Quayside Pharmacy Limited
Unaudited Filleted Accounts
30 September 2024
Registered number
02710642
Quayside Pharmacy Limited
Registered number: 02710642
Balance Sheet
as at 30 September 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 - 6,555
Tangible assets 4 132,951 853,110
Investments 5 - 345,209
132,951 1,204,874
Current assets
Stocks 193,107 189,774
Debtors 6 1,178,438 906,327
Investments held as current assets 7 - 22,055
Cash at bank and in hand 424,006 419,353
1,795,551 1,537,509
Creditors: amounts falling due within one year 8 (558,944) (593,721)
Net current assets 1,236,607 943,788
Total assets less current liabilities 1,369,558 2,148,662
Provisions for liabilities (11,917) (54,244)
Net assets 1,357,641 2,094,418
Capital and reserves
Called up share capital 100 100
Profit and loss account 1,357,541 2,094,318
Shareholders' funds 1,357,641 2,094,418
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 A K Jassal
Director
Approved by the board on 27 June 2025
Quayside Pharmacy Limited
Notes to the Accounts
for the year ended 30 September 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102 including section 1A, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
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.
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 property improvements Over the term of the lease
Plant and machinery 20% straight line
Fixtures, fittings, tools and equipment 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 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.
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.
1 Accounting policies (continued)
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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
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 31 32
3 Intangible fixed assets £
Goodwill:
Cost
At 1 October 2023 137,836
At 30 September 2024 137,836
Amortisation
At 1 October 2023 131,281
Provided during the year 6,555
At 30 September 2024 137,836
Net book value
At 30 September 2024 -
At 30 September 2023 6,555
Goodwill has been written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 October 2023 758,042 283,424 188,258 1,229,724
Additions - 4,265 - 4,265
Disposals (576,500) - (167,879) (744,379)
At 30 September 2024 181,542 287,689 20,379 489,610
Depreciation
At 1 October 2023 81,271 228,563 66,780 376,614
Charge for the year 14,988 13,753 22,968 51,709
On disposals - - (71,664) (71,664)
At 30 September 2024 96,259 242,316 18,084 356,659
Net book value
At 30 September 2024 85,283 45,373 2,295 132,951
At 30 September 2023 676,771 54,861 121,478 853,110
5 Other investments £
Cost
At 1 October 2023 345,209
Additions 67,525
Revaluation 68,299
Disposals (481,033)
At 30 September 2024 -
6 Debtors 2024 2023
£ £
Trade debtors 274,653 -
Other debtors 903,785 906,327
1,178,438 906,327
7 Investments held as current assets 2024 2023
£ £
Fair value
Unlisted investments - 22,055
Increase/(decrease) in fair value included in the profit and loss account for the financial year
Unlisted investments 96,236 36,154
8 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 364,120 365,135
Taxation and social security costs 157,254 76,834
Other creditors 37,570 151,752
558,944 593,721
9 Operating lease commitments 2024 2023
£ £
Within one year 45,500 45,500
2-5 years 182,200 182,200
> 5 years 31,800 77,300
Total future minimum payments under non-cancellable operating leases 259,500 305,000
10 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Mr A K Jassal
Loan, unsecured, interest free and repayable on demand 276,070 107,261 (179,931) 203,400
Mrs S Jassal
Loan, unsecured, interest free and repayable on demand 274,654 107,261 (123,248) 258,667
550,724 214,522 (303,179) 462,067
11 Related party transactions
During the year, Quayside Pharmacy Ltd became a wholly owned subsidiary of PRA IC Ltd, a company incorporated in the UK that has mutual directors and of which Mrs S Jassal is also the ultimate controlling party by virtue of her share capital. Quayside Pharmacy Ltd made a distribution in specie to PRA IC Ltd during the year in respect of some of its assets.

Included within other debtors is £260,000 (2023: nil) due from Minhoco 80 Ltd, a UK incorporated company of which Quayside Pharmacy Ltd became a wholly owned subsidiary during the year and which is controlled by mutual directors. The loan is interest free and repayable on demand. PRA IC Ltd left the group when Minhoco 80 Ltd joined it.
12 Controlling party
The Ultimate Controlling Party is Mrs S Jassal by virtue of her majority shareholding in Minhoco 80 Ltd, a UK incorporated company which owns 100% of the share capital of Quayside Pharmacy Limited.
13 Other information
Quayside Pharmacy Limited is a private company limited by shares and incorporated in England. Its registered office is:
Crawhill Road
Newcastle upon Tyne
Tyne and Wear
NE1 2BL
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