37 false false false false false false false false false true false false false false false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2021 - FRS102_2021 664,230 664,229 1 1 195,000 195,000 195,000 xbrli:pure xbrli:shares iso4217:GBP 02864053 2023-04-01 2024-03-31 02864053 2024-03-31 02864053 2023-03-31 02864053 2022-04-01 2023-03-31 02864053 2023-03-31 02864053 core:FurnitureFittings 2023-04-01 2024-03-31 02864053 core:MotorVehicles 2023-04-01 2024-03-31 02864053 bus:Director1 2023-04-01 2024-03-31 02864053 core:NetGoodwill 2024-03-31 02864053 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 02864053 core:FurnitureFittings 2023-03-31 02864053 core:MotorVehicles 2023-03-31 02864053 core:LandBuildings core:OwnedOrFreeholdAssets 2024-03-31 02864053 core:FurnitureFittings 2024-03-31 02864053 core:MotorVehicles 2024-03-31 02864053 core:LandBuildings core:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 02864053 core:WithinOneYear 2024-03-31 02864053 core:WithinOneYear 2023-03-31 02864053 core:ShareCapital 2024-03-31 02864053 core:ShareCapital 2023-03-31 02864053 core:RetainedEarningsAccumulatedLosses 2024-03-31 02864053 core:RetainedEarningsAccumulatedLosses 2023-03-31 02864053 core:NetGoodwill 2023-03-31 02864053 core:CostValuation core:Non-currentFinancialInstruments 2024-03-31 02864053 core:Non-currentFinancialInstruments 2024-03-31 02864053 core:Non-currentFinancialInstruments 2023-03-31 02864053 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 02864053 core:FurnitureFittings 2023-03-31 02864053 core:MotorVehicles 2023-03-31 02864053 bus:Director1 2023-03-31 02864053 bus:Director1 2024-03-31 02864053 bus:Director1 2022-03-31 02864053 bus:Director1 2023-03-31 02864053 bus:SmallEntities 2023-04-01 2024-03-31 02864053 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 02864053 bus:FullAccounts 2023-04-01 2024-03-31 02864053 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 02864053 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 02864053 core:NetGoodwill 2023-04-01 2024-03-31 02864053 core:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 02864053 core:OtherPropertyPlantEquipment 2023-03-31 02864053 core:OtherPropertyPlantEquipment 2024-03-31
COMPANY REGISTRATION NUMBER: 02864053
Arun Sharma Chemists Limited
Filleted Unaudited Financial Statements
31 March 2024
Arun Sharma Chemists Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Intangible assets
5
1
1
Tangible assets
6
2,087,133
1,489,633
Investments
7
195,000
195,000
------------
------------
2,282,134
1,684,634
Current assets
Stocks
271,663
259,238
Debtors
8
879,912
940,352
Cash at bank and in hand
2,245,009
2,818,780
------------
------------
3,396,584
4,018,370
Creditors: amounts falling due within one year
9
866,135
881,423
------------
------------
Net current assets
2,530,449
3,136,947
------------
------------
Total assets less current liabilities
4,812,583
4,821,581
------------
------------
Net assets
4,812,583
4,821,581
------------
------------
Capital and reserves
Called up share capital
491
491
Profit and loss account
4,812,092
4,821,090
------------
------------
Shareholders funds
4,812,583
4,821,581
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31st 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Arun Sharma Chemists Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 24 March 2025 , and are signed on behalf of the board by:
Mr A K Sharma
Director
Company registration number: 02864053
Arun Sharma Chemists Limited
Notes to the Financial Statements
Year ended 31st March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 108 Portswood Road, Southampton, Hampshire, SO17 2FW.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
Over 15 years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and equipment
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
15% reducing balance
No depreciation is provided on freehold buildings used in the business since it is the company's policy to maintain such properties in a continual state of sound repair and any depreciation would not therefore be material. Provision will be made should any permanent diminution in value of these properties occur.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 37 (2023: 36 ).
5. Intangible assets
Goodwill
£
Cost
At 1st April 2023 and 31st March 2024
664,230
---------
Amortisation
At 1st April 2023 and 31st March 2024
664,229
---------
Carrying amount
At 31st March 2024
1
---------
At 31st March 2023
1
---------
6. Tangible assets
Freehold property
Plant and equipment
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1st April 2023
1,329,047
353,930
18,590
62,255
1,763,822
Additions
519,500
101,605
15,618
636,723
------------
---------
--------
--------
------------
At 31st March 2024
1,848,547
455,535
18,590
77,873
2,400,545
------------
---------
--------
--------
------------
Depreciation
At 1st April 2023
217,930
14,178
42,081
274,189
Charge for the year
29,463
1,074
8,686
39,223
------------
---------
--------
--------
------------
At 31st March 2024
247,393
15,252
50,767
313,412
------------
---------
--------
--------
------------
Carrying amount
At 31st March 2024
1,848,547
208,142
3,338
27,106
2,087,133
------------
---------
--------
--------
------------
At 31st March 2023
1,329,047
136,000
4,412
20,174
1,489,633
------------
---------
--------
--------
------------
7. Investments
Other investments other than loans
£
Cost
At 1st April 2023 and 31st March 2024
195,000
---------
Impairment
At 1st April 2023 and 31st March 2024
---------
Carrying amount
At 31st March 2024
195,000
---------
At 31st March 2023
195,000
---------
In a previous year the company made an investment of £195,000 in an asset in anticipation of securing a better rate of return than may be achieved on a bank investment. This value is the current market value of the investment at 31 March 2024.
8. Debtors
2024
2023
£
£
Trade debtors
762,196
831,693
Other debtors
117,716
108,659
---------
---------
879,912
940,352
---------
---------
9. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
600,131
624,037
Corporation tax
52,094
Social security and other taxes
13,074
4,969
Other creditors
252,930
200,323
---------
---------
866,135
881,423
---------
---------
10. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr A K Sharma
( 2,688)
( 75,000)
( 77,688)
-------
--------
--------
2023
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr A K Sharma
( 2,688)
( 2,688)
-------
----
-------