Gracey Pharmacy Limited - Filleted accounts

Company Registration Number

04084186

Gracey Pharmacy Limited

Filleted Accounts

31 March 2025

Gracey Pharmacy Limited
Registered number:		04084186
Balance Sheet
as at 31 March 2025

Notes			2025			2024
£				£
Fixed assets
Intangible assets	3		-			25,879
Tangible assets	4		315,278			316,170
			315,278			342,049

Current assets
Stocks		55,176			50,234
Debtors	5	196,481			154,352
Cash at bank and in hand		131,819			139,918
		383,476			344,504

Creditors: amounts falling due within one year	6	(154,417)			(145,683)

Net current assets			229,059			198,821

Total assets less current liabilities			544,337			540,870

Creditors: amounts falling due after more than one year	7		(296,704)			(311,028)


Net assets			247,633			229,842

Capital and reserves
Called up share capital			8			8
Profit and loss account			247,625			229,834

Shareholders' funds			247,633			229,842

The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.




Mr Aamer Hafeez
Director
Approved by the board on 31 December 2025

Gracey Pharmacy Limited
Notes to the Accounts
for the year ended 31 March 2025


1	Accounting policies

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

	Turnover
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Intangible fixed assets
	Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.

	Tangible fixed assets
	Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset over its expected useful life, as follows:

	Plant and machinery	25% per annum reducing balance
	Fixtures, fittings, tools and equipment	25% per annum reducing balance

	Stocks
	Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.

	Debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Taxation
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.


2	Employees			2025		2024
Number					Number

	Average number of persons employed by the company			7		6


3	Intangible fixed assets					£
	Goodwill:

	Cost
	At 1 April 2024					517,523
	At 31 March 2025					517,523

	Amortisation
	At 1 April 2024					491,644
	Provided during the year					25,879
	At 31 March 2025					517,523

	Net book value
	At 31 March 2025					-
	At 31 March 2024					25,879

	Goodwill is being written off in equal annual instalments over its estimated economic life of 20 years.


4	Tangible fixed assets
		Land and buildings		Plant and machinery etc		Total
£			£		£
	Cost
	At 1 April 2024	312,602		16,522		329,124
	At 31 March 2025	312,602		16,522		329,124

	Depreciation
	At 1 April 2024	-		12,954		12,954
	Charge for the year	-		892		892
	At 31 March 2025	-		13,846		13,846

	Net book value
	At 31 March 2025	312,602		2,676		315,278
	At 31 March 2024	312,602		3,568		316,170


5	Debtors			2025		2024
£					£

	Trade debtors			79,005		68,082
	Net VAT refund from HMRC			22,476		21,270
	Loan to Streatham Property Services Ltd			65,000		65,000
	Staff loans			30,000		-
				196,481		154,352


6	Creditors: amounts falling due within one year			2025		2024
£					£

	Trade creditors			124,032		135,844
	Taxation and social security costs			9,742		6,727
	Other creditors			20,643		3,112
				154,417		145,683


7	Creditors: amounts falling due after one year			2025		2024
£					£

	Bank loans			296,704		311,028


8	Loans			2025		2024
£					£
	Creditors include:
	Instalments falling due for payment after more than five years			296,704		311,028


	Secured bank loans			296,704		311,028



9	Other information

	Gracey Pharmacy Limited is a private company limited by shares and incorporated in England. Its registered office is:
	656 Streatham High Road
	London
	SW16 3QL