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Registration number: 08320064

Locking Pharmacy Ltd

Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Locking Pharmacy Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 13

 

Locking Pharmacy Ltd

Company Information

Director

MB Taylor

Registered office

C/O Fourfifty Partnership
34 Boulevard
Weston-super-Mare
North Somerset
BS23 1NF

Accountants

Four Fifty Partnership
Chartered Accountants
34 Boulevard
Weston-super-Mare
North Somerset
BS23 1NF

 

Locking Pharmacy Ltd

(Registration number: 08320064)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

72,730

85,636

Investments

6

571,392

571,392

 

644,122

657,028

Current assets

 

Stocks

7

48,000

40,000

Debtors

8

320,903

381,872

Cash at bank and in hand

 

53,840

55,257

 

422,743

477,129

Creditors: Amounts falling due within one year

9

(269,428)

(341,903)

Net current assets

 

153,315

135,226

Total assets less current liabilities

 

797,437

792,254

Provisions for liabilities

(18,183)

(21,410)

Net assets

 

779,254

770,844

Capital and reserves

 

Called up share capital

1

1

Retained earnings

779,253

770,843

Shareholders' funds

 

779,254

770,844

 

Locking Pharmacy Ltd

(Registration number: 08320064)
Balance Sheet as at 31 March 2024

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

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 21 March 2025
 


MB Taylor
Director

 

Locking Pharmacy Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 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:
C/O Fourfifty Partnership
34 Boulevard
Weston-super-Mare
North Somerset
BS23 1NF
UK

The principal place of business is:
64 Grenville Avenue
Locking
Weston-super-Mare
Somerset
BS24 8AR

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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

 

Locking Pharmacy Ltd

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

2

Accounting policies (continued)

Group accounts not prepared

Group accounts not prepared
The financial statements contain information about Saturncall Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company has taken the option under Section 398 of the Companies Act 2006 not to prepare consolidated financial statements.
.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of 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.

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.

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.

 

Locking Pharmacy Ltd

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

2

Accounting policies (continued)

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

Fixtures and fittings

15% reducing balance

Office Equipment

33% straight line

Motor Vehicles

25% reducing balance

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

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:

 

Locking Pharmacy Ltd

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

2

Accounting policies (continued)

Asset class

Amortisation method and rate

Goodwill

5 year straight line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Locking Pharmacy Ltd

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

2

Accounting policies (continued)

Financial instruments

Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as either financial assets, liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company, after deducting all liabilities.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 12 (2023 - 14).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2023

70,000

70,000

At 31 March 2024

70,000

70,000

Amortisation

At 1 April 2023

70,000

70,000

At 31 March 2024

70,000

70,000

Carrying amount

At 31 March 2024

-

-

 

Locking Pharmacy Ltd

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

5

Tangible assets

Fixtures and fittings
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

151,302

8,144

9,844

169,290

Additions

877

-

-

877

At 31 March 2024

152,179

8,144

9,844

170,167

Depreciation

At 1 April 2023

69,386

7,539

6,729

83,654

Charge for the year

12,419

585

779

13,783

At 31 March 2024

81,805

8,124

7,508

97,437

Carrying amount

At 31 March 2024

70,374

20

2,336

72,730

At 31 March 2023

81,916

605

3,115

85,636

6

Investments

2024
£

2023
£

Investments in subsidiaries

571,392

571,392

Subsidiaries

£

Cost or valuation

At 1 April 2023

571,392

Carrying amount

At 31 March 2024

571,392

At 31 March 2023

571,392

 

Locking Pharmacy Ltd

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

6

Investments (continued)

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

Banwell Village Pharmacy Limited

34 Boulevard
Weston-super-Mare
Somerset
BS23 1NF

England

Ordinary

100%

100%

Subsidiary undertakings

Banwell Village Pharmacy Limited

The principal activity of Banwell Village Pharmacy Limited is retail of pharmaceutical products.

7

Stocks

2024
£

2023
£

Closing stock

48,000

40,000

 

Locking Pharmacy Ltd

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

8

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

129,828

241,612

Amounts owed by related parties

10

142,430

101,781

Prepayments

 

1,115

1,396

Other debtors

 

47,530

37,083

   

320,903

381,872

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

126,853

152,623

Amounts owed to group undertakings and undertakings in which the company has a participating interest

10

9,493

-

Taxation and social security

 

4,745

5,019

Accruals

 

9,648

5,389

Other creditors

 

118,689

178,872

 

269,428

341,903

 

Locking Pharmacy Ltd

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

10

Related party transactions

Loans to related parties

2024

Subsidiary
£

Total
£

At start of period

101,781

101,781

Advanced

180,706

180,706

Repaid

(140,057)

(140,057)

At end of period

142,430

142,430

2023

Subsidiary
£

Total
£

Advanced

140,838

140,838

Repaid

(39,057)

(39,057)

At end of period

101,781

101,781

Terms of loans to related parties

Loan to subsidiary company is interest free and repayable on demand.
 

Loans from related parties

2024

Entities with joint control or significant influence
£

Total
£

Advanced

35,574

35,574

Repaid

(45,067)

(45,067)

At end of period

(9,493)

(9,493)

 

Locking Pharmacy Ltd

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

10

Related party transactions (continued)

2023

Entities with joint control or significant influence
£

Total
£

At start of period

17,124

17,124

Advanced

282

282

Repaid

(17,929)

(17,929)

Interest transactions

523

523

At end of period

-

-

Terms of loans from related parties

Loan from related company has had 2.5% interest charged on outstanding balance and is fully repayable on demand.