Company registration number 01487430 (England and Wales)
W M BROWN (KINGSHURST) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
PAGES FOR FILING WITH REGISTRAR
W M BROWN (KINGSHURST) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
W M BROWN (KINGSHURST) LIMITED
BALANCE SHEET
AS AT
31 JULY 2024
31 July 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
826,286
871,894
Tangible assets
5
253,396
277,715
Investments
6
584,148
584,248
1,663,830
1,733,857
Current assets
Stocks
448,774
539,684
Debtors
7
2,140,433
2,050,431
Cash at bank and in hand
653,583
533,449
3,242,790
3,123,564
Creditors: amounts falling due within one year
8
(1,855,648)
(1,641,335)
Net current assets
1,387,142
1,482,229
Total assets less current liabilities
3,050,972
3,216,086
Creditors: amounts falling due after more than one year
9
(339,263)
(339,263)
Provisions for liabilities
(62,358)
(50,097)
Net assets
2,649,351
2,826,726
Capital and reserves
Called up share capital
10,937
10,937
Share premium account
186,463
186,463
Profit and loss reserves
2,451,951
2,629,326
Total equity
2,649,351
2,826,726

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 July 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.

W M BROWN (KINGSHURST) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JULY 2024
31 July 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 26 November 2024 and are signed on its behalf by:
Mr. M O'Donnell
Director
Company Registration No. 01487430
W M BROWN (KINGSHURST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 3 -
1
Accounting policies
Company information

W M Brown (Kingshurst) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 351 Warwick Road, Solihull, West Midlands, United Kingdom, B91 1BQ.

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. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents retailing and dispensing of pharmaceutical products, excluding value added tax.

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.

Dividend income from investments is recognised when the company's right to receive payment has been established.

 

Other operating income includes remuneration receivable for the company's duties as a corporate director. This remuneration is recognised when it is probable economic benefits will flow to the company, and when the corresponding entity (of which the company is a corporate director), recognises a liability.

1.3
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

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 20 years.

1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

W M BROWN (KINGSHURST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 4 -

Amortisation 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:

Development costs
10 years straight line
1.6
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:

Leasehold improvements
Straight line over the life of the lease or 10 years straight line
Fixtures and fittings
25% reducing balance and 15% reducing balance
Motor vehicles
25% 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.

1.7
Fixed asset investments

Interests in associates 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.

1.8
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).

1.9
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell. Cost comprises purchase price of goods and where applicable overheads that have been incurred in bringing the stocks to their present location and condition.

 

Cost is calculated on a first in first out basis, using professional stock takers.

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.

W M BROWN (KINGSHURST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 5 -
1.10
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.

1.11
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.12
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.13
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

W M BROWN (KINGSHURST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 6 -
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.

1.14
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.15
Retirement benefits

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

1.16
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.17
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

