ACCOUNTS - Final Accounts preparation

LAKE PHARMACY (TAVISTOCK) LIMITED - Company Information

2013-08-01 false true 2014-03-312014-03-312014-03-31Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that: so far as that Director is aware, there is no relevant audit information of which the Company's auditor is unaware, and that Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information. 01812067 2013-08-01 2014-03-31 01812067 2013-05-01 2013-07-31 01812067 2014-03-31 01812067 2013-07-31 01812067 d:OrdinaryShareClass1 2014-03-31 01812067 d:OrdinaryShareClass1 2013-07-31 01812067 d:OrdinaryShareClass1 2013-08-01 2014-03-31 01812067 d:Director1 2013-08-01 2014-03-31 01812067 d:Director2 2013-08-01 2014-03-31 01812067 d:Director3 2013-08-01 2014-03-31 01812067 d:Director4 2013-08-01 2014-03-31 01812067 d:EntityAccountantsOrAuditors 2014-03-31 01812067 d:AllEntityOfficers 2013-05-01 2013-07-31 01812067 c:OfficeEquipment 2013-08-01 2014-03-31 01812067 c:OfficeEquipment 2013-07-31 01812067 c:PlantMachinery 2013-08-01 2014-03-31 01812067 c:PlantMachinery 2013-07-31 01812067 d:RegisteredOffice 2013-08-01 2014-03-31 01812067 c:OwnedOrFreeholdTangibleFixedAssets 2013-05-01 2013-07-31 01812067 c:ProvisionsForDeferredTaxation 2013-05-01 01812067 c:ProvisionsForDeferredTaxation 2013-07-31 01812067 c:ProvisionsForDeferredTaxation 2013-08-01 2014-03-31 01812067 d:EntityAccountantsOrAuditors 2013-08-01 2014-03-31 01812067 c:DividendsPaid d:AllOrdinaryShares 2013-08-01 2014-03-31 xbrli:shares iso4217:GBP

Registered number: 01812067

LAKE PHARMACY (TAVISTOCK) LIMITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE PERIOD ENDED MARCH 31, 2014

LAKE PHARMACY (TAVISTOCK) LIMITED

COMPANY INFORMATION

DIRECTORS	Mr K C Patel (appointed August 1, 2013)
	Mr K C Patel Jnr (appointed August 1, 2013)
	Mr W S Lake (resigned August 1, 2013)
	Mrs S P Lake (resigned August 1, 2013)


REGISTERED NUMBER	01812067


REGISTERED OFFICE	Lion House
	Red Lion Street
	London
	WC1R 4GB


INDEPENDENT AUDITOR	KMPG LLP, Statutory Auditors
	Chartered Accountants
	1 Forest Gate
	Brighton Road
	Crawley
	RH11 9PT

LAKE PHARMACY (TAVISTOCK) LIMITED

CONTENTS

	Page
Directors' Report	1 - 2
Independent Auditor's Report	3 - 4
Profit and Loss Account	5
Balance Sheet	6
Notes to the Financial Statements	7 - 11

LAKE PHARMACY (TAVISTOCK) LIMITED

DIRECTORS' REPORT

FOR THE PERIOD ENDED MARCH 31, 2014

The Directors present their report and the financial statements for the period ended March 31, 2014 comparative 3 month period ended 31 July 2013..

ACCOUNTING REFERENCE DATE

The company changed its accounting reference date from 31st July 2014 to 31st March 2014. Accordingly these accounts are for a eight month period.

PRINCIPAL ACTIVITIES

The company ceased trading on 31 July 2013. On 1st August 2013 the entire issued share capital of the company was acquired by Day Lewis plc and trade and assets were hived up into that company.

DIRECTORS' RESPONSIBILITIES STATEMENT

The Directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the Directors are required to:

·select suitable accounting policies and then apply them consistently;

·make judgments and accounting estimates that are reasonable and prudent;

·state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

·prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

DIRECTORS

The Directors who served during the period were:

Mr K C Patel (appointed August 1, 2013)

Mr K C Patel Jnr (appointed August 1, 2013)

Mr W S Lake (resigned August 1, 2013)

Mrs S P Lake (resigned August 1, 2013)

Page 1

LAKE PHARMACY (TAVISTOCK) LIMITED

DIRECTORS' REPORT

FOR THE PERIOD ENDED MARCH 31, 2014

DISCLOSURE OF INFORMATION TO AUDITOR

Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that:

·so far as that Director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

·that Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

AUDITOR

Under section 487(2) of the Companies Act 2006, KMPG LLP, Statutory Auditors will be deemed to have been reappointed as auditor 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

In preparing this report, the Directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf.

Mr K C Patel Jnr

Director

Date: March 11, 2015

Page 2

LAKE PHARMACY (TAVISTOCK) LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LAKE PHARMACY (TAVISTOCK) LIMITED

We have audited the financial statements of Lake Pharmacy (Tavistock) Limited for the period ended March 31, 2014, set out on pages 5 to 11. The financial reporting framework that has been applied in their preparation is applicable law and the Financial Reporting Standard for Smaller Entities (effective April 2008) (United Kingdom Generally Accepted Accounting Practice applicable to Smaller Entities).

