Company registration number 07739801 (England and Wales)
PILLS AND POTIONS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
PILLS AND POTIONS LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 6
PILLS AND POTIONS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Non-current assets
Intangible assets
3
376,489
453,865
Property, plant and equipment
4
73,102
9,744
449,591
463,609
Current assets
Inventories
191,049
186,479
Trade and other receivables
5
403,308
336,938
Cash and cash equivalents
100,522
273,170
694,879
796,587
Current liabilities
6
(503,620)
(585,496)
Net current assets
191,259
211,091
Total assets less current liabilities
640,850
674,700
Non-current liabilities
7
(75,883)
(112,756)
Provisions for liabilities
(292)
(292)
Net assets
564,675
561,652
Equity
Called up share capital
100
100
Retained earnings
564,575
561,552
Total equity
564,675
561,652

The director of the company has elected not to include a copy of the income statement 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 director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has 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.

PILLS AND POTIONS LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
30 APRIL 2024
30 April 2024
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 11 January 2025
Mr Balbir Parkash
Director
Company Registration No. 07739801
PILLS AND POTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
1
Accounting policies
Company information

Pills and Potions Limited is a private company limited by shares incorporated in England and Wales. The registered office is Suite 3, Congress House, 14 Lyon Road, Harrow, Middlesex, England, HA1 2EN.

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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Revenue

Revenue is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is over the term of the lease.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.4
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, 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:

Land and buildings Leasehold
Over the life of the lease
Fixtures, fittings & equipment
10% straight line on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

PILLS AND POTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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.

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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 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 income statement, 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.

1.6
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 non-current assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.7
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.8
Leases

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.

PILLS AND POTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 5 -
1.9
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
25
21
3
Intangible fixed assets
Goodwill
£
Cost
At 1 May 2023 and 30 April 2024
1,305,000
Amortisation and impairment
At 1 May 2023
851,135
Amortisation charged for the year
77,376
At 30 April 2024
928,511
Carrying amount
At 30 April 2024
376,489
At 30 April 2023
453,865
PILLS AND POTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
4
Property, plant and equipment
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 May 2023
36,540
7,034
43,574
Additions
41,121
27,414
68,535
At 30 April 2024
77,661
34,448
112,109
Depreciation and impairment
At 1 May 2023
26,796
7,034
33,830
Depreciation charged in the year
2,436
2,741
5,177
At 30 April 2024
29,232
9,775
39,007
Carrying amount
At 30 April 2024
48,429
24,673
73,102
At 30 April 2023
9,744
-
0
9,744
5
Trade and other receivables
2024
2023
Amounts falling due within one year:
£
£
Trade receivables
227,333
204,016
Other receivables
175,975
132,922
403,308
336,938
6
Current liabilities
2024
2023
£
£
Bank loans
43,519
39,822
Trade payables
400,453
418,791
Taxation and social security
23,077
25,070
Other payables
36,571
101,813
503,620
585,496
7
Non-current liabilities
2024
2023
£
£
Bank loans and overdrafts
75,883
112,756
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