenses.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 10 9

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 May 2023 423,785 423,785
At 30 April 2024 423,785 423,785
Accumulated amortisation
At 01 May 2023 353,858 353,858
Charge for the financial year 23,308 23,308
At 30 April 2024 377,166 377,166
Net book value
At 30 April 2024 46,619 46,619
At 30 April 2023 69,927 69,927

4. Tangible assets

Leasehold improve-
ments
Fixtures and fittings Total
£ £ £
Cost
At 01 May 2023 7,990 13,900 21,890
At 30 April 2024 7,990 13,900 21,890
Accumulated depreciation
At 01 May 2023 5,700 11,584 17,284
Charge for the financial year 458 752 1,210
At 30 April 2024 6,158 12,336 18,494
Net book value
At 30 April 2024 1,832 1,564 3,396
At 30 April 2023 2,290 2,316 4,606

5. Debtors

2024 2023
£ £
Trade debtors 104,871 105,791
Other debtors 263,616 159,605
368,487 265,396

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans (secured £ 20,324) 30,324 30,682
Trade creditors 267,722 239,396
Taxation and social security 5,657 14,443
Other creditors 29,953 18,708
333,656 303,229

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans (secured £ 133,166) 152,333 182,315

Within bank borrowings is an amount totalling £153,490 (2023 - £173,830). This amount is secured by a fixed and floating charge over all the property or undertaking of the company.

The remaining balance of £29,167 (2023 - £39,167) relates to an outstanding amount due from a Coronavirus Bounce Back Loan. The UK government have guaranteed 100% of the value of the loan as well as agreeing to pay interest and fees for the first 12 months.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2024 2023
£ £
Bank loans (secured) 51,868 69,816

8. Provision for liabilities

2024 2023
£ £
Deferred tax 645 1,152

9. Financial commitments

Commitments

The total amount of financial commitments not included in the balance sheet is £17,553 (2023 - £19,727). This relates to non-cancellable operating leases over property and plant & equipment. The amount payable in less than 1 year is £17,753 (2023 - £18,741), with the remainder due in 2-5 years being £nil (2023 - £986).

10. Related party transactions

Transactions with the entity’s director (or members of its governing body)

Advances

The Director's loan account is repayable on demand and interest is charged on overdrawn balances exceeding £10,000 at the official HMRC rates.

At 1 May 2023, the balance owed by the director was £102,102. During the year, £109,791 was advanced to the director, and £28,823 was repaid by the director. At 30 April 2024, the balance owed by the director was £183,070.

At 1 May 2022, the balance owed by the director was £107,273. During the year, £85,858 was advanced to the director, and £91,029 was repaid by the director. At 30 April 2023, the balance owed by the director was £102,102.