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REGISTERED NUMBER: 07315271 (England and Wales)











Unaudited Financial Statements

for the Year Ended 31 July 2024

for

Longford Chemist Limited

Longford Chemist Limited (Registered number: 07315271)






Contents of the Financial Statements
for the Year Ended 31 July 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Longford Chemist Limited

Company Information
for the Year Ended 31 July 2024







DIRECTORS: W S Leong
R S P Leong





REGISTERED OFFICE: Longford Chemist
Longford Primary Care Centre
150 Longford Road
Coventry
West Midlands
CV6 6DR





REGISTERED NUMBER: 07315271 (England and Wales)





ACCOUNTANTS: Leigh Christou Ltd
Chartered Certified Accountants
Leofric House
Binley Road
Coventry
CV3 1JN

Longford Chemist Limited (Registered number: 07315271)

Balance Sheet
31 July 2024

31.7.24 31.7.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - 60,500
Tangible assets 5 84,451 106,193
84,451 166,693

CURRENT ASSETS
Stocks 75,000 70,000
Debtors 6 194,637 438,033
Cash at bank and in hand 181,105 90,628
450,742 598,661
CREDITORS
Amounts falling due within one year 7 385,148 336,910
NET CURRENT ASSETS 65,594 261,751
TOTAL ASSETS LESS CURRENT
LIABILITIES

150,045

428,444

PROVISIONS FOR LIABILITIES 21,113 26,548
NET ASSETS 128,932 401,896

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 128,832 401,796
SHAREHOLDERS' FUNDS 128,932 401,896

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 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.

Longford Chemist Limited (Registered number: 07315271)

Balance Sheet - continued
31 July 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 December 2024 and were signed on its behalf by:





W S Leong - Director


Longford Chemist Limited (Registered number: 07315271)

Notes to the Financial Statements
for the Year Ended 31 July 2024

1. STATUTORY INFORMATION

Longford Chemist Limited is a private company, limited by shares , registered in England and Wales. 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 (£).


2. ACCOUNTING POLICIES

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

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2011, is being amortised evenly over its estimated useful life of fifteen years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - Straight line over 3 years
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Computer equipment - Straight line over 3 years

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

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.

Deferred tax
Deferred taxation 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 taxation 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 upon current tax rates and laws.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2023 - 16 ) .

Longford Chemist Limited (Registered number: 07315271)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 August 2023
and 31 July 2024 1,650,000
AMORTISATION
At 1 August 2023 1,589,500
Amortisation for year 60,500
At 31 July 2024 1,650,000
NET BOOK VALUE
At 31 July 2024 -
At 31 July 2023 60,500

5. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and
leasehold machinery fittings
£    £    £   
COST
At 1 August 2023 595 97,115 15,667
Additions - - 1,361
At 31 July 2024 595 97,115 17,028
DEPRECIATION
At 1 August 2023 595 55,930 11,487
Charge for year - 6,178 725
At 31 July 2024 595 62,108 12,212
NET BOOK VALUE
At 31 July 2024 - 35,007 4,816
At 31 July 2023 - 41,185 4,180

Longford Chemist Limited (Registered number: 07315271)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

5. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 August 2023 105,980 16,645 236,002
Additions - 129 1,490
At 31 July 2024 105,980 16,774 237,492
DEPRECIATION
At 1 August 2023 48,681 13,116 129,809
Charge for year 14,325 2,004 23,232
At 31 July 2024 63,006 15,120 153,041
NET BOOK VALUE
At 31 July 2024 42,974 1,654 84,451
At 31 July 2023 57,299 3,529 106,193

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Trade debtors 159,056 158,871
Directors' current accounts - 255,747
VAT 25,327 21,165
Prepayments 10,254 2,250
194,637 438,033

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Trade creditors 346,164 283,680
Tax 33,281 48,533
Social security and other taxes 805 1,061
Pension creditor 527 486
Directors' current accounts 805 -
Accrued expenses 3,566 3,150
385,148 336,910

Longford Chemist Limited (Registered number: 07315271)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 July 2024 and 31 July 2023:

31.7.24 31.7.23
£    £   
W S Leong and R S P Leong
Balance outstanding at start of year 255,747 107,934
Amounts advanced 1,363,250 500,813
Amounts repaid (1,619,801 ) (353,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (804 ) 255,747

The above loan had interest charged at HMRC's official rate during the year and there are no set terms for repayment.

9. ULTIMATE CONTROLLING PARTY

The company was controlled throughout the current and previous period by W S Leong by virtue of her holding the majority of the issued ordinary share capital of the company.