Sweeney's Pharmacies Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: NI003054 (Northern Ireland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2020

FOR

SWEENEY'S PHARMACIES LIMITED

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

6

DIRECTORS:

M Hamill

Dr M J Kerr

Dr S E Hillan

P P Kelly

Dr T A Maguire

Mrs S A Mawhinney

P C P Slevin

SECRETARY:

Mrs S A Mawhinney

REGISTERED OFFICE:

5 Annadale Avenue

Belfast

Co. Antrim

BT7 3JH

REGISTERED NUMBER:

NI003054 (Northern Ireland)

ACCOUNTANTS:

Baker Tilly Mooney Moore

17 Clarendon Road

Clarendon Dock

Belfast

Co. Antrim

BT1 3BG

FIXED ASSETS

Tangible assets

4

208,256

195,371

CURRENT ASSETS

Stocks

74,947

74,947

Debtors

5

544,506

338,970

Cash at bank and in hand

165,360

128,324

784,813

542,241

CREDITORS

Amounts falling due within one year

6

282,186

165,691

NET CURRENT ASSETS

502,627

376,550

TOTAL ASSETS LESS CURRENT LIABILITIES

710,883

571,921

PROVISIONS FOR LIABILITIES

37,377

30,822

NET ASSETS

673,506

541,099

CAPITAL AND RESERVES

Called up share capital

7

5,000

5,000

Retained earnings

668,506

536,099

SHAREHOLDERS' FUNDS

673,506

541,099

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 September 2020 and were signed on its behalf by:

Mrs S A Mawhinney - Director

Dr M J Kerr - Director

1.	STATUTORY INFORMATION

Sweeney's Pharmacies Limited is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

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.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates

In preparing these financial statements the directors have made the following judgements in:

The need for impairment provisions against items held in stock. These considerations are undertaken regularly by the directors, and especially at the year end date. Factors taken into account include historical experience, current market conditions and knowledge of the sector. Amounts identified as irrecoverable will be provided against in the relevant period.

The directors also consider the depreciation rates and useful lives on an annual basis to ensure there is sufficient evidence to support these and that the estimates remain reasonable.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

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

Improvements to property

-

4% on cost

Fixtures, fittings & equipment

-

25% on reducing balance

Stocks

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

Financial instruments

All financial instruments of the company are considered to meet the definition of basic financial instruments.

- Short term debtors and creditors

Debtors and creditors with no stated interest rate and are receivable or payable on demand are recognised at transaction price, and subject to annual impairment reviews. Any losses arising on impairment are recognised in the profit and loss account.

- Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 year 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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2019 - 22 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures,

to

fittings

property

& equipment

Totals

£

£

£

COST

At 1 April 2019

71,378

253,918

325,296

Additions

-

36,393

36,393

At 31 March 2020

71,378

290,311

361,689

DEPRECIATION

At 1 April 2019

6,898

123,027

129,925

Charge for year

2,855

20,653

23,508

At 31 March 2020

9,753

143,680

153,433

NET BOOK VALUE

At 31 March 2020

61,625

146,631

208,256

At 31 March 2019

64,480

130,891

195,371

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

£

Trade debtors

221,026

129,162

Other debtors

323,480

209,808

544,506

338,970

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

£

Trade creditors

194,475

110,554

Taxation and social security

29,032

35,257

Other creditors

58,679

19,880

282,186

165,691

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.20

31.3.19

value:

£

£

5,000

Ordinary

1

5,000

5,000

8.	ULTIMATE CONTROLLING PARTY

The controlling party is Northern Pharmacies Limited.