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REGISTERED NUMBER: 02106854 (England and Wales)










Financial Statements

for the Year Ended 31 March 2024

for

Centrechem Limited

Centrechem Limited (Registered number: 02106854)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Centrechem Limited

Company Information
for the Year Ended 31 March 2024







DIRECTOR: H Mohammed





SECRETARY: A Najeeb





REGISTERED OFFICE: 14 Merton Way
Ponteland
Newcastle Upon Tyne
Northumberland





REGISTERED NUMBER: 02106854 (England and Wales)





ACCOUNTANTS: SKS Bailey Group Limited
52-56 Coatsworth Road
Gateshead
NE8 1QN

Centrechem Limited (Registered number: 02106854)

Balance Sheet
31 March 2024

2024 2023
Notes £    £   
FIXED ASSETS
Intangible assets 3 168,544 181,616
Tangible assets 4 719,244 509,190
Investments 5 159,215 139,215
Investment property 6 3,047,481 3,047,481
4,094,484 3,877,502

CURRENT ASSETS
Stocks 7 173,755 141,605
Debtors 8 1,121,927 1,327,812
Cash at bank 1,230,289 1,514,558
2,525,971 2,983,975
CREDITORS
Amounts falling due within one year 9 (2,549,267 ) (2,616,552 )
NET CURRENT (LIABILITIES)/ASSETS (23,296 ) 367,423
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,071,188

4,244,925

CREDITORS
Amounts falling due after more than one
year

10

(358,311

)

(512,096

)
NET ASSETS 3,712,877 3,732,829

CAPITAL AND RESERVES
Called up share capital 1,330 1,330
Share premium 11 692,670 692,670
Retained earnings 11 3,018,877 3,038,829
3,712,877 3,732,829

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

Centrechem Limited (Registered number: 02106854)

Balance Sheet - continued
31 March 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 director and authorised for issue on 24 February 2025 and were signed by:





H Mohammed - Director


Centrechem Limited (Registered number: 02106854)

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

1. 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 0, is being amortised evenly over its estimated useful life of nil 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.
Long leasehold - 2% on cost
Plant and machinery - 15% on reducing balance

INVESTMENT PROPERTY
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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

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 balance sheet date.

DEFERRED TAX
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

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.

Centrechem Limited (Registered number: 02106854)

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

2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2023 - 10 ) .

3. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2023
and 31 March 2024 653,600
AMORTISATION
At 1 April 2023 471,984
Amortisation for year 13,072
At 31 March 2024 485,056
NET BOOK VALUE
At 31 March 2024 168,544
At 31 March 2023 181,616

Goodwill is being written off in equal annual instalments over its estimated economic life of 50 years. Due to the nature of pharmacy services, the demand for pharmacy practices, as well limited lack of available pharmacies for sale, any goodwill associated with the business is deemed to have a longer life which is not readily ascertainable, and although FRS 102 indicates 10 years, the directors feel currently 50 years is reasonable. Should there be a dramatic change or fall in demand for pharmacy practices the directors would reconsider this write off period.

4. TANGIBLE FIXED ASSETS
Long Plant and
leasehold machinery Totals
£    £    £   
COST
At 1 April 2023 747,689 403,953 1,151,642
Additions 240,000 - 240,000
At 31 March 2024 987,689 403,953 1,391,642
DEPRECIATION
At 1 April 2023 338,449 304,003 642,452
Charge for year 14,954 14,992 29,946
At 31 March 2024 353,403 318,995 672,398
NET BOOK VALUE
At 31 March 2024 634,286 84,958 719,244
At 31 March 2023 409,240 99,950 509,190

Centrechem Limited (Registered number: 02106854)

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

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 April 2023 139,215
Additions 20,000
At 31 March 2024 159,215
NET BOOK VALUE
At 31 March 2024 159,215
At 31 March 2023 139,215

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023
and 31 March 2024 3,047,481
NET BOOK VALUE
At 31 March 2024 3,047,481
At 31 March 2023 3,047,481

7. STOCKS
2024 2023
£    £   
Stocks 173,755 141,605

8. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 1,042,674 1,002,266
Other debtors 79,253 77,122
1,121,927 1,079,388

Amounts falling due after more than one year:
Amounts owed by group undertakings - 140,000
Other debtors - 108,424
- 248,424

Aggregate amounts 1,121,927 1,327,812

Centrechem Limited (Registered number: 02106854)

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

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 72,000 23,094
Trade creditors 822,976 839,185
Corporation tax 1,652,721 1,752,129
Social security and other tax 1,570 -
Other creditors - 2,144
2,549,267 2,616,552

Taxation and social security costs - this includes a potential EBT claim estimated of £1,640,000 under Regulations 80, 2003 and under Section 8 Social Secutity Contributions (Transfer of Funds Act) 1999.

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans - 1-2 years 358,311 482,096
Amounts owed to participating interests - 30,000
358,311 512,096

11. RESERVES
Retained Share
earnings premium Totals
£    £    £   

At 1 April 2023 3,038,829 692,670 3,731,499
Deficit for the year (19,952 ) (19,952 )
At 31 March 2024 3,018,877 692,670 3,711,547