19 31 Audley Mills Limited 05771520 false 2023-06-01 2024-05-31 2024-05-31 The principal activity of the company is that of retail pharmacy Digita Accounts Production Advanced 6.30.9574.0 true 05771520 2023-06-01 2024-05-31 05771520 2024-05-31 05771520 core:RetainedEarningsAccumulatedLosses 2024-05-31 05771520 core:ShareCapital 2024-05-31 05771520 core:SharePremium 2024-05-31 05771520 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-05-31 05771520 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2024-05-31 05771520 core:CurrentFinancialInstruments 2024-05-31 05771520 core:CurrentFinancialInstruments core:WithinOneYear 2024-05-31 05771520 core:Non-currentFinancialInstruments core:AfterOneYear 2024-05-31 05771520 core:Goodwill 2024-05-31 05771520 core:FurnitureFittingsToolsEquipment 2024-05-31 05771520 core:LandBuildings 2024-05-31 05771520 core:MotorVehicles 2024-05-31 05771520 bus:SmallEntities 2023-06-01 2024-05-31 05771520 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 05771520 bus:FilletedAccounts 2023-06-01 2024-05-31 05771520 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 05771520 bus:RegisteredOffice 2023-06-01 2024-05-31 05771520 bus:CompanySecretaryDirector1 2023-06-01 2024-05-31 05771520 bus:Director3 2023-06-01 2024-05-31 05771520 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 05771520 bus:Agent1 2023-06-01 2024-05-31 05771520 core:Goodwill 2023-06-01 2024-05-31 05771520 core:FurnitureFittings 2023-06-01 2024-05-31 05771520 core:FurnitureFittingsToolsEquipment 2023-06-01 2024-05-31 05771520 core:LandBuildings 2023-06-01 2024-05-31 05771520 core:LeaseholdImprovements 2023-06-01 2024-05-31 05771520 core:MotorVehicles 2023-06-01 2024-05-31 05771520 core:Vehicles 2023-06-01 2024-05-31 05771520 core:ParentEntities 2023-06-01 2024-05-31 05771520 countries:EnglandWales 2023-06-01 2024-05-31 05771520 2023-05-31 05771520 core:Goodwill 2023-05-31 05771520 core:FurnitureFittingsToolsEquipment 2023-05-31 05771520 core:LandBuildings 2023-05-31 05771520 core:MotorVehicles 2023-05-31 05771520 2022-06-01 2023-05-31 05771520 2023-05-31 05771520 core:RetainedEarningsAccumulatedLosses 2023-05-31 05771520 core:ShareCapital 2023-05-31 05771520 core:SharePremium 2023-05-31 05771520 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-05-31 05771520 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-05-31 05771520 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 05771520 core:Non-currentFinancialInstruments core:AfterOneYear 2023-05-31 05771520 core:Goodwill 2023-05-31 05771520 core:FurnitureFittingsToolsEquipment 2023-05-31 05771520 core:LandBuildings 2023-05-31 05771520 core:MotorVehicles 2023-05-31 xbrli:pure iso4217:GBP

Registration number: 05771520

Audley Mills Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

Audley Mills Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Audley Mills Limited

Company Information

Directors

Mrs M Patel

Mr B Patel

Company secretary

Mrs M Patel

Registered office

55 Eastwood Road
Rayleigh
Essex
SS6 7JF

Accountants

Affinity Associates (Flemmings) Limited
Chartered Accountants76 Canterbury Road
Croydon
Surrey
CR0 3HA

 

Audley Mills Limited

(Registration number: 05771520)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

           

Fixed assets

   

 

Intangible assets

4

 

86,633

 

101,072

Tangible assets

5

 

206,215

 

261,800

   

292,848

 

362,872

Current assets

   

 

Stocks

115,483

 

127,724

 

Debtors

6

1,158,422

 

1,150,632

 

Cash at bank and in hand

 

119,375

 

111,097

 

 

1,393,280

 

1,389,453

 

