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REGISTERED NUMBER: 10474495 (England and Wales)






















Keith's Pharmacy Limited

Unaudited Financial Statements for the Year Ended 31st March 2024






Keith's Pharmacy Limited (Registered number: 10474495)






Contents of the Financial Statements
for the year ended 31st March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Keith's Pharmacy Limited

Company Information
for the year ended 31st March 2024







DIRECTORS: Miss L A Keith
A Yeung





REGISTERED OFFICE: 60 Woodland Lane
Chapel Allerton
Leeds
West Yorkshire
LS7 4PD





REGISTERED NUMBER: 10474495 (England and Wales)





ACCOUNTANTS: Smailes Goldie
Chartered Accountants
Regent's Court
Princess Street
Hull
East Yorkshire
HU2 8BA

Keith's Pharmacy Limited (Registered number: 10474495)

Balance Sheet
31st March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 301,454 324,219
Tangible assets 5 14,667 18,216
316,121 342,435

CURRENT ASSETS
Stocks 47,055 51,108
Debtors 6 103,000 87,463
Cash at bank and in hand 89,514 58,688
239,569 197,259
CREDITORS
Amounts falling due within one year 7 203,424 150,744
NET CURRENT ASSETS 36,145 46,515
TOTAL ASSETS LESS CURRENT
LIABILITIES

352,266

388,950

CREDITORS
Amounts falling due after more than one
year

8

(250,000

)

(280,000

)

PROVISIONS FOR LIABILITIES (2,787 ) (3,461 )
NET ASSETS 99,479 105,489

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 99,478 105,488
99,479 105,489

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Keith's Pharmacy Limited (Registered number: 10474495)

Balance Sheet - continued
31st March 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 6th March 2025 and were signed on its behalf by:





Miss L A Keith - Director


Keith's Pharmacy Limited (Registered number: 10474495)

Notes to the Financial Statements
for the year ended 31st March 2024

1. STATUTORY INFORMATION

Keith's Pharmacy Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

Sale of goods
Turnover represents amounts earned in respect of prescription income, over the counter sales along with professional services income .Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates and value added tax is rec and is recognised on sale of goods or the dispensing of a prescription in the period to which the revenue relates.

Interest and other income
Interest income is recognised using the effective interest method and dividend income is recognised as the company's right to receive payment is established.

Intangible assets
The difference between amounts paid on the acquisition of a business and the fair value of its identifiable assets and liabilities is capitalised as an intangible asset as the retail pharmacy licence.In the opinion of the directors the intangible asset represents the value of future cashflow to be generated from the license to operate the pharmacy. The pharmacy licence is amortised over 20 years and is subject to an annual impairment review by the director.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 10% - 20% straight line

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Keith's Pharmacy Limited (Registered number: 10474495)

Notes to the Financial Statements - continued
for the year ended 31st March 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences 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 tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2023 - 8 ) .

4. INTANGIBLE FIXED ASSETS
Pharmacy
licence
£   
COST
At 1st April 2023
and 31st March 2024 455,300
AMORTISATION
At 1st April 2023 131,081
Amortisation for year 22,765
At 31st March 2024 153,846
NET BOOK VALUE
At 31st March 2024 301,454
At 31st March 2023 324,219

Keith's Pharmacy Limited (Registered number: 10474495)

Notes to the Financial Statements - continued
for the year ended 31st March 2024

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1st April 2023 26,034
Additions 416
At 31st March 2024 26,450
DEPRECIATION
At 1st April 2023 7,818
Charge for year 3,965
At 31st March 2024 11,783
NET BOOK VALUE
At 31st March 2024 14,667
At 31st March 2023 18,216

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 75,538 70,338
Other debtors 27,462 17,125
103,000 87,463

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 84,747 83,570
Taxation and social security 17,293 10,629
Other creditors 101,384 56,545
203,424 150,744

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Other creditors 250,000 280,000

9. OTHER FINANCIAL COMMITMENTS

The company has future operating lease commitments of £90,749 (2023: £101,749) of which £11,000 (2023: £11,000) falls due for payment within one year.