Company registration number 06501625 (England and Wales)
FULHAM PHARMACY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
PAGES FOR FILING WITH REGISTRAR
FULHAM PHARMACY LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
FULHAM PHARMACY LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2024
31 August 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
93,917
118,417
Tangible assets
4
31,606
37,514
125,523
155,931
Current assets
Stocks
65,258
83,498
Debtors
5
646,249
537,970
Cash at bank and in hand
123,031
114,003
834,538
735,471
Creditors: amounts falling due within one year
6
(172,122)
(143,543)
Net current assets
662,416
591,928
Total assets less current liabilities
787,939
747,859
Creditors: amounts falling due after more than one year
7
(7,904)
(18,124)
Provisions for liabilities
(1,578)
(1,321)
Net assets
778,457
728,414
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
778,357
728,314
Total equity
778,457
728,414

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges her 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.

FULHAM PHARMACY LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 AUGUST 2024
31 August 2024
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 13 February 2025
Mrs M Moshref
Director
Company registration number 06501625 (England and Wales)
FULHAM PHARMACY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 3 -
1
Accounting policies
Company information

Fulham Pharmacy Limited is a private company limited by shares incorporated in England and Wales. The registered office is Elthorne Gate, 64 Hight Street, Pinner, England, HA5 5QA.

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
Going concern

Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents revenue generated from the pharmacy and 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 discount, settlement discounts and volume rebates.

1.4
Intangible fixed assets - goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

 

Goodwill, being the amount paid in connection with the acquisition of a business in 2009, is being amortised evenly over its estimated useful life of twenty years.

1.5
Tangible fixed assets

Tangible fixed assets 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:

Short leasehold
Over the lease term
Fixtures and fittings
25% on reducing balance
1.6
Stocks

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

FULHAM PHARMACY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 4 -
1.7
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 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.

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 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.

1.8
Retirement benefits

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

1.9

Related party exemption

The company has taken advantage of the exemption, under the terms of Financial Reporting Standard 102,' The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

2
Employees

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

2024
2023
Number
Number
Total
8
9
FULHAM PHARMACY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 5 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 September 2023 and 31 August 2024
490,000
Amortisation and impairment
At 1 September 2023
371,583
Amortisation charged for the year
24,500
At 31 August 2024
396,083
Carrying amount
At 31 August 2024
93,917
At 31 August 2023
118,417
4
Tangible fixed assets
Short leasehold
Fixtures and fittings
Total
£
£
£
Cost
At 1 September 2023
134,730
84,662
219,392
Additions
-
0
3,235
3,235
At 31 August 2024
134,730
87,897
222,627
Depreciation and impairment
At 1 September 2023
103,606
78,272
181,878
Depreciation charged in the year
6,737
2,406
9,143
At 31 August 2024
110,343
80,678
191,021
Carrying amount
At 31 August 2024
24,387
7,219
31,606
At 31 August 2023
31,124
6,390
37,514
FULHAM PHARMACY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 6 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
55,880
70,510
Amounts owed by group undertakings
498,826
426,584
Other debtors
91,543
40,876
646,249
537,970
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
9,982
9,743
Trade creditors
107,857
91,951
Taxation and social security
40,024
36,392
Other creditors
14,259
5,457
172,122
143,543
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
7,904
18,124
8
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due from related parties
£
£
Other related parties
66,741
23,023

Included in the other debtors is the above amount owed from related entities with common directors. The outstanding balance is unsecured, interest free and repayable on demand.

9
Parent company

The ultimate parent company is M&MPharm Ltd, which is incorporated in England and Wales.

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