ACCOUNTS - Final Accounts preparation

NEWLAND COMMUNITY PHARMACY LIMITED - Company Information

2015-05-01 false true 2016-03-312016-03-312016-03-31trueEach 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. 05058293 2015-05-01 2016-03-31 05058293 2014-05-01 2015-04-30 05058293 2016-03-31 05058293 2015-04-30 05058293 2014-05-01 05058293 c:CompanySecretary 2015-05-01 2016-03-31 05058293 d:FixturesFittingsToolsEquipment 2015-05-01 2016-03-31 05058293 d:FixturesFittingsToolsEquipment 2015-04-30 05058293 c:OrdinaryShareClass1 2016-03-31 05058293 c:OrdinaryShareClass1 2015-04-30 05058293 c:OrdinaryShareClass1 2015-05-01 2016-03-31 05058293 c:Director1 2015-05-01 2016-03-31 05058293 c:Director2 2015-05-01 2016-03-31 05058293 c:Director3 2015-05-01 2016-03-31 05058293 c:Director4 2015-05-01 2016-03-31 05058293 c:Director5 2015-05-01 2016-03-31 05058293 c:Director6 2015-05-01 2016-03-31 05058293 c:Director7 2015-05-01 2016-03-31 05058293 c:EntityAccountantsOrAuditors 2016-03-31 05058293 c:AllEntityOfficers 2014-05-01 2015-04-30 05058293 d:OfficeEquipment 2015-05-01 2016-03-31 05058293 d:OfficeEquipment 2015-04-30 05058293 d:LandBuildings d:ShortLeaseholdProperties 2015-05-01 2016-03-31 05058293 d:LandBuildings d:ShortLeaseholdProperties 2015-04-30 05058293 d:LandBuildings d:OwnedOrFreeholdTangibleFixedAssets 2015-05-01 2016-03-31 05058293 d:LandBuildings d:OwnedOrFreeholdTangibleFixedAssets 2015-04-30 05058293 c:RegisteredOffice 2015-05-01 2016-03-31 05058293 d:OwnedOrFreeholdTangibleFixedAssets 2014-05-01 2015-04-30 05058293 d:NetGoodwill 2015-05-01 2016-03-31 05058293 d:PatentsConcessionsLicencesTradeMarksSimilar 2015-05-01 2016-03-31 05058293 d:PatentsConcessionsLicencesTradeMarksSimilar 2015-04-30 05058293 d:ProvisionsForDeferredTaxation 2014-05-01 05058293 d:ProvisionsForDeferredTaxation 2015-04-30 05058293 d:ProvisionsForDeferredTaxation 2015-05-01 2016-03-31 05058293 d:ProvisionsForDeferredTaxation 2014-05-01 2015-04-30 05058293 c:EntityAccountantsOrAuditors 2015-05-01 2016-03-31 05058293 d:WithinOneYear 2015-04-30 iso4217:GBP xbrli:shares

Registered number: 05058293

NEWLAND COMMUNITY PHARMACY LIMITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2016

NEWLAND COMMUNITY PHARMACY LIMITED

COMPANY INFORMATION

DIRECTORS	Mr K C Patel (appointed 1 May 2015, deceased 16 July 2016)
	Mr K C Patel Jnr (appointed 1 May 2015)
	Mr J C Patel Jnr (appointed 1 May 2015)
	Ms Heena Patel (appointed 1 May 2015)
	Mr R Boury (resigned 1 May 2015)
	Mr D Boury (resigned 1 May 2015)
	Mrs C Boury (resigned 1 May 2015)


COMPANY SECRETARY	Mr A R Patel


REGISTERED NUMBER	05058293


REGISTERED OFFICE	2 Peterwood Way
	Croydon
	Surrey
	CR0 4UQ


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

NEWLAND COMMUNITY PHARMACY 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 - 13

NEWLAND COMMUNITY PHARMACY LIMITED

DIRECTORS' REPORT

FOR THE PERIOD ENDED 31 MARCH 2016

The Directors present their report and the audited financial statements for the 11 month period ended 31 March 2016 comparative 12 month period ended 31 March 2015.

