Company Registration No. 04914684 (England and Wales)
SABEL CHEMIST LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
John Cumming Ross Limited
Chartered Certified Accountants
1st Floor, Kirkland House
11-15 Peterborough Road
Harrow
Middlesex
HA1 2AX
SABEL CHEMIST LIMITED
COMPANY INFORMATION
Directors
Miss B Patel
Mr S M Patel
Mrs R L Patel
Secretary
Miss B Patel
Company number
04914684
Registered office
116 Brent Street
Hendon
London
NW4 2DT
Accountants
John Cumming Ross Limited
Chartered Certified Accountants
1st Floor, Kirkland House
11-15 Peterborough Road
Harrow
Middlesex
HA1 2AX
SABEL CHEMIST LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 10
SABEL CHEMIST LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF SABEL CHEMIST LIMITED FOR THE YEAR ENDED 30 APRIL 2024
- 1 -
The following reproduces text of the Accountants' Report prepared in respect of the company's annual unaudited financial statements, from which the unaudited financial statements set out on pages 2 to 10 have been extracted.
"In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Sabel Chemist Limited for the year ended 30 April 2024 set out on pages 3 to 12 from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/about-us/regulation/rulebook.html.
Our work has been undertaken solely to prepare for your approval the financial statements of Sabel Chemist Limited and state those matters that we have agreed to state to the Board of Directors of Sabel Chemist Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Sabel Chemist Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Sabel Chemist Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Sabel Chemist Limited. You consider that Sabel Chemist Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Sabel Chemist Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
John Cumming Ross Limited
Chartered Certified Accountants
1st Floor, Kirkland House
11-15 Peterborough Road
Harrow
Middlesex
HA1 2AX
"
16 January 2025
SABEL CHEMIST LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
3
472,863
513,178
Tangible assets
4
1,146,169
1,039,431
Investments
5
100
100
1,619,132
1,552,709
Current assets
Stocks
113,975
80,869
Debtors
6
748,055
875,197
Cash at bank and in hand
105,290
157,668
967,320
1,113,734
Creditors: amounts falling due within one year
7
(887,079)
(813,894)
Net current assets
80,241
299,840
Total assets less current liabilities
1,699,373
1,852,549
Creditors: amounts falling due after more than one year
8
(1,223,030)
(1,285,778)
Provisions for liabilities
10
(81,842)
(62,876)
Net assets
394,501
503,895
Capital and reserves
Called up share capital
11
100
100
Profit and loss reserves
12
394,401
503,795
Total equity
394,501
503,895
The directors of the company have taken advantage under section 444 of the Companies Act 2006 to not deliver a copy of the directors' report and the profit and loss account within the financial statements.true
For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
SABEL CHEMIST LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2024
30 April 2024
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 15 January 2025 and are signed on its behalf by:
Mr S M Patel
Director
Company Registration No. 04914684
SABEL CHEMIST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -
1
Accounting policies
Company information
Sabel Chemist Limited is a private company limited by shares incorporated in England and Wales. The registered office is 116 Brent Street, Hendon, London, NW4 2DT.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent, qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents amounts receivable for goods dispensed, retail and wholesale of pharmaceutical and perfumery products net of VAT and trade discounts.
Turnover from the provision of goods and all services is only recognised when the amounts to be recognised are fixed and determinable and collectability is reasonably assured.
Turnover from the provision of goods is recognised when the risks and rewards of ownership of goods have been transferred to the customer. The risks and rewards of ownership of goods are deemed to have been transferred when the goods are delivered to, or are picked up by the customer.
1.4
Intangible fixed assets - goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life at 6.5% per annum.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Long leasehold property
not depreciated
Fixtures, fittings & equipment
15% per annum on a straight line basis.
Motor vehicles
20% per annum on a straight line basis.
SABEL CHEMIST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 5 -
It is company’s policy to maintain the long leasehold property in a continuous state of good repair. The directors consider that the life of the long leasehold property is long and the estimated residual value at the end of the useful economic life is such that any depreciation is immaterial. Carrying value is reviewed for impairment annually.
Based on the above no charge has been made in the accounts for depreciation of long leasehold building.
