Shan Chemist Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 03734812

Shan Chemist Limited

Filleted Unaudited Financial Statements

31 March 2025

Shan Chemist Limited

Statement of Financial Position

31 March 2025

	2025		2024
Note	£	£	£

Fixed assets

Intangible assets	5	1	1
Tangible assets	6	98,168	111,704
		--------	---------
		98,169	111,705

Current assets

Stocks		31,058	30,446
Debtors	7	85,133	80,457
Cash at bank and in hand		66,138	72,780
		---------	---------
		182,329	183,683

Creditors: amounts falling due within one year	8	( 162,647)		( 150,269)
		---------		---------
Net current assets			19,682	33,414
			---------	---------
Total assets less current liabilities			117,851	145,119

Provisions

Taxation including deferred tax	( 8,899)	( 11,518)
	---------	---------
Net assets	108,952	133,601
	---------	---------

Capital and reserves

Called up share capital	100	100
Profit and loss account	108,852	133,501
	---------	---------
Shareholders funds	108,952	133,601
	---------	---------

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 31st 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 .

Shan Chemist Limited

Statement of Financial Position (continued)

31 March 2025

These financial statements were approved by the board of directors and authorised for issue on 26 August 2025 , and are signed on behalf of the board by:

Mr S H Patel

Director

Company registration number: 03734812

Shan Chemist Limited

Notes to the Financial Statements

Year ended 31st 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 6 Bruce Grove, London, N17 6RA.

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.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key estimates and assumptions that have a significant impact on the amounts recognised in the financial statements are set out below. The company exercises judgement to determine useful lives of tangible and intangible fixed assets. All tangible and intangible fixed assets are depreciated and amortised respectively over their estimated useful lives. Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Revenue recognition

Turnover represents amounts receivable for sale of prescriptions and other counter goods exclusive of discounts and Value Added Tax. Revenue from NHS goods and services are recognised on a receivable basis and counter goods are recognised at the point of cash receipt.

Taxation

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.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

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	-	Over 20 years

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.

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:

Freehold property	-	Straight line over 50 years
Fixtures and fittings	-	25% reducing balance
Motor Vehicles	-	25% reducing balance

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

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 related parties. Financial assets that are measured at cost and amortised cost 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 profit or loss. Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Defined contribution plans

The company operates a defined contribution scheme for its employees under Auto Enrolment Scheme. Contributions payable are charged to the profit and loss account in the year they are payable.

Debtors

Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents

Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors

Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 6 (2024: 6 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1st April 2024 and 31st March 2025	250,000
	---------
Amortisation
At 1st April 2024 and 31st March 2025	249,999
	---------
Carrying amount
At 31st March 2025	1
	---------
At 31st March 2024	1
	---------

6. Tangible assets

	Land and buildings	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£
Cost
At 1st April 2024	120,000	76,017	58,000	254,017
Additions	–	791	–	791
	---------	--------	--------	---------
At 31st March 2025	120,000	76,808	58,000	254,808
	---------	--------	--------	---------
Depreciation
At 1st April 2024	55,200	61,738	25,375	142,313
Charge for the year	2,400	3,771	8,156	14,327
	---------	--------	--------	---------
At 31st March 2025	57,600	65,509	33,531	156,640
	---------	--------	--------	---------
Carrying amount
At 31st March 2025	62,400	11,299	24,469	98,168
	---------	--------	--------	---------
At 31st March 2024	64,800	14,279	32,625	111,704
	---------	--------	--------	---------

7. Debtors

	2025	2024
	£	£
Trade debtors	73,388	71,883
Prepayments and accrued income	2,040	3,693
Other debtors	9,705	4,881
	--------	--------
	85,133	80,457
	--------	--------

8. Creditors: amounts falling due within one year

	2025	2024
	£	£
Trade creditors	99,459	100,991
Accruals and deferred income	6,521	5,163
Corporation tax	36,768	33,619
Social security and other taxes	1,753	2,144
Director loan accounts	12,710	2,400
Other creditors	5,436	5,952
	---------	---------
	162,647	150,269
	---------	---------

9. Related party transactions

Included in creditors due within one year is a loan of £12,710 (2024: £2,400) from the directors. This loan is interest-free and has no fixed repayment term.