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Unaudited Financial Statements |
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for the Year Ended 31 March 2018 |
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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 2018 |
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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 2018 |
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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 2018 |
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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 2018 |
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2018 | 2017 |
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 2018 |
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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
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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 2018 |
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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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Going Concern |
The company has cash resources and has no requirement for external funding. The Directors have a reasonable |
expectation that the company has adequate resources to continue in operational existence for the foreseeable |
future. They continue to believe the going concern basis of accountancy appropriate in preparing the annual |
financial statements. |
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Significant judgements and estimates |
The Directors have made judgements, estimates and assumptions that affect the amounts reported within the |
financial statements during the year. Actual results may differ from these estimates. Estimates and underlying |
assumptions are reviewed on an ongoing basis. The Directors' estimates, assumptions and judgements that have |
a significant risk of causing material adjustment to the carrying amount of assets and liabilities within the |
financial statements are addressed and detail is provided in the associated notes. |
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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; cash at bank, |
debtors and creditors. |
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Cash and cash equivalents comprise cash at bank and on hand, foreign currency on hand, demand deposits with |
banks and other short-term highly liquid investments with original maturities of three months or less and bank |
overdrafts. A bank overdraft would be shown within current liabilities. |
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Trade and other debtors are initially recognised at fair value and subsequently measured at amortised cost using |
the effective interest method, less losses for bad debts except where the effect of discounting would be |
immaterial. In such cases, trade and other debtors are stated at cost less losses for bad debts. |
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Trade and other creditors are initially recognised at fair value and subsequently measured at amortised cost using |
the effective interest rate unless the effect of discounting would be immaterial. In such cases, trade and other |
creditors are stated at cost. |
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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 2018 |
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2. | ACCOUNTING POLICIES - continued |
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. |
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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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Employment benefits |
The total cost of employee benefits to which employees have become entitled as a result of service rendered to |
the entity during the reporting period are recognised and charged to the profit and loss account in the period to |
which they relate. |
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Provisions for liabilities |
A provision for liabilities is initially recognised when there is an obligation at the balance sheet date as the result |
of a past event, it is probable that there will be the transfer of funds in settlement and the amount of the |
obligation can be estimated readily. The provision is subsequently measured by placing a charge against the |
provision only for expenditure for which the provision was originally recognised. |
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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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Universal Pharmacy Ltd (Registered number: 07534072) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2018 |
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4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 1 April 2017 |
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Additions |
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At 31 March 2018 |
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DEPRECIATION |
At 1 April 2017 |
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Charge for year |
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At 31 March 2018 |
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NET BOOK VALUE |
At 31 March 2018 |
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At 31 March 2017 |
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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 |
At 1 April 2017 |
and 31 March 2018 |
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DEPRECIATION |
At 1 April 2017 |
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Charge for year |
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At 31 March 2018 |
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NET BOOK VALUE |
At 31 March 2018 |
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At 31 March 2017 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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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 2018 |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
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 |
2018 | 2017 |
£ | £ |
Bank loans |
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Hire purchase contracts (see note 8) |
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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 |
2018 | 2017 |
£ | £ |
Net obligations repayable: |
Within one year |
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Between one and five years |
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Non-cancellable operating |
leases |
2018 | 2017 |
£ | £ |
Within one year |
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Between one and five years |
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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 2018 |
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9. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2018 | 2017 |
£ | £ |
Bank loans |
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Factors loan |
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Hire purchase contracts | 8,619 | 15,514 |
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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 UPL Holdings 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. |
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The hire purchase liability is secured over the assets to which they relate. |
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The bank loan with the Royal Bank of Scotland is secured by a personal guarantee for £30,000 by Nadeem |
Sarwar. |
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10. | ACCRUALS AND DEFERRED INCOME |
2018 | 2017 |
£ | £ |
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 2018 and |
31 March 2017: |
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2018 | 2017 |
£ | £ |
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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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Universal Pharmacy Ltd (Registered number: 07534072) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2018 |
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12. | RELATED PARTY DISCLOSURES |
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The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The |
Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party |
transactions with wholly owned subsidiaries within the group. |
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The company owes £38,106 to Organised Health Technologies Ltd. The company is owed £234,729 by UPL |
Holdings Ltd. Nadeem Sarwar controls Organised Health Technologies Ltd and also controls UPL Holdings, |
the parent company of Universal Pharmacy Ltd. Mr Sarwar is also a director of all three companies. |
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13. | ULTIMATE PARENT COMPANY |
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The company is a wholly owned subsidiary of UPL Holdings Ltd. |