Acorah Software Products - Accounts Production 16.1.300 false true 31 October 2023 1 November 2022 false 1 November 2023 31 October 2024 31 October 2024 04299166 Mr Gary Morrow Mrs Nicola Morrow iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 04299166 2023-10-31 04299166 2024-10-31 04299166 2023-11-01 2024-10-31 04299166 frs-core:CurrentFinancialInstruments 2024-10-31 04299166 frs-core:Non-currentFinancialInstruments 2024-10-31 04299166 frs-core:FurnitureFittings 2023-11-01 2024-10-31 04299166 frs-core:NetGoodwill 2024-10-31 04299166 frs-core:NetGoodwill 2023-11-01 2024-10-31 04299166 frs-core:NetGoodwill 2023-10-31 04299166 frs-core:MotorVehicles 2023-11-01 2024-10-31 04299166 frs-core:PlantMachinery 2024-10-31 04299166 frs-core:PlantMachinery 2023-11-01 2024-10-31 04299166 frs-core:PlantMachinery 2023-10-31 04299166 frs-core:ShareCapital 2024-10-31 04299166 frs-core:RetainedEarningsAccumulatedLosses 2024-10-31 04299166 frs-bus:PrivateLimitedCompanyLtd 2023-11-01 2024-10-31 04299166 frs-bus:FilletedAccounts 2023-11-01 2024-10-31 04299166 frs-bus:SmallEntities 2023-11-01 2024-10-31 04299166 frs-bus:AuditExempt-NoAccountantsReport 2023-11-01 2024-10-31 04299166 frs-bus:SmallCompaniesRegimeForAccounts 2023-11-01 2024-10-31 04299166 frs-bus:Director1 2023-11-01 2024-10-31 04299166 frs-bus:Director1 2023-10-31 04299166 frs-bus:Director1 2024-10-31 04299166 frs-bus:CompanySecretary1 2023-11-01 2024-10-31 04299166 frs-core:CurrentFinancialInstruments 1 2024-10-31 04299166 frs-countries:EnglandWales 2023-11-01 2024-10-31 04299166 2022-10-31 04299166 2023-10-31 04299166 2022-11-01 2023-10-31 04299166 frs-core:CurrentFinancialInstruments 2023-10-31 04299166 frs-core:Non-currentFinancialInstruments 2023-10-31 04299166 frs-core:ShareCapital 2023-10-31 04299166 frs-core:RetainedEarningsAccumulatedLosses 2023-10-31 04299166 frs-core:CurrentFinancialInstruments 1 2023-10-31
Registered number: 04299166
Morrow Pharmacy Limited
Unaudited Financial Statements
For The Year Ended 31 October 2024
R O'Leary ACA
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 04299166
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 5,545 6,854
5,545 6,854
CURRENT ASSETS
Stocks 34,633 38,005
Debtors 6 259,250 300,287
Cash at bank and in hand 19,169 3,820
313,052 342,112
Creditors: Amounts Falling Due Within One Year 7 (187,524 ) (194,447 )
NET CURRENT ASSETS (LIABILITIES) 125,528 147,665
TOTAL ASSETS LESS CURRENT LIABILITIES 131,073 154,519
Creditors: Amounts Falling Due After More Than One Year 8 (39,520 ) (56,938 )
PROVISIONS FOR LIABILITIES
Deferred Taxation - (146 )
NET ASSETS 91,553 97,435
CAPITAL AND RESERVES
Called up share capital 9 101 101
Profit and Loss Account 91,452 97,334
SHAREHOLDERS' FUNDS 91,553 97,435
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Page 2
For the year ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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 Gary Morrow
Director
21/03/2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Morrow Pharmacy Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04299166 . The registered office is 8 Moulton Place, Blakelaw, Newcastle Upon Tyne, NE5 3RL.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 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:
Plant & Machinery 15& reducing balance
Motor Vehicles 25% reducing balance
Fixtures & Fittings 15% reducing balance
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.
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.
...CONTINUED
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2.6. Taxation - continued
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 and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are 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: 10 (2023: 10)
10 10
4. Intangible Assets
Goodwill
£
Cost
As at 1 November 2023 240,000
As at 31 October 2024 240,000
Amortisation
As at 1 November 2023 240,000
As at 31 October 2024 240,000
Net Book Value
As at 31 October 2024 -
As at 1 November 2023 -
5. Tangible Assets
Plant & Machinery
£
Cost
As at 1 November 2023 34,747
As at 31 October 2024 34,747
Depreciation
As at 1 November 2023 27,893
Provided during the period 1,309
As at 31 October 2024 29,202
Net Book Value
As at 31 October 2024 5,545
As at 1 November 2023 6,854
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6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 85,264 77,560
Prepayments and accrued income 2,257 2,904
Value Added Tax 9,480 10,844
Director's loan account 153,839 200,569
Corporation tax recoverable 8,410 8,410
259,250 300,287
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 121,659 120,930
Bank loans and overdrafts 9,998 10,005
Other loans 7,382 7,336
Corporation tax 42,585 50,789
Other taxes and social security 2,413 2,885
Accruals and deferred income 3,487 2,502
187,524 194,447
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 9,175 19,165
Other loans 30,345 37,773
39,520 56,938
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 101 101
10. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 November 2023 Amounts advanced Amounts repaid Amounts written off As at 31 October 2024
£ £ £ £ £
Mr Gary Morrow 200,569 91,145 137,875 - 153,839
The above loan is unsecured, interest free and repayable on demand.
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