Company Registration No. 04865513 (England and Wales)
Coral Pharmacy Limited
Unaudited accounts
for the period from 1 January 2023 to 31 March 2024
Coral Pharmacy Limited
Unaudited accounts
Contents
Coral Pharmacy Limited
Company Information
for the period from 1 January 2023 to 31 March 2024
Directors
Bhaveshkumar Umeshbhai Shah
Khyati Bhaveshkumar Shah
Company Number
04865513 (England and Wales)
Registered Office
21 NURSERY ROAD
PINNER
HA5 2AP
ENGLAND
Accountants
RMR Partnership LLP
3rd Floor, Vyman House
104 College Road
Harrow
Middlesex
HA1 1BQ
Coral Pharmacy Limited
Statement of financial position
as at 31 March 2024
Intangible assets
-
11,000
Tangible assets
3,672
5,341
Cash at bank and in hand
32,462
427,052
Creditors: amounts falling due within one year
(96,769)
(128,836)
Net current assets
356,066
431,625
Total assets less current liabilities
359,738
447,966
Provisions for liabilities
Deferred tax
(1,029)
(1,015)
Net assets
358,709
446,951
Called up share capital
50
50
Profit and loss account
358,659
446,901
Shareholders' funds
358,709
446,951
For the period ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 2 December 2024 and were signed on its behalf by
Bhaveshkumar Umeshbhai Shah
Director
Company Registration No. 04865513
Coral Pharmacy Limited
Notes to the Accounts
for the period from 1 January 2023 to 31 March 2024
Coral Pharmacy Limited is a private company, limited by shares, registered in England and Wales, registration number 04865513. The registered office is 21 NURSERY ROAD, PINNER, HA5 2AP, ENGLAND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous period, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business.
Goodwill recognised at acquisition is measured at cost less accumulated amortisation and accumulated impairment losses.
Goodwill amortisation is charged on a straight-line basis so as to write off the cost of the asset, less its residual value assumed to be zero, over its useful economic life.
The company previously amortised goodwill over a life of 20 years, however in order to comply with the adoption of FRS 102 Section 1a, the company has changed the amortisation period to a life of within 10 years.
Goodwill relates to the acquisition of business in 2003. The remaining amortisation period of goodwill is 1 year.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
25% on Reducing balance method
Computer equipment
33% on cost
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Coral Pharmacy Limited
Notes to the Accounts
for the period from 1 January 2023 to 31 March 2024
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 accounts. 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 average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
4
Intangible fixed assets
Goodwill
Charge for the period
11,000
At 31 December 2022
11,000
Coral Pharmacy Limited
Notes to the Accounts
for the period from 1 January 2023 to 31 March 2024
5
Tangible fixed assets
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 January 2023
87,058
15,661
102,719
At 31 March 2024
87,058
15,661
102,719
At 1 January 2023
81,717
15,661
97,378
Charge for the period
1,669
-
1,669
At 31 March 2024
83,386
15,661
99,047
At 31 March 2024
3,672
-
3,672
At 31 December 2022
5,341
-
5,341
Finished goods
40,359
55,583
Stocks are measured at the lower of cost and estimated selling price less costs to 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.
Amounts falling due within one year
Accrued income and prepayments
1,660
-
Amounts falling due after more than one year
Amounts due from group undertakings etc.
372,735
-
8
Creditors: amounts falling due within one year
2024
2022
Trade creditors
90,261
90,905
Taxes and social security
100
25,273
Other creditors
3,908
12,658
Coral Pharmacy Limited
Notes to the Accounts
for the period from 1 January 2023 to 31 March 2024
9
Deferred taxation
2024
2022
Accelerated capital allowances
1,015
1,015
Other deferred taxation
14
-
Provision at start of period
1,015
1,015
Charged to the profit and loss account
14
-
Provision at end of period
1,029
1,015
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.
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.
10
Transactions with related parties
Shubh Limited
Address - 21 Nursery Road, Pinner, England, HA5 2AP
The company was under the control of Shubh Limited. At the year end Shubh Limited owed the company £372,735. The companies share common directors and shareholders.
11
Average number of employees
During the period the average number of employees was 3 (2022: 4).