Company registration number 06271526 (England and Wales)
AUSTINOMA CHEMIST LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
AUSTINOMA CHEMIST LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
AUSTINOMA CHEMIST LIMITED (REGISTERED NUMBER: 06271526)
BALANCE SHEET
AS AT
27 APRIL 2024
27 April 2024
- 1 -
27 April 2024
28 April 2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
-
0
25,000
Current assets
Stocks
60,104
57,104
Debtors
4
131,004
127,615
Cash at bank and in hand
1,964
10,543
193,072
195,262
Creditors: amounts falling due within one year
5
(162,921)
(135,142)
Net current assets
30,151
60,120
Total assets less current liabilities
30,151
85,120
Creditors: amounts falling due after more than one year
6
(28,545)
(83,804)
Net assets
1,606
1,316
Capital and reserves
Called up share capital
7
2
2
Profit and loss reserves
1,604
1,314
Total equity
1,606
1,316

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial period ended 27 April 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 members have not required the company to obtain an audit of its financial statements for the period 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.

AUSTINOMA CHEMIST LIMITED (REGISTERED NUMBER: 06271526)
BALANCE SHEET (CONTINUED)
AS AT
27 APRIL 2024
27 April 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 28 April 2025 and are signed on its behalf by:
A Achunine
Director
AUSTINOMA CHEMIST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 APRIL 2024
- 3 -
1
Accounting policies
Company information

Austinoma Chemist Limited is a private company limited by shares incorporated in England and Wales. The registered office is 19/21 Swan Street, West Malling, Kent, ME19 6JU.

1.1
Reporting period

The company accounts are presented for a period shorter than a year, covering the period from the 29th April 2023 to the 27th April 2024.

 

1.2
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 £1.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.3
Going concern

The balance sheet shows net liabilities. The director is the main creditor of the company and has confirmed that he will continue to support the company for the foreseeable future. Therefore, the accounts have been prepared on a going concern basis.true

1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Turnover for the sale of goods is recognised when all of the following conditions are met:

AUSTINOMA CHEMIST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 27 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.6
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.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

1.7
Taxation

The tax expense represents the sum of the tax currently payable.

1.8
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2024
2023
Number
Number
Total
4
2
AUSTINOMA CHEMIST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 27 APRIL 2024
- 5 -
3
Intangible fixed assets
Goodwill
£
Cost
At 29 April 2023 and 27 April 2024
250,000
Amortisation and impairment
At 29 April 2023
225,000
Amortisation charged for the period
25,000
At 27 April 2024
250,000
Carrying amount
At 27 April 2024
-
0
At 28 April 2023
25,000
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
99,353
107,289
Other debtors
31,651
20,326
131,004
127,615
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
18,397
13,401
Trade creditors
29,043
52,089
Taxation and social security
25,033
18,324
Other creditors
90,448
51,328
162,921
135,142
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
11,369
21,595
Other creditors
17,176
62,209
28,545
83,804
AUSTINOMA CHEMIST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 27 APRIL 2024
- 6 -
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
1
1
1
1
Ordinary A of £1 each
1
1
1
1
2
2
2
2
8
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
£
£
147,600
169,200

The operating lease covers the period up to the break clause as noted in the lease agreement.

9
Financial commitments, guarantees and contingent liabilities

During the 2021 accounting period, the company borrowed £50,000 from its bankers for a Bounce Back Loan.

As part of this loan scheme, the UK government guaranteed the advance and paid the interest and fees due for the first 12 months.

At the balance sheet date, the outstanding amount was £21,595 (2023 : £31,568) and was included within creditors due within one year and over one year on the balance sheet. The interest rate on the loan is 2.5% per annum.

10
Related party transactions

Included within other debtors is a loan to an associated company of £16,335 ( 2023 : £13,000)

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