Company Registration No. SC432684 (Scotland)
DEANS PHARMACEUTICALS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2019
PAGES FOR FILING WITH REGISTRAR
DEANS PHARMACEUTICALS LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
DEANS PHARMACEUTICALS LTD
BALANCE SHEET
AS AT
30 NOVEMBER 2019
30 November 2019
- 1 -
2019
2018
as restated
Notes
£
£
£
£
Fixed assets
Intangible assets
3
845,000
910,000
Tangible assets
4
160,621
211,451
Investments
5
5,117,451
5,114,251
6,123,072
6,235,702
Current assets
Stocks
104,438
115,381
Debtors
6
487,826
557,538
Cash at bank and in hand
149,244
180,962
741,508
853,881
Creditors: amounts falling due within one year
7
(718,776)
(1,707,600)
Net current assets/(liabilities)
22,732
(853,719)
Total assets less current liabilities
6,145,804
5,381,983
Creditors: amounts falling due after more than one year
8
(4,209,499)
(4,462,919)
Provisions for liabilities
(9,469)
(14,641)
Net assets
1,926,836
904,423
Capital and reserves
Called up share capital
9
2
2
Profit and loss reserves
1,926,834
904,421
Total equity
1,926,836
904,423
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 year ended 30 November 2019 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 year 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.
DEANS PHARMACEUTICALS LTD
BALANCE SHEET (CONTINUED)
AS AT
30 NOVEMBER 2019
30 November 2019
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 27 July 2020 and are signed on its behalf by:
Mr Arif Hanif
Director
Company Registration No. SC432684
DEANS PHARMACEUTICALS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2019
- 3 -
1
Accounting policies
Company information
Deans Pharmaceuticals 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 unless otherwise specified within these accounting policies. The principal accounting policies adopted are set out below.
1.2
Prior period error
The comparative period accounts have been restated to incorporate the full amount invested in the subsidiary company in that year. The restatement has resulted in an increase in the investment amount of £737,382 plus an increases in the amount owed from the subsidiary of £768,732. There were other adjustments necessary to administrative expenses and taxation to account fully for the investment. The full impact on the comparative period is detailed at note 11.
1.3
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.
1.4
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.
1.5
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:
Shop development
5% straight line
Fixtures, fittings & equipment
16.67% - 20% straight line
Motor vehicles
25% straight line
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
.
DEANS PHARMACEUTICALS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2019
1
Accounting policies
(Continued)
- 4 -
1.6
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
1.7
Stocks
Stocks
are valued at the lower of cost and net realisable value.
1.8
Cash at bank and in hand
Cash at bank and in hand
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.
1.9
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.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.10
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.
DEANS PHARMACEUTICALS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2019
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.11
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.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
Government grants relating to turnover are recognised as income over the periods when the related costs are incurred
. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 19(2018 - 19).
3
Intangible fixed assets
Goodwill
£
Cost
At 1 December 2018 and 30 November 2019
1,300,000
Amortisation and impairment
At 1 December 2018
390,000
Amortisation charged for the year
65,000
At 30 November 2019
455,000
Carrying amount
At 30 November 2019
845,000
At 30 November 2018
910,000
DEANS PHARMACEUTICALS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2019
- 6 -
4
Tangible fixed assets
Shop development
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 December 2018
100,857
226,283
12,680
339,820
Disposals
-
(18,063)
-
(18,063)
At 30 November 2019
100,857
208,220
12,680
321,757
Depreciation and impairment
At 1 December 2018
29,546
93,278
5,545
128,369
Depreciation charged in the year
5,043
42,617
3,170
50,830
Eliminated in respect of disposals
-
(18,063)
-
(18,063)
At 30 November 2019
34,589
117,832
8,715
161,136
Carrying amount
At 30 November 2019
66,268
90,388
3,965
160,621
At 30 November 2018
71,311
133,005
7,135
211,451
5
Fixed asset investments
2019
2018
£
£
Investments
5,117,451
5,114,251
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 December 2018
5,114,251
Additions
3,200
At 30 November 2019
5,117,451
Carrying amount
At 30 November 2019
5,117,451
At 30 November 2018
5,114,251
DEANS PHARMACEUTICALS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2019
- 7 -
6
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
435,479
467,864
Other debtors
52,347
89,674
487,826
557,538
7
Creditors: amounts falling due within one year
2019
2018
£
£
Bank loans
235,222
231,691
Trade creditors
243,419
266,341
Corporation tax
21,313
63,886
Other taxation and social security
5,663
4,573
Other creditors
213,159
1,141,109
718,776
1,707,600
Bank loans are secured by a floating charge over the assets of the company granted to Bank of Scotland plc.
8
Creditors: amounts falling due after more than one year
2019
2018
£
£
Bank loans and overdrafts
4,180,166
4,418,919
Other creditors
29,333
44,000
4,209,499
4,462,919
Bank loans are secured by a floating charge over the assets of the company granted to Bank of Scotland plc.
Amounts included above which fall due after five years are as follows:
Payable by instalments
319,168
3,492,154
DEANS PHARMACEUTICALS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2019
- 8 -
9
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
2 Ordinary shares of £1 each
2
2
10
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
The company shares common directors with Deans Healthcare Ltd. At the prior year end there was a balance in Other creditors due to Deans Healthcare of £165,513. This loan was fully repaid in this accounting year. The loan was interest free and had no fixed repayment terms.
11
Prior period adjustment
Changes to the balance sheet
As previously reported
Adjustment
As restated at 30 Nov 2018
£
£
£
Fixed assets
Investments
4,376,869
737,382
5,114,251
Creditors due within one year
Taxation
(74,416)
5,957
(68,459)
Other creditors
(624,051)
(768,732)
(1,392,783)
Net assets
929,816
(25,393)
904,423
Capital and reserves
Profit and loss
929,814
(25,393)
904,421
Changes to the profit and loss account
As previously reported
Adjustment
As restated
Period ended 30 November 2018
£
£
£
Administrative expenses
(569,359)
(31,350)
(600,709)
Taxation
(32,556)
5,957
(26,599)
Profit for the financial period
229,658
(25,393)
204,265
2019-11-30
2018-12-01
false
27 July 2020
CCH Software
CCH Accounts Production 2020.200
No description of principal activity
Mr A Hanif
Mr J Connolly
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