This report is made solely to the Company's shareholders, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's shareholders those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's shareholders as a body, for our audit work, for this report, or for the opinions we have formed.

RESPECTIVE RESPONSIBILITIES OF DIRECTORS AND AUDITOR

As explained more fully in the Directors' Responsibilities Statement, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's Ethical Standards for Auditors.

SCOPE OF THE AUDIT OF THE FINANCIAL STATEMENTS

A description of the scope of an audit of financial statements is provided on the Financial Reporting Council's website at www.frc.org.uk/auditscopeukprivate.

OPINION ON FINANCIAL STATEMENTS

In our opinion the financial statements:

·give a true and fair view of the state of the Company's affairs as at March 31, 2014 and of its profit for the period then ended;

·have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice applicable to Smaller Entities; and

·have been prepared in accordance with the requirements of the Companies Act 2006.

OTHER MATTER - PRIOR PERIOD FINANCIAL STATEMENTS

In forming our opinion on the financial statements, which is not modified, we note that the prior period financial statements were not audited. Consequently, International Standards on Auditing (UK and Ireland) require the auditor to state that the corresponding figures contained within these financial statements are unaudited.

OPINION ON OTHER MATTER PRESCRIBED BY THE COMPANIES ACT 2006

In our opinion the information given in the Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements.

Page 3

LAKE PHARMACY (TAVISTOCK) LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LAKE PHARMACY (TAVISTOCK) LIMITED

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

·adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

·the financial statements are not in agreement with the accounting records and returns; or

·certain disclosures of directors' remuneration specified by law are not made; or

·we have not received all the information and explanations we require for our audit; or

·the Directors were not entitled to prepare the financial statements in accordance with the small companies regime and to take advantage of the small companies' exemption from the requirement to prepare a Strategic Report.

Timothy Rush (Senior Statutory Auditor)

for and on behalf of

KMPG LLP, Statutory Auditors

Chartered Accountants

1 Forest Gate

Brighton Road

Crawley

RH11 9PT

March 11, 2015

Page 4

LAKE PHARMACY (TAVISTOCK) LIMITED

PROFIT AND LOSS ACCOUNT

FOR THE PERIOD ENDED MARCH 31, 2014

		Period from 1 August 2013 to 31 March	Unaudited period from 1 May 2013 to 31 July
		2014	2013
	Note	£	£
TURNOVER	1	-	409,254
Cost of sales		-	(294,929)
GROSS PROFIT		-	114,325
Administrative expenses		-	(144,716)
Other operating income	2	-	40
OPERATING PROFIT/(LOSS)	3	-	(30,351)
EXCEPTIONAL ITEMS
Profit on hive up at fair value	5	1,235,328	-
PROFIT/(LOSS) ON ORDINARY ACTIVITIES BEFORE INTEREST		1,235,328	(30,351)
Interest receivable and similar income		-	36
PROFIT/(LOSS) ON ORDINARY ACTIVITIES BEFORE TAXATION		1,235,328	(30,315)
Tax on profit/(loss) on ordinary activities	6	-	5,113
PROFIT/(LOSS) FOR THE FINANCIAL PERIOD	12	1,235,328	(25,202)

The notes on pages 7 to 11 form part of these financial statements.

All results are discontinued operations.

There were no recognised gains and losses other than those included in the Profit and loss account.

Page 5

LAKE PHARMACY (TAVISTOCK) LIMITED

REGISTERED NUMBER: 01812067

BALANCE SHEET

AS AT MARCH 31, 2014

	31 March	Unaudited 31 July
	2014	2013

	Note	£	£	£	£
FIXED ASSETS
Tangible assets	7		-		4,489

CURRENT ASSETS
Stocks		-		82,926
Debtors	8	10,000		250,433
Cash at bank		-		305,997

		10,000		639,356
CREDITORS: amounts falling due within one year	9	-		(253,271)
NET CURRENT ASSETS			10,000		386,085

TOTAL ASSETS LESS CURRENT LIABILITIES

10,000

390,574

PROVISIONS FOR LIABILITIES
Deferred tax	10	-	(581)
NET ASSETS		10,000	389,993

CAPITAL AND RESERVES
Called up share capital	11	10,000	10,000
Profit and loss account	12	-	379,993

SHAREHOLDERS' FUNDS

10,000

389,993

The financial statements have been prepared in accordance with the provisions applicable to small companies within Part 15 of the Companies Act 2006 and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

Mr K C Patel Jnr

Director

Date: March 11, 2015

The notes on pages 7 to 11 form part of these financial statements.

Page 6

LAKE PHARMACY (TAVISTOCK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED MARCH 31, 2014

1.ACCOUNTING POLICIES

	1.1	Basis of preparation of financial statements
		The financial statements have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
		The company ceased trading on 31 July 2013 following the acquisition and the hive up of its trade to its parent company

	1.2	Turnover
		Turnover comprises revenue recognised by the Company in respect of goods and services supplied during the period, exclusive of Value Added Tax and trade discounts.

