Registered number
07942228
Yapton Pharmacy Limited
Filleted Accounts
29 February 2024
Yapton Pharmacy Limited
Registered number: 07942228
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 69,642 87,242
Current assets
Stocks 28,210 28,238
Debtors 4 222,356 224,906
Cash at bank and in hand 231,118 71,337
481,684 324,481
Creditors: amounts falling due within one year 5 (288,019) (289,534)
Net current assets 193,665 34,947
Total assets less current liabilities 263,307 122,189
Provisions for liabilities (17,410) (16,576)
Net assets 245,897 105,613
Capital and reserves
Called up share capital 99 99
Profit and loss account 245,798 105,514
Shareholders' funds 245,897 105,613
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr D Parker
Director
Approved by the board on 29 November 2024
Yapton Pharmacy Limited
Notes to the Accounts
for the year ended 29 February 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price. Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 7 8
3 Tangible fixed assets
Plant and machinery etc Total
£ £
Cost
At 1 March 2023 121,195 121,195
Additions 1,438 1,438
Disposals - -
At 29 February 2024 122,633 122,633
Depreciation
At 1 March 2023 33,953 33,953
Charge for the year 19,038 19,038
On disposals - -
At 29 February 2024 52,991 52,991
Net book value
At 29 February 2024 69,642 69,642
At 28 February 2023 87,242 87,242
4 Debtors 2024 2023
£ £
Trade debtors 178,076 174,547
Other debtors 44,280 50,359
222,356 224,906
5 Creditors: amounts falling due within one year 2024 2023
£ £
Associated company account 10,185 59,163
Trade creditors 124,224 140,304
Director's loan 797 797
Taxation and social security costs 37,775 1,216
Other creditors 115,038 88,054
288,019 289,534
6 Controlling party
The company is controlled by Mr D Parker, the director who owns 33% of the shares. The remaining shares are owned by Mrs D Parker and Apotek Limited, a company of which Mr and Mrs D Parker control.
7 Other information
Yapton Pharmacy Limited is a private company limited by shares and incorporated in England. Its registered office is:
4 Littledown Avenue
Bournemouth
Dorset
BH7 7AN
The principal place of business is 2 Yapton Gate, Main Road, Yapton, West Sussex BN18 0EY
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