Year Ended
Registration number:
Naimans UK Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Naimans UK Limited
Company Information
Director |
Mr D K Naidu |
Registered office |
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Accountants |
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Naimans UK Limited
Balance Sheet
30 November 2023
Note |
2023 |
(As restated) |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Investment property |
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Investments |
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- |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current (liabilities)/assets |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net (liabilities)/assets |
( |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Shareholders' (deficit)/funds |
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Naimans UK Limited
Balance Sheet
30 November 2023
For the financial year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his 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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Company Registration Number: 04868834
Naimans UK Limited
Notes to the Unaudited Financial Statements
Year Ended 30 November 2023
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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 including Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Group accounts not prepared
Naimans UK Limited
Notes to the Unaudited Financial Statements
Year Ended 30 November 2023
Going concern
The financial statements have been prepared on a going concern basis.
The director acknowledges the company’s net liabilities of £973,786 (2022 - £462,204 net assets) and net current liabilities of £351,164 (2022 - £956,723 net current assets) position at the balance sheet date together with the company’s result for the year.
The company has faced a difficult year of decreased incomes as a result of less COVID related funding and decreased dispensing fees but without a proportionate decrease in related costs. This trend has continued post year end and post year end results have also been impacted by some exceptional expenditures. In addition, the accounts for the year also reflect some accounting technicalities which have had a negative impact. This includes changing the accounting policy to start depreciating freehold property and also impairing goodwill. Adoption of the depreciation policy has reduced retained earnings brought forward by £125,036 as well as decreasing profit for the year by £33,189. Goodwill impairment and other asset write downs has reduced profits for the year and decreased net assets at 30 November 2023 by £938,001.
In order to continue to pay debts as and when they fall due, the director is currently undertaking an independent review of company finances. As well as aiming to identify areas to increase income generation, the review aims to identify assets for sale such that external finance levels can be reduced. As the director expects a financially feasible plan to be developed, the accounts continue to be prepared on the going concern basis.
Naimans UK Limited
Notes to the Unaudited Financial Statements
Year Ended 30 November 2023
Changes in accounting policy
The following have been applied for the first time from 1 December 2022 and have had an effect on the financial statements:
Depreciation of freehold property
In line with accounting standards, the director has decided to adopt the policy to depreciate freehold property and is writing off the historical cost over a period of 50 years.
The impact of adopting this policy is to reduce profit for the year ended 30 November 2022 by £33,198 and to reduce opening retained earnings at 01 December 2021 by £91,847.
Relating to the current period disclosed in these financial statements | Relating to the prior period disclosed in these financial statements | Relating to periods before the prior period disclosed in these financial statements | |
Freehold property | 33,189 | 33,189 | 91,847 |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
Tax is recognised in profit or loss, 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.
The current corporation 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 taxable income.
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Naimans UK Limited
Notes to the Unaudited Financial Statements
Year Ended 30 November 2023
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Leasehold property |
Over the term of the lease |
Fixtures & fittings |
15% straight line |
Office equipment |
25% straight line |
Motor vehicles |
25% reducing balance |
Freehold land and buildings |
2% straight line |
Investment property
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
15 years straight line |
Investments
Investments in subsidiaries where fair value cannot be measured reliably are measured at cost less impairment.
Stocks
Stocks are stated at the lower of cost and estimated price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method. Stock has been independently valued by a professional pharmacy valuer.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Naimans UK Limited
Notes to the Unaudited Financial Statements
Year Ended 30 November 2023
Defined contribution pension obligation
A defined contribution plan is a pension 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.