	1.3	Tangible fixed assets and depreciation
		Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

				Plant and machinery	-	15% reducing balance
				Office equipment	-	25% on cost

	1.4	Deferred taxation
		Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation.
		A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse. Deferred tax assets and liabilities are not discounted.

2.OTHER OPERATING INCOME

	Period from 1 August 2013 to 31 March	Unaudited period from 1 May 2013 to 31 July
	2014	2013
	£	£
Sundry income	-	40

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LAKE PHARMACY (TAVISTOCK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED MARCH 31, 2014

3.OPERATING PROFIT/(LOSS)

The operating profit/(loss) is stated after charging:

	Period from 1 August 2013 to 31 March	Unaudited period from 1 May 2013 to 31 July
	2014	2013
	£	£
Depreciation of tangible fixed assets:
- owned by the company	-	630
Pension costs	-	50,000

4.DIRECTORS' REMUNERATION

	Period from 1 August 2013 to 31 March	Unaudited period from 1 May 2013 to 31 July
	2014	2013
	£	£
Aggregate remuneration	-	81,500

During the period retirement benefits were accruing to no Directors (2013 - 50,000) in respect of defined contribution pension schemes.

5.EXCEPTIONAL ITEMS

	Period from 1 August 2013 to 31 March	Unaudited period from 1 May 2013 to 31 July
	2014	2013
	£	£
Profit on disposal of trade and assets	1,235,328	-

Page 8

LAKE PHARMACY (TAVISTOCK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED MARCH 31, 2014

6.TAXATION

			Period from 1 August 2013 to 31 March	Unaudited period from 1 May 2013 to 31 July
			2014	2013
			£	£

Analysis of tax charge in the period
Current tax
UK corporation tax charge/(credit) on profit/loss for the period	-	(5,002)

Deferred tax (see note 10)
Origination and reversal of timing differences	-	(111)

Tax on profit/loss on ordinary activities	-	(5,113)

7.TANGIBLE FIXED ASSETS

	Plant and machinery	Office equipment	Total
	£	£	£
Cost
At August 1, 2013	36,409	10,457	46,866
Transferred on hive up	(36,409)	(10,457)	(46,866)
At March 31, 2014	-	-	-

Depreciation
At August 1, 2013	34,289	8,088	42,377
Transferred on hive up	(34,289)	(8,088)	(42,377)
At March 31, 2014	-	-	-

Net book value
At March 31, 2014	-	-	-
At July 31, 2013	2,120	2,369	4,489

Page 9

LAKE PHARMACY (TAVISTOCK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED MARCH 31, 2014

8.DEBTORS

	31 March	Unaudited 31 July
	2014	2013
	£	£

Trade debtors	-	222,824
Amounts owed by group undertakings	10,000	-
Other debtors	-	27,609


	10,000	250,433

9.CREDITORS:
Amounts falling due within one year

	31 March	Unaudited 31 July
	2014	2013
	£	£
Trade creditors	-	208,504
Corporation tax	-	10,873
Other taxation and social security	-	6,332
Other creditors	-	27,562


	-	253,271

10.DEFERRED TAXATION

	31 March	Unaudited 31 July
	2014	2013
	£	£

At beginning of period	581	581
Transferred on hive up	(581)	-


At end of period	-	581

The provision for deferred taxation is made up as follows:

	31 March	Unaudited 31 July
	2014	2013
	£	£

Accelerated capital allowances	-	581

Page 10

LAKE PHARMACY (TAVISTOCK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED MARCH 31, 2014

11.SHARE CAPITAL

	31 March	Unaudited 31 July
	2014	2013
	£	£
Allotted, called up and fully paid

10,000 Ordinary shares of £1 each	10,000	10,000

12.RESERVES

		Profit and loss account
		£

	At August 1, 2013	379,993
	Profit for the financial period	1,235,328
	Dividends: Equity capital	(1,615,321)


	At March 31, 2014	-

13.DIVIDENDS

			Period from 1 August 2013 to 31 March	Unaudited period from 1 May 2013 to 31 July
			2014	2013
			£	£

Dividends paid on equity capital

1,615,321

14.RELATED PARTY TRANSACTIONS

The company has taken advantage of the exemption available in accordance with FRSEE section 16.2 'Related party disclosures' not to disclose transactions entered into between two or more members of a group, as the company is a wholly owned subsidiary undertaking of the group to which it is party to the transactions.

15.ULTIMATE PARENT UNDERTAKING AND CONTROLLING PARTY

The company's immediate parent company is Day Lewis plc, a company registered in England and Wales. It prepares group accounts which are available at Day Lewis House, 2 Peterwood Way, Croydon, Surrey CR0 4UQ.

The ultimate parent company is Day Lewis Holdings Limited, a company registered in Cyprus. Mr K C Patel, a director of the company, is the controlling shareholder of that company.

Page 11