Creditors: Amounts falling due within one year

7

(433,642)

 

(404,936)

 

Net current assets

   

959,638

 

984,517

Total assets less current liabilities

   

1,252,486

 

1,347,389

Creditors: Amounts falling due after more than one year

7

 

(17,705)

 

(22,784)

Provisions for liabilities

 

(28,346)

 

(37,346)

Net assets

   

1,206,435

 

1,287,259

Capital and reserves

   

 

Called up share capital

18

 

18

 

Share premium reserve

143,983

 

143,983

 

Profit and loss account

1,062,434

 

1,143,258

 

Total equity

   

1,206,435

 

1,287,259

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

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 20 February 2025 and signed on its behalf by:
 

.........................................
Mr B Patel
Director

 

Audley Mills Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
55 Eastwood Road
Rayleigh
Essex
SS6 7JF

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in Pound Sterling, which is the functional currency of the company.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in “Other operating income” within profit or loss in the same period as the related expenditure. The deferred element of grants, if any, is included in creditors as deferred income.

Tax

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

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

 

Audley Mills Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold Improvements

Over the term of lease

Fixtures, Fittings and Equipment

25% on reducing balance

Motor Vehicles

25% on reducing balance

Goodwill

Positive purchased goodwill arising on acquisitions is capitalised as an asset on the balance sheet and amortised over its estimated useful economic life. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

The directors are of the view that the useful economic life of purchased goodwill of 10 years used in previous years is still valid given the continuing operation and having considered the market and economic conditions.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Purchased Goodwill

Amortised over 10 years

Stocks

Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Audley Mills Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 19 (2023 - 31).

 

Audley Mills Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 June 2023

144,388

144,388

At 31 May 2024

144,388

144,388

Amortisation

At 1 June 2023

43,316

43,316

Amortisation charge

14,439

14,439

At 31 May 2024

57,755

57,755

Carrying amount

At 31 May 2024

86,633

86,633

At 31 May 2023

101,072

101,072

5

Tangible assets

Leasehold Improvement
£

Fixtures, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2023

263,971

260,303

105,325

629,599

Additions

8,201

1,795

-

9,996

At 31 May 2024

272,172

262,098

105,325

639,595

Depreciation

At 1 June 2023

151,552

189,914

26,332

367,798

Charge for the year

27,788

18,046

19,748

65,582

At 31 May 2024

179,340

207,960

46,080

433,380

Carrying amount

At 31 May 2024

92,832

54,138

59,245

206,215

At 31 May 2023

112,418

70,389

78,993

261,800

 

Audley Mills Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

6

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

284,182

306,604

Amounts owed by related parties

10

731,065

765,269

Prepayments and accrued income

 

9,499

11,555

Other debtors

 

133,676

67,204

   

1,158,422

1,150,632

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

8

5,079

5,079

Trade creditors

 

341,930

359,868

Corporation tax

 

81,501

24,180

Other taxes and social security

 

3,503

-

Other creditors

 

1,199

13,211

Accruals and deferred income

 

430

2,598

 

433,642

404,936

Due after one year

 

Loans and borrowings

8

17,705

22,784

8

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Hire purchase contracts

17,705

22,784

Current loans and borrowings

2024
£

2023
£

Hire purchase contracts

5,079

5,079

 

Audley Mills Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £163,720 (2023 - £216,886). This relates to the outstanding commitments for future minimum operating lease payments for the properties which the company trades from.

The total amount of contingencies not included in the balance sheet is £Nil (2023 - £121,942).
 

10

Related party transactions

Summary of transactions with parent

Mepharm Limited
(Parent undertaking of Audley Mills Limited)

The company has provided security by way of debenture over its assets and undertaking, two legal charges over the leasehold properties it occupies and a composite guarantee towards the bank borrowings of its parent company.

During the year, dividend of £250,000 (2023 - £250,000) has been paid to Mepharm Limited.

At the balance sheet date the amount due from Mepharm Limited was £731,065 (2023 - £765,269). This amount is interest - free and repayable on demand.