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REGISTERED NUMBER: 11820483 (England and Wales)









GRAVELLS LLANGENNECH LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024






GRAVELLS LLANGENNECH LIMITED (REGISTERED NUMBER: 11820483)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


GRAVELLS LLANGENNECH LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 SEPTEMBER 2024







DIRECTOR: C K Chan





REGISTERED OFFICE: Churchgate House
3 Church Road
Whitchurch
Cardiff
Glamorgan
CF14 2DX





REGISTERED NUMBER: 11820483 (England and Wales)






GRAVELLS LLANGENNECH LIMITED (REGISTERED NUMBER: 11820483)

BALANCE SHEET
30 SEPTEMBER 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 642,774 707,052
Tangible assets 5 5,036 6,604
647,810 713,656

CURRENT ASSETS
Stocks 6 45,500 44,150
Debtors 7 509,798 358,390
Cash at bank and in hand 8,717 90,384
564,015 492,924
CREDITORS
Amounts falling due within one year 8 181,257 155,792
NET CURRENT ASSETS 382,758 337,132
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,030,568

1,050,788

CAPITAL AND RESERVES
Called up share capital 11 1,150,100 1,150,100
Retained earnings (119,532 ) (99,312 )
SHAREHOLDERS' FUNDS 1,030,568 1,050,788

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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.

GRAVELLS LLANGENNECH LIMITED (REGISTERED NUMBER: 11820483)

BALANCE SHEET - continued
30 SEPTEMBER 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 17 March 2025 and were signed by:





C K Chan - Director


GRAVELLS LLANGENNECH LIMITED (REGISTERED NUMBER: 11820483)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1. STATUTORY INFORMATION

Gravells Llangennech Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. 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.

Going concern
The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. In making his assessment, the director has reviewed the balance sheet, the likely future cashflows of the business and has considered the facilities that are available to the company along with his continued support.

At the date 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 and that the going concern basis of accounting remains appropriate. The director continues to adopt the going concern basis of accounting in preparing the financial statements.

Significant judgements and estimates
In the application of the company's accounting policies, which are described in note 2, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Goodwill Amortisation
The directors have exercised judgement in determining the useful economic life of goodwill. Goodwill is amortised over a period that reflects the expected duration over which the business will generate economic benefits. Following a reassessment, the amortisation period has been revised to better align with the underlying factors influencing the business's future performance.

This change has been applied prospectively, and the financial impact has been incorporated into the current year's financial statements. The directors regularly review the carrying value of goodwill to ensure it remains appropriate and assess whether any indicators of impairment exist.

GRAVELLS LLANGENNECH LIMITED (REGISTERED NUMBER: 11820483)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2. ACCOUNTING POLICIES - continued

Turnover
Turnover is measured at fair value of the consideration received or receivable net of VAT and discounts. The policies adopted for the recognition of turnover are as follows:-

Revenue represents retail sales to customers and is measured at fair value of the consideration received or receivable and is recognised on the day that the sale is made.

Revenue from NHS services, including prescriptions and other related services, is recognised when the pharmacy has provided the service and is entitled to receive payment.This includes NHS prescriptions dispensed, which are recorded as turnover once verified and submitted for reimbursement, and any NHS income for commissioned services, which is recognised when the service obligation to the NHS is met.

Employee benefits
The costs of short-term employee benefit are recognised as a liability and an expense, unless those costs are required to be recognised as part of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee's
services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Government Grants
Government grants are recognised at the fair value of the asset received or receivable when there is a reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions are recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised with deferred income.

Goodwill
Goodwill arising from acquisitions is capitalised as an intangible asset and amortised over its useful economic life. Previously, goodwill was amortised over 10 years from the date of acquisition. Following a reassessment of the asset's useful life, the company has determined that the remaining goodwill should now be amortised over the remaining lease term of 11 years to better reflect the economic benefits derived from the acquired business.
The change in amortisation period has been applied prospectively from 1 October 2023, with the revised charge reflected in the current year's financial statements. This change results in an adjusted annual amortisation expense, which has been accounted for in accordance with FRS 102 Section 18 (Intangible Assets other than Goodwill).

The directors have reviewed the carrying value of goodwill and have determined that no impairment is required as at 30 September 2024

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.

GRAVELLS LLANGENNECH LIMITED (REGISTERED NUMBER: 11820483)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 25% on reducing balance

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

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

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

GRAVELLS LLANGENNECH LIMITED (REGISTERED NUMBER: 11820483)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2. ACCOUNTING POLICIES - continued

Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefit will be required in settlement and the amount can be reliably estimated.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the assets cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Cash and cash equivalents
Cash and cash equivalents are basic financial instruments and include cash in hand and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Financial instruments
The company has elected to apply the provisions of Section 11 "Basic Financial Instruments".
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include trade and other debtors, loans to related companies and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortized cost using the effective interest method unless the arrangement constitutes a financing transaction, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest.

Basic financial liabilities
Basic financial liabilities, including trade and other creditors, loans to related companies and bank loans are initially recognised at transaction price unless the arrangement constitutes a financial transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2023 - 9 ) .

GRAVELLS LLANGENNECH LIMITED (REGISTERED NUMBER: 11820483)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 October 2023
and 30 September 2024 1,178,414
AMORTISATION
At 1 October 2023 471,362
Amortisation for year 64,278
At 30 September 2024 535,640
NET BOOK VALUE
At 30 September 2024 642,774
At 30 September 2023 707,052

5. TANGIBLE FIXED ASSETS
Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 October 2023
and 30 September 2024 3,691 5,395 9,086
DEPRECIATION
At 1 October 2023 2,032 450 2,482
Charge for year 332 1,236 1,568
At 30 September 2024 2,364 1,686 4,050
NET BOOK VALUE
At 30 September 2024 1,327 3,709 5,036
At 30 September 2023 1,659 4,945 6,604

6. STOCKS
2024 2023
£    £   
Stocks 45,500 44,150

GRAVELLS LLANGENNECH LIMITED (REGISTERED NUMBER: 11820483)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 157,522 72,473
Other debtors - 352
Due from group undertakings 333,340 267,108
VAT 18,208 17,767
Prepayments and accrued income 728 690
509,798 358,390

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 116,798 110,975
Corporation tax 15,078 22,692
Social security and other taxes 258 -
Due to group undertakings 42,668 12,668
Accrued expenses 6,455 9,457
181,257 155,792

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 8,500 8,500
Between one and five years 42,500 42,500
In more than five years 42,500 51,000
93,500 102,000

10. SECURED DEBTS

The company's bankers Santander UK Plc hold a fixed and floating charge including a negative pledge over all company assets and undertakings.

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1,150,100 Ordinary £1 1,150,100 1,150,100

GRAVELLS LLANGENNECH LIMITED (REGISTERED NUMBER: 11820483)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

12. RELATED PARTY DISCLOSURES

The company's ultimate parent company is C K Chan Limited. In accordance with the exemptions available under FRS 102 Section 33.1A, the company has not disclosed transactions with its ultimate parent company and its wholly owned subsidiaries.

During the year, the company provided loans amounting to £34,210 (2023: £32,000) to Chan's Pharma Ltd. This balance is included within debtors due within one year. Chan's Pharma Ltd is considered a related party due to common director ownership.

All related party transactions were unsecured, interest-free, and repayable on demand, unless otherwise stated.