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Unaudited Financial Statements for the Year Ended 30 April 2019 |
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R.W. McConnell & Son (Pharmacy) Limited |
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REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 30 April 2019 |
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for |
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R.W. McConnell & Son (Pharmacy) Limited |
R.W. McConnell & Son (Pharmacy) Limited (Registered number: SC205011) |
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Contents of the Financial Statements |
for the Year Ended 30 April 2019 |
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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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Accountants' Report | 9 |
R.W. McConnell & Son (Pharmacy) Limited |
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Company Information |
for the Year Ended 30 April 2019 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
29 Portland Road |
Kilmarnock |
KA1 2BY |
R.W. McConnell & Son (Pharmacy) Limited (Registered number: SC205011) |
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Balance Sheet |
30 April 2019 |
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2019 | 2018 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors | 6 |
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Investments | 7 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital |
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Revaluation reserve | 10 |
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Retained earnings | 10 |
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SHAREHOLDERS' FUNDS |
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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. |
R.W. McConnell & Son (Pharmacy) Limited (Registered number: SC205011) |
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Balance Sheet - continued |
30 April 2019 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
by: |
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R.W. McConnell & Son (Pharmacy) Limited (Registered number: SC205011) |
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Notes to the Financial Statements |
for the Year Ended 30 April 2019 |
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1. | STATUTORY INFORMATION |
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R.W. McConnell & Son (Pharmacy) Limited 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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
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Goodwill |
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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. |
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Tangible fixed assets |
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Freehold property | - |
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Improvements to property | - |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Computer equipment | - |
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At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets |
have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any |
affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the |
carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised |
immediately in profit or loss. |
If an impairment loss subsequently reverses, the carry amount of the asset is increased to the revised estimate of |
its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss |
been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit |
or loss. |
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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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Basic financial instruments |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at |
transaction price. Any losses arising from impairment are recognized in the profit and loss account. |
Loans and borrowings are initially recognised at the transaction price including transaction costs. They are |
subsequently measured at amortised cost using the effective interest rate method., less impairment. If an |
arrangement constitutes a finance transaction it is measured at present value. |
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R.W. McConnell & Son (Pharmacy) Limited (Registered number: SC205011) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 April 2019 |
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2. | ACCOUNTING POLICIES - continued |
Taxation |
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. |
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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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Employee benefits |
When employees have rendered service to the company, short term benefits to which the employees are entitled |
are recognised at the amount expected to be paid in exchange for that service.The directors consider that no |
provision is required for accrued holiday pay. |
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Cash and cash equivalents |
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held with banks or other |
short term liquid investments. Bank overdrafts, if applicable, are shown within borrowings in current liabilities. |
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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. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 May 2018 |
and 30 April 2019 |
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AMORTISATION |
At 1 May 2018 |
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Amortisation for year |
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At 30 April 2019 |
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NET BOOK VALUE |
At 30 April 2019 |
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At 30 April 2018 |
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R.W. McConnell & Son (Pharmacy) Limited (Registered number: SC205011) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 April 2019 |
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5. | TANGIBLE FIXED ASSETS |
Improvements |
Freehold | to | Plant and |
property | property | machinery |
£ | £ | £ |
COST OR VALUATION |
At 1 May 2018 |
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Additions |
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Revaluations | ( |
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Reclassification/transfer |
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At 30 April 2019 |
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DEPRECIATION |
At 1 May 2018 |
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Charge for year |
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Revaluation adjustments | ( |
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Reclassification/transfer |
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At 30 April 2019 |
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NET BOOK VALUE |
At 30 April 2019 |
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At 30 April 2018 |
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Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST OR VALUATION |
At 1 May 2018 |
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Additions |
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Revaluations |
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At 30 April 2019 |
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DEPRECIATION |
At 1 May 2018 |
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Charge for year |
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Revaluation adjustments |
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( |
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Reclassification/transfer |
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At 30 April 2019 |
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NET BOOK VALUE |
At 30 April 2019 |
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At 30 April 2018 |
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R.W. McConnell & Son (Pharmacy) Limited (Registered number: SC205011) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 April 2019 |
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5. | TANGIBLE FIXED ASSETS - continued |
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Cost or valuation at 30 April 2019 is represented by: |
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Fixtures |
Freehold | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
Valuation in 2019 | (30,178 | ) | - | - |
Cost | 319,678 | 11,779 | 160,701 |
289,500 | 11,779 | 160,701 |
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Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
Valuation in 2019 | - | - | (30,178 | ) |
Cost | 9,995 | 83,635 | 585,788 |
9,995 | 83,635 | 555,610 |
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The commercial property was valued on an open market basis in September 2019 by Graham & Sibbald, |
Chartered Surveyors. We have adopted this valuation in the financial statements on the basis that it would not be |
materially different at 30th April. |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade debtors |
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Other debtors |
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7. | CURRENT ASSET INVESTMENTS |
2019 | 2018 |
£ | £ |
Novia Investment Account |
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The Novia General Investment Account is stated at cost. Market value at April 2019 was £418,485. |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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9. | SECURED DEBTS |
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The Royal Bank of Scotland plc holds a Bond & Floating Charge over the whole of the Company's property and |
undertakings, dated 20th March, 2000. |
R.W. McConnell & Son (Pharmacy) Limited (Registered number: SC205011) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 April 2019 |
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10. | RESERVES |
Retained | Revaluation |
earnings | reserve | Totals |
£ | £ | £ |
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At 1 May 2018 |
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807,332 |
Profit for the year |
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Dividends | ( |
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Revaluation | - | 214,810 | 214,810 |
At 30 April 2019 |
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1,075,738 |
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11. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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Director Mrs U M Balls' loan account was overdrawn at the year end and is included in Other Debtors. This was |
repaid in full after the year end and interest has been charged at the official rate. |
Directors' current accounts included within Creditors due within one year are unsecured and repayable on |
demand. Interest is paid at a commercial rate. |
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12. | RELATED PARTY DISCLOSURES |
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Other than the transactions with directors as disclosed above there are no other known or undisclosed related |
party transactions. |
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13. | ULTIMATE CONTROLLING PARTY |
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The controlling party is Mrs U M Balls. |
Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
R.W. McConnell & Son (Pharmacy) Limited |
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The following reproduces the text of the report prepared for the directors in respect of the company's annual |
unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file |
a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the |
Report of the Directors are not required to be filed with the Registrar of Companies. |
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the |
financial statements of R.W. McConnell & Son (Pharmacy) Limited for the year ended 30 April 2019 which comprise |
the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information |
and explanations you have given us. |
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As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance. |
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This report is made solely to the Board of Directors of R.W. McConnell & Son (Pharmacy) Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of R.W. McConnell & Son (Pharmacy) Limited and state those matters that we have agreed to state to the Board of Directors of R.W. McConnell & Son (Pharmacy) Limited, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report. |
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It is your duty to ensure that R.W. McConnell & Son (Pharmacy) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of R.W. McConnell & Son (Pharmacy) Limited. You consider that R.W. McConnell & Son (Pharmacy) Limited is exempt from the statutory audit requirement for the year. |
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We have not been instructed to carry out an audit or a review of the financial statements of R.W. McConnell & Son (Pharmacy) 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 financial statements. |
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Chartered Accountants |
29 Portland Road |
Kilmarnock |
KA1 2BY |
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