Registered number
05209797
Southcote Pharmacy Limited
Unaudited Filleted Accounts
31 August 2024
Southcote Pharmacy Limited
Registered number: 05209797
Balance Sheet
as at 31 August 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 8,333 58,333
Tangible assets 4 109,579 22,246
117,912 80,579
Current assets
Stocks 43,274 40,586
Debtors 5 139,129 152,196
Cash at bank and in hand 89,806 105,264
272,209 298,046
Creditors: amounts falling due within one year 6 (235,556) (246,417)
Net current assets 36,653 51,629
Total assets less current liabilities 154,565 132,208
Creditors: amounts falling due after more than one year 7 (15,000) (25,000)
Provisions for liabilities (27,395) (5,562)
Net assets 112,170 101,646
Capital and reserves
Called up share capital 100 100
Profit and loss account 112,070 101,546
Shareholders' funds 112,170 101,646
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr H. Panchmatia
Director
Approved by the board on 9 May 2025
Southcote Pharmacy Limited
Notes to the Accounts
for the year ended 31 August 2024
1 Accounting policies
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold land and buildings 10% reducing balance
Plant and machinery 25% reducing balance
Fixtures, fittings, tools and equipment 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 8 9
3 Intangible fixed assets £
Goodwill:
Cost
At 1 September 2023 1,000,000
At 31 August 2024 1,000,000
Amortisation
At 1 September 2023 941,667
Provided during the year 50,000
At 31 August 2024 991,667
Net book value
At 31 August 2024 8,333
At 31 August 2023 58,333
Goodwill is being written off in equal annual instalments over its estimated economic life of 20 years.
4 Tangible fixed assets
Leasehold improv. Plant and machinery etc Total
£ £ £
Cost
At 1 September 2023 41,492 88,575 130,067
Additions 100,525 2,000 102,525
At 31 August 2024 142,017 90,575 232,592
Depreciation
At 1 September 2023 35,346 72,475 107,821
Charge for the year 10,667 4,525 15,192
At 31 August 2024 46,013 77,000 123,013
Net book value
At 31 August 2024 96,004 13,575 109,579
At 31 August 2023 6,146 16,100 22,246
5 Debtors 2024 2023
£ £
Trade debtors 104,125 98,134
Amounts owed by group undertakings and undertakings in which the company has a participating interest - 27,466
Other debtors 35,004 26,596
139,129 152,196
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 10,000 10,000
Trade creditors 176,947 156,411
Amounts owed to group undertakings and undertakings in which the company has a participating interest 46,536 -
Taxation and social security costs 3,757 29,946
Other creditors (1,684) 50,060
235,556 246,417
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 15,000 25,000
8 Controlling party
The parent company of Southcote Pharmacy Ltd is RSR Pharmacare Ltd and its registered office is 10 Eastglade, Pinner, HA5 3AN.
9 Other information
Southcote Pharmacy Limited is a private company limited by shares and incorporated in England. Its registered office is:
81 Howletts Lane
Ruislip
Middlesex
HA4 7YD
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