PRINCIPAL ACTIVITIES

The company ceased trading on 30 April 2015. On 1st May 2015 the entire issued share capital of the company was acquired by Day Lewis plc and trade and assets were hived up into that company.

ACCOUNTING REFERENCE DATE

The company changed its accounting reference date from 30th April 2016 to 31st March 2016. Accordingly these accounts are for eleven month period.

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. As explained in note 1, the Directors do not believe that it is
appropriate to prepare these financial statements on a going concern basis.

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 1 May 2015, deceased 16 July 2016)

Mr K C Patel Jnr (appointed 1 May 2015)

Mr J C Patel Jnr (appointed 1 May 2015)

Ms Heena Patel (appointed 1 May 2015)

Mr R Boury (resigned 1 May 2015)

Mr D Boury (resigned 1 May 2015)

Mrs C Boury (resigned 1 May 2015)

Page 1

NEWLAND COMMUNITY PHARMACY LIMITED

DIRECTORS' REPORT

FOR THE PERIOD ENDED 31 MARCH 2016

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, KPMG LLP, Statutory Auditor 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.

This report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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

Mr J C Patel Jnr

Director

Date: 22 December 2016

2 Peterwood Way

Croydon

Surrey

CR0 4UQ

Page 2

INDEPENDENT AUDITOR'S REPORT TO THE SHAREHOLDERS OF NEWLAND COMMUNITY PHARMACY LIMITED

We have audited the financial statements of Newland Community Pharmacy Limited for the period ended 31 March 2016, set out on pages 5 to 13. The financial reporting framework that has been applied in their preparation is applicable law and the Financial Reporting Standard for Smaller Entities (effective January 2015) (United Kingdom Generally Accepted Accounting Practice applicable to Smaller Entities).

This report is made solely to the Company's members, 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 members 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 members 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 31 March 2016 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.

EMPHASIS OF MATTER - NON-GOING CONCERN BASIS OF PREPARATION

In forming our opinion on the financial statements, which is not modified, we have considered the adequacy of the disclosure made in note 1 to the financial statements which explains that the financial statements have not been prepared on the going concern basis for the reasons set out in note 1.
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.

Page 3

INDEPENDENT AUDITOR'S REPORT TO THE SHAREHOLDERS OF NEWLAND COMMUNITY PHARMACY LIMITED

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.

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 or in preparing the Directors' report.

Timothy Rush (Senior statutory auditor)

for and on behalf of

KPMG LLP, Statutory Auditor

Chartered Accountants

1 Forest Gate

Brighton Road

Crawley

RH11 9PT

22 December 2016

Page 4

NEWLAND COMMUNITY PHARMACY LIMITED

PROFIT AND LOSS ACCOUNT

FOR THE PERIOD ENDED 31 MARCH 2016

		period from 1 May 2015 to 31 March	Unaudited 30 April
		2016	2015
	Note	£	£
TURNOVER	1	-	1,000,457
Cost of sales		-	(651,133)
GROSS PROFIT		-	349,324
Administrative expenses		-	(252,181)
Other operating income	2	-	12,859
OPERATING PROFIT	3	-	110,002
EXCEPTIONAL ITEMS	5
Net profit on sale of tangible fixed assets		137,271	-
Profit on hive up at fair value		618,292	-
PROFIT ON ORDINARY ACTIVITIES BEFORE INTEREST		755,563	110,002
Interest receivable and similar income		-	54
Interest payable and similar charges		-	(4,324)
PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION		755,563	105,732
Tax on profit on ordinary activities	6	-	(22,591)
PROFIT FOR THE FINANCIAL PERIOD	15	755,563	83,141

The notes on pages 7 to 13 form part of these financial statements.

