REGISTERED NUMBER: |
SHEPHERDS SPRING PHARMACY LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JULY 2024 |
REGISTERED NUMBER: |
SHEPHERDS SPRING PHARMACY LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JULY 2024 |
SHEPHERDS SPRING PHARMACY LIMITED (REGISTERED NUMBER: 01947122) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JULY 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
SHEPHERDS SPRING PHARMACY LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 JULY 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SHEPHERDS SPRING PHARMACY LIMITED (REGISTERED NUMBER: 01947122) |
BALANCE SHEET |
30 JULY 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks | 5 |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The director acknowledges her 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. |
SHEPHERDS SPRING PHARMACY LIMITED (REGISTERED NUMBER: 01947122) |
BALANCE SHEET - continued |
30 JULY 2024 |
The financial statements were approved by the director and authorised for issue on |
SHEPHERDS SPRING PHARMACY LIMITED (REGISTERED NUMBER: 01947122) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JULY 2024 |
1. | STATUTORY INFORMATION |
Shepherds Spring Pharmacy Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Significant judgements and estimates |
In the application of the company's accounting policies, which are described in note 2, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on a ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
Turnover |
Turnover is measured at fair value of the consideration recieved or receivable net of VAT and discounts. The policies adopted for the recognition of turnover are as follows:- |
Sale of goods: |
Revenue from sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the customer. The amount revenue can be measured reliably, it is probable that the economic benefit associated with the transaction. |
NHS income: |
NHS income is recognised in the period which it relates. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful lives: |
Plant and machinery - 15% on reducing balance |
Computer equipment - 33% on cost |
Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses. |
SHEPHERDS SPRING PHARMACY LIMITED (REGISTERED NUMBER: 01947122) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JULY 2024 |
2. | ACCOUNTING POLICIES - continued |
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. |
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. |
Provisions |
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefit will be required in settlement and the amount can be reliably estimated. |
Impairment |
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the assets cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit and loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease. |
SHEPHERDS SPRING PHARMACY LIMITED (REGISTERED NUMBER: 01947122) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JULY 2024 |
2. | ACCOUNTING POLICIES - continued |
Cash and cash equivalents |
Cash and cash equivalents are basic financial instruments and include cash in hand and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. |
Financial instruments |
The company has elected to apply the provisions of Section 11 ' Basic Financial Instruments @. |
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. |
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
Basic financial assets |
Basic financial assets, which include trade and other debtors, loans to related companies and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest. |
Basic financial liabilities |
Basic financial liabilities, including trade and other creditors, loans from related companies and bank loans are initially recognised at transaction price unless the arrangement constitutes a financial transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Freehold | Plant and | Computer |
property | machinery | equipment | Totals |
£ | £ | £ | £ |
COST |
At 31 July 2023 |
Additions |
At 30 July 2024 |
DEPRECIATION |
At 31 July 2023 |
Charge for year |
At 30 July 2024 |
NET BOOK VALUE |
At 30 July 2024 |
At 30 July 2023 |
SHEPHERDS SPRING PHARMACY LIMITED (REGISTERED NUMBER: 01947122) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JULY 2024 |
5. | STOCKS |
2024 | 2023 |
£ | £ |
Stocks |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Amounts owed by participating interests | 290,407 | - |
Other debtors |
VAT |
Prepayments |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Amounts owed to participating interests | 12,146 | - |
Corporation tax |
Social security and other taxes |
Other creditors |
Accrued expenses |
8. | SECURED DEBTS |
The company's bankers, Santander UK PLC, have taken a fixed and floating charge over the assets owned by the company. |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | 2 | 2 | 2 |
10. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
SHEPHERDS SPRING PHARMACY LIMITED (REGISTERED NUMBER: 01947122) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JULY 2024 |
10. | RELATED PARTY DISCLOSURES - continued |
Sach Chemist Ltd is a related company through common directorship and shareholdings. At 31 July 2024, the company owed £12,146 (2023: nil) to Sach Chemist Ltd. |
GS Health Ltd is a related company through common directorship and shareholdings. At 31 July 2024, the company was owed £280,437 (2023: nil) by GS Health Ltd. |
Acorns Pharmaceuticals Ltd is a related company through common directorship and shareholdings. At 31 July 2024, the company was owed £9,970 (2023: nil) by Acorns Pharmaceuticals Ltd. |
All above related balances are interest free and are repayable upon demand. |
11. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party of the company is Pharmex Holdings Limited, the ultimate parent company, a company registered in England and Wales. |
12. | CHANGE OF ACCOUNTING REFERENCE DATE |
In the prior year the company extended its accounting reference date from 30 April to the 30 July. The comparative figures are therefore for a 15 month trading period. |