Company registration number SC209292 (Scotland)
JOHN ROSS (CHEMISTS) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
PAGES FOR FILING WITH REGISTRAR
JOHN ROSS (CHEMISTS) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
JOHN ROSS (CHEMISTS) LIMITED
BALANCE SHEET
AS AT 30 NOVEMBER 2024
30 November 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
774,384
1,024,534
Investment property
5
305,000
-
Investments
6
4,833
4,833
1,084,217
1,029,367
Current assets
Stocks
7
279,624
296,762
Debtors
8
2,147,510
2,763,445
Cash at bank and in hand
31,246
66,213
2,458,380
3,126,420
Creditors: amounts falling due within one year
9
(1,218,749)
(953,897)
Net current assets
1,239,631
2,172,523
Total assets less current liabilities
2,323,848
3,201,890
Creditors: amounts falling due after more than one year
10
(63,641)
(91,945)
Provisions for liabilities
(13,575)
(15,226)
Net assets
2,246,632
3,094,719
Capital and reserves
Called up share capital
100
100
Other reserves
98,016
-
Profit and loss reserves
2,148,516
3,094,619
Total equity
2,246,632
3,094,719
JOHN ROSS (CHEMISTS) LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2024
30 November 2024
- 2 -

For the financial year ended 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

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 29 August 2025 and are signed on its behalf by:
J ROSS
Mr J Ross
Director
Company registration number SC209292 (Scotland)
JOHN ROSS (CHEMISTS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 3 -
1
Accounting policies
Company information

John Ross (Chemists) Limited is a private company limited by shares incorporated in Scotland. The registered office is 28 Albyn Place, Aberdeen, United Kingdom, AB10 1YL.

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. 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.

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 10 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.

JOHN ROSS (CHEMISTS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 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 property
2% Straight line
Improvements
2% Straight line
Fixtures and fittings
20% Straight line
Motor vehicles
25% Straight line

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
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of comprehensive income.

1.7
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.

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.

1.8
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans from group companies. These are measured at amortised cost and are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

JOHN ROSS (CHEMISTS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 5 -
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.

1.11
Retirement benefits

The company operates a defined contribution plan for it's 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 the Statement of comprehensive income 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.

1.12
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.

1.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
47
52
JOHN ROSS (CHEMISTS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 6 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 December 2023 and 30 November 2024
1,920,501
Amortisation and impairment
At 1 December 2023 and 30 November 2024
1,920,501
Carrying amount
At 30 November 2024
-
At 30 November 2023
-
4
Tangible fixed assets
Freehold property
Improvements
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 December 2023
879,622
185,352
547,126
368,984
1,981,084
Additions
-
-
5,472
27,120
32,592
Disposals
-
-
(801)
(4,500)
(5,301)
Transfer to investment property
(250,387)
(878)
-
-
(251,265)
At 30 November 2024
629,235
184,474
551,797
391,604
1,757,110
Depreciation and impairment
At 1 December 2023
181,680
53,431
518,417
203,022
956,550
Depreciation charged in the year
13,744
3,707
8,433
49,875
75,759
Eliminated in respect of disposals
-
-
(801)
(4,500)
(5,301)
Transfer to investment property
(43,920)
(362)
-
-
(44,282)
At 30 November 2024
151,504
56,776
526,049
248,397
982,726
Carrying amount
At 30 November 2024
477,731
127,698
25,748
143,207
774,384
At 30 November 2023
697,942
131,921
28,709
165,962
1,024,534
5
Investment property
2024
£
Fair value
At 1 December 2023
-
Transfers
206,984
Revaluations
98,016
At 30 November 2024
305,000
JOHN ROSS (CHEMISTS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
5
Investment property
(Continued)
- 7 -

The fair value of the investment property has been arrived at on the basis of a valuation carried out by Graham + Sibbald, who are not connected with the company. The directors agree with the fair value as at 30 November 2024.

6
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
3
3
Other investments other than loans
4,830
4,830
4,833
4,833
7
Stocks
2024
2023
£
£
Stocks
279,624
296,762
8
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
414,206
384,478
Other debtors
1,606,712
2,213,828
Prepayments and accrued income
20,754
54,591
2,041,672
2,652,897
2024
2023
Amounts falling due after more than one year:
£
£
Other debtors
105,838
110,548
Total debtors
2,147,510
2,763,445
JOHN ROSS (CHEMISTS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 8 -
9
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
383,458
-
Obligations under finance leases
28,304
60,259
Trade creditors
634,985
719,392
Corporation tax
8,340
10,169
Other taxation and social security
36,285
41,881
Other creditors
3,302
2,184
Accruals and deferred income
124,075
120,012
1,218,749
953,897
10
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
63,641
91,945

The loan is secured by a means of a fixed and floating charge over all assets of the company.

11
Related party transactions

Transactions

 

During the year the company made advances to one of the directors of £299,658. Credits were received of £932,441. At the balance sheet date, the balance owed to the company was £297,748 (2023 - £930,531). The loan is unsecured and interest free with no fixed repayment terms in place.

 

During the year the company also operated a loan account with a company which is owned by one of the directors. £73,713 was advanced during the year and credits of £21,372 were received. At the balance sheet date, the balance owed to the company was £767,766 (2023 - £715,425).

 

During the year the company also operated a loan account with another company which is owned by one of the directors. £17,255 was advanced during the year and credits of £27,298 were received. At the balance sheet date, the balance owed to the company was £476,171 (2023 - £486,214).

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