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RINGWOOD PHARMACY LIMITED

Registered Number
09618373
(England and Wales)

Unaudited Financial Statements for the Year ended
30 June 2024

RINGWOOD PHARMACY LIMITED
Company Information
for the year from 1 July 2023 to 30 June 2024

Director

Olatunbosun Ohi Aisekhalaye

Registered Address

45 East Street
Blandford Forum
DT11 7DX

Place of Business

43A Southampton Road

Ringwood

BH24 1HE


Registered Number

09618373 (England and Wales)
RINGWOOD PHARMACY LIMITED
Balance Sheet as at
30 June 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets48,93019,703
8,93019,703
Current assets
Stocks530,00035,000
Debtors6214,221221,317
Cash at bank and on hand66,38178,985
310,602335,302
Creditors amounts falling due within one year7(279,464)(297,633)
Net current assets (liabilities)31,13837,669
Total assets less current liabilities40,06857,372
Creditors amounts falling due after one year8-(16,298)
Net assets40,06841,074
Capital and reserves
Called up share capital100100
Profit and loss account39,96840,974
Shareholders' funds40,06841,074
The financial statements were approved and authorised for issue by the Director on 19 February 2025, and are signed on its behalf by:
Olatunbosun Ohi Aisekhalaye
Director
Registered Company No. 09618373
RINGWOOD PHARMACY LIMITED
Notes to the Financial Statements
for the year ended 30 June 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
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).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
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.
Revenue from sale of goods
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.
Interest income
Interest income is recognised using the effective interest rate method.
Operating leases
Where, substantially, all the risks and rewards of ownership of the asset do not transfer from the lessor to the company, the lease is treated as an operating lease. Rentals payable under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease.
Employee benefits
Contributions to defined contribution plans are expensed in the period to which they relate.
Defined contribution pension plan
The company operates a defined contribution pension plan for the benefit of its employees. Contributions are recognised as expenses as they become payable. Differences between contributions payable in the year and those actually paid are recognised as either prepayments or accruals in the balance sheet. The assets of the defined contribution pension scheme are held separately from those of the company in an independently administered fund.
Finance costs
Finance costs charged to the profit or loss include interest expense calculated using the effective interest method from FRS 102:11, finance charges on finance leases.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Straight line (years)
Land and buildings4
Fixtures and fittings4
Vehicles4
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.
Stocks and work in progress
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
Trade and other 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.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.
Trade and other 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.
Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.
2.Average number of employees

20242023
Average number of employees during the year1110
3.Deferred tax
Increases in the UK Corporation tax rate from 19% to 25% (19% effective from 1 April 2017, and 25% effective from 1 April 2023) have been substantively enacted. This will impact the company's future tax charge accordingly. The value of the deferred tax assets at the balance sheet date has been calculated using the applicable rate when the asset is expected to be realised.
4.Tangible fixed assets

Land & buildings

Vehicles

Fixtures & fittings

Total

££££
Cost or valuation
At 01 July 2310,44043,72925,93780,106
Additions--1,1251,125
Disposals--(1,307)(1,307)
At 30 June 2410,44043,72925,75579,924
Depreciation and impairment
At 01 July 2310,44027,18222,78160,403
Charge for year-10,1841,51411,698
On disposals--(1,107)(1,107)
At 30 June 2410,44037,36623,18870,994
Net book value
At 30 June 24-6,3632,5678,930
At 30 June 23-16,5473,15619,703
5.Stocks

2024

2023

££
Other stocks30,00035,000
Total30,00035,000
6.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables5,670198,497
Other debtors29,74517,409
Prepayments and accrued income178,8065,411
Total214,221221,317
7.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables239,010164,751
Taxation and social security3,0593,841
Finance lease and HP contracts16,2983,610
Other creditors17,26822,680
Accrued liabilities and deferred income3,829102,751
Total279,464297,633
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. The overdraft is secured by a fixed and floating charge over the company's assets. The finance leases are secured on the assets concerned. The loan from the director is repayable on demand and interest-free.
8.Creditors: amounts due after one year

2024

2023

££
Other creditors-16,298
Total-16,298
9.Obligations under finance leases

2024

2023

££
Finance lease and HP contracts-16,298
The finance leases are secured on the assets concerned.
10.Exceptional items
During the year £4,078 (2023 - £19,689) of expenditure of exceptional size or incidence was recorded and related to abortive capital expenditure. This was included in administrative expenses.