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Registered Number: 06652142
England and Wales

 

 

 

WELLSPRING PHARMACARE LIMITED


Unaudited Financial Statements
 


Period of accounts

Start date: 01 August 2023

End date: 31 July 2024
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Intangible fixed assets 3 373,500   
Tangible fixed assets 4 5,255   
378,755   
Current assets      
Stocks 5 33,000   
Debtors 6 74,049   
Cash at bank and in hand 82,119    171,480 
189,168    171,480 
Creditors: amount falling due within one year 7 (101,139)   (48,980)
Net current assets 88,029    122,500 
 
Total assets less current liabilities 466,784    122,500 
Creditors: amount falling due after more than one year 8 (337,000)  
Net assets 129,784    122,500 
 

Capital and reserves
     
Called up share capital 2    2 
Profit and loss account 129,782    122,498 
Shareholders' funds 129,784    122,500 
 


For the year ended 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These 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 to the Registrar of Companies.
The financial statements were approved by the director on 29 April 2025 and were signed by:


-------------------------------
A Hussain
Director
1
General Information
Wellspring Pharmacare Limited is a private company, limited by shares, registered in England and Wales, registration number 06652142, registration address 111 New Union Street, Coventry, CV1 2NT.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Turnover
Turnover comprises the invoiced value of products and services supplied by the company, net of Vat and Trade Discounts.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Goodwill
Acquired goodwill is stated at cost less amortisation. Amortisation is calculated on a straight line basis over the estimated expected useful economic life of the goodwill of 10 years.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
2.

Average number of employees

Average number of employees during the year was 4 (2023 : 1).
3.

Intangible fixed assets

Cost Goodwill   Total
  £   £
At 01 August 2023  
Additions 415,000    415,000 
Disposals  
At 31 July 2024 415,000    415,000 
Amortisation
At 01 August 2023  
Charge for year 41,500    41,500 
On disposals  
At 31 July 2024 41,500    41,500 
Net book values
At 31 July 2024 373,500    373,500 
At 31 July 2023  


4.

Tangible fixed assets

Cost or valuation Plant and machinery etc   Total
  £   £
At 01 August 2023  
Additions 7,883    7,883 
Disposals  
At 31 July 2024 7,883    7,883 
Depreciation
At 01 August 2023  
Charge for year 2,628    2,628 
On disposals  
At 31 July 2024 2,628    2,628 
Net book values
Closing balance as at 31 July 2024 5,255    5,255 
Opening balance as at 01 August 2023  


5.

Stocks

2024
£
  2023
£
Stocks 33,000   
33,000   

6.

Debtors: amounts falling due within one year

2024
£
  2023
£
Trade Debtors 52,051   
Other Debtors 21,998   
74,049   

7.

Creditors: amount falling due within one year

2024
£
  2023
£
Trade Creditors 21,211   
Taxation and Social Security 7,812    3,646 
Other Creditors 72,116    45,334 
101,139    48,980 

8.

Creditors: amount falling due after more than one year

2024
£
  2023
£
Other Creditors 337,000   
337,000   

9.

Intangible assets acquired in business combinations

Business Acquisition

During the year, the company acquired the goodwill and stock of a pharmacy business. This acquisition represents a strategic move from providing pharmacy locum services to operating a retail pharmacy.
2