Financial instruments
Classification
• Short term trade and other debtors and creditors;
• Bank and other loans; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Naimans UK Limited
Notes to the Unaudited Financial Statements
Year Ended 30 November 2023
Intangible assets |
Goodwill |
Total |
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Cost or valuation |
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At 1 December 2022 |
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Additions acquired separately |
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At 30 November 2023 |
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Amortisation |
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At 1 December 2022 |
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Amortisation charge |
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At 30 November 2023 |
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Carrying amount |
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At 30 November 2023 |
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At 30 November 2022 |
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Naimans UK Limited
Notes to the Unaudited Financial Statements
Year Ended 30 November 2023
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 December 2022 |
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Additions |
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At 30 November 2023 |
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Depreciation |
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At 1 December 2022 |
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Charge for the year |
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At 30 November 2023 |
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Carrying amount |
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At 30 November 2023 |
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At 30 November 2022 |
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Included within the net book value of land and buildings above is £1,463,498 (2022 - £1,496,687) in respect of freehold land and buildings and £52,025 (2022 - £65,216) in respect of long leasehold land and buildings.
Investment properties |
2023 |
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At 1 December 2022 |
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Additions |
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Fair value adjustments |
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At 30 November 2023 |
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The valuation of investment properties were made as at 30 November 2023 by the director, on an open market basis. No depreciation is provided in respect of these properties.
Naimans UK Limited
Notes to the Unaudited Financial Statements
Year Ended 30 November 2023
Investments |
2023 |
2022 |
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Investments in subsidiaries |
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- |
Subsidiaries |
£ |
Cost or valuation |
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Additions |
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Provision |
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Carrying amount |
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At 30 November 2023 |
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Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2023 |
2022 |
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Subsidiary undertakings |
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60 Queensway, Hayle, Cornwall, TR27 4PB England |
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60 Queensway, Hayle, Cornwall TR27 4PB England |
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Subsidiary undertakings |
Bodriggy Pharmacy Limited The principal activity of Bodriggy Pharmacy Limited is |
Bodriggy Project Ltd (dormant) The principal activity of Bodriggy Project Ltd (dormant) is |
Naimans UK Limited
Notes to the Unaudited Financial Statements
Year Ended 30 November 2023
Stocks |
2023 |
2022 |
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Other inventories |
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Debtors |
2023 |
2022 |
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Trade debtors |
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Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Amounts owed to group undertakings |
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- |
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Corporation tax |
- |
130,494 |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2023 |
2022 |
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Due after one year |
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Loans and borrowings |
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2023 |
2022 |
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Due after more than five years |
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After more than five years by instalments |
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- |
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Naimans UK Limited
Notes to the Unaudited Financial Statements
Year Ended 30 November 2023
Loans and borrowings |
Current loans and borrowings
2023 |
2022 |
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Bank borrowings |
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Other borrowings |
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Asset finance |
4,410 |
6,039 |
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2023 |
2022 |
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Loans and borrowings due after one year |
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Bank borrowings |
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Other borrowings |
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The bank loans are secured by fixed and floating charges over the company's assets. They are also secured by a personal guarantee from the director.
The other borrowings of £650,000 (2022: £nil) are secured against the debts to which they relate.
The asset finance borrowings are secured against the assets to which they relate.
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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1,000 |
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1,000 |
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
£75,781 (2022: £nil) relates to demolition of the one of the investment properties post year end.
Naimans UK Limited
Notes to the Unaudited Financial Statements
Year Ended 30 November 2023
Related party transactions |
Transactions with the director |
2023 |
At 1 December 2022 |
Advances to director |
Repayments by director |
At 30 November 2023 |
Mr D K Naidu |
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( |
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2022 |
At 1 December 2021 |
Advances to director |
Repayments by director |
At 30 November 2022 |
Mr D K Naidu |
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( |
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Other transactions with the director |
Interest, at the HMRC statutory rate, has been charged on the overdrawn director loan account balance during the year.
Related party transactions
The company has taken advantage of the exemption in FRS 102 "Related Party Disclosures" from disclosing transactions with other wholly owned members of the Naimans UK Limited Group.
Parent and ultimate parent undertaking
Bodriggy Pharmacy Limited and Bodriggy Project Ltd (dormant) are 100% subsidiaries of Naimans UK Limited. The registered office of both subsidiaries is 60 Queensway, Hayle, Cornwall, TR27 4PB. The principal place of business is Reeds Pharmacy The Globe, Frances Street, Truro, Cornwall, United Kingdom, TR1 3DP.