1.6
Fixed asset investments
Fixed asset investments are stated at cost.
1.7
Stocks
Stocks are valued at the lower of cost and net realisable value. Where necessary, provision is made for obsolete, slow moving and defective stocks.
1.8
Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors, trade and other creditors and bank and other loans.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances and amounts due from subsidiary undertaking, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including trade and other creditors and bank and other loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year.
1.9
Taxation
The tax expense represents the sum of the corporation tax repayment and the movements in the deferred tax due to the adjustment to the capital allowance and taxable losses.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
SABEL CHEMIST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 6 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
16
16
SABEL CHEMIST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 May 2023 and 30 April 2024
765,628
Amortisation and impairment
At 1 May 2023
252,450
Amortisation charged for the year
40,315
At 30 April 2024
292,765
Carrying amount
At 30 April 2024
472,863
At 30 April 2023
513,178
4
Tangible fixed assets
Land and buildings
Plant and machinery
Total
£
£
£
Cost
At 1 May 2023
785,952
358,610
1,144,562
Additions
168,613
168,613
At 30 April 2024
785,952
527,223
1,313,175
Depreciation and impairment
At 1 May 2023
105,132
105,132
Depreciation charged in the year
61,874
61,874
At 30 April 2024
167,006
167,006
Carrying amount
At 30 April 2024
785,952
360,217
1,146,169
At 30 April 2023
785,952
253,479
1,039,431
5
Fixed asset investments
2024
2023
£
£
Investments
100
100
SABEL CHEMIST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
5
Fixed asset investments
(Continued)
- 8 -
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 May 2023 & 30 April 2024
100
Carrying amount
At 30 April 2024
100
At 30 April 2023
100
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
126,843
106,946
Corporation tax recoverable
39,266
Amounts due from subsidiary undertaking
12,291
50,247
Other debtors
71,446
75,543
210,580
272,002
Deferred tax asset
10
37,475
3,195
248,055
275,197
Amounts falling due after more than one year:
Amounts due from subsidiary undertaking
500,000
600,000
Total debtors
748,055
875,197
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
165,254
140,995
Trade creditors
279,480
424,808
Taxation and social security
3,815
3,513
Other creditors
438,530
244,578
887,079
813,894
SABEL CHEMIST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 9 -
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans
1,199,483
1,285,778
Other creditors
23,547
1,223,030
1,285,778
Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
538,466
721,797
The bank loans of £1,364,737 (2023 : £1,426,773) are secured.
9
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
10
81,842
62,876
10
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Balances:
£
£
£
£
Accelerated capital allowances
81,842
62,876
-
-
Tax losses
-
-
37,475
3,195
81,842
62,876
37,475
3,195
2024
Movements in the year:
£
Liability at 1 May 2023
59,681
Credit to profit or loss
(15,314)
Liability at 30 April 2024
44,367
SABEL CHEMIST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 10 -
11
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
12
Reserves
The only movements in reserves for the year ended 30/04/2024 is loss for the year and for the year ended 30/04/2023 were loss for the year and dividends paid.
13
Financial commitments, guarantees and contingent liabilities
Operating lease commitments not included in the balance sheet amount to £15,000 (2023 - £15,000).
Sabel Pharmacy Ltd, subsidiary undertaking of the company, has given a cross guarantee in favour of Barclays Bank UK PLC and Barclays Bank PLC and Debenture held by Barclays Security Trustee Limited for the benefit of Barclays Bank UK PLC and Barclays Bank PLC for facility granted to the company.
The bank holds a legal charge over 446 Chiswick High Road London, 116 Brent Street Hendon London and 9 Church Street Hendon London held by Barclays Security Trustee Limited for the benefit of Barclays Bank UK PLC and Barclays Bank PLC.
Directors, Mr S M Patel, Mrs R L Patel and Miss B Patel have given a personal guarantee limited to £300,000.00 to the bank to secure the bank loan.
14
Directors' transactions
During the year ordinary dividends of £Nil (2023 : £12,000) was paid to Mr S M Patel and £Nil (2023 : £12,000) was paid to Mrs R L Patel and £Nil (2023 : £24,000) was paid to Miss B Patel in respect of shares held by the company's directors.
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