Company registration number 07277726 (England and Wales)
AV (BEES) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
PAGES FOR FILING WITH REGISTRAR
AV (BEES) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
AV (BEES) LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2024
31 October 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
5,220,510
1
Tangible assets
4
246,567
80,421
Investments
5
1,302
6,489,685
5,468,379
6,570,107
Current assets
Stocks
273,772
43,583
Debtors
6
1,258,500
377,076
Cash at bank and in hand
622,215
26,188
2,154,487
446,847
Creditors: amounts falling due within one year
7
(1,436,174)
(3,445,110)
Net current assets/(liabilities)
718,313
(2,998,263)
Total assets less current liabilities
6,186,692
3,571,844
Creditors: amounts falling due after more than one year
8
(3,655,378)
(2,616,300)
Provisions for liabilities
(56,177)
(19,125)
Net assets
2,475,137
936,419
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
2,475,037
936,319
Total equity
2,475,137
936,419
AV (BEES) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2024
31 October 2024
- 2 -
For the financial year ended 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 16 July 2025 and are signed on its behalf by:
Mr AV Patel
Director
Company registration number 07277726 (England and Wales)
AV (BEES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 3 -
1
Accounting policies
Company information
AV (Bees) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Elthorne Gate, 64 High Street, Pinner, Middlesex, HA5 5QA.
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
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.
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.
1.3
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.
1.4
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:
Improvements to property
Over the lease term
Fixtures and fittings
15% on reducing balance
Motor vehicles
20% on reducing balance
AV (BEES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 4 -
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.
1.5
Fixed asset investments
Investments in subsidiary undertakings are recognised at cost.
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 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.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Leases
As lessor
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.
1.10
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.
AV (BEES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
21
12
3
Intangible fixed assets
Goodwill
£
Cost
At 1 November 2023
900,923
Transfers
5,495,273
At 31 October 2024
6,396,196
Amortisation and impairment
At 1 November 2023
900,922
Amortisation charged for the year
274,764
At 31 October 2024
1,175,686
Carrying amount
At 31 October 2024
5,220,510
At 31 October 2023
1
4
Tangible fixed assets
Improvements to property
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 November 2023
31,370
90,123
65,000
186,493
Additions
2,348
33,434
35,782
-
22,633
153,165
175,798
At 31 October 2024
56,351
276,722
65,000
398,073
Depreciation and impairment
At 1 November 2023
27,448
65,624
13,000
106,072
Depreciation charged in the year
7,044
27,990
10,400
45,434
At 31 October 2024
34,492
93,614
23,400
151,506
AV (BEES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
4
Tangible fixed assets
Improvements to property
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
(Continued)
- 6 -
Carrying amount
At 31 October 2024
21,859
183,108
41,600
246,567
At 31 October 2023
3,922
24,499
52,000
80,421
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
1,302
6,489,685
As part of a group reorganisation, the goodwill, trade, assets, and liabilities of Kalpesh Ltd, Benjamin Cory Ltd, and Vineyard Pharmacy Ltd were hived-up to the company on 1 May 2024. Following the transfer of the net assets, the company wrote down the carrying value of its investments in each subsidiary to their underlying net asset value at the date of the hive-up.
On 1 October 2024, the company acquired 100% of the ordinary share capital of DJP Healthcare Ltd (trading as Regal Pharmacy). Immediately following the acquisition, the goodwill, trade, assets, and liabilities of the acquired entity were hived-up to the company. The investment was subsequently written down to its underlying net asset value as at the date of transfer.
These transactions were undertaken to simplify the group structure and align operations within a single legal entity.
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 November 2023
6,489,685
Additions
1,244,309
Reversal
(7,732,692)
At 31 October 2024
1,302
Carrying amount
At 31 October 2024
1,302
At 31 October 2023
6,489,685
AV (BEES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 7 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
613,255
109,834
Corporation tax recoverable
17,636
Amounts owed by group undertakings
375,004
164,562
Other debtors
225,127
77,722
Prepayments and accrued income
45,114
7,322
1,258,500
377,076
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
288,095
267,259
Trade creditors
733,429
103,798
Amounts owed to group undertakings
182,659
3,053,640
Taxation and social security
198,606
2,317
Other creditors
33,385
18,096
1,436,174
3,445,110
8
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
3,655,378
2,616,300
Creditors which fall due after five years are payable as follows:
Payable by instalments
3,085,227
1,696,770
AV (BEES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
8
Creditors: amounts falling due after more than one year
(Continued)
- 8 -
The above disclosed bank loans are secured by the following measures:
(a) An omnibus guarantee and set-off agreement between the Bank and AV (Bees) Limited, Araya Property Limited, Wellcare (Stoke Newington) Limited, Kalpesh Limited, Vineyard Pharmacy Limited, Benjamin Cory Limited and DJP Healthcare Limited.
(b) An all monies guarantee from Mr Anish Patel dated 17th January 2022 for a principal amount of £950,000 plus interest and other costs as detailed in the guarantee and in respect of your debts and liabilities to the Bank.
(c) An all monies guarantee from Mr Vinod Patel and Mr Anish Patel dated 24th October 2019 for a principal amount of £130,000 plus interest and other costs as detailed in the guarantee and in respect of your debts and liabilities to the Bank.
(d) An unlimited debenture granted by AV (Bees) Limited dated 1st February 2018 in favour of the Bank.
(e) A first legal charge granted by AV (Bees) Limited dated 1st February 2018 in favour of the Bank over the land and buildings at 261 Wick Road London E9 5DG.
(f) An assignment of the proceeds of a keyman insurance policy of not less than £950,000 which is to be taken out in respect of Mr Anish Patel
9
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due from related parties
£
£
Entities with common controlling shareholders and directors
62,680
66,680
The above disclosed amount which is included under other debtors, remained outstanding as of the balance sheet date. The loan is unsecured, interest free and repayable on demand.
10
Directors' transactions
During the year, Mr AV Patel borrowed £300,275 from the company. This was the maximum amount of the loan outstanding at any point of the year. Interest on the loan was charged at the official rate. The loan was fully repaid on 4 December 2024.
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
2.50
(2,812)
300,275
3,684
(241,465)
59,682
(2,812)
300,275
3,684
(241,465)
59,682