W M BROWN (KINGSHURST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 7 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
83
82
4
Intangible fixed assets
Goodwill
Other
Total
£
£
£
Cost
At 1 August 2023 and 31 July 2024
1,546,239
22,625
1,568,864
Amortisation and impairment
At 1 August 2023
690,181
6,789
696,970
Amortisation charged for the year
43,345
2,263
45,608
At 31 July 2024
733,526
9,052
742,578
Carrying amount
At 31 July 2024
812,713
13,573
826,286
At 31 July 2023
856,058
15,836
871,894
W M BROWN (KINGSHURST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 8 -
5
Tangible fixed assets
Leasehold improvements
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 August 2023
164,285
607,474
50,065
821,824
Additions
-
0
17,941
-
0
17,941
At 31 July 2024
164,285
625,415
50,065
839,765
Depreciation and impairment
At 1 August 2023
148,274
373,293
22,542
544,109
Depreciation charged in the year
11,387
23,993
6,880
42,260
At 31 July 2024
159,661
397,286
29,422
586,369
Carrying amount
At 31 July 2024
4,624
228,129
20,643
253,396
At 31 July 2023
16,011
234,181
27,523
277,715
6
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
584,148
584,248
Movements in fixed asset investments
Shares in associates
£
Cost or valuation
At 1 August 2023
584,248
Disposals
(100)
At 31 July 2024
584,148
Carrying amount
At 31 July 2024
584,148
At 31 July 2023
584,248
W M BROWN (KINGSHURST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 9 -
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
817,575
663,679
Amounts owed by group undertakings and undertakings in which the company has a participating interest
175,058
167,937
Other debtors
247,800
318,815
1,240,433
1,150,431
2024
2023
Amounts falling due after more than one year:
£
£
Other debtors
900,000
900,000
Total debtors
2,140,433
2,050,431
8
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,412,473
1,233,374
Corporation tax
22,767
(17)
Other taxation and social security
35,199
36,860
Other creditors
385,209
371,118
1,855,648
1,641,335
9
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
339,263
339,263
10
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
259,125
317,825
2024-07-312023-08-01false26 November 2024CCH SoftwareCCH Accounts Production 2024.210No description of principal activityMr W BrownMrs M BrownMr J BrownMrs J ElliottMr. M O'DonnellMrs. S RichardsonMrs M Brownfalsefalse014874302023-08-012024-07-31014874302024-07-31014874302023-07-3101487430core:NetGoodwill2024-07-3101487430core:IntangibleAssetsOtherThanGoodwill2024-07-3101487430core:NetGoodwill2023-07-3101487430core:IntangibleAssetsOtherThanGoodwill2023-07-3101487430core:LeaseholdImprovements2024-07-3101487430core:FurnitureFittings2024-07-3101487430core:MotorVehicles2024-07-3101487430core:LeaseholdImprovements2023-07-3101487430core:FurnitureFittings2023-07-3101487430core:MotorVehicles2023-07-3101487430core:CurrentFinancialInstrumentscore:WithinOneYear2024-07-3101487430core:CurrentFinancialInstrumentscore:WithinOneYear2023-07-3101487430core:Non-currentFinancialInstrumentscore:AfterOneYear2024-07-3101487430core:Non-currentFinancialInstrumentscore:AfterOneYear2023-07-3101487430core:CurrentFinancialInstruments2024-07-3101487430core:CurrentFinancialInstruments2023-07-3101487430core:ShareCapital2024-07-3101487430core:ShareCapital2023-07-3101487430core:SharePremium2024-07-3101487430core:SharePremium2023-07-3101487430core:RetainedEarningsAccumulatedLosses2024-07-3101487430core:RetainedEarningsAccumulatedLosses2023-07-3101487430bus:Director42023-08-012024-07-3101487430core:Goodwill2023-08-012024-07-3101487430core:IntangibleAssetsOtherThanGoodwill2023-08-012024-07-3101487430core:DevelopmentCostsCapitalisedDevelopmentExpenditure2023-08-012024-07-3101487430core:LeaseholdImprovements2023-08-012024-07-3101487430core:FurnitureFittings2023-08-012024-07-3101487430core:MotorVehicles2023-08-012024-07-31014874302022-08-012023-07-3101487430core:NetGoodwill2023-07-3101487430core:IntangibleAssetsOtherThanGoodwill2023-07-31014874302023-07-3101487430core:NetGoodwill2023-08-012024-07-3101487430core:LeaseholdImprovements2023-07-3101487430core:FurnitureFittings2023-07-3101487430core:MotorVehicles2023-07-3101487430core:WithinOneYear2024-07-3101487430core:WithinOneYear2023-07-3101487430core:AfterOneYear2024-07-3101487430core:AfterOneYear2023-07-3101487430core:Non-currentFinancialInstruments2024-07-3101487430core:Non-currentFinancialInstruments2023-07-3101487430bus:PrivateLimitedCompanyLtd2023-08-012024-07-3101487430bus:SmallCompaniesRegimeForAccounts2023-08-012024-07-3101487430bus:FRS1022023-08-012024-07-3101487430bus:AuditExemptWithAccountantsReport2023-08-012024-07-3101487430bus:Director12023-08-012024-07-3101487430bus:Director22023-08-012024-07-3101487430bus:Director32023-08-012024-07-3101487430bus:Director52023-08-012024-07-3101487430bus:Director62023-08-012024-07-3101487430bus:CompanySecretary12023-08-012024-07-3101487430bus:FullAccounts2023-08-012024-07-31xbrli:purexbrli:sharesiso4217:GBP