(1) General Information
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The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is Hanborough Pharmacy Willis Court, Langford Way, , Witney, OX29 8FQ. |
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(2) Statement of compliance
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These individual financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Section 1A and Companies Act 2006, as applicable to companies subject to the small companies' regime. |
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(3) Significant Accounting Policies
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Basis of Preparation
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The financial statements have been prepared on the historical cost basis and in accordance with the Companies Act 2006. The presentation currency of the financial statement is the Pound Sterling (£) and rounded to the nearest (£). |
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Intangible fixed assets
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Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation. |
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Property, plant and equipment
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Property, plant and equipment is stated at cost less accumulated depreciation and impairment losses. Part of an item of property, plant and equipment having different useful lives are accounted for as separate items.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives, using the straight-line method. The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period, with the effect of any changes in estimate accounted for on a prospective basis.
Depreciation is provided to write off the cost less estimated residual value, of each asset over its expected useful life as follows:
| Asset class and depreciation rate | Land and Buildings | | Plant and Machinery | | Short Leasehold Properties | | Investment Properties | | Long Leasehold Properties | | Commercial Vehicles | | Fixtures and Fittings | 25% reducing balance | Equipment | 25% reducing balance | Motor Cars | |
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Stocks
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Stocks 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 stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks 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. |
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Provisions
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Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. When a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material). |
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Taxation
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Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period. |
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Current Tax
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The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit before tax as reported in the income statement because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. |
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(4) Employees
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During the year, the average number of employees including director was 1 (2021 : 1) |
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(5) Fixed assets
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| Intangible £ | Tangible £ | Totals £ | Cost | | | | As at 01 October 2021 | 8,955 | 17,399 | 26,354 | As at 30 September 2022 | 8,955 | 17,399 | 26,354 | Depreciation/Amortisation | | | | As at 01 October 2021 | 1,791 | 6,666 | 8,457 | For the year | 1,433 | 2,683 | 4,116 | As at 30 September 2022 | 3,224 | 9,349 | 12,573 | Net book value | | | | As at 30 September 2022 | 5,731 | 8,050 | 13,781 | As at 30 September 2021 | 7,164 | 10,733 | 17,897 |
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