Redwood Pharmacy Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 05965364

Redwood Pharmacy Limited

Filleted Unaudited Financial Statements

31 December 2024

Redwood Pharmacy Limited

Financial Statements

Year ended 31 December 2024

Contents	Page

Balance sheet	1

Notes to the financial statements	3

Redwood Pharmacy Limited

Balance Sheet

31 December 2024

	2024		2023
Note	£	£	£

Fixed assets

Intangible assets	5	98,125	137,375
Tangible assets	6	46,938	52,292
Investments	7	33,925	18,089
		---------	---------
		178,988	207,756

Current assets

Stocks		30,210	26,270
Debtors	8	113,714	99,314
Cash at bank and in hand		388,360	397,523
		---------	---------
		532,284	523,107

Creditors: amounts falling due within one year	9	218,048		196,479
		---------		---------
Net current assets			314,236	326,628
			---------	---------
Total assets less current liabilities			493,224	534,384

Creditors: amounts falling due after more than one year	10		43,139	103,124

Provisions

Taxation including deferred tax	11,398	12,662
	---------	---------
Net assets	438,687	418,598
	---------	---------

Capital and reserves

Called up share capital	100	100
Profit and loss account	438,587	418,498
	---------	---------
Shareholders funds	438,687	418,598
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- 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 Act with respect to accounting records and the preparation of financial statements .

Redwood Pharmacy Limited

Balance Sheet (continued)

31 December 2024

These financial statements were approved by the board of directors and authorised for issue on 22 September 2025 , and are signed on behalf of the board by:

Mr R K Shah

Director

Company registration number: 05965364

Redwood Pharmacy Limited

Notes to the Financial Statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Kimberley House, 31 Burnt Oak Broadway, Edgware, London, HA8 5LD.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Deferred tax

Full provision is made for deferred tax assets and liabilities arising from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	20 years straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Fixtures and fittings	-	15% reducing balance
Equipment	-	25% reducing balance

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Investments in joint ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 8 (2023: 9 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 January 2024 and 31 December 2024	785,000
	---------
Amortisation
At 1 January 2024	647,625
Charge for the year	39,250
	---------
At 31 December 2024	686,875
	---------
Carrying amount
At 31 December 2024	98,125
	---------
At 31 December 2023	137,375
	---------

6. Tangible assets

	Land and buildings	Fixtures and fittings	Equipment	Total
	£	£	£	£
Cost
At 1 January 2024	763	93,264	56,081	150,108
Additions	–	–	5,688	5,688
	----	--------	--------	---------
At 31 December 2024	763	93,264	61,769	155,796
	----	--------	--------	---------
Depreciation
At 1 January 2024	–	60,629	37,187	97,816
Charge for the year	–	4,896	6,146	11,042
	----	--------	--------	---------
At 31 December 2024	–	65,525	43,333	108,858
	----	--------	--------	---------
Carrying amount
At 31 December 2024	763	27,739	18,436	46,938
	----	--------	--------	---------
At 31 December 2023	763	32,635	18,894	52,292
	----	--------	--------	---------

7. Investments

	Other investments other than loans
	£
Cost
At 1 January 2024	22,075
Additions	11,850
	--------
At 31 December 2024	33,925
	--------
Impairment
At 1 January 2024	3,986
Revaluations	( 3,986)
	--------
At 31 December 2024	–
	--------

Carrying amount
At 31 December 2024	33,925
	--------
At 31 December 2023	18,089
	--------

8. Debtors

	2024	2023
	£	£
Trade debtors	75,749	63,805
Other debtors	37,965	35,509
	---------	--------
	113,714	99,314
	---------	--------

9. Creditors: amounts falling due within one year

	2024	2023
	£	£
Trade creditors	160,217	151,471
Accruals and deferred income	768	2,180
Corporation tax	48,780	25,443
Social security and other taxes	6,393	5,643
Other creditors	1,890	11,742
	---------	---------
	218,048	196,479
	---------	---------

10. Creditors: amounts falling due after more than one year

	2024	2023
	£	£
Other creditors	43,139	103,124
	--------	---------

At the reporting date, the company owed £43,139 (2023: £103,124) to the directors in respect of their interest free loan which does not have a fixed repayment date. The directors do not foresee any amount of the loan to be repaid within 12 months of the reporting date and therefore this has been disclosed under amounts falling due after more than one year.