10 false false false false false false false false false false true false false false false false false No description of principal activity 2023-08-01 Sage Accounts Production Advanced 2023 - FRS102_2023 550,000 146,667 18,333 165,000 385,000 403,333 xbrli:pure xbrli:shares iso4217:GBP 05866130 2023-08-01 2024-07-31 05866130 2024-07-31 05866130 2023-07-31 05866130 2022-08-01 2023-07-31 05866130 2023-07-31 05866130 2022-07-31 05866130 core:LandBuildings core:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 05866130 core:PlantMachinery 2023-08-01 2024-07-31 05866130 core:MotorVehicles 2023-08-01 2024-07-31 05866130 bus:Director1 2023-08-01 2024-07-31 05866130 core:NetGoodwill 2023-07-31 05866130 core:NetGoodwill 2024-07-31 05866130 core:LandBuildings 2023-07-31 05866130 core:PlantMachinery 2023-07-31 05866130 core:MotorVehicles 2023-07-31 05866130 core:LandBuildings 2024-07-31 05866130 core:PlantMachinery 2024-07-31 05866130 core:MotorVehicles 2024-07-31 05866130 core:LandBuildings 2023-08-01 2024-07-31 05866130 core:WithinOneYear 2024-07-31 05866130 core:WithinOneYear 2023-07-31 05866130 core:AfterOneYear 2024-07-31 05866130 core:AfterOneYear 2023-07-31 05866130 core:ShareCapital 2024-07-31 05866130 core:ShareCapital 2023-07-31 05866130 core:RetainedEarningsAccumulatedLosses 2024-07-31 05866130 core:RetainedEarningsAccumulatedLosses 2023-07-31 05866130 core:NetGoodwill 2023-08-01 2024-07-31 05866130 core:NetGoodwill 2023-07-31 05866130 core:LandBuildings 2023-07-31 05866130 core:PlantMachinery 2023-07-31 05866130 core:MotorVehicles 2023-07-31 05866130 bus:SmallEntities 2023-08-01 2024-07-31 05866130 bus:AuditExemptWithAccountantsReport 2023-08-01 2024-07-31 05866130 bus:SmallCompaniesRegimeForAccounts 2023-08-01 2024-07-31 05866130 bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 05866130 bus:FullAccounts 2023-08-01 2024-07-31 05866130 core:Associate1 2023-08-01 2024-07-31
COMPANY REGISTRATION NUMBER: 05866130
Ysgol Pharmacy Limited
Filleted Unaudited Financial Statements
31 July 2024
Ysgol Pharmacy Limited
Statement of Financial Position
31 July 2024
2024
2023
Note
£
£
£
Fixed assets
Intangible assets
5
385,000
403,333
Tangible assets
6
302,258
312,961
---------
---------
687,258
716,294
Current assets
Stocks
45,000
50,000
Debtors
7
384,442
358,226
Cash at bank and in hand
9,564
985
---------
---------
439,006
409,211
Creditors: amounts falling due within one year
8
311,514
320,271
---------
---------
Net current assets
127,492
88,940
---------
---------
Total assets less current liabilities
814,750
805,234
Creditors: amounts falling due after more than one year
9
135,044
164,065
Provisions
Taxation including deferred tax
18,816
20,214
---------
---------
Net assets
660,890
620,955
---------
---------
Capital and reserves
Called up share capital
106
106
Profit and loss account
660,784
620,849
---------
---------
Shareholders funds
660,890
620,955
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Ysgol Pharmacy Limited
Statement of Financial Position (continued)
31 July 2024
These financial statements were approved by the board of directors and authorised for issue on 25 April 2025 , and are signed on behalf of the board by:
Mr T Hughes
Director
Company registration number: 05866130
Ysgol Pharmacy Limited
Notes to the Financial Statements
Year ended 31 July 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Ysgol Street, St Thomas, Swansea, SA1 8LH.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
30 years straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
2% straight line
Plant and machinery
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 10 (2023: 9 ).
5. Intangible assets
Goodwill
£
Cost
At 1 August 2023 and 31 July 2024
550,000
---------
Amortisation
At 1 August 2023
146,667
Charge for the year
18,333
---------
At 31 July 2024
165,000
---------
Carrying amount
At 31 July 2024
385,000
---------
At 31 July 2023
403,333
---------
6. Tangible assets
Land and buildings
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 August 2023
245,501
119,683
10,995
376,179
Additions
9,333
9,333
---------
---------
--------
---------
At 31 July 2024
245,501
119,683
20,328
385,512
---------
---------
--------
---------
Depreciation
At 1 August 2023
14,730
42,132
6,356
63,218
Charge for the year
4,910
11,633
3,493
20,036
---------
---------
--------
---------
At 31 July 2024
19,640
53,765
9,849
83,254
---------
---------
--------
---------
Carrying amount
At 31 July 2024
225,861
65,918
10,479
302,258
---------
---------
--------
---------
At 31 July 2023
230,771
77,551
4,639
312,961
---------
---------
--------
---------
7. Debtors
2024
2023
£
£
Trade debtors
225,235
201,460
Amounts owed by group undertakings and undertakings in which the company has a participating interest
114,300
114,220
Other debtors
44,907
42,546
---------
---------
384,442
358,226
---------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
29,021
29,963
Trade creditors
201,276
186,865
Corporation tax
26,187
19,474
Social security and other taxes
4,278
2,525
Other creditors
50,752
81,444
---------
---------
311,514
320,271
---------
---------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
135,044
164,065
---------
---------
Included within creditors: amounts falling due after more than one year is an amount of £38,815 (2023: £60,954) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
In 2021 the company was provided with a Covid-19 Bounce Back Loan of £50,000. This loan is repayable over 72 months though the first 12 months is interest only and paid by the UK Government. The loan has an interest rate of 2.5% per annum
Also during 2021 the company obtained a £200,000 secured loan that is repayable over 120 months. The interest rate on this loan is 3.8% per annum.
10. Related party transactions
Ysgol Holdings Limited, a UK Group company and majority shareholder , owes the company £109,890 (2023 - £109,810) at the balance sheet date.
11. Controlling party
The directors consider Ysgol Holdings Limited , a company incorporated in England and Wales, to be the controlling party. Ysgol Holdings Limited registered office is at 1 Picton Lane, Swansea, SA1 4AF.