BrightAccountsProduction v1.0.0 v1.0.0 2023-06-01 The company was not dormant during the period The company was trading for the entire period Unaudited Accounts The principal activity of the company is the retail of pharmaceutical products. 17 February 2025 7 10 NI615011 2024-05-31 NI615011 2023-05-31 NI615011 2022-05-31 NI615011 2023-06-01 2024-05-31 NI615011 2022-06-01 2023-05-31 NI615011 uk-bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 NI615011 uk-curr:PoundSterling 2023-06-01 2024-05-31 NI615011 uk-bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 NI615011 uk-bus:AbridgedAccounts 2023-06-01 2024-05-31 NI615011 uk-core:ShareCapital 2024-05-31 NI615011 uk-core:ShareCapital 2023-05-31 NI615011 uk-core:RetainedEarningsAccumulatedLosses 2024-05-31 NI615011 uk-core:RetainedEarningsAccumulatedLosses 2023-05-31 NI615011 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2024-05-31 NI615011 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-05-31 NI615011 uk-bus:FRS102 2023-06-01 2024-05-31 NI615011 uk-core:Goodwill 2023-06-01 2024-05-31 NI615011 uk-core:LandBuildings 2023-06-01 2024-05-31 NI615011 uk-core:FurnitureFittingsToolsEquipment 2023-06-01 2024-05-31 NI615011 uk-core:MotorVehicles 2023-06-01 2024-05-31 NI615011 uk-core:Goodwill 2023-05-31 NI615011 uk-core:Goodwill 2024-05-31 NI615011 uk-core:ParentEntities 2023-06-01 2024-05-31 NI615011 2023-06-01 2024-05-31 NI615011 uk-bus:Director1 2023-06-01 2024-05-31 NI615011 uk-bus:AuditExempt-NoAccountantsReport 2023-06-01 2024-05-31 xbrli:pure iso4217:GBP xbrli:shares
 
 
 
 
 
 
 
 
 
 
 
McNallys Late Night Pharmacy Ltd
 
Abridged Unaudited Financial Statements
 
for the financial year ended 31 May 2024



McNallys Late Night Pharmacy Ltd
Company Registration Number: NI615011
ABRIDGED BALANCE SHEET
as at 31 May 2024

2024 2023
Notes £ £
 
Fixed Assets
Intangible assets 5 144,655 190,346
Tangible assets 6 164,979 151,191
Investment properties 7 450,000 450,000
───────── ─────────
Fixed Assets 759,634 791,537
───────── ─────────
 
Current Assets
Stocks 130,527 155,152
Debtors 138,852 139,171
Cash at bank and in hand 4,674,106 4,530,381
───────── ─────────
4,943,485 4,824,704
───────── ─────────
Creditors: amounts falling due within one year (8,079,263) (8,203,503)
───────── ─────────
Net Current Liabilities (3,135,778) (3,378,799)
───────── ─────────
Total Assets less Current Liabilities (2,376,144) (2,587,262)
═════════ ═════════
 
Capital and Reserves
Called up share capital 100 100
Retained earnings (2,376,244) (2,587,362)
───────── ─────────
Shareholders' Deficit (2,376,144) (2,587,262)
═════════ ═════════
 
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).
           
All of the members have consented to the preparation of abridged accounts in accordance with section 444(2A) of the Companies Act 2006.
           
The company has taken advantage of the exemption under section 444 not to file the Abridged Profit and Loss Account and Director's Report.
For the financial year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
           
The director confirms that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006.
           
The director acknowledges his responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the 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.
           
Approved by the Director and authorised for issue on 17 February 2025
           
           
________________________________          
Mr. Jack McPolin          
Director          
           



McNallys Late Night Pharmacy Ltd
NOTES TO THE ABRIDGED FINANCIAL STATEMENTS
for the financial year ended 31 May 2024

   
1. General Information
 
McNallys Late Night Pharmacy Ltd is a private company, limited by shares incorporated in Northern Ireland. 5 Monaghan Street, Newry, Co. Down, BT35 6BB, Northern Ireland is the registered office, which is also the principal place of business of the company. The registered number of the company is NI615011.

These financial statements are for the individual entity McNallys Late Night Pharmacy Ltd for the financial year ended 31st May 2024. The comparative figures are for the seventeen months ended 31st May 2023 and therefore are not entirely comparable.

The financial statements have been presented in Pound sterling (£) which is also the functional currency of the company.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the year ended 31 May 2024 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Turnover
Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax. Revenues are recognised when substantially all of the risks and rewards of ownership have transferred to the purchaser.
 
