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Naimans UK Limited

Annual Report and Unaudited Financial Statements
Year Ended 30 November 2023

Registration number: 04868834

 

Naimans UK Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 14

 

Naimans UK Limited

Company Information

Director

Mr D K Naidu

Registered office

Reeds Pharmacy
The Globe
Frances Street
Truro
Cornwall
TR1 3DP

Accountants

Francis Clark LLP
Lowin House
Tregolls Road
Truro
Cornwall
TR1 2NA

 

Naimans UK Limited

Balance Sheet

30 November 2023

Note

2023
£

(As restated)
2022
£

Fixed assets

 

Intangible assets

4

554,375

1,327,066

Tangible assets

5

1,626,138

1,633,139

Investment property

6

478,812

242,863

Investments

7

201,521

-

 

2,860,846

3,203,068

Current assets

 

Stocks

8

467,081

482,845

Debtors

9

1,158,497

1,431,457

Cash at bank and in hand

 

410,011

636,015

 

2,035,589

2,550,317

Creditors: Amounts falling due within one year

10

(2,386,753)

(1,593,594)

Net current (liabilities)/assets

 

(351,164)

956,723

Total assets less current liabilities

 

2,509,682

4,159,791

Creditors: Amounts falling due after more than one year

10

(3,459,711)

(3,682,394)

Provisions for liabilities

(23,757)

(15,193)

Net (liabilities)/assets

 

(973,786)

462,204

Capital and reserves

 

Called up share capital

12

1,000

1,000

Profit and loss account

(974,786)

461,204

Shareholders' (deficit)/funds

 

(973,786)

462,204

 

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:

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

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 director on 28 November 2024
 

.........................................
Mr D K Naidu
Director

Company Registration Number: 04868834

 

Naimans UK Limited

Notes to the Unaudited Financial Statements

Year Ended 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Reeds Pharmacy
The Globe
Frances Street
Truro
Cornwall
TR1 3DP

These financial statements were authorised for issue by the director on 28 November 2024.

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 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

Group consolidated accounts have not been prepared as the company qualifies as small under s383 of the Companies Act 2006 and the parent and the group are considered eligible for the exemption.

 

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

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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
The company holds the following financial instruments:

• 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
The company has chosen to apply the recognition and measurement principles in FRS102.

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.


 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 52 (2022 - 55).

 

Naimans UK Limited

Notes to the Unaudited Financial Statements

Year Ended 30 November 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 December 2022

3,809,704

3,809,704

Additions acquired separately

322,000

322,000

At 30 November 2023

4,131,704

4,131,704

Amortisation

At 1 December 2022

2,482,638

2,482,638

Amortisation charge
(including impairment cost of £887,443 (2022: £nil))

1,094,691

1,094,691

At 30 November 2023

3,577,329

3,577,329

Carrying amount

At 30 November 2023

554,375

554,375

At 30 November 2022

1,327,066

1,327,066

 

Naimans UK Limited

Notes to the Unaudited Financial Statements

Year Ended 30 November 2023

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 December 2022

1,819,543

418,193

2,000

2,239,736

Additions

-

64,724

5,250

69,974

At 30 November 2023

1,819,543

482,917

7,250

2,309,710

Depreciation

At 1 December 2022

257,640

348,499

458

606,597

Charge for the year

46,380

30,095

500

76,975

At 30 November 2023

304,020

378,594

958

683,572

Carrying amount

At 30 November 2023

1,515,523

104,323

6,292

1,626,138

At 30 November 2022

1,561,903

69,694

1,542

1,633,139

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.
 

6

Investment properties

2023
£

At 1 December 2022

242,863

Additions

286,507

Fair value adjustments

(50,558)

At 30 November 2023

478,812

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

7

Investments

2023
£

2022
£

Investments in subsidiaries

201,521

-

Subsidiaries

£

Cost or valuation

Additions

201,521

Provision

Carrying amount

At 30 November 2023

201,521

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

2023

2022

Subsidiary undertakings

Bodriggy Pharmacy Limited

60 Queensway, Hayle, Cornwall, TR27 4PB

England

Ordinary

100%

0%

Bodriggy Project Ltd (dormant)

60 Queensway, Hayle, Cornwall TR27 4PB

England

Ordinary

100%

0%

Subsidiary undertakings

Bodriggy Pharmacy Limited

The principal activity of Bodriggy Pharmacy Limited is Other human health activities.

Bodriggy Project Ltd (dormant)

The principal activity of Bodriggy Project Ltd (dormant) is Dispensing chemist in specialised stores. Its financial period end is 30 March.

 

Naimans UK Limited

Notes to the Unaudited Financial Statements

Year Ended 30 November 2023

8

Stocks

2023
£

2022
£

Other inventories

467,081

482,845

9

Debtors

2023
£

2022
£

Trade debtors

812,462

1,145,203

Prepayments

53,774

60,738

Other debtors

292,261

225,516

1,158,497

1,431,457

10

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

11

886,089

239,151

Trade creditors

 

1,332,413

1,152,511

Amounts owed to group undertakings

14

73,163

-

Corporation tax

 

-

130,494

Taxation and social security

 

15,149

17,320

Accruals and deferred income

 

76,981

50,405

Other creditors

 

2,958

3,713

 

2,386,753

1,593,594

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

11

3,459,711

3,682,394

2023
£

2022
£

Due after more than five years

After more than five years by instalments

2,532,996

2,745,537

-

-

 

Naimans UK Limited

Notes to the Unaudited Financial Statements

Year Ended 30 November 2023

11

Loans and borrowings

Current loans and borrowings

2023
£

2022
£

Bank borrowings

231,679

233,112

Other borrowings

650,000

-

Asset finance

4,410

6,039

886,089

239,151

2023
£

2022
£

Loans and borrowings due after one year

Bank borrowings

3,459,711

3,677,985

Other borrowings

-

4,409

3,459,711

3,682,394

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.

12

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Allotted, called & fully paid ordinary shares of £1 each

1,000

1,000

1,000

1,000

       

13

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 £1,117,717 (2022 - £1,170,283). £1,041,936 (2022: £1,170,283) relates to leasehold property from which the company operates and is payable over the next 6 to 10 years.

£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

14

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

39,223

71,576

(528)

110,271

2022

At 1 December 2021
£

Advances to director
£

Repayments by director
£

At 30 November 2022
£

Mr D K Naidu

92,109

88,812

(141,698)

39,223

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.