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Registered number: 00185402









READS PHARMACY LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2024

 
READS PHARMACY LIMITED
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF READS PHARMACY LIMITED
FOR THE YEAR ENDED 31 OCTOBER 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Reads Pharmacy Limited for the year ended 31 October 2024 which comprise  the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of directors of Reads Pharmacy Limited, as a body, in accordance with the terms of our engagement letter dated 10 February 2023Our work has been undertaken solely to prepare for your approval the financial statements of Reads Pharmacy Limited and state those matters that we have agreed to state to the Board of directors of Reads Pharmacy Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Reads Pharmacy Limited and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that Reads Pharmacy 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 profit of Reads Pharmacy Limited. You consider that Reads Pharmacy Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Reads Pharmacy 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.

  





MA Partners LLP
 
Chartered Accountants
  
7 The Close
Norwich
Norfolk
NR1 4DJ
 
24 February 2025
Page 1

 
READS PHARMACY LIMITED
REGISTERED NUMBER: 00185402

BALANCE SHEET
AS AT 31 OCTOBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
7,073
8,594

Investment property
 5 
4,287,966
4,215,639

  
4,295,039
4,224,233

Current assets
  

Debtors: amounts falling due within one year
 6 
38,368
11,479

Cash at bank and in hand
  
165,975
205,018

  
204,343
216,497

Creditors: amounts falling due within one year
 7 
(45,425)
(83,890)

Net current assets
  
 
 
158,918
 
 
132,607

Total assets less current liabilities
  
4,453,957
4,356,840

Provisions for liabilities
  

Deferred tax
 9 
(398,335)
(398,715)

  
 
 
(398,335)
 
 
(398,715)

Net assets
  
4,055,622
3,958,125


Capital and reserves
  

Called up share capital 
  
20,000
20,000

Investment property reserve
 10 
2,738,349
2,738,349

Profit and loss account
 10 
1,297,273
1,199,776

  
4,055,622
3,958,125


Page 2

 
READS PHARMACY LIMITED
REGISTERED NUMBER: 00185402
    
BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 January 2025.






E.B.Collishaw
Director

The notes on pages 4 to 9 form part of these financial statements.

Page 3

 
READS PHARMACY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

1.


General information

The company is a United Kingdom company limited by shares. It is incorporated and domiciled in England and Wales. The registered office is The Old Rectory, Forncett St Peter, Norfolk, NR16 1HY.
The company's principal activity is the letting of its own property and. The principal place of business is Norwich, Norfolk.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.3

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Page 4

 
READS PHARMACY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Motor vehicles
-
25%
reducing balance
Fixtures and fittings
-
15%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 5

 
READS PHARMACY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.9

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.10

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 2).


4.


TANGIBLE FIXED ASSETS





Other fixed assets

£



Cost or valuation


At 1 November 2023
153,202



At 31 October 2024

153,202



Depreciation


At 1 November 2023
144,608


Charge for the year on owned assets
1,521



At 31 October 2024

146,129



Net book value



At 31 October 2024
7,073



At 31 October 2023
8,594

Page 6

 
READS PHARMACY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

5.


Investment property


Freehold investment property

£



Valuation


At 1 November 2023
4,215,639


Additions at cost
72,327



At 31 October 2024
4,287,966

The 2024 valuations were made by a director, on an open market value for existing use basis.





6.


Debtors

2024
2023
£
£


Trade debtors
16,650
-

Other debtors
10,730
-

Prepayments and accrued income
10,988
11,479

38,368
11,479



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
348
9,345

Other taxation and social security
30,434
31,919

Other creditors
14,643
42,626

45,425
83,890


Page 7

 
READS PHARMACY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

8.


Financial instruments

2024
2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
165,975
165,975




Financial assets measured at fair value through profit or loss comprise...


9.


Deferred taxation




2024


£






At beginning of year
(398,715)


Charged to profit or loss
380



At end of year
(398,335)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(398,335)
(398,715)

(398,335)
(398,715)


10.


Reserves

Other reserves

The fair value reserves represents the cumulative value of revaluations of investment properties net of deferred tax. The amounts debited or credited to this reserve are transfers from the profit and loss account. Deferred tax is provided for on these fair value adjustments at the standard rate of corporation tax.

Profit and loss account

The profit and loss account includes all current and prior period retained profits and losses.

Page 8

 
READS PHARMACY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

11.


Directors' Benefits: Advances, credit and guarantees

As at 1 November 2023 the company owed a director £39,071. During the year personal expenses of £45,414 were met by the company and interest of £100 was charged. As a result, at 31 October 2024 the director owed the company £6,443.   

 
Page 9