Company Registration No. 4141452 (England and Wales)
UTTOXETER HEALTH STORES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
PAGES FOR FILING WITH REGISTRAR
UTTOXETER HEALTH STORES LIMITED
COMPANY INFORMATION
Directors
Dr D J Atherton
Dr P J H Trewin
Dr R C Burton
Dr O P Barron
T Hames
Dr S K Brookes
Dr S P Wren
Secretary
Dr D J Atherton
Company number
4141452
Registered office
Balance Street
Uttoxeter
Staffordshire
ST14 8JG
Accountants
Josolyne Medical Services Ltd
Silk House
Park Green
Macclesfield
Cheshire
SK11 7QW
Business address
Balance Street
Uttoxeter
Staffordshire
ST14 8JG
Solicitors
Hand Morgan & Owen
17 Martin Street
Stafford
ST16 2LF
UTTOXETER HEALTH STORES LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 6
UTTOXETER HEALTH STORES LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2017
31 March 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Intangible assets
26,348
32,548
Property, plant and equipment
4
245,277
265,069
271,625
297,617
Current assets
Inventories
82,603
81,799
Trade and other receivables
5
289,108
278,448
Cash and cash equivalents
115,962
196,047
487,673
556,294
Current liabilities
6
(206,827)
(227,481)
Net current assets
280,846
328,813
Total assets less current liabilities
552,471
626,430
Non-current liabilities
7
-
(6,698)
Provisions for liabilities
(11,863)
(11,122)
Net assets
540,608
608,610
Equity
Called up share capital
8
126
126
Share premium account
64,494
64,494
Retained earnings
475,988
543,990
Total equity
540,608
608,610
The directors of the company have elected not to include a copy of the income statement within the financial statements.
true
For the financial year ended 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved by the board of directors and authorised for issue on 18 December 2017 and are signed on its behalf by:
Dr R C Burton
Director
Company Registration No. 4141452
UTTOXETER HEALTH STORES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
- 2 -
1
Accounting policies
Company information
Uttoxeter Health Stores Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Balance Street, Uttoxeter, Staffordshire, ST14 8JG.
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 a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
These financial statements for the year ended 31 March 2017
are the
first
financial statements of Uttoxeter Health Stores Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 April 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
1.2
Revenue
Turnover represents the invoiced amount of goods sold and services provided stated net of value added tax.
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.
1.3
Intangible fixed assets - goodwill
Goodwill is the difference between the amount paid on the acquisition of a business and the aggregate fair value of its separable net assets. It is being amortised in equal annual instalments over its estimated useful economic life of
10
years.
1.4
Property, plant and equipment
Property, plant and equipment
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:
Land and buildings Freehold
Over the remaining term of lease
Fixtures, fittings & equipment
15% reducing balance
Motor vehicles
25% reducing balance
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
.
UTTOXETER HEALTH STORES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
1
Accounting policies
(Continued)
- 3 -
1.5
Impairment of non-current assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the
asset
in
prior years. A reversal of an impairment loss is recognised immediately in profit or loss.
1.6
Inventories
Inventories
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 inventories to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of inventories 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.
1.7
Cash and cash equivalents
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.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally 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.
Trade receivables
, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.
Trade payables
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade payables are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
UTTOXETER HEALTH STORES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
1
Accounting policies
(Continued)
- 4 -
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or non-current assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the income statement so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases,
including
any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 31 (2016 - 31).
UTTOXETER HEALTH STORES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
- 5 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2016 and 31 March 2017
123,997
Amortisation and impairment
At 1 April 2016
91,449
Amortisation charged for the year
6,200
At 31 March 2017
97,649
Carrying amount
At 31 March 2017
26,348
At 31 March 2016
32,548
4
Property, plant and equipment
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2016
220,853
340,756
561,609
Additions
-
11,391
11,391
At 31 March 2017
220,853
352,147
573,000
Depreciation and impairment
At 1 April 2016
78,376
218,164
296,540
Depreciation charged in the year
11,043
20,140
31,183
At 31 March 2017
89,419
238,304
327,723
Carrying amount
At 31 March 2017
131,434
113,843
245,277
At 31 March 2016
142,477
122,592
265,069
5
Trade and other receivables
2017
2016
Amounts falling due within one year:
£
£
Trade receivables
234,139
228,974
Other receivables
54,969
49,474
289,108
278,448
UTTOXETER HEALTH STORES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
- 6 -
6
Current liabilities
2017
2016
£
£
Trade payables
161,528
169,777
Other taxation and social security
32,067
32,096
Other payables
13,232
25,608
206,827
227,481
7
Non-current liabilities
2017
2016
£
£
Other payables
-
6,698
8
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
126 Ordinary of £1 each
126
126
126
126
9
Operating lease commitments
At 31 March 2017 the company was committed to making the following payments under non-cancellable operating leases in the year to 31 March 2018:
2017
2016
£
£
In over five years
294,335
317,579