Sood (Chemists) Ltd. Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 06544997

Sood (Chemists) Ltd.

Filleted Unaudited Financial Statements

31 March 2025

Sood (Chemists) Ltd.

Statement of Financial Position

31 March 2025

	2025	2024
Note	£	£

Fixed assets

Tangible assets	5	1,010	515

Current assets

Stocks		70,134	115,697
Debtors	6	132,759	194,538
Cash at bank and in hand		404,821	165,090
		---------	---------
		607,714	475,325

Creditors: amounts falling due within one year	7	217,739	277,729
		---------	---------
Net current assets		389,975	197,596
		---------	---------
Total assets less current liabilities		390,985	198,111
		---------	---------
Net assets		390,985	198,111
		---------	---------

Capital and reserves

Called up share capital	100	100
Profit and loss account	390,885	198,011
	---------	---------
Shareholders funds	390,985	198,111
	---------	---------

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 March 2025 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 .

Sood (Chemists) Ltd.

Statement of Financial Position (continued)

31 March 2025

These financial statements were approved by the board of directors and authorised for issue on 25 June 2025 , and are signed on behalf of the board by:

Mr A Sood

Director

Company registration number: 06544997

Sood (Chemists) Ltd.

Notes to the Financial Statements

Year ended 31 March 2025

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 23 Gloucester Road, Bishopston, Bristol, BS7 8AA.

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 for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

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:

	Equipment	-	`over 4 to 10 years`

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

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.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.

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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 13 (2024: 13 ).

5. Tangible assets

	Equipment	Total
	£	£
Cost
At 1 April 2024	68,587	68,587
Additions	667	667
	--------	--------
At 31 March 2025	69,254	69,254
	--------	--------
Depreciation
At 1 April 2024	68,073	68,073
Charge for the year	171	171
	--------	--------
At 31 March 2025	68,244	68,244
	--------	--------
Carrying amount
At 31 March 2025	1,010	1,010
	--------	--------
At 31 March 2024	514	514
	--------	--------

6. Debtors

	2025	2024
	£	£
Trade debtors	55,984	106,907
Other debtors	76,775	87,631
	---------	---------
	132,759	194,538
	---------	---------

7. Creditors: amounts falling due within one year

	2025	2024
	£	£
Trade creditors	129,959	219,700
Accruals and deferred income	5,950	6,885
Corporation tax	77,392	11,052
Social security and other taxes	2,378	3,075
Director loan accounts	260	35,117
Other creditors	1,800	1,900
	---------	---------
	217,739	277,729
	---------	---------

8. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2025	2024
	£	£
Not later than 1 year	58,740	58,740
Later than 1 year and not later than 5 years	234,960	234,960
Later than 5 years	411,180	469,920
	---------	---------
	704,880	763,620
	---------	---------

9. Related party transactions

The company was under the control of Mr A Sood throughout the year. Mr A Sood is the managing director and majority shareholder. The company occupies property owned by ARS Investments Ltd of which Mr A Sood is also a director and shareholder. During the year ARS Investments Ltd charged the company £9,000 for rent (2024: £17,000). As a result of various transactions with ARS Investments Ltd during the year there was a debtor balance at the balance sheet date of £5,804 (2024: £3,325).