Caseware UK (AP4) 2024.0.164 2024.0.164 2023-10-312023-10-31true2022-11-01falsePharmacy services1513trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 06943532 2022-11-01 2023-10-31 06943532 2021-11-01 2022-10-31 06943532 2023-10-31 06943532 2022-10-31 06943532 c:Director1 2022-11-01 2023-10-31 06943532 d:FurnitureFittings 2022-11-01 2023-10-31 06943532 d:FurnitureFittings 2023-10-31 06943532 d:FurnitureFittings 2022-10-31 06943532 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 06943532 d:ComputerEquipment 2022-11-01 2023-10-31 06943532 d:ComputerEquipment 2023-10-31 06943532 d:ComputerEquipment 2022-10-31 06943532 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 06943532 d:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 06943532 d:Goodwill 2022-11-01 2023-10-31 06943532 d:Goodwill 2023-10-31 06943532 d:Goodwill 2022-10-31 06943532 d:CurrentFinancialInstruments 2023-10-31 06943532 d:CurrentFinancialInstruments 2022-10-31 06943532 d:CurrentFinancialInstruments d:WithinOneYear 2023-10-31 06943532 d:CurrentFinancialInstruments d:WithinOneYear 2022-10-31 06943532 d:ShareCapital 2023-10-31 06943532 d:ShareCapital 2022-10-31 06943532 d:RetainedEarningsAccumulatedLosses 2023-10-31 06943532 d:RetainedEarningsAccumulatedLosses 2022-10-31 06943532 c:FRS102 2022-11-01 2023-10-31 06943532 c:AuditExemptWithAccountantsReport 2022-11-01 2023-10-31 06943532 c:FullAccounts 2022-11-01 2023-10-31 06943532 c:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 06943532 d:Goodwill d:OwnedIntangibleAssets 2022-11-01 2023-10-31 06943532 e:PoundSterling 2022-11-01 2023-10-31 iso4217:GBP xbrli:pure

Registered number: 06943532










READ & SIMONSTONE PHARMACY LTD








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 OCTOBER 2023

 
READ & SIMONSTONE PHARMACY LTD
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OFREAD & SIMONSTONE PHARMACY LTD
FOR THE YEAR ENDED 31 OCTOBER 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Read & Simonstone Pharmacy Ltd for the year ended 31 October 2023 which comprise the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given to us.
 

This report is made solely to the director of Read & Simonstone Pharmacy Ltd in accordance with the terms of our agreement. Our work has been undertaken solely to prepare for your approval the financial statements of Read & Simonstone Pharmacy Ltd and state those matters that we have agreed to state to her in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Read & Simonstone Pharmacy Ltd and its  director for our work or for this report.
 
 
It is your duty to ensure that Read & Simonstone Pharmacy Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the Company's assets, liabilities, financial position and profit. You consider that Read & Simonstone Pharmacy Ltd is exempt from the statutory audit requirement for the year.
 
 
We have not been instructed to carry out an audit or review of the financial statements of Read & Simonstone Pharmacy Ltd. 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 financial statements.





Shipleys Tax Planning

11 April 2025
Page 1

 
READ & SIMONSTONE PHARMACY LTD
REGISTERED NUMBER: 06943532

BALANCE SHEET
AS AT 31 OCTOBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 5 
236,000
273,000

Tangible assets
 6 
2,631
3,758

  
238,631
276,758

Current assets
  

Stocks
  
50,753
60,230

Debtors: amounts falling due within one year
 7 
312,843
358,893

Cash at bank and in hand
 8 
407,233
75,984

  
770,829
495,107

Creditors: amounts falling due within one year
 9 
(465,216)
(500,302)

Net current assets/(liabilities)
  
 
 
305,613
 
 
(5,195)

Total assets less current liabilities
  
544,244
271,563

  

Net assets
  
544,244
271,563


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
544,144
271,463

  
544,244
271,563


The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 11 April 2025.




Page 2

 
READ & SIMONSTONE PHARMACY LTD
REGISTERED NUMBER: 06943532

BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2023

Shadeia Younis
Director

The notes on pages 4 to 10 form part of these financial statements.

Page 3

 
READ & SIMONSTONE PHARMACY LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

1.


General information

Read & Simonstone Pharmacy Ltd is a company domiciled in England & Wales, registration number 06943532. The registered office is Rockfield, 230 Preston New Road, Blackburn, BB2 6PS.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Revenue

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, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 4

 
READ & SIMONSTONE PHARMACY LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.


Page 5

 
READ & SIMONSTONE PHARMACY LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.8

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of comprehensive income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures & fittings
-
20% straight line
Computer equipment
-
33% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

Page 6

 
READ & SIMONSTONE PHARMACY LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 15 (2022 - 13).


4.


Dividends

2023
2022
£
£


Dividends paid on equity capital
22,500
3,921

22,500
3,921

Page 7

 
READ & SIMONSTONE PHARMACY LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

5.


Intangible assets




Goodwill

£



Cost


At 1 November 2022
660,000


Disposals
(290,000)



At 31 October 2023

370,000



Amortisation


At 1 November 2022
387,000


Charge for the year on owned assets
37,000


On disposals
(290,000)



At 31 October 2023

134,000



Net book value



At 31 October 2023
236,000



At 31 October 2022
273,000



Page 8

 
READ & SIMONSTONE PHARMACY LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

6.


Tangible fixed assets





Fixtures & fittings
Computer equipment
Total

£
£
£



Cost or valuation


At 1 November 2022
9,496
1,357
10,853



At 31 October 2023

9,496
1,357
10,853



Depreciation


At 1 November 2022
5,738
1,357
7,095


Charge for the year on owned assets
1,127
-
1,127



At 31 October 2023

6,865
1,357
8,222



Net book value



At 31 October 2023
2,631
-
2,631



At 31 October 2022
3,758
-
3,758


7.


Debtors

2023
2022
£
£


Trade debtors
292,895
334,855

Other debtors
19,948
24,038

312,843
358,893



8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
407,233
75,984

407,233
75,984


Page 9

 
READ & SIMONSTONE PHARMACY LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
-
4,299

Trade creditors
176,134
222,607

Corporation tax
132,924
43,051

Other taxation and social security
1,474
1,770

Other creditors
2,219
81,547

Accruals and deferred income
152,465
147,028

465,216
500,302



10.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £5,189 (2022 - £5,171).


11.


Controlling party

The company is controlled by the director Mrs S Younis.


Page 10