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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
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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
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Coral Pharmacy Limited Statement of financial position as at 31 March 2024
2024 
2022 
Notes
£ 
£ 
Fixed assets
Intangible assets
- 
11,000 
Tangible assets
3,672 
5,341 
3,672 
16,341 
Current assets
Inventories
40,359 
55,583 
Debtors
380,014 
77,826 
Cash at bank and in hand
32,462 
427,052 
452,835 
560,461 
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 
Capital and reserves
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
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Coral Pharmacy Limited Notes to the Accounts for the period from 1 January 2023 to 31 March 2024
1
Statutory information
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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
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.
Intangible fixed assets
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
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.
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Coral Pharmacy Limited Notes to the Accounts for the period from 1 January 2023 to 31 March 2024
Deferred taxation
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.
Pension costs
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 
£ 
Cost
At 1 January 2023
220,000 
At 31 March 2024
220,000 
Amortisation
At 1 January 2023
209,000 
Charge for the period
11,000 
At 31 March 2024
220,000 
Net book value
At 31 March 2024
- 
At 31 December 2022
11,000 
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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 
Depreciation
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 
Net book value
At 31 March 2024
3,672 
- 
3,672 
At 31 December 2022
5,341 
- 
5,341 
6
Inventories
2024 
2022 
£ 
£ 
Finished goods
40,359 
55,583 
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.
7
Debtors
2024 
2022 
£ 
£ 
Amounts falling due within one year
VAT
5,619 
- 
Trade debtors
- 
61,305 
Accrued income and prepayments
1,660 
- 
Other debtors
- 
16,521 
7,279 
77,826 
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 
Accruals
2,500 
- 
96,769 
128,836 
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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 
- 
1,029 
1,015 
2024 
2022 
£ 
£ 
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).
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