Caseware UK (AP4) 2024.0.164 2024.0.164 2024-03-312024-03-31true2023-04-01falseRetail pharmacy1210trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 08896907 2023-04-01 2024-03-31 08896907 2022-04-01 2023-03-31 08896907 2024-03-31 08896907 2023-03-31 08896907 c:Director1 2023-04-01 2024-03-31 08896907 d:PlantMachinery 2023-04-01 2024-03-31 08896907 d:PlantMachinery 2024-03-31 08896907 d:PlantMachinery 2023-03-31 08896907 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 08896907 d:MotorVehicles 2023-04-01 2024-03-31 08896907 d:MotorVehicles 2024-03-31 08896907 d:MotorVehicles 2023-03-31 08896907 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 08896907 d:FurnitureFittings 2023-04-01 2024-03-31 08896907 d:FurnitureFittings 2024-03-31 08896907 d:FurnitureFittings 2023-03-31 08896907 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 08896907 d:ComputerEquipment 2023-04-01 2024-03-31 08896907 d:ComputerEquipment 2024-03-31 08896907 d:ComputerEquipment 2023-03-31 08896907 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 08896907 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 08896907 d:Goodwill 2023-04-01 2024-03-31 08896907 d:Goodwill 2024-03-31 08896907 d:Goodwill 2023-03-31 08896907 d:CurrentFinancialInstruments 2024-03-31 08896907 d:CurrentFinancialInstruments 2023-03-31 08896907 d:Non-currentFinancialInstruments 2024-03-31 08896907 d:Non-currentFinancialInstruments 2023-03-31 08896907 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 08896907 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 08896907 d:ShareCapital 2024-03-31 08896907 d:ShareCapital 2023-03-31 08896907 d:RetainedEarningsAccumulatedLosses 2024-03-31 08896907 d:RetainedEarningsAccumulatedLosses 2023-03-31 08896907 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2024-03-31 08896907 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-03-31 08896907 c:FRS102 2023-04-01 2024-03-31 08896907 c:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 08896907 c:FullAccounts 2023-04-01 2024-03-31 08896907 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 08896907 2 2023-04-01 2024-03-31 08896907 d:Goodwill d:OwnedIntangibleAssets 2023-04-01 2024-03-31 08896907 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: 08896907










NORFOLK STREET PHARMACY LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
NORFOLK STREET PHARMACY LIMITED
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF NORFOLK STREET PHARMACY LIMITED
FOR THE YEAR ENDED 31 MARCH 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Norfolk Street Pharmacy Limited for the year ended 31 March 2024 which comprise the Balance sheet and the related notes from the Company accounting records and from information and explanations you have given to us.
 

This report is made solely to the director of Norfolk Street Pharmacy Limited in accordance with the terms of our agreement. Our work has been undertaken solely to prepare for your approval the financial statements of Norfolk Street Pharmacy Limited and state those matters that we have agreed to state to him in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Norfolk Street Pharmacy Limited and its  director for our work or for this report.
 
 
It is your duty to ensure that Norfolk Street Pharmacy Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the Company's assets, liabilities, financial position and profit. You consider that Norfolk Street Pharmacy Limited is exempt from the statutory audit requirement for the year.
 
 
We have not been instructed to carry out an audit or review of the financial statements of Norfolk Street Pharmacy 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.







Shipleys Tax Planning

27 June 2025
Page 1

 
NORFOLK STREET PHARMACY LIMITED
REGISTERED NUMBER: 08896907

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
306,000
357,000

Tangible assets
 5 
10,687
11,674

  
316,687
368,674

Current assets
  

Stocks
  
60,911
62,736

Debtors: amounts falling due after more than one year
 6 
100,000
100,000

Debtors: amounts falling due within one year
 6 
693,548
496,172

Cash at bank and in hand
 7 
135,766
177,551

  
990,225
836,459

Creditors: amounts falling due within one year
 8 
(739,920)
(673,864)

Net current assets
  
 
 
250,305
 
 
162,595

Total assets less current liabilities
  
566,992
531,269

  

Net assets
  
566,992
531,269


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
566,892
531,169

  
566,992
531,269


The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 June 2025.


Page 2

 
NORFOLK STREET PHARMACY LIMITED
REGISTERED NUMBER: 08896907

BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024





Navid Ul-Khurram Kaleem
Director

The notes on pages 4 to 10 form part of these financial statements.

Page 3

 
NORFOLK STREET PHARMACY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Norfolk Street Pharmacy Ltd is a company domiciled in England & Wales, registration number 08896907. The registered office is 1-5 Norfolk Street, Shelton, Stoke-On-Trent, Staffordshire, ST1 4PB.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 4

 
NORFOLK STREET PHARMACY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.


Page 5

 
NORFOLK STREET PHARMACY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of comprehensive income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Goodwill
-
5
years

During the year the director re-evaluated the useful economic life of the remaining goodwill as a result of the aggressive funding cuts by the Department of Health and the wider changes in the sector. The useful economic life was deemed to be no greater than 5 years.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
Motor vehicles
-
Fixtures and fittings
-
20%
Computer equipment
-
33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 6

 
NORFOLK STREET PHARMACY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

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 or loss.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 12 (2023 - 10).

Page 7

 
NORFOLK STREET PHARMACY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Intangible assets




Goodwill

£



Cost


At 1 April 2023
1,635,000



At 31 March 2024

1,635,000



Amortisation


At 1 April 2023
1,278,000


Charge for the year on owned assets
51,000



At 31 March 2024

1,329,000



Net book value



At 31 March 2024
306,000



At 31 March 2023
357,000



Page 8

 
NORFOLK STREET PHARMACY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 April 2023
7,787
6,560
25,664
6,755
46,766



At 31 March 2024

7,787
6,560
25,664
6,755
46,766



Depreciation


At 1 April 2023
300
6,560
25,664
2,568
35,092


Charge for the year on owned assets
150
-
-
837
987



At 31 March 2024

450
6,560
25,664
3,405
36,079



Net book value



At 31 March 2024
7,337
-
-
3,350
10,687



At 31 March 2023
7,487
-
-
4,187
11,674


6.


Debtors

2024
2023
£
£

Due after more than one year

Other debtors
100,000
100,000

100,000
100,000


2024
2023
£
£

Due within one year

Trade debtors
368,215
365,377

Other debtors
325,333
130,795

693,548
496,172


Page 9

 
NORFOLK STREET PHARMACY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
135,766
177,551

135,766
177,551



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
291,984
293,333

Corporation tax
219,105
191,470

Other taxation and social security
4,327
4,326

Other creditors
30,359
10,000

Accruals and deferred income
194,145
174,735

739,920
673,864



9.


Financial instruments

2024
2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
135,766
135,766




Financial assets measured at fair value through profit or loss comprise of cash at bank and in hand.


10.


Pension commitments

The Company operates a defined contribution pension scheme.  The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents the contributions payable by the Company to the fund and amounted to £2,673 (2023: £2,723).  No contributions were payable to the fund at the balance sheet date (2023: £Nil).


11.


Related party transactions

At the balance sheet date other debtors incuded £276,933 (2023: £101,000) owed to the company by the director. Interest has been calculated on the overdrawn balance and the balance was repaid in October 2024.


Page 10