Company Registration No. SC205011 (Scotland)
R W MCCONNELL & SON (PHARMACY) LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2020
PAGES FOR FILING WITH REGISTRAR
R W MCCONNELL & SON (PHARMACY) LTD
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 8
R W MCCONNELL & SON (PHARMACY) LTD
BALANCE SHEET
AS AT 31 JANUARY 2020
31 January 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Intangible assets
3
884
2,542
Tangible assets
4
303,883
312,447
304,767
314,989
Current assets
Stocks
154,435
168,918
Debtors
5
431,486
565,003
Investments
6
11,835
419,169
Cash at bank and in hand
820,827
469,033
1,418,583
1,622,123
Creditors: amounts falling due within one year
7
(639,457)
(861,274)
Net current assets
779,126
760,849
Total assets less current liabilities
1,083,893
1,075,838
Capital and reserves
Called up share capital
8
100
100
Revaluation reserve
214,810
214,810
Profit and loss reserves
868,983
860,928
Total equity
1,083,893
1,075,838
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial period ended 31 January 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
R W MCCONNELL & SON (PHARMACY) LTD
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2020
31 January 2020
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 17 December 2020 and are signed on its behalf by:
Mr Arif Hanif
Mr John Connolly
Director
Director
Company Registration No. SC205011
R W MCCONNELL & SON (PHARMACY) LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 JANUARY 2020
- 3 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 May 2018
100
-
807,332
807,432
Year ended 30 April 2019:
Profit for the year
-
-
173,596
173,596
Other comprehensive income:
Revaluation of tangible fixed assets
-
214,810
-
214,810
Total comprehensive income for the year
-
214,810
173,596
388,406
Dividends
-
-
(120,000)
(120,000)
Balance at 30 April 2019
100
214,810
860,928
1,075,838
Period ended 31 January 2020:
Profit and total comprehensive income for the period
-
-
70,587
70,587
Dividends
-
-
(62,532)
(62,532)
Balance at 31 January 2020
100
214,810
868,983
1,083,893
R W MCCONNELL & SON (PHARMACY) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2020
- 4 -
1
Accounting policies
Company information
R W McConnell & Son (Pharmacy) Ltd is a
private
company
limited by shares
incorporated in Scotland.
The registered office is
1st Floor, 133 Finnieston Street, Glasgow, G3 8HB.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover comprises revenue recognised by the company in respect of pharmaceutical services provided during the year, exclusive of Value Added Tax and trade discounts.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated
amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 20 years.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold property
5% on cost
Plant and equipment
25% reducing balance
Fixtures and fittings
20% reducing balance
Computer equipment
33.3% reducing balance
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.5
Stocks
Stocks are valued at the lower of cost and net realisable value.
1.6
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
R W MCCONNELL & SON (PHARMACY) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2020
1
Accounting policies
(Continued)
- 5 -
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Current asset investments
The current asset investments portfolio can be measured reliably and such is measured initially at cost then subsequently at fair value with changes in fair value recognised in profit or loss.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was 33 (2019 - 36
).
R W MCCONNELL & SON (PHARMACY) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2020
- 6 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 May 2019 and 31 January 2020
44,221
Amortisation and impairment
At 1 May 2019
41,679
Amortisation charged for the period
1,658
At 31 January 2020
43,337
Carrying amount
At 31 January 2020
884
At 30 April 2019
2,542
4
Tangible fixed assets
Freehold property
Plant and equipment
Fixtures and fittings
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost or valuation
At 1 May 2019
289,500
11,779
160,701
83,635
9,995
555,610
Additions
-
-
-
-
11,215
11,215
Disposals
-
-
-
-
(9,995)
(9,995)
At 31 January 2020
289,500
11,779
160,701
83,635
11,215
556,830
Depreciation and impairment
At 1 May 2019
6,525
7,729
150,295
69,619
8,995
243,163
Depreciation charged in the period
10,856
759
1,561
3,500
2,103
18,779
Eliminated in respect of disposals
-
-
-
-
(8,995)
(8,995)
At 31 January 2020
17,381
8,488
151,856
73,119
2,103
252,947
Carrying amount
At 31 January 2020
272,119
3,291
8,845
10,516
9,112
303,883
At 30 April 2019
282,975
4,050
10,406
14,016
1,000
312,447
Freehold property
w
as
revalued
on an open market basis in September 2019 by Graham & Sibbald, independent chartered surveyors not connected with the company. We have adopted this valuation in the financial statements on the basis it would not be materially different at 31 January 2020.
R W MCCONNELL & SON (PHARMACY) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2020
4
Tangible fixed assets
(Continued)
- 7 -
If revalued assets were stated on an historical cost basis rather than a fair value basis, the total amounts included would have been as follows:
2020
2019
£
£
Cost
587,008
585,788
Accumulated depreciation
(497,935)
(488,151)
Carrying value
89,073
97,637
5
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
362,106
344,012
Other debtors
69,380
220,991
431,486
565,003
6
Current asset investments
2020
2019
£
£
Investment portfolio
11,835
419,169
7
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
585,039
614,401
Corporation tax
21,905
39,949
Other taxation and social security
17,029
12,834
Other creditors
15,484
194,090
639,457
861,274
The Bank of Scotland PLC holds a Floating Charge over the whole of the Company's property and undertakings, dated 30th January 2020.
R W MCCONNELL & SON (PHARMACY) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2020
- 8 -
8
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
100 of £1 each
100
100
9
Parent company
The ultimate controlling party is Deans Medicare Ltd a company registered in Scotland (SC649557). Control was obtained on 30 January 2020.
10
Directors' Advances, Credits and Gurantees
Mrs U M Balls' loan account had an overdrawn balance of £111,943 at the start of the year end. This was repaid in full within the year end, prior to Mrs U M Balls' resignation as a director on 30 January 2020