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REGISTERED NUMBER: SC195815 (Scotland)















Unaudited Financial Statements for the Year Ended 30 April 2024

for

Will Chemists (Inverurie) Limited

Will Chemists (Inverurie) Limited (Registered number: SC195815)






Contents of the Financial Statements
for the Year Ended 30 April 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Will Chemists (Inverurie) Limited

Company Information
for the Year Ended 30 April 2024







DIRECTORS: Mr G J Will
Mrs I Will





REGISTERED OFFICE: 35 West High Street
Inverurie
Aberdeenshire
AB51 3QQ





REGISTERED NUMBER: SC195815 (Scotland)





ACCOUNTANTS: The Grant Considine Partnership
Chartered Accountants
46 High Street
Banchory
Aberdeenshire
AB31 5SR

Will Chemists (Inverurie) Limited (Registered number: SC195815)

Statement of Financial Position
30 April 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 - -
Tangible assets 6 636,228 673,060
636,228 673,060

CURRENT ASSETS
Stocks 207,397 213,912
Debtors 7 658,616 695,267
Cash at bank and in hand 368,557 228,005
1,234,570 1,137,184
CREDITORS
Amounts falling due within one year 8 748,488 635,230
NET CURRENT ASSETS 486,082 501,954
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,122,310

1,175,014

PROVISIONS FOR LIABILITIES 44,388 39,981
NET ASSETS 1,077,922 1,135,033

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 1,077,822 1,134,933
SHAREHOLDERS' FUNDS 1,077,922 1,135,033

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Will Chemists (Inverurie) Limited (Registered number: SC195815)

Statement of Financial Position - continued
30 April 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 November 2024 and were signed on its behalf by:





Mr G J Will - Director


Will Chemists (Inverurie) Limited (Registered number: SC195815)

Notes to the Financial Statements
for the Year Ended 30 April 2024

1. STATUTORY INFORMATION

Will Chemists (Inverurie) Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


Monetary amounts in these financial statements are rounded to the nearest £.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Revenue recognition
Turnover is measured at fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Income is recognised when the service has been provided, when the amount of revenue can be measured reliably, when it is probable that future economic benefits will flow to the entity and when the risks and rewards of ownership have passed to the customer. If a customer has not been invoiced for the services during the period, the income is accrued and included in debtors under prepayments and accrued income.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of businesses purchased in 1999, has been fully amortised.

Tangible fixed assets
Tangible fixed assets are stated at cost (or deemed cost) less accumulated depreciation and accumulated impairment losses.

Land and buildings is comprised of freehold property. The company accounts for land and buildings using the historic cost model.

Land is not depreciated. Depreciation on other assets is provided at various annual rates in order to write off each asset over its estimated useful life or, if held under a finance agreement, over the lease term, whichever is the shorter.

Freehold property- is maintained such that its residual value is not materially different to its book
value. Having regard to this, it is the opinion of the directors that depreciation,
as required by the Companies Act 2006 and accounting standards, would not
be material
Plant and machinery etcVarious rates between 10-25% on a reducing balance or straight line basis

Inventories
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Will Chemists (Inverurie) Limited (Registered number: SC195815)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

3. ACCOUNTING POLICIES - continued

Financial instruments
The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, other loans and directors' loans.

Bank loans are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method.

Directors loans and other loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted amount of cash or other consideration expected to be paid or received.

Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit and loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is shorter.

The interest element of these obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the profit and loss account as incurred.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Short term employee benefits
Short term employee benefits, including holiday pay, are recognised in the profit and loss in the period in which they are incurred.

Operating lease receivables
Rentals receivable under operating leases are included in 'Other operating income' on an accruals basis.

Will Chemists (Inverurie) Limited (Registered number: SC195815)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18 (2023 - 22 ) .

5. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 May 2023
and 30 April 2024 507,660
AMORTISATION
At 1 May 2023
and 30 April 2024 507,660
NET BOOK VALUE
At 30 April 2024 -
At 30 April 2023 -

6. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 May 2023 438,290 828,866 1,267,156
Additions - 6,217 6,217
Disposals - (760 ) (760 )
At 30 April 2024 438,290 834,323 1,272,613
DEPRECIATION
At 1 May 2023 14,691 579,405 594,096
Charge for year - 42,726 42,726
Eliminated on disposal - (437 ) (437 )
At 30 April 2024 14,691 621,694 636,385
NET BOOK VALUE
At 30 April 2024 423,599 212,629 636,228
At 30 April 2023 423,599 249,461 673,060

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 431,231 460,264
Amounts owed by group undertakings 98,383 169,590
Other debtors 129,002 65,413
658,616 695,267

Will Chemists (Inverurie) Limited (Registered number: SC195815)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 584,004 496,813
Taxation and social security 67,297 42,319
Other creditors 97,187 96,098
748,488 635,230

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 20,000 20,810
Between one and five years 80,000 80,000
In more than five years 145,000 165,000
245,000 265,810

10. CONTINGENT LIABILITIES

Cross corporate guarantees and indemnity supported by 35-39 West High Street, Inverurie, Leasehold Interest in 2a Burghmuir Drive, Inverurie and bond and floating charge over assets of Will Chemists (Inverurie) Limited are in place between the company and it's parent, in respect of bank loans. As at the balance sheet date, the total group liability under these facilities is £1,013,715.

11. ULTIMATE CONTROLLING PARTY

The parent company is Will (Inverurie) Holdings Limited.
Parents registered address:
35 West High St, Inverurie, Aberdeenshire AB51 3QQ