Company registration number 05676817 (England and Wales)
NEWDAYS PHARMACY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
PAGES FOR FILING WITH REGISTRAR
NEWDAYS PHARMACY LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
NEWDAYS PHARMACY LIMITED
BALANCE SHEET
AS AT
30 JUNE 2022
30 June 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
4
89,374
121,302
Current assets
Stocks
214,038
199,652
Debtors
5
338,047
694,580
Cash at bank and in hand
1,796,101
976,358
2,348,186
1,870,590
Creditors: amounts falling due within one year
6
(723,942)
(928,007)
Net current assets
1,624,244
942,583
Total assets less current liabilities
1,713,618
1,063,885
Provisions for liabilities
(20,000)
(19,000)
Net assets
1,693,618
1,044,885
Capital and reserves
Called up share capital
120
120
Profit and loss reserves
1,693,498
1,044,765
Total equity
1,693,618
1,044,885
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 2022 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.
The financial statements were approved and signed by the director and authorised for issue on 6 February 2023
Mr O Picard
Director
Company Registration No. 05676817
NEWDAYS PHARMACY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
- 2 -
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
Motor vehicles
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 2022
1
Accounting policies
(Continued)
- 3 -
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 2022
1
Accounting policies
(Continued)
- 4 -
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
37
32
3
Intangible fixed assets
Goodwill
£
Cost
At 1 July 2021 and 30 June 2022
3
Amortisation and impairment
At 1 July 2021 and 30 June 2022
3
Carrying amount
At 30 June 2022
At 30 June 2021
NEWDAYS PHARMACY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
- 5 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2021
328,024
Additions
21,592
At 30 June 2022
349,616
Depreciation and impairment
At 1 July 2021
206,722
Depreciation charged in the year
53,520
At 30 June 2022
260,242
Carrying amount
At 30 June 2022
89,374
At 30 June 2021
121,302
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
236,593
588,395
Other debtors
101,454
106,185
338,047
694,580
6
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
505,667
687,578
Taxation and social security
210,146
128,684
Other creditors
8,129
111,745
723,942
928,007
NEWDAYS PHARMACY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
- 6 -
7
Financial commitments, guarantees and contingent liabilities
Until September 2020 a fixed and floating charge debenture and mortgage deed was held over all assets by the company's bank over any monies due, or to become due, to the bank.
Until September 2020 a rent deposit deed was in place with Mellawood Properties Limited over all monies due from the company to the chargee under the terms of the instrument.
Until September 2020 a fixed and floating charge debenture was 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 (2021: £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:
2022
2021
£
£
298,583
52,446