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Unaudited Financial Statements |
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for the Year Ended 31 March 2017 |
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for |
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Universal Pharmacy Ltd |
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REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 31 March 2017 |
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for |
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Universal Pharmacy Ltd |
Universal Pharmacy Ltd (Registered number: 07534072) |
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Contents of the Financial Statements |
for the Year Ended 31 March 2017 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Universal Pharmacy Ltd |
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Company Information |
for the Year Ended 31 March 2017 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
147 Bath Street |
Glasgow |
G2 4SN |
Universal Pharmacy Ltd (Registered number: 07534072) |
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Balance Sheet |
31 March 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
7 |
( |
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( |
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ACCRUALS AND DEFERRED INCOME | 10 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings | ( |
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The directors acknowledge their responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at the end
of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Universal Pharmacy Ltd (Registered number: 07534072) |
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Balance Sheet - continued |
31 March 2017 |
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In accordance with Section 444 of the Companies Act 2006, the Profit & Loss Account has not been delivered. |
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The financial statements were approved by the Board of Directors on
by: |
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Universal Pharmacy Ltd (Registered number: 07534072) |
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Notes to the Financial Statements |
for the Year Ended 31 March 2017 |
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1. | STATUTORY INFORMATION |
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Universal Pharmacy Ltd is a
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company's registered number and registered office address can be found on the Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover represents net sales of goods and services, excluding value added tax and is recognised when the |
company becomes entitled to the income. |
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Tangible fixed assets |
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Plant and machinery etc | - |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and |
slow moving items. |
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Financial instruments |
The company has no complex financial instruments but does hold basic financial instruments of: debtors, cash |
at bank and creditors. Basic financial instruments are initially recognised at transaction value. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit & Loss Account, |
except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
balance sheet date. |
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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. |
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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. |
Universal Pharmacy Ltd (Registered number: 07534072) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2017 |
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2. | ACCOUNTING POLICIES - continued |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held |
under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases |
are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
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The interest element of these obligations is charged to profit or loss over the relevant period. The capital |
element of the future payments is treated as a liability. |
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Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
lease. |
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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. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 April 2016 |
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Additions |
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Disposals | ( |
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At 31 March 2017 |
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DEPRECIATION |
At 1 April 2016 |
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Charge for year |
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Eliminated on disposal | ( |
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At 31 March 2017 |
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NET BOOK VALUE |
At 31 March 2017 |
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At 31 March 2016 |
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Universal Pharmacy Ltd (Registered number: 07534072) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2017 |
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4. | TANGIBLE FIXED ASSETS - continued |
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
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Plant and |
machinery |
etc |
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COST |
Additions |
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At 31 March 2017 |
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DEPRECIATION |
Charge for year |
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At 31 March 2017 |
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NET BOOK VALUE |
At 31 March 2017 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Bank loans and overdrafts |
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Hire purchase contracts (see note 8) |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2017 | 2016 |
£ | £ |
Bank loans |
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Hire purchase contracts (see note 8) |
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Universal Pharmacy Ltd (Registered number: 07534072) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2017 |
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7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued |
2017 | 2016 |
£ | £ |
Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans more 5 yr by instal |
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8. | LEASING AGREEMENTS |
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Minimum lease payments fall due as follows: |
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Hire purchase contracts |
2017 | 2016 |
£ | £ |
Net obligations repayable: |
Within one year |
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Between one and five years |
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Non-cancellable operating |
leases |
2017 | 2016 |
£ | £ |
Within one year |
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Between one and five years |
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9. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2017 | 2016 |
£ | £ |
Bank loans |
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Factors loan |
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The bank loan and factors loan with Shawbrook Bank Limited are secured by the following: |
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- SPF composite guarantee and debenture from the company and Bond and Floating Charge and guarantee |
from Organised Health Technologies Ltd. |
- Inter-creditor with RBS on Universal Pharmacy Ltd. |
- First Legal Charge to be taken over properties owned by Naseem Sarwar; Main Street, Castletown, KW14 |
8TU and 2/4 Dempster Street, Wick, KW1 5BQ. |
- Performance warranty from Nadeem Sarwar. |
- Joint and Several Personal Guarantee from Nadeem Sarwar and Naseem Sarwar limited to £140,000. |
Universal Pharmacy Ltd (Registered number: 07534072) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2017 |
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10. | ACCRUALS AND DEFERRED INCOME |
2017 | 2016 |
£ | £ |
Accruals and deferred income |
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The company entered into a sale and finance leaseback agreement during the year. In compliance with |
paragraph 20.33 of FRS 102, the excess of the sales proceeds received last year over the carrying amount of the |
asset in question is accordingly deferred and amortised over the lease term, in line with the depreciation charges |
on the asset leased back. |
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11. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to a director subsisted during the years ended 31 March 2017 and |
31 March 2016: |
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2017 | 2016 |
£ | £ |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid | ( |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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12. | RELATED PARTY DISCLOSURES |
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The Directors Loan is interest free and repayable on demand. |
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13. | ULTIMATE PARENT COMPANY |
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The company is a wholly owned subsidiary of Organised Health Technologies Ltd, registered in Scotland. |
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14. | FIRST YEAR ADOPTION |
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The company has adopted FRS 102 for the year ended 31 March 2017and has restated the comparative |
amounts. The transition to the new standard has not resulted in any changes to the amounts stated under FRS |
102 for both Profit & Loss Account for the year ended 31 March 2016 and the Balance Sheet as at 31 March |
2016. They remain the same as those stated under former UK GAAP. Transition date was |
1 April 2015. |