Company registration number 00279603 (England and Wales)
BANN'S PHARMACY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
BANN'S PHARMACY LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
BANN'S PHARMACY LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
409,351
434,936
Tangible assets
4
678,055
702,982
1,087,406
1,137,918
Current assets
Stocks
89,413
114,413
Debtors
5
812,784
647,008
Cash at bank and in hand
203,286
219,776
1,105,483
981,197
Creditors: amounts falling due within one year
6
(787,910)
(764,801)
Net current assets
317,573
216,396
Total assets less current liabilities
1,404,979
1,354,314
Creditors: amounts falling due after more than one year
7
(561,997)
(622,151)
Provisions for liabilities
(20,897)
(23,067)
Net assets
822,085
709,096
Capital and reserves
Called up share capital
1,500
1,500
Revaluation reserve
9
53,358
53,358
Profit and loss reserves
767,227
654,238
Total equity
822,085
709,096

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 year ended 30 September 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.

BANN'S PHARMACY LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2024
30 September 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 26 June 2025 and are signed on its behalf by:
Mr S Singh
Director
Company registration number 00279603 (England and Wales)
BANN'S PHARMACY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
1
Accounting policies
Company information

Bann's Pharmacy Limited is a private company limited by shares incorporated in England and Wales. The registered office is 79 Fore Street, St. Dennis, St. Austell, PL26 8AB.

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.

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 is recognised at the fair value of the consideration received or receivable for goods and services 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.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
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 twenty 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.

BANN'S PHARMACY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 4 -
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 bases:

Freehold land and buildings
2% on cost
Fixtures and fittings
15% on reducing balance
Computers
25% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

 

The company no longer revalues freehold property. In accordance with the transitional provisions for tangible fixed assets in FRSSE 2008 the property is included at a previously revalued amount following a directors valuation in 2008. The carrying amount in the accounts has not been updated in accordance with the transitional provisions.

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.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
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.

BANN'S PHARMACY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 5 -
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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

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 year was:

2024
2023
Number
Number
Total
22
17
3
Intangible fixed assets
Goodwill
£
Cost
At 1 October 2023 and 30 September 2024
581,691
Amortisation and impairment
At 1 October 2023
146,755
Amortisation charged for the year
25,585
At 30 September 2024
172,340
Carrying amount
At 30 September 2024
409,351
At 30 September 2023
434,936
BANN'S PHARMACY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 6 -
4
Tangible fixed assets
Freehold land and buildings
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 October 2023
739,193
215,157
36,032
990,382
Additions
-
0
4,934
809
5,743
At 30 September 2024
739,193
220,091
36,841
996,125
Depreciation and impairment
At 1 October 2023
136,604
116,882
33,914
287,400
Depreciation charged in the year
14,784
14,866
1,020
30,670
At 30 September 2024
151,388
131,748
34,934
318,070
Carrying amount
At 30 September 2024
587,805
88,343
1,907
678,055
At 30 September 2023
602,589
98,275
2,118
702,982
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
384,223
293,779
Amounts owed by group undertakings
293,942
172,242
Other debtors
131,370
173,393
Prepayments and accrued income
3,249
7,594
812,784
647,008
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
77,219
73,234
Trade creditors
587,811
479,782
Taxation and social security
85,896
86,529
Other creditors
36,984
125,256
787,910
764,801
BANN'S PHARMACY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 7 -
7
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
8
561,997
622,151
Amounts included above which fall due after five years are as follows:
Payable by instalments
327,241
359,194
8
Loans and overdrafts
2024
2023
£
£
Bank loans
639,216
695,385
Payable within one year
77,219
73,234
Payable after one year
561,997
622,151

The bank loans payable within and after one year are secured by way of fixed and floating charge over the assets in the company.

 

The directors provide personal guarantees over these charges.

9
Revaluation reserve
2024
2023
£
£
At the beginning and end of the year
53,358
53,358
10
Related party transactions

During the year, the company paid rent of £15,000 for the occupation of property owned by Mr S Singh and Mrs A Kaur.

 

St Dennis Pharma Limited (‘SDPL’), a company incorporated in England and Wales owes £16,185 to the company. The loan is unsecured, interest free and repayable on demand

 

St Stephen Punjab Limited (‘SSPL’), a company incorporated in England and Wales owes £41,224 to the company. The loan is unsecured, interest free and repayable on demand.

 

Mr S Singh and Mrs A Kaur are the co-directors and shareholders of SDPL and SSPL.

 

The company has taken advantage of the exemption, under the terms of Financial Reporting Standard 102,' The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

BANN'S PHARMACY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 8 -
11
Directors' transactions

The total amount overdrawn at the year end was £21,630. A dividend was declared on 15th April 2025 to clear the outstanding balance at the year end.

Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Joint directors loan account
2.25
(87,837)
409,808
749
(301,090)
21,630
(87,837)
409,808
749
(301,090)
21,630
12
Parent undertaking

The ultimate parent company is Randhawas Pharma Limited ('RPL'), a company incorporated in England.

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