Company Registration No. 05676817 (England and Wales)
NEWDAYS PHARMACY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
PAGES FOR FILING WITH REGISTRAR
NEWDAYS PHARMACY LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
NEWDAYS PHARMACY LIMITED
BALANCE SHEET
AS AT 30 JUNE 2020
30 June 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
4
117,510
124,033
Current assets
Stocks
247,979
178,579
Debtors
5
284,160
267,898
Cash at bank and in hand
624,372
436,611
1,156,511
883,088
Creditors: amounts falling due within one year
6
(587,101)
(431,865)
Net current assets
569,410
451,223
Total assets less current liabilities
686,920
575,256
Provisions for liabilities
(15,000)
(16,400)
Net assets
671,920
558,856
Capital and reserves
Called up share capital
120
120
Profit and loss reserves
671,800
558,736
Total equity
671,920
558,856
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 June 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 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.
NEWDAYS PHARMACY LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2020
30 June 2020
2020
2019
Notes
£
£
£
£
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 13 January 2021
Mr O Picard
Director
Company Registration No. 05676817
NEWDAYS PHARMACY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
- 3 -
1
Accounting policies
Company information
Newdays Pharmacy Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Greenacres, 5 Gypsy Lane, MARLOW, SL7 3JT.
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. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business
, and
is shown net of VAT
.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, 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 represents the excess of the cost of acquisition of businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated
amortisation. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost, net of depreciation.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
20% straight line
Computer equipment
20% straight line
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
.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
1.6
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand
and amounts held
with banks.
NEWDAYS PHARMACY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2020
1
Accounting policies
(Continued)
- 4 -
1.7
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 balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, are
recognised at transaction price
including transaction costs
.
Financial liabilities classified as payable within one year are not amortised.
Trade creditors
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.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
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 profit and loss account 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.
Such liabilities are not recognised if the timing difference arises from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
NEWDAYS PHARMACY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2020
1
Accounting policies
(Continued)
- 5 -
1.12
Leases
Rentals payable under operating leases are charged to
profit or loss
on a straight line basis over the term of the relevant lease.
1.13
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grants will be received.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
34
30
3
Intangible fixed assets
Goodwill
£
Cost
At 1 July 2019 and 30 June 2020
3
Amortisation and impairment
At 1 July 2019 and 30 June 2020
3
Carrying amount
At 30 June 2020
-
At 30 June 2019
-
NEWDAYS PHARMACY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2020
- 6 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2019
227,871
Additions
47,507
At 30 June 2020
275,378
Depreciation and impairment
At 1 July 2019
103,838
Depreciation charged in the year
54,030
At 30 June 2020
157,868
Carrying amount
At 30 June 2020
117,510
At 30 June 2019
124,033
5
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
205,779
179,752
Other debtors
78,381
78,871
284,160
258,623
2020
2019
Amounts falling due after more than one year:
£
£
Other debtors
-
9,275
Total debtors
284,160
267,898
NEWDAYS PHARMACY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2020
- 7 -
6
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
408,529
395,155
Taxation and social security
67,012
29,434
Other creditors
111,560
7,276
587,101
431,865
7
Financial commitments, guarantees and contingent liabilities
A fixed and floating charge debenture and mortgage deed over all assets is in place with the company's bank over any monies due, or to become due, to the bank.
A rent deposit deed is in place with Mellawood Properties Limited over all monies due from the company to the chargee under the terms of the instrument.
A fixed and floating charge debenture is in place with AAH Pharmaceuticals Limited and Barclay Pharmaceutical Limited over any monies due to AAH Pharmaceuticals Limited and Barclay Pharmaceutical Limited.
8
Operating lease commitments
Lessee
Operating lease commitments relate to the property leases from which the business operates. Included in debtors is £9,275 (2019: £9,275) property deposits.
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2020
2019
£
£
88,112
127,537
9
Capital commitments
Amounts contracted for but not provided in the financial statements:
2020
2019
£
£
Acquisition of tangible fixed assets
-
45,050