Page 5

NEWLAND COMMUNITY PHARMACY LIMITED

REGISTERED NUMBER: 05058293

BALANCE SHEET

AS AT 31 MARCH 2016

	31 March	Unaudited 30 April
	2016	2015

	Note	£	£	£	£
FIXED ASSETS
Tangible assets	8		-		389,034

CURRENT ASSETS
Stocks	9	-		41,202
Debtors	10	989,017		167,654
Cash at bank		-		67,495

		989,017		276,351
CREDITORS: amounts falling due within one year	11	-		(212,097)
NET CURRENT ASSETS			989,017		64,254

TOTAL ASSETS LESS CURRENT LIABILITIES

989,017

453,288

CREDITORS: amounts falling due after more than one year	12	-	(214,384)
PROVISIONS FOR LIABILITIES
Deferred tax	13	-	(5,450)
NET ASSETS		989,017	233,454

CAPITAL AND RESERVES
Called up share capital	14	100	100
Profit and loss account	15	988,917	233,354

SHAREHOLDERS' FUNDS

989,017

233,454

The financial statements have been prepared in accordance with the special 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 January 2015).

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

Mr J C Patel Jnr

Director

Date: 22 December 2016

The notes on pages 7 to 13 form part of these financial statements.

Page 6

NEWLAND COMMUNITY PHARMACY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2016

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 January 2015). These financial statements were prepared in accordance with Financial Reporting Standard 102. The Financial Reporting Standard applicable in the UK and Republic of Ireland ("FRS 102") as issued in September 2015. As the company has met the Companies Act 2006 definition of a dormant company as at and since the date of transition the accounting policies applied at the date of transition under previous GAAP have been retained as permitted by paragraph 10(m) of chapter 35 of FRS 102. As a result there will be no change to amounts reported at 1st April 2014 until there is any change to those balances or the company undertakes any new transactions.

	1.2	Going concern
		As the directors do not intend to acquire a replacement trade, the directors have not prepared the financial statements on a going concern basis.

	1.3	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.

	1.4	Intangible fixed assets and amortisation
		Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the identifiable assets and liabilities. It is amortised to the Profit and loss account over its estimated economic life.

		Amortisation is provided at the following rates:

Goodwill

over 10 years

	1.5	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:

Freehold property	-	2% on cost
Improvements to property	-	5% on cost
Fixtures and fittings	-	20% on cost
Computer equipment	-	33% on cost

	1.6	Stocks
		Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Page 7

NEWLAND COMMUNITY PHARMACY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2016

1.ACCOUNTING POLICIES (continued)

	1.7	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.

	1.8	Pensions
		The Company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Company to the fund in respect of the period.

2.OTHER OPERATING INCOME

	period from 1 May 2015 to 31 March	Unaudited 30 April
	2016	2015
	£	£
Other operating income	-	3,019
Net rents receivable	-	9,840
	-	12,859

3.OPERATING PROFIT

The operating profit is stated after charging:

	period from 1 May 2015 to 31 March	Unaudited 30 April
	2016	2015
	£	£
Depreciation of tangible fixed assets:
- owned by the company	-	17,822
Pension costs	-	12,426

Page 8

NEWLAND COMMUNITY PHARMACY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2016

4.DIRECTORS' REMUNERATION

	period from 1 May 2015 to 31 March	Unaudited 30 April
	2016	2015
	£	£
Aggregate remuneration	-	13,396

During the period retirement benefits were accruing to no Directors (2015 - 1) in respect of defined contribution pension schemes.

