Three Swans Pharmacy Limited - Period Ending 2016-09-30

 
 
 
 
 
 
 
  Three Swans Pharmacy Limited
 
  Unaudited Abbreviated Accounts
  Year Ended 30 September 2016
 
  Company Registration Number: 06975508

Three Swans Pharmacy Limited
Contents

Abbreviated Balance Sheet 1 to 2

Notes to the Abbreviated Accounts 3 to 4

Three Swans Pharmacy Limited
Abbreviated Balance Sheet
30 September 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets		2			3,683			5,116
Current assets
Stocks					61,662			66,297
Debtors					155,819			241,237
Cash at bank and in hand					374,579			292,656
					592,060			600,190
Creditors: Amounts falling due within one year					(392,728)			(374,392)
Net current assets					199,332			225,798
Total assets less current liabilities					203,015			230,914
Provisions for liabilities					(598)			(1,023)
Net assets					202,417			229,891
Capital and reserves
Called up share capital		3			16			16
Share premium account					149,992			149,992
Profit and loss account					52,409			79,883
Shareholders' funds					202,417			229,891

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 1

Three Swans Pharmacy Limited
Abbreviated Balance Sheet
30 September 2016 ......... continued

For the year ending 30 September 2016 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 28 March 2017 and signed on its behalf by:

E Stanger
Director

Company Registration Number: 06975508

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 2

Three Swans Pharmacy Limited
Notes to the Abbreviated Accounts
Year Ended 30 September 2016 ......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective January 2015).

Turnover

The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax. NHS sales are recognised when prescriptions are filled. Counter sales are recognised at the date of sale.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Asset class	Amortisation method and rate
Pharmacy contract	20% per annum straight line

Depreciation

All fixed assets are initially recorded at cost.

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Asset class	Depreciation method and rate
Fixtures & Fittings	20% per annum straight line
Motor Vehicles	20% per annum straight line

Stock

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, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes which have arisen but not reversed by the balance sheet date, except as required by the FRSSE.

Hire purchase and leasing

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

Page 3

Three Swans Pharmacy Limited
Notes to the Abbreviated Accounts
Year Ended 30 September 2016 ......... continued

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 October 2015		128,712			87,528			216,240
At 30 September 2016		128,712			87,528			216,240
Depreciation
At 1 October 2015		128,712			82,412			211,124
Charge for the year		-			1,433			1,433
At 30 September 2016		128,712			83,845			212,557
Net book value
At 30 September 2016		-			3,683			3,683
At 30 September 2015		-			5,116			5,116

3	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary "X" shares of £1 each		8			8			8			8
Ordinary "Y" shares of £1 each		8			8			8			8
		16			16			16			16

Page 4