Norvik Pharmacies Limited - Limited company - abbreviated - 11.6

REGISTERED NUMBER: SC109313 (Scotland)

Abbreviated Unaudited Accounts

for the Year Ended 31 March 2015

for

Norvik Pharmacies Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

A J S Farquhar

Mrs R M Farquhar

Mrs J E Farquhar

SECRETARY:

J Farquhar

REGISTERED OFFICE:

8 Royfold Crescent

Aberdeen

Aberdeenshire

AB15 6BH

REGISTERED NUMBER:

SC109313 (Scotland)

ACCOUNTANTS:

Campbell Dallas LLP

23 Carden Place

Aberdeen

AB10 1UQ

FIXED ASSETS

Intangible assets

2

-

-

Tangible assets

3

460,443

442,517

Investments

4

79,500

167,753

539,943

610,270

CURRENT ASSETS

Stocks

263,332

309,017

Debtors

383,288

342,612

Cash at bank and in hand

311,367

336,450

957,987

988,079

CREDITORS

Amounts falling due within one year

5

660,276

715,159

NET CURRENT ASSETS

297,711

272,920

TOTAL ASSETS LESS CURRENT LIABILITIES

837,654

883,190

CREDITORS

Amounts falling due after more than one year

5

-

(30,700

)

PROVISIONS FOR LIABILITIES

(18,144

)

(12,294

)

NET ASSETS

819,510

840,196

CAPITAL AND RESERVES

Called up share capital

6

40,000

10,000

Revaluation reserve

53,648

54,216

Profit and loss account

725,862

775,980

SHAREHOLDERS' FUNDS

819,510

840,196

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2015 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 14 September 2015 and were signed on its behalf by:

A J S Farquhar - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention as modified by the

revaluation of certain assets and in accordance with the Financial Reporting Standard for Smaller

Entities (effective April 2008).

Preparation of consolidated financial statements

The financial statements contain information about Norvik Pharmacies Limited as an individual

company and do not contain consolidated financial information as the parent of a group. The company

has taken the option under Section 398 of the Companies Act 2006 not to prepare consolidated

financial statements.

Turnover

Turnover consists of the sales value, excluding value added tax, of work in the year to supply goods

and services to third parties in relation to the operation of pharmacy outlets.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of businesses at various times, has

been amortised fully over its estimated useful life of ten years.

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

Improvements to property

-

Straight line over 15 years

Fixtures and fittings

-

20% 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.

Deferred tax

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

the balance sheet date. Deferred tax is provided at the average rates that are expected to apply when

the timing differences reverse, based on current tax rates and laws.

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 the profit and loss account in the period to which they

relate.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2014

and 31 March 2015

101,873

AMORTISATION

At 1 April 2014

and 31 March 2015

101,873

NET BOOK VALUE

At 31 March 2015

-

At 31 March 2014

-

3.	TANGIBLE FIXED ASSETS

Total

£

COST OR VALUATION

At 1 April 2014

619,469

Additions

51,983

Disposals

(37,449

)

At 31 March 2015

634,003

DEPRECIATION

At 1 April 2014

176,952

Charge for year

31,799

Eliminated on disposal

(35,191

)

At 31 March 2015

173,560

NET BOOK VALUE

At 31 March 2015

460,443

At 31 March 2014

442,517

4.	FIXED ASSET INVESTMENTS

Investments

other

than

loans

£

COST

At 1 April 2014

and 31 March 2015

256,007

PROVISIONS

At 1 April 2014

88,254

Charge for year

88,253

At 31 March 2015

176,507

NET BOOK VALUE

At 31 March 2015

79,500

At 31 March 2014

167,753

The company's investments at the Balance Sheet date in the share capital of companies include the

following:

Floriage Limited

Nature of business: Property owner

%

Class of shares:

holding

Ordinary £1 shares

100.00

2015

2014

£

£

Aggregate capital and reserves

77,300

78,400

Loss for the year

(1,100

)

(1,100

)

5.

CREDITORS

Creditors include an amount of £ 0 (2014 - £ 96,700 ) for which security has been given.

They also include the following debts falling due in more than five years:

2015

2014

£

£

Repayable otherwise than by instalments

-

30,000

There is no specific date set for redemption of these shares.

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2015

2014

value:

£

£

10,000

Ordinary

£1

10,000

10,000

30,000

"A" Redeemable Ordinary Shares

£1

30,000

-

40,000

10,000

The "A" Redeemable Ordinary Shares may be redeemed at par by the company, in whole or in part, at

any time.