Company Registration No. SC268645 (Scotland)
CALDER PHARMACY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2018
PAGES FOR FILING WITH REGISTRAR
CALDER PHARMACY LIMITED
COMPANY INFORMATION
Director
Mr C Shanks
Secretary
Ms D Holmes
Company number
SC268645
Registered office
18 Calder Park
Edinburgh
EH11 4JN
Accountants
Geoghegans Accountancy Limited
Chartered Accountants
6 St Colme Street
Edinburgh
EH3 6AD
CALDER PHARMACY LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 9
CALDER PHARMACY LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2018
31 August 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Intangible assets
87,600
102,200
Tangible assets
4
12,347
7,061
Investment properties
5
336,404
321,904
Investments
6
29,585
20,775
465,936
451,940
Current assets
Stocks
17,233
19,529
Debtors
7
298,948
282,484
Cash at bank and in hand
148,402
122,791
464,583
424,804
Creditors: amounts falling due within one year
8
(107,259)
(84,455)
Net current assets
357,324
340,349
Total assets less current liabilities
823,260
792,289
Creditors: amounts falling due after more than one year
9
(224,731)
(251,849)
Provisions for liabilities
(1,953)
(1,023)
Net assets
596,576
539,417
Capital and reserves
Called up share capital
10
1,000
1,000
Profit and loss reserves (non-distributable)
14,535
1,225
Profit and loss reserves
581,041
537,192
Total equity
596,576
539,417
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 August 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his 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
.
CALDER PHARMACY LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 AUGUST 2018
31 August 2018
- 2 -
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and signed by the director and authorised for issue on 7 December 2018
Mr C Shanks
Director
Company Registration No. SC268645
CALDER PHARMACY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2018
- 3 -
Share capital
Revaluation reserve
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 September 2016
1,000
-
950
428,314
430,264
Year ended 31 August 2017:
Profit and total comprehensive income for the year
-
-
-
200,153
200,153
Dividends
-
-
-
(91,000)
(91,000)
Transfers
-
-
275
(275)
-
Balance at 31 August 2017
1,000
-
1,225
537,192
539,417
Year ended 31 August 2018:
Profit and total comprehensive income for the year
-
-
-
148,159
148,159
Dividends
-
-
-
(91,000)
(91,000)
Transfers
-
-
-
(13,310)
(13,310)
Net unrealised gains/(losses)
-
-
13,310
-
13,310
Balance at 31 August 2018
1,000
-
14,535
581,041
596,576
CALDER PHARMACY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2018
- 4 -
1
Accounting policies
Company information
Calder Pharmacy Limited is a
private
company
limited by shares
incorporated in Scotland.
The registered office is
18 Calder Park, Edinburgh, EH11 4JN.
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 is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of
VAT.
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:
Fixtures, fittings & equipment
15% on 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
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
The surplus or deficit on revaluation is recognised in profit or loss.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
1.6
Impairment of fixed assets
The carrying value of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable.
CALDER PHARMACY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2018
1
Accounting policies
(Continued)
- 5 -
1.7
Stocks
Stocks are stated at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost is determined on a first-in. first-out basis. Net realisable value is based on estimated selling price, less any further costs of realisation.
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. Bank overdrafts are shown within borrowings in current liabilities.
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.
Debtors
Debtors with no stated interest rate or receivable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.
Creditors
Creditors with no stated interest rate and payable within one year are recorded at transaction price.
All interest bearing loans and borrowings which are basic financial instruments are initially recorded at the present value of cash payable. After initial recognition they are measured at amortised cost.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
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.
CALDER PHARMACY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2018
1
Accounting policies
(Continued)
- 6 -
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.12
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.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 8 (2017 - 6).
CALDER PHARMACY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2018
- 7 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 September 2017 and 31 August 2018
292,000
Amortisation and impairment
At 1 September 2017
189,800
Amortisation charged for the year
14,600
At 31 August 2018
204,400
Carrying amount
At 31 August 2018
87,600
At 31 August 2017
102,200
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 September 2017
29,896
Additions
6,788
At 31 August 2018
36,684
Depreciation and impairment
At 1 September 2017
22,835
Depreciation charged in the year
1,502
At 31 August 2018
24,337
Carrying amount
At 31 August 2018
12,347
At 31 August 2017
7,061
5
Investment property
2018
£
Fair value
At 1 September 2017
321,904
Revaluations
14,500
At 31 August 2018
336,404
CALDER PHARMACY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2018
5
Investment property
(Continued)
- 8 -
Investment property comprises two properties held to earn rental income.
6
Fixed asset investments
2018
2017
£
£
Investments
29,585
20,775
7
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
87,456
64,826
Other debtors
211,492
217,658
298,948
282,484
8
Creditors: amounts falling due within one year
2018
2017
£
£
Bank loans and overdrafts
25,285
31,813
Trade creditors
56,314
33,837
Corporation tax, other taxation and social security
20,550
15,523
Other creditors
5,110
3,282
107,259
84,455
9
Creditors: amounts falling due after more than one year
2018
2017
£
£
Bank loans and overdrafts
224,731
251,849
The aggregate amount of creditors for which security has been given amounted to £250,016 (2017 - £283,662).
The Royal Bank of Scotland PLC has a bond and floating charge over the undertaking and all property and assets present and future.
The Royal Bank of Scotland PLC holds a fixed charge over the property at Leyland Road and another over the property at Sighthill Park.
CALDER PHARMACY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2018
- 9 -
10
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
1,000 Ordinary Shares of £1 each
1,000
1,000
1,000
1,000
11
Related party transactions
Included in other debtors is a balance of £157,400 (2017: £164,227) owed by Mr C Shanks, director of the company. Interest is charged at 4%.