Registered number
06964906
EVEREST PHARMACY
Filleted Accounts
31 August 2024
EVEREST PHARMACY
Registered number: 06964906
Balance Sheet
as at 31 August 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 1,110,434 1,249,238
Tangible assets 4 1,103,931 1,193,788
Investments 5 73,000 -
2,287,365 2,443,026
Current assets
Stocks 281,261 279,280
Debtors 6 589,435 579,122
Cash at bank and in hand 305,589 360,706
1,176,285 1,219,108
Creditors: amounts falling due within one year 7 (1,085,052) (1,101,951)
Net current assets 91,233 117,157
Total assets less current liabilities 2,378,598 2,560,183
Creditors: amounts falling due after more than one year 8 (1,357,760) (1,310,671)
Net assets 1,020,838 1,249,512
Capital and reserves
Called up share capital 105 105
Profit and loss account 1,020,733 1,249,407
Shareholders' funds 1,020,838 1,249,512
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
WAQQASS SHEIKH
Director
Approved by the board on 19 March 2025
EVEREST PHARMACY
Notes to the Accounts
for the year ended 31 August 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
The company has a wholesale license, however the margins are considerably low, which reduces the weighted average margin.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 10 years
Fixtures, fittings, tools and equipment over 10 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 39 34
3 Intangible fixed assets £
Goodwill:
Cost
At 1 September 2023 1,388,042
At 31 August 2024 1,388,042
Amortisation
At 1 September 2023 138,804
Provided during the year 138,804
At 31 August 2024 277,608
Net book value
At 31 August 2024 1,110,434
At 31 August 2023 1,249,238
4 Tangible fixed assets
Fixtures & Fittings Plant and machinery Motor vehicles Total
£ £ £ £
Cost
At 1 September 2023 431,151 1,430,962 115,537 1,977,650
Additions 4,636 17,551 12,973 35,160
At 31 August 2024 435,787 1,448,513 128,510 2,012,810
Depreciation
At 1 September 2023 156,448 557,585 69,829 783,862
Charge for the year 25,118 92,257 7,642 125,017
At 31 August 2024 181,566 649,842 77,471 908,879
Net book value
At 31 August 2024 254,221 798,671 51,039 1,103,931
At 31 August 2023 274,703 873,377 45,708 1,193,788
5 Investments
Other
investments
£
Cost
Additions (Everest Barlow) 73,000
At 31 August 2024 73,000
6 Debtors 2024 2023
£ £
Trade debtors 426,859 502,946
Amounts owed by group undertakings and undertakings in which the company has a participating interest 79,210 -
Other debtors (VAT) 83,366 76,176
589,435 579,122
7 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 956,691 971,386
Taxation and social security costs 42,548 59,943
Other creditors 85,813 70,622
1,085,052 1,101,951
8 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans (RX Bridge) 952,000 720,000
Obligations under finance lease and hire purchase contracts 195,688 374,600
Other creditors 210,072 216,071
1,357,760 1,310,671
9 Pension commitments
The company operates a Workplace Pension Schemes, which is open for all eligible and entitled employees
10 Controlling party
Mr Waqqass Sheikh and Mrs Rizwana Sheikh have ultimate control by virtue of their holding a majority of the issued share capital in the company.
11 Other information
EVEREST PHARMACY is a private company limited by shares and incorporated in England. Its registered office is:
117B WITHINGTON ROAD,
MANCHESTER
M16 8EE
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