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Registration number: 03535126

Niemans Chemists Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Niemans Chemists Limited

Contents

Company Information

1

Accountants' Report

2

Statement of Financial Position

3 to 4

Statement of Changes in Equity

5

Notes to the Unaudited Financial Statements

6 to 12

 

Niemans Chemists Limited

Company Information

Directors

Mr RD Kotecha

Mr MD Kotecha

Registered office

5 Theobald Court
Theobald Street
Elstree
Hertfordshire
WD6 4RN

Accountants

Sterling Associates
Chartered Certified Accountants5 Theobald Court
Theobald Street
Elstree
Hertfordshire
WD6 4RN

 

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Niemans Chemists Limited
for the Year Ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Niemans Chemists Limited for the year ended 31 March 2024 as set out on pages 3 to 12 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the Board of Directors of Niemans Chemists Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Niemans Chemists Limited and state those matters that we have agreed to state to the Board of Directors of Niemans Chemists Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Niemans Chemists Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Niemans Chemists Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Niemans Chemists Limited. You consider that Niemans Chemists Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Niemans Chemists Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

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

Sterling Associates
Chartered Certified Accountants
5 Theobald Court
Theobald Street
Elstree
Hertfordshire
WD6 4RN

28 March 2025

 

Niemans Chemists Limited

(Registration number: 03535126)
Statement of Financial Position as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

6

118,160

148,927

Current assets

 

Stocks

7

271,979

217,653

Debtors

8

4,211,860

4,385,840

Cash at bank and in hand

 

1,744,389

448,328

 

6,228,228

5,051,821

Creditors: Amounts falling due within one year

9

(2,561,531)

(2,683,950)

Net current assets

 

3,666,697

2,367,871

Total assets less current liabilities

 

3,784,857

2,516,798

Creditors: Amounts falling due after more than one year

9

(172,284)

(182,282)

Provisions for liabilities

(19,148)

(19,247)

Net assets

 

3,593,425

2,315,269

Capital and reserves

 

Called up share capital

10

1,000

1,000

Retained earnings

3,592,425

2,314,269

Shareholders' funds

 

3,593,425

2,315,269

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.

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 prepared in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

Approved and authorised by the Board on 28 March 2025 and signed on its behalf by:
 

 

Niemans Chemists Limited

(Registration number: 03535126)
Statement of Financial Position as at 31 March 2024

.........................................
Mr RD Kotecha
Director

 

Niemans Chemists Limited

Statement of Changes in Equity for the Year Ended 31 March 2024

Share capital
£

Retained earnings
£

Total
£

At 1 April 2023

1,000

2,314,269

2,315,269

Profit for the year

-

1,378,156

1,378,156

Dividends

-

(100,000)

(100,000)

At 31 March 2024

1,000

3,592,425

3,593,425

Share capital
£

Retained earnings
£

Total
£

At 1 April 2022

1,000

2,040,973

2,041,973

Profit for the year

-

373,296

373,296

Dividends

-

(100,000)

(100,000)

At 31 March 2023

1,000

2,314,269

2,315,269

 

Niemans Chemists Limited

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:
5 Theobald Court
Theobald Street
Elstree
Hertfordshire
WD6 4RN
England

These financial statements were authorised for issue by the Board on 28 March 2025.

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 the Pound Sterling (£).

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

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.

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.

 

Niemans Chemists Limited

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

Tax

The tax expense for the period comprises current 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.

Tangible assets

Tangible assets are stated in the statement of financial position 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:

Short leasehold - 10% on cost
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance

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:

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Niemans Chemists Limited

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

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Niemans Chemists Limited

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

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 48 (2023 - 52).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

37,441

41,419

 

Niemans Chemists Limited

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

5

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2023

3,002,167

3,002,167

Disposals

(367,280)

(367,280)

At 31 March 2024

2,634,887

2,634,887

Amortisation

At 1 April 2023

3,002,167

3,002,167

Amortisation eliminated on disposals

(367,280)

(367,280)

At 31 March 2024

2,634,887

2,634,887

Carrying amount

At 31 March 2024

-

-

6

Tangible assets

Short leasehold land and buildings
£

Fixtures and fittings
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

31,136

745,363

54,815

831,314

Additions

-

6,673

-

6,673

Disposals

-

(150,000)

-

(150,000)

At 31 March 2024

31,136

602,036

54,815

687,987

Depreciation

At 1 April 2023

31,135

631,986

19,266

682,387

Charge for the year

-

28,553

8,887

37,440

Eliminated on disposal

-

(150,000)

-

(150,000)

At 31 March 2024

31,135

510,539

28,153

569,827

Carrying amount

At 31 March 2024

1

91,497

26,662

118,160

At 31 March 2023

1

113,377

35,549

148,927

 

Niemans Chemists Limited

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

Included within the net book value of land and buildings above is £1 (2023 - £1) in respect of short leasehold land and buildings.
 

7

Stocks

2024
£

2023
£

Other inventories

271,979

217,653

8

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

426,477

416,912

Amounts owed by related parties

3,401,509

3,694,956

Prepayments

 

90,054

98,619

Other debtors

 

293,820

175,353

   

4,211,860

4,385,840

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

11

10,000

10,000

Trade creditors

 

2,134,022

2,479,997

Taxation and social security

 

326,446

116,804

Accruals and deferred income

 

65,501

59,556

Other creditors

 

25,562

17,593

 

2,561,531

2,683,950


Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £10,000 (2023 - £10,000).

 

Niemans Chemists Limited

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

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

11

172,284

182,282


Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £172,284 (2023 - £182,282).

10

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

1,000

1,000

1,000

1,000

       

11

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

12,503

22,500

Other borrowings

159,781

159,782

172,284

182,282

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,000

10,000

12

Parent and ultimate parent undertaking

The company's immediate parent is Niemans Holdings Limited, incorporated in England and Wales.

 The ultimate controlling party is not a single party.