Goodwill
Purchased goodwill arising on the acquisition of a business represents the excess of the acquisition cost over the fair value of the identifiable net assets including other intangible fixed assets when they were acquired. Purchased goodwill is capitalised in the Balance Sheet and amortised on a straight line basis over its economic useful life of 20 years, which is estimated to be the period during which benefits are expected to arise. The length of this amortisation period is based on the necessity of a license in order to trade as a pharmacy, and in the difficulty of a new business obtaining said license. On disposal of a business any goodwill not yet amortised is included in determining the profit or loss on sale of the business.
 
Tangible assets and depreciation
Tangible assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows:
 
  Land and buildings freehold - 2% Straight line
  Fixtures, fittings and equipment - 25% Reducing balance
  Motor vehicles - 25% Reducing Balance
 
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
 
Investment properties
Investment property is property held either to earn rental income, or for capital appreciation (including future re-development) or for both, but not for sale in the ordinary course of business. Investment property is initially measured at cost, which includes the purchase cost and any directly attributable expenditure. Investment property is subsequently valued at its fair value at each reporting date. The difference between the fair value of an investment property at the reporting date and its carrying value prior to the valuation is recognised in the Abridged Profit and Loss Account as a fair value gain or loss. Any gain or loss on disposal of an investment property (calculated as the difference between the net proceeds from disposal and the carrying amount of the item) is recognised in the Abridged Profit and Loss Account.
 
Stocks
Stocks are valued at the lower of cost and net realisable value, on a first in, first out basis.  Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition.  Full provision is made for obsolete and slow moving items.  Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.
 
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
 
Cash at bank and in hand
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the Abridged Balance Sheet bank overdrafts are shown within Creditors.
 
Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.
 
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Balance Sheet date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Profit and Loss Account.
 
Pensions
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. Annual contributions payable to the company's pension scheme are charged to the Profit and Loss Account in the period to which they relate.
 
Ordinary share capital
The ordinary share capital of the company is presented as equity.
   
3. Period of financial statements
 
The comparative figures relate to the 17 month period ended 31 May 2023.
       
4. Employees
 
  2024 2023
  Number Number
 
Employees 7 10
  ═════════ ═════════
     
5. Intangible assets
   
  Goodwill
  £
Cost
At 1 June 2023 1,700,000
  ─────────
 
At 31 May 2024 1,700,000
  ─────────
Amortisation
At 1 June 2023 1,509,654
Charge for financial year 45,691
  ─────────
At 31 May 2024 1,555,345
  ─────────
Net book value
At 31 May 2024 144,655
  ═════════
At 31 May 2023 190,346
  ═════════
           
6. Tangible assets
  Land and Fixtures, Motor Total
  buildings fittings and vehicles  
  freehold equipment    
  £ £ £ £
Cost or Valuation
At 1 June 2023 181,384 123,159 3,050 307,593
Additions - - 22,200 22,200
  ───────── ───────── ───────── ─────────
At 31 May 2024 181,384 123,159 25,250 329,793
  ───────── ───────── ───────── ─────────
Depreciation
At 1 June 2023 43,780 110,634 1,988 156,402
Charge for the financial year 3,628 3,131 1,653 8,412
  ───────── ───────── ───────── ─────────
At 31 May 2024 47,408 113,765 3,641 164,814
  ───────── ───────── ───────── ─────────
Net book value
At 31 May 2024 133,976 9,394 21,609 164,979
  ═════════ ═════════ ═════════ ═════════
At 31 May 2023 137,604 12,525 1,062 151,191
  ═════════ ═════════ ═════════ ═════════
     
7. Investment Properties
  Investment
  properties
 
  £
Cost
 
At 31 May 2024 450,000
  ─────────
Net book value
At 31 May 2024 450,000
  ═════════
At 31 May 2023 450,000
  ═════════
 
The investment property was revalued on 30th April 2021 by an independent third party who is a member of the Royal Institute of Chartered Surveyors. The valuation was based on market value. The director is of the opinion that the value of the investment property shown in the Financial Statements at 31st May 2024 is indicative of the fair value of the property, based in the value of similar properties in the area.
   
8. Parent company
 
The company regards Totalvale Limited as its parent company. Totalvale Ltd is incorporated in the Republic of Ireland. The companys ultimate parent undertaking is Totalvale Limited. Totalvale Limited owns 100% of the ordinary share capital of McNallys Late Night Pharmacy Ltd. The address of Totalvale Limited is Unit 3, Riverforest Shopping Centre, Leixlip, Co. Kildare. Totalvale Limited is regarded as both the controlling party and the ultimate controlling party. The intercompany debt owed to the parent company is repayable on demand.
 
       
9. Pension commitments
 
The company operates a defined contribution scheme for employees, which is held and administered by a separate third party. At the year end, there were contributions of £830 (2023: £771) due to the fund. These are included in creditors: amounts falling due within one year.
       
10. Going Concern
 
The company had a net profit of £211,118 and negative net assets of £2,376,144 in the financial year ended 31st May 2024. The company has ongoing support from other group companies and as such the accounts are prepared on a going concern basis.