Company Registration No. 01794282 (England and Wales)
MANSONS CHEMISTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
Shenward (London) Limited
Formerly known as
John Cumming Ross Limited
Chartered Certified Accountants
1st Floor, Kirkland House
11-15 Peterborough Road
Harrow
Middlesex
HA1 2AX
MANSONS CHEMISTS LIMITED
COMPANY INFORMATION
Directors
Mr N M Patel
Mr P M Patel
Secretary
Mr P M Patel
Company number
01794282
Registered office
1st Floor, Kirkland House
11-15 Peterborough Road
Harrow
Middlesex
HA1 2AX
Accountants
Shenward (London) Limited
Formerly known as
John Cumming Ross Limited
Chartered Certified Accountants
1st Floor, Kirkland House
11-15 Peterborough Road
Harrow
Middlesex
HA1 2AX
MANSONS CHEMISTS LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 11
MANSONS CHEMISTS LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF MANSONS CHEMISTS LIMITED FOR THE YEAR ENDED 30 JUNE 2024
- 1 -
The following reproduces text of the Accountants' Report prepared in respect of the company's annual unaudited financial statements, from which the unaudited financial statements set out on pages 2 to 11 have been extracted.
"In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Mansons Chemists Limited for the year ended 30 June 2024 set out on pages 3 to 14 from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/about-us/regulation/rulebook.html.
Our work has been undertaken solely to prepare for your approval the financial statements of Mansons Chemists Limited and state those matters that we have agreed to state to the Board of Directors of Mansons Chemists Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Mansons Chemists Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Mansons Chemists Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Mansons Chemists Limited. You consider that Mansons Chemists Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Mansons Chemists Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Shenward (London) Limited
(formerly known as John Cumming Ross Limited)
Chartered Certified Accountants
1st Floor, Kirkland House
11-15 Peterborough Road
Harrow
Middlesex
HA1 2AX
"
20 May 2025
MANSONS CHEMISTS LIMITED
BALANCE SHEET
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
6
6
Tangible assets
4
872,648
730,240
Investment properties
5
1,498,462
830,769
Investments
6
625,101
625,101
2,996,217
2,186,116
Current assets
Stocks
381,176
423,342
Debtors
7
525,682
550,106
Cash at bank and in hand
33,396
49,201
940,254
1,022,649
Creditors: amounts falling due within one year
8
(1,027,859)
(1,150,143)
Net current liabilities
(87,605)
(127,494)
Total assets less current liabilities
2,908,612
2,058,622
Creditors: amounts falling due after more than one year
9
(943,027)
(705,194)
Provisions for liabilities
11
(291,098)
(104,974)
Net assets
1,674,487
1,248,454
Capital and reserves
Called up share capital
13
30,100
30,100
Other reserve - non distributable
14
872,175
371,405
Profit and loss reserves
15
772,212
846,949
Total equity
1,674,487
1,248,454
The directorstrue of the company have taken advantage under section 444 of the Companies Act 2006 to not deliver the profit and loss account and the directors' report within the financial statements.
For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
MANSONS CHEMISTS LIMITED
BALANCE SHEET (CONTINUED)
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 16 May 2025 and are signed on its behalf by:
Mr P M Patel
Director
Company Registration No. 01794282
MANSONS CHEMISTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -
1
Accounting policies
Company information
Mansons Chemists Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1st Floor, Kirkland House, 11-15 Peterborough Road, Harrow, Middlesex, HA1 2AX.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents amounts receivable for goods dispensed, sales of pharmaceutical and perfumery products and community pharmacy advisers net of VAT and trade discounts.
1.4
Intangible fixed assets - goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life at 10% on a straight line basis.
MANSONS CHEMISTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 5 -
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following basis:
Freehold land and buildings
not depreciated (see below)
Leasehold buildings
Over the term of the lease
Fixtures, fittings & equipment
15% on a straight line basis
Motor vehicles
25% on a straight line basis
It is company’s policy to maintain the freehold buildings in a continuous state of good repair. The directors consider that the lives of these freehold buildings are long and the estimated residual values at the end of their useful economic lives are such that any depreciation is immaterial. Carrying values are reviewed for impairment annually.
Based on the above no charge has been made in the accounts for depreciation of freehold buildings.
1.6
Investment properties
Investment properties, which are properties held to earn rentals and for capital appreciation, are initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently they are measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.