5.EXCEPTIONAL ITEMS

	period from 1 May 2015 to 31 March	Unaudited 30 April
	2016	2015
	£	£
Profit on disposal of trade and assets	755,563	-

6.TAXATION

			period from 1 May 2015 to 31 March	Unaudited 30 April
			2016	2015
			£	£

Analysis of tax charge in the period/year
Current tax
UK corporation tax charge on profit for the period/year	-	23,584

Deferred tax (see note 13)
Origination and reversal of timing differences	-	(993)

Tax on profit on ordinary activities	-	22,591

Page 9

NEWLAND COMMUNITY PHARMACY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2016

7.INTANGIBLE FIXED ASSETS

		Goodwill
		£
	Cost
	At 1 May 2015	360,000
	Transferred on hive up	(360,000)
	At 31 March 2016	-
	Amortisation
	At 1 May 2015	360,000
	Transferred on hive up	(360,000)
	At 31 March 2016	-

	Net book value
	At 31 March 2016	-
	At 30 April 2015	-

8.TANGIBLE FIXED ASSETS

	Freehold property	Improvements to property	Fixtures and fittings	Computer equipment	Total
	£	£	£	£	£
Cost
At 1 May 2015	364,062	61,142	89,710	14,772	529,686
Transferred on hive up	(364,062)	(61,142)	(89,710)	(14,772)	(529,686)
At 31 March 2016	-	-	-	-	-

Depreciation
At 1 May 2015	51,333	14,941	61,975	12,403	140,652
Transferred on hive up	(51,333)	(14,941)	(61,975)	(12,403)	(140,652)
At 31 March 2016	-	-	-	-	-

Net book value
At 31 March 2016	-	-	-	-	-
At 30 April 2015	312,729	46,201	27,735	2,369	389,034

Page 10

NEWLAND COMMUNITY PHARMACY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2016

9.STOCKS

	31 March	Unaudited 30 April
	2016	2015
	£	£
Finished goods and goods for resale	-	41,202

10.DEBTORS

	31 March	Unaudited 30 April
	2016	2015
	£	£

Trade debtors	-	157,951
Amounts owed by group undertakings	989,017	-
VAT recoverable Other debtors Prepayments and accrued income	- - -	9,268 22 413


	989,017	167,654

11.CREDITORS:
Amounts falling due within one year

	31 March	Unaudited 30 April
	2016	2015
	£	£
Bank loans and overdrafts	-	23,398
Trade creditors	-	133,773
Corporation tax	-	23,584
PAYE and social security Directors current accounts Other creditors Accruals and deferred income	- - - -	2,191 25,173 250 3,728


	-	212,097

Page 11

NEWLAND COMMUNITY PHARMACY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2016

12.CREDITORS:
Amounts falling due after more than one year

	31 March	Unaudited 30 April
	2016	2015
	£	£
Bank loans and overdrafts	-	214,384

13.DEFERRED TAXATION

	31 March	Unaudited 30 April
	2016	2015
	£	£

At beginning of period/year	5,450	6,443
Transferred on hive up	(5,450)	(993)


At end of period/year	-	5,450

The provision for deferred taxation is made up as follows:

	31 March	Unaudited 30 April
	2016	2015
	£	£

Accelerated capital allowances	-	5,450

14.SHARE CAPITAL

	31 March	Unaudited 30 April
	2016	2015
	£	£
Allotted, called up and fully paid

100 Ordinary shares of £1 each	100	100

15.RESERVES

		Profit and loss account
		£

	At 1 May 2015	233,354
	Profit for the financial period	755,563


	At 31 March 2016	988,917

Page 12

NEWLAND COMMUNITY PHARMACY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2016

16.RECONCILIATION OF MOVEMENT IN SHAREHOLDERS' FUNDS

	31 March	Unaudited 30 April
	2016	2015
	£	£
Opening shareholders' funds	233,454	150,313
Profit for the financial period/year	755,563	83,141
Closing shareholders' funds	989,017	233,454

17.PENSION COMMITMENTS

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £nil (2015 - £nil). Contributions totalling £nil (2015 - £12,426) were payable to the fund at the balance sheet date and are included in creditors.

18.OPERATING LEASE COMMITMENTS

At 31 March 2016 the Company had annual commitments under non-cancellable operating leases as follows:

	31 March	Unaudited 30 April
	2016	2015
	£	£
Expiry date:
Between 2 and 5 years	-	6,832

19.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.

20.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. Mrs Nalini Patel, is the controlling shareholder of that company.

Page 13