Registration number:
Pharmacy Team Limited
for the Year Ended 31 March 2021
Pharmacy Team Limited
Contents
Company Information |
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Director's Report |
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Accountants' Report |
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Profit and Loss Account |
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Statement of Comprehensive Income |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Unaudited Financial Statements |
Pharmacy Team Limited
Company Information
Director |
Mr Sunil Lakhani |
Registered office |
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Accountants |
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Pharmacy Team Limited
Director's Report for the Year Ended 31 March 2021
The director presents his report and the financial statements for the year ended 31 March 2021.
Director of the company
The director who held office during the year was as follows:
Principal activity
The principal activity of the company is Dispensing chemist in specialised stores
Small companies provision statement
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved by the
.........................................
Director
.........................................
Sunil Lakhani
Chartered Certified Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Pharmacy Team Limited
for the Year Ended 31 March 2021
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Pharmacy Team Limited for the year ended 31 March 2021 as set out on pages 4 to 13 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.
This report is made solely to the Board of Directors of Pharmacy Team Limited , as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Pharmacy Team Limited and state those matters that we have agreed to state to the Board of Directors of Pharmacy Team Limited , as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Pharmacy Team Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Pharmacy Team Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Pharmacy Team Limited . You consider that Pharmacy Team Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Pharmacy Team Limited . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
......................................
Chartered Certified Accountant
19 Corbins Lane
South Harrow
Middlesex
HA2 8ET
Pharmacy Team Limited
Profit and Loss Account for the Year Ended 31 March 2021
Note |
2021 |
2020 |
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Turnover |
|
|
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Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Other operating income |
|
- |
|
Operating profit/(loss) |
70,816 |
(712,767) |
|
Income from shares in group undertakings |
( |
|
|
Interest payable and similar expenses |
( |
( |
|
(496,548) |
(1,738) |
||
Loss before tax |
( |
( |
|
Loss for the financial year |
( |
( |
The above results were derived from continuing operations.
Pharmacy Team Limited
Statement of Comprehensive Income for the Year Ended 31 March 2021
2021 |
2020 |
|
Loss for the year |
( |
( |
Total comprehensive income for the year |
( |
( |
Pharmacy Team Limited
(Registration number: 07038691)
Balance Sheet as at 31 March 2021
For the financial year ending 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
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• |
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved and authorised by the
.........................................
Director
.........................................
Sunil Lakhani
Pharmacy Team Limited
Statement of Changes in Equity for the Year Ended 31 March 2021
Share capital |
Profit and loss account |
Total |
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At 1 April 2020 |
|
( |
( |
Loss for the year |
- |
( |
( |
Total comprehensive income |
- |
( |
( |
At 31 March 2021 |
|
( |
( |
Share capital |
Profit and loss account |
Total |
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At 1 April 2019 |
|
|
|
Loss for the year |
- |
( |
( |
Total comprehensive income |
- |
( |
( |
At 31 March 2020 |
|
( |
( |
Pharmacy Team Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021
General information |
The company is a private company limited by share capital, incorporated in United Kingdom.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The financial statements have been prepared on a going concern basis.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, exluding discounts, rebates, value added tax and other sales taxes.
Tax
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted.
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balancesheet date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Pharmacy Team Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021
Tangible assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Asset class |
Depreciation method and rate |
Computer equipment |
5% on reducing balance |
Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of Fifteen years.
Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Pharmacy Team Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021
Intangible assets |
Goodwill |
Total |
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Cost or valuation |
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At 1 April 2020 |
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At 31 March 2021 |
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Amortisation |
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At 1 April 2020 |
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Amortisation charge |
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At 31 March 2021 |
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Carrying amount |
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At 31 March 2021 |
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At 31 March 2020 |
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Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 April 2020 |
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Additions |
- |
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At 31 March 2021 |
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Depreciation |
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At 1 April 2020 |
- |
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Charge for the year |
- |
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At 31 March 2021 |
- |
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Carrying amount |
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At 31 March 2021 |
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At 31 March 2020 |
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Included within the net book value of land and buildings above is £30,325 (2020 - £30,325) in respect of freehold land and buildings.
Pharmacy Team Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021
Stocks |
2021 |
2020 |
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Other inventories |
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Debtors |
2021 |
2020 |
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Trade debtors |
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Prepayments |
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Other debtors |
- |
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Pharmacy Team Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021
Creditors |
Creditors: amounts falling due within one year
Note |
2021 |
2020 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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- |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2021 |
2020 |
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Due after one year |
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Loans and borrowings |
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Share capital |
Allotted, called up and fully paid shares
2021 |
2020 |
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No. |
£ |
No. |
£ |
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of £
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|
2 |
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2 |
Loans and borrowings |
2021 |
2020 |
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Non-current loans and borrowings |
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Bank borrowings |
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Other borrowings |
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Pharmacy Team Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021
2021 |
2020 |
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Current loans and borrowings |
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Bank overdrafts |
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Related party transactions |
Amount owed by the group undertaking is £87,734 (2020: £72,648) owed by Mountford Partners LLP.
Included in other creditors is a balance of £43,176 (2020 : £43,176) owed to Dilria Ltd a related company by virtue its directorship.
Ultimate controlling party |
The company is controlled by Mr S Lakhani by virtue of his 100% shareholding and directorship.
Director's advances, credits and guarantees |
The company owes £278,524 (2020: £311,961) to the directors.