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Registration number: 03741464

Station Avenue Pharmacy Limited

Unaudited Financial Statements

for the Year Ended 30 June 2024

 

Station Avenue Pharmacy Limited

(Registration number: 03741464)

Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

3

-

-

Tangible assets

4

6,532

-

 

6,532

-

Current assets

 

Stocks

100,212

54,322

Debtors

5

435,201

309,568

Cash at bank and in hand

 

112,017

473

 

647,430

364,363

Creditors: Amounts falling due within one year

6

(671,329)

(394,725)

Net current liabilities

 

(23,899)

(30,362)

Net liabilities

 

(17,367)

(30,362)

Capital and reserves

 

Called up share capital

7

1,021

1,021

Retained earnings

(18,388)

(31,383)

Shareholders' deficit

 

(17,367)

(30,362)

For the financial year ending 30 June 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 delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Directors' Report and the Profit and Loss Account has been taken.

These financial statements, which have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A Small Entities, were approved and authorised for issue by the Board on 25 March 2025 and signed on its behalf by:
 

.........................................

Mr J M McGill

Director

 

Station Avenue Pharmacy Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

Accounting policies

Statutory information

Station Avenue Pharmacy Limited is a private company, limited by shares, domiciled in England and Wales, company number 03741464. The registered office is at The Medical Centre, Station Avenue, Bridlington, YO16 4LZ.

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 presentation currency is United Kingdom pounds sterling, which is the functional currency of the company. The financial statements are those of an individual entity.

Going concern

After due consideration of all relevant factors including the continuing financial support provided by the company's creditors, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the director continues to adopt the going concern basis in preparing the annual report and accounts.

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.

Tax

The tax expense for the period comprises 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 shall be recognised in respect of all timing differences at the reporting date, except as otherwise required by FRS102. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that 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 income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 

Station Avenue Pharmacy Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

1

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 over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

15% straight line

Motor vehicles

15% straight line

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.

Intangible assets

Seprately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intaingible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

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

Goodwill

27% straight line

Trademarks, patents and licences

20% straight line

Stocks

Stocks are stated at the lower of cost and net realisable value.

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.

 

Station Avenue Pharmacy Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

1

Accounting policies (continued)

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the statement of comprehensive income.
 

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 11 (2023 - 8).

3

Intangible assets

Goodwill
 £

Trademarks, patents and licences
 £

Total
£

Cost or valuation

At 1 July 2023

491,000

351

491,351

At 30 June 2024

491,000

351

491,351

Amortisation

At 1 July 2023

491,000

351

491,351

At 30 June 2024

491,000

351

491,351

Carrying amount

At 30 June 2024

-

-

-

At 30 June 2023

-

-

-

 

Station Avenue Pharmacy Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

4

Tangible assets

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2023

145,334

-

145,334

Additions

800

6,480

7,280

At 30 June 2024

146,134

6,480

152,614

Depreciation

At 1 July 2023

145,334

-

145,334

Charge for the year

100

648

748

At 30 June 2024

145,434

648

146,082

Carrying amount

At 30 June 2024

700

5,832

6,532

At 30 June 2023

-

-

-

5

Debtors

2024
£

2023
£

Trade debtors

188,873

125,732

Prepayments and accrued income

-

208

Other debtors

246,328

183,628

 

435,201

309,568

6

Creditors

2024
£

2023
£

Due within one year

Trade creditors

276,107

109,598

Amounts owed to group undertakings

209,955

209,956

Taxation and social security

5,020

-

Accruals and deferred income

8,948

75,171

Other creditors

171,299

-

671,329

394,725

 

Station Avenue Pharmacy Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A shares of £1 each

756

756

756

756

Ordinary B shares of £1 each

265

265

265

265

1,021

1,021

1,021

1,021

8

Financial commitments, guarantees and contingencies

The total amount of financial commitments not included in the balance sheet is £435,500 (2023 - £502,500).

9

Related party transactions

The company has taken advantage of the exemptions available under FRS 102 (1A) from disclosing transactions with other members of the group.

During the year J M McGill, a director received loans from the company of £111,575. At the balance sheet date the amount due from J M McGill, a director was £111,575 (2023: £Nil). The loan is interest free.

10

Parent and ultimate parent undertaking

The company's immediate parent is Fishlakes Investments Limited, a company incorporated in England.