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Registered number: 04795839
Abell Chemist Limited
Unaudited Financial Statements
For The Year Ended 30 June 2024
Saymur Accountants Ltd
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 04795839
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 278,780 329,257
Tangible Assets 5 55,310 61,456
334,090 390,713
CURRENT ASSETS
Stocks 6 77,502 88,225
Debtors 7 202,542 239,023
Cash at bank and in hand 141,320 102,918
421,364 430,166
Creditors: Amounts Falling Due Within One Year 8 (581,441 ) (557,042 )
NET CURRENT ASSETS (LIABILITIES) (160,077 ) (126,876 )
TOTAL ASSETS LESS CURRENT LIABILITIES 174,013 263,837
Creditors: Amounts Falling Due After More Than One Year 9 (344,535 ) (363,145 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (15,921 ) (15,921 )
NET LIABILITIES (186,443 ) (115,229 )
CAPITAL AND RESERVES
Called up share capital 10 2 2
Profit and Loss Account (186,445 ) (115,231 )
SHAREHOLDERS' FUNDS (186,443) (115,229)
Page 1
Page 2
For the 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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Shabbir Kassam
Director
28/03/2025
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Abell Chemist Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04795839 . The registered office is Metroline House, 118-122 College Road, Harrow, HA1 1BQ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
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. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 20 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold over the life of the lease
Fixtures & Fittings 25% reducing balance basis
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 9 (2023: 10)
9 10
4. Intangible Assets
Goodwill
£
Cost
As at 1 July 2023 1,009,536
As at 30 June 2024 1,009,536
Amortisation
As at 1 July 2023 680,279
Provided during the period 50,477
As at 30 June 2024 730,756
Net Book Value
As at 30 June 2024 278,780
As at 1 July 2023 329,257
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Page 5
5. Tangible Assets
Land & Property
Leasehold Fixtures & Fittings Total
£ £ £
Cost
As at 1 July 2023 100 135,205 135,305
As at 30 June 2024 100 135,205 135,305
Depreciation
As at 1 July 2023 100 73,749 73,849
Provided during the period - 6,146 6,146
As at 30 June 2024 100 79,895 79,995
Net Book Value
As at 30 June 2024 - 55,310 55,310
As at 1 July 2023 - 61,456 61,456
6. Stocks
2024 2023
£ £
Stock 77,502 88,225
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 158,432 181,816
Other debtors 13,744 21,701
VAT 28,240 35,506
Directors' loan accounts 2,000 -
202,416 239,023
Due after more than one year
Other taxes and social security 126 -
202,542 239,023
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Page 6
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 187,417 226,392
Corporation tax 33,329 40,561
Other taxes and social security 59,313 48,855
Net wages 51,725 26,610
Other creditors 138,055 181,701
Accruals and deferred income 11,096 8,648
Directors' loan accounts 100,506 24,275
581,441 557,042
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 319,863 363,054
Other taxes and social security - 91
Other creditors 24,672 -
344,535 363,145
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
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