1.7
Fixed asset investments
Fixed assets investment is stated at cost.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.8
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit and loss account.
1.9
Financial instruments
Basic financial assets
Basic financial assets, which include debtors 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 transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including trade and other creditors and the bank loans are initially recognised at transaction price, unless the arrangement constitutes a financing transactions, where the debt instruments is measured at the present value of the future payments discounted at market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.
MANSONS CHEMISTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 6 -
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.12
Retirement benefits
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
1.13
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
MANSONS CHEMISTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
60
58
3
Intangible fixed assets
Goodwill
£
Cost
At 1 July 2023 and 30 June 2024
843,477
Amortisation and impairment
At 1 July 2023 and 30 June 2024
843,471
Carrying amount
At 30 June 2024
6
At 30 June 2023
6
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 July 2023
664,500
347,765
1,012,265
Additions
67,646
100,417
168,063
At 30 June 2024
732,146
448,182
1,180,328
Depreciation and impairment
At 1 July 2023
7,764
274,261
282,025
Depreciation charged in the year
25,655
25,655
At 30 June 2024
7,764
299,916
307,680
Carrying amount
At 30 June 2024
724,382
148,266
872,648
At 30 June 2023
656,736
73,504
730,240
MANSONS CHEMISTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
4
Tangible fixed assets
(Continued)
- 8 -
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2024
2023
£
£
Motor vehicles
8,020
22,366
5
Investment property
2024
£
Fair value
At 1 July 2023
830,769
Revaluations
667,693
At 30 June 2024
1,498,462
The fair value of the investment properties have been arrived at on the basis of a valuation carried out at 30 June 2024 by the Directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
6
Fixed asset investments
2024
2023
£
£
Investment in subsidiary
625,101
625,101
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
322,368
330,832
Corporation tax recoverable
39,400
Amounts owed by group undertakings
5,979
3,123
Other debtors
197,335
176,751
525,682
550,106
MANSONS CHEMISTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 9 -
8
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10
222,028
167,996
Obligations under finance leases
7,292
Trade creditors
677,363
778,597
Amounts owed to group undertakings
39,617
Corporation tax
3,007
3
Other taxation and social security
10,400
17,734
Other creditors
77,286
99,721
Accruals and deferred income
37,775
39,183
1,027,859
1,150,143
9
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
10
634,764
705,194
Other borrowings
10
194,472
Amounts owed to group undertakings
18,201
Other creditors
95,590
943,027
705,194
Hire purchase creditors amounting to £0.00 (2023: £7,292) are secured on the assets which the liability relates to.
Amounts included above which fall due after five years are as follows:
Payable by instalments
368,483
327,562
10
Loans and overdrafts
2024
2023
£
£
Bank loans
733,297
815,089
Bank overdrafts
123,495
58,101
Other loans
194,472
1,051,264
873,190
Payable within one year
222,028
167,996
Payable after one year
829,236
705,194
MANSONS CHEMISTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
10
Loans and overdrafts
(Continued)
- 10 -
The bank loans of £648,713 (2023: £695,505) are secured by a mortgage debenture on freehold and leasehold properties, whilst bounce back loan of £84,584 (2023: £119,583) is backed by the British Business Bank on behalf of and with the financial backing of the Secretary of State for Business, Energy and Industrial Strategy.
11
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
12
291,098
104,974
12
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
35,817
16,852
Investment property
255,281
88,122
291,098
104,974
2024
Movements in the year:
£
Liability at 1 July 2023
104,974
Charge to profit or loss
186,124
Liability at 30 June 2024
291,098
13
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
30,100
30,100
30,100
30,100
14
Other reserve - non distributable
MANSONS CHEMISTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
14
Other reserve - non distributable
(Continued)
- 11 -
2024
2023
£
£
At beginning of year
371,405
371,405
Deferred tax on revaluation of tangible assets
(166,923)
-
Other movements
667,693
-
At end of year
872,175
371,405
15
Profit and loss reserves
The movements in profit and loss reserves for the year ended 30 June 2024 and 30 June 2023 are profit for the year and dividend paid.
16
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
Total rent payable
196,724
243,474
17
Parent company
The company's ultimate parent undertaking at the balance sheet date was Kuman Properties Ltd, a company registered in England and Wales.
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