Company registration number 09741325 (England and Wales)
NIHAL HEALTHCARE LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
PAGES FOR FILING WITH REGISTRAR
NIHAL HEALTHCARE LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
NIHAL HEALTHCARE LTD
BALANCE SHEET
AS AT
28 FEBRUARY 2025
28 February 2025
- 1 -
28 February 2025
29 February 2024
Notes
£
£
£
£
Fixed assets
Intangible assets
3
1,597,333
1,377,440
Tangible assets
4
56,786
57,606
1,654,119
1,435,046
Current assets
Stocks
111,803
107,108
Debtors
5
259,682
208,635
Cash at bank and in hand
171,047
236,643
542,532
552,386
Creditors: amounts falling due within one year
6
(500,898)
(484,564)
Net current assets
41,634
67,822
Total assets less current liabilities
1,695,753
1,502,868
Creditors: amounts falling due after more than one year
7
(1,308,219)
(1,006,671)
Provisions for liabilities
(13,574)
(14,401)
Net assets
373,960
481,796
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
373,860
481,696
Total equity
373,960
481,796
NIHAL HEALTHCARE LTD
BALANCE SHEET (CONTINUED)
AS AT
28 FEBRUARY 2025
28 February 2025
- 2 -
For the financial year ended 28 February 2025 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 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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved and signed by the director and authorised for issue on 30 July 2025
Mr MS Sandhu
Director
Company registration number 09741325 (England and Wales)
NIHAL HEALTHCARE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 3 -
1
Accounting policies
Company information
Nihal Healthcare Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Dedham Pharmacy, High Street, Dedham, Colchester, CO7 6DE.
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 director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents revenue generated from the pharmacy and 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 discount, settlement discounts and volume rebates.
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 20 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.
1.5
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.
NIHAL HEALTHCARE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
1
Accounting policies
(Continued)
- 4 -
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:
Leasehold Property
25% reducing balance
Fixtures and Fittings
15% reducing balance
Office Equipment
25% straight line basis
Motor vehicles
25% reducing balance
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.
1.6
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
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.
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.
1.9
Leases
As lessee
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
NIHAL HEALTHCARE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
1
Accounting policies
(Continued)
- 5 -
1.10
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2025
2024
Number
Number
Total
16
13
3
Intangible fixed assets
Goodwill
£
Cost
At 1 March 2024
1,497,832
Additions
310,300
At 28 February 2025
1,808,132
Amortisation and impairment
At 1 March 2024
120,392
Amortisation charged for the year
90,407
At 28 February 2025
210,799
Carrying amount
At 28 February 2025
1,597,333
At 29 February 2024
1,377,440
NIHAL HEALTHCARE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 6 -
4
Tangible fixed assets
Leasehold Property
Fixtures and Fittings
Office Equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 March 2024
1
130,002
11,210
141,213
Additions
533
4,977
3,482
2,650
11,642
At 28 February 2025
534
134,979
14,692
2,650
152,855
Depreciation and impairment
At 1 March 2024
80,805
2,802
83,607
Depreciation charged in the year
8,126
3,673
663
12,462
At 28 February 2025
88,931
6,475
663
96,069
Carrying amount
At 28 February 2025
534
46,048
8,217
1,987
56,786
At 29 February 2024
1
49,197
8,408
57,606
5
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
187,123
151,871
Other debtors
63,119
53,438
Prepayments and accrued income
9,440
3,326
259,682
208,635
6
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans
53,231
58,095
Trade creditors
280,669
252,239
Taxation and social security
31,137
18,529
Other creditors
135,861
155,701
500,898
484,564
NIHAL HEALTHCARE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 7 -
7
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Bank loans and overdrafts
1,308,219
1,006,671
The bank loans and overdrafts, falling due within one year and after more than one year, are secured by fixed and floating charges over the assets of the company.
The following assets are held as security and charged to Barclays Bank:
1) Legal charges over Paydens Pharmacy, 139 New Road, Chatham, Kent, ME4 4PT; Lloyds Pharmacy, 97 Heath Road, Coxheath, Maidstone, Kent, ME17 4EH; and Dedham Pharmacy, High Street, Dedham, Colchester, CO7 6DE, all held by Barclays Security Trustee Limited for the benefit of Barclays Bank UK Plc and Barclays Bank Plc.
2) A personal guarantee of £372,000 provided by Mrs PK Sandhu and Mr MS Sandhu in favour of Barclays Bank UK Plc and Barclays Bank Plc.
3) A debenture granted by Nihal Healthcare Ltd, held by Barclays Security Trustee Limited for the benefit of Barclays Bank UK Plc and Barclays Bank Plc.
4) A cross guarantee and debenture granted by Nihal Healthcare Ltd and Amjas Properties Ltd, held by Barclays Security Trustee Limited for the benefit of Barclays Bank UK Plc and Barclays Bank Plc.
8
Operating lease commitments
As lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2025
2024
£
£
Total commitments
6,381
9
Other financial commitments
As at the balance sheet date, the total financial commitments are £280,000. This commitment is in for operating lease commitment for rent of the premises.
10
Related party transactions
The following amounts were outstanding at the reporting end date:
2025
2024
Amounts due from related parties
£
£
Entities with common controlling shareholders and directors
33,252
25,450
NIHAL HEALTHCARE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
10
Related party transactions
(Continued)
- 8 -
The amount disclosed above is included within other debtors. The loan is unsecured, interest-free, and repayable on demand.