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Registered number: 04568105
Bains Pharmacy Ltd
Unaudited Financial Statements
For The Year Ended 30 April 2024
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 04568105
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 28,182 37,905
Investments 6 219,090 219,090
247,272 256,995
CURRENT ASSETS
Stocks 68,476 59,500
Debtors 7 623,766 519,001
Cash at bank and in hand 218,606 301,330
910,848 879,831
Creditors: Amounts Falling Due Within One Year 8 (213,140 ) (236,271 )
NET CURRENT ASSETS (LIABILITIES) 697,708 643,560
TOTAL ASSETS LESS CURRENT LIABILITIES 944,980 900,555
PROVISIONS FOR LIABILITIES
Deferred Taxation (7,046 ) (9,476 )
NET ASSETS 937,934 891,079
CAPITAL AND RESERVES
Called up share capital 9 2 2
Profit and Loss Account 937,932 891,077
SHAREHOLDERS' FUNDS 937,934 891,079
Page 1
Page 2
For the year ending 30 April 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr H S Bains
Director
20 December 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Bains Pharmacy Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 04568105 . The registered office is 160-162 Hednesford Road, Heath Hayes, Cannock, Staffordshire, WS12 3DZ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have been transferred to teh buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usally on dispatch of the goods.

2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill has been amortised fully over its useful life.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 10% - on cost
Motor Vehicles 25% - reducing balance
Fixtures & Fittings 15% - reducing balance
Computer Equipment 33% - on cost
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
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Page 4
2.7. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.8. Debtors and creditors receivable or payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
2.9. Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs.
Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

3. Average Number of Employees
Average number of employees, including directors, during the year was: 7 (2023: 8)
7 8
4. Intangible Assets
Goodwill
£
Cost
As at 1 May 2023 74,067
As at 30 April 2024 74,067
Amortisation
As at 1 May 2023 74,067
As at 30 April 2024 74,067
Net Book Value
As at 30 April 2024 -
As at 1 May 2023 -
5. Tangible Assets
Land & Buildings Plant & Machinery etc. Total
£ £ £
Cost
As at 1 May 2023 129,576 153,536 283,112
As at 30 April 2024 129,576 153,536 283,112
Depreciation
As at 1 May 2023 129,576 115,631 245,207
Provided during the period - 9,723 9,723
As at 30 April 2024 129,576 125,354 254,930
Net Book Value
As at 30 April 2024 - 28,182 28,182
As at 1 May 2023 - 37,905 37,905
Page 4
Page 5
6. Investments
Unlisted
£
Cost
As at 1 May 2023 219,090
As at 30 April 2024 219,090
Provision
As at 1 May 2023 -
As at 30 April 2024 -
Net Book Value
As at 30 April 2024 219,090
As at 1 May 2023 219,090
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 108,417 104,133
Other debtors 515,349 414,868
623,766 519,001
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 172,300 193,897
Other creditors 20,916 24,609
Taxation and social security 19,924 17,765
213,140 236,271
9. Share Capital
2024 2023
Allotted, called up and fully paid £ £
1 Ordinary A shares of £ 1.00 each 1 1
1 Ordinary B shares of £ 1.00 each 1 1
2 2
10. Off-Balance Sheet Arrangements
At the year end the company lease commitments were £33,245 (2023 : £50,590).
Page 5