Salram Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC121294 (Scotland)

Financial Statements

for the Period 1 October 2017 to 31 March 2019

for

Salram Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

R Roberts

Dr D J Clayton

SECRETARIES:

R Roberts

ND Chuwen

REGISTERED OFFICE:

c/o KPMG LLP

191 West George Street

Glasgow

G2 2LJ

REGISTERED NUMBER:

SC121294 (Scotland)

SENIOR STATUTORY AUDITOR:

J.P.Bostock FCA BFP BA(Hons)

AUDITORS:

Thompson Wright Limited

Chartered Accountants

and Statutory Auditors

Ebenezer House

Ryecroft

Newcastle under Lyme

Staffordshire

ST5 2BE

FIXED ASSETS

Intangible assets

4

12,712

120,043

Tangible assets

5

901,559

1,104,341

Investments

6

697,187

697,187

1,611,458

1,921,571

CURRENT ASSETS

Stocks

86,235

303,833

Debtors

7

2,138,654

1,227,299

Cash at bank

-

154,490

2,224,889

1,685,622

CREDITORS

Amounts falling due within one year

8

174,021

2,129,311

NET CURRENT ASSETS/(LIABILITIES)

2,050,868

(443,689

)

TOTAL ASSETS LESS CURRENT LIABILITIES

3,662,326

1,477,882

PROVISIONS FOR LIABILITIES

51,613

42,322

NET ASSETS

3,610,713

1,435,560

CAPITAL AND RESERVES

Called up share capital

225,000

225,000

Retained earnings

3,385,713

1,210,560

SHAREHOLDERS' FUNDS

3,610,713

1,435,560

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered.

The financial statements were approved by the Board of Directors on 19 December 2019 and were signed on its behalf by:

R Roberts - Director

1.	STATUTORY INFORMATION

Salram Limited is a private company, limited by shares , registered in Scotland. The company's registered

number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

The company has extended its annual reporting period end date from 30th September to 31st March to bring

into line with other group members. The comparative amounts presented in the financial statements (including

the related notes) are therefore not entirely comparable.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements

The financial statements contain information about Salram Limited as an individual company and do not

contain consolidated financial information as the parent of a group. The company is exempt under Section 400

of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its

subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent,

Spencross Limited, 46 Fountain Street, Manchester, M2 2BE.

Turnover

Turnover is derived from ordinary activities, represents the total sales value of prescriptions dispensed and

other goods sold in the year and is stated net of trade discounts and Value Added Tax. Revenue is recognised to

the extent that it is probable that the economic benefit will flow to the company and is measured at the fair

value of the consideration received or receivable. Revenue from the National Health Service is recognised at the

point the prescription is dispensed. Revenue from invoiced sales is recognised when the work is done or the

goods dispatched.

Intangible fixed assets - goodwill

On the acquisition of a business purchased goodwill is capitalised in the year in which it arises and amortised

over its estimated useful life up to a maximum of 20 years.

The assets residual values, useful lives and amortisation methods are reviewed and adjusted prospectively if

appropriate, or if there is an indication of significant change since the last reporting date.

Investments

Investments, including investments in subsidiaries, are measured at cost less provision for any impairment

value.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

2% on cost

Furniture & fixtures

-

at varying rates on cost

Motor vehicles

-

25% on cost

Office & computer equipment

-

33% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and

slow moving items.

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Profit and loss account,

except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

balance sheet date.

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 period end and that are expected to apply to the

reversal of the timing difference.

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.

Leased assets

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Significant judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and

assumptions that affect the amounts reported for assets and liabilities as at the year end date and the amounts

reported for revenues and expenses during the year. However the nature of estimation means that actual

outcomes could differ from those estimates. The main judgements and estimates made by the directors relate

to the relevance of depreciation policies in relation to tangible and intangible fixed assets.

Going concern

The directors have reasonable expectation that the company has adequate resources to continue operational

existence for the foreseeable future and therefore continue to adopt the going concern basis of accounting in

preparing the annual financial statements.

Employee benefits

The cost of short term employee benefits are recognised as a liability and an expense.

The cost of any unused holiday entitlement and of holidays taken in advance is recognised in the period in

which the employees services are received.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 25 (2017 - 43 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 October 2017

798,426

Disposals

(567,185

)

At 31 March 2019

231,241

AMORTISATION

At 1 October 2017

678,383

Amortisation for period

13,303

Eliminated on disposal

(473,157

)

At 31 March 2019

218,529

NET BOOK VALUE

At 31 March 2019

12,712

At 30 September 2017

120,043

5.	TANGIBLE FIXED ASSETS

Office &

Freehold

Furniture

Motor

computer

property

& fixtures

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 October 2017

1,234,572

277,295

44,095

80,006

1,635,968

Additions

-

30,314

-

14,133

44,447

Disposals

(272,637

)

(111,787

)

(25,795

)

-

(410,219

)

At 31 March 2019

961,935

195,822

18,300

94,139

1,270,196

DEPRECIATION

At 1 October 2017

204,682

203,370

44,095

79,480

531,627

Charge for period

28,858

32,200

-

526

61,584

Eliminated on disposal

(86,992

)

(111,787

)

(25,795

)

-

(224,574

)

At 31 March 2019

146,548

123,783

18,300

80,006

368,637

NET BOOK VALUE

At 31 March 2019

815,387

72,039

-

14,133

901,559

At 30 September 2017

1,029,890

73,925

-

526

1,104,341

6.	FIXED ASSET INVESTMENTS

Fixed asset investments represents the company's 100% holding in the issued ordinary share capital of

Cleveleys Health Centre Pharmacy Limited, together with a minority holding in a joint venture, BSPC Limited.

Both are unlisted companies incorporated in England and Wales and are included at a cost price of £697,187

(2017: £697,187).

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2017

£

£

Trade debtors

179,302

255,252

Amounts owed by group undertakings

1,653,594

41,918

Other debtors

305,758

930,129

2,138,654

1,227,299

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2017

£

£

Bank loans and overdrafts

11,461

-

Trade creditors

139,081

384,665

Amounts owed to group undertakings

-

738,951

Taxation and social security

3,320

92,276

Other creditors

20,159

913,419

174,021

2,129,311

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

J.P.Bostock FCA BFP BA(Hons) (Senior Statutory Auditor)

for and on behalf of Thompson Wright Limited

10.

CONTROL

The company's parent company is Spencross Limited, a company registered in England & Wales whose

registered office is at 46 Fountain Street, Manchester M2 2BE.