Accounts


01 August 201631 July 2017No principle activity is included081303142016-08-01081303142017-07-31081303142016-08-012017-07-31081303142016-07-31081303142015-08-012016-07-3108130314uk-core:WithinOneYear2017-07-3108130314uk-core:WithinOneYear2016-07-3108130314uk-core:AfterOneYear2017-07-3108130314uk-core:AfterOneYear2016-07-3108130314uk-core:ShareCapital2017-07-3108130314uk-core:ShareCapital2016-07-3108130314uk-core:RetainedEarningsAccumulatedLosses2017-07-3108130314uk-core:RetainedEarningsAccumulatedLosses2016-07-3108130314uk-bus:Director12016-08-012017-07-3108130314uk-bus:RegisteredOffice2016-08-012017-07-3108130314uk-curr:PoundSterling2016-08-012017-07-3108130314uk-core:FurnitureFittings2016-08-012017-07-3108130314uk-core:OfficeEquipment2016-08-012017-07-3108130314uk-core:NetGoodwill2016-07-3108130314uk-core:NetGoodwill2017-07-3108130314uk-core:NetGoodwill2016-08-012017-07-3108130314uk-core:FurnitureFittingsToolsEquipment2016-07-3108130314uk-core:FurnitureFittingsToolsEquipment2016-08-012017-07-3108130314uk-core:FurnitureFittingsToolsEquipment2017-07-3108130314uk-core:BetweenOneTwoYears2017-07-3108130314uk-core:BetweenOneTwoYears2016-07-3108130314uk-core:BetweenTwoFiveYears2017-07-3108130314uk-core:BetweenTwoFiveYears2016-07-3108130314uk-bus:FRS1022016-08-012017-07-3108130314uk-bus:FullAccounts2016-08-012017-07-3108130314uk-bus:AuditExempt-NoAccountantsReport2016-08-012017-07-3108130314uk-bus:PrivateLimitedCompanyLtd2016-08-012017-07-31iso4217:GBPxbrli:pure
   
   
   
   
   
   
   
   
   
   
   
   
   
   
  HARBURY PHARMACY LIMITED
   
   
   
  UNAUDITED FINANCIAL STATEMENTS
   
   
  FOR THE YEAR ENDED 31 JULY 2017
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
  HARBURY PHARMACY LIMITED
  FINANCIAL STATEMENTS
  FOR THE YEAR ENDED 31 JULY 2017
       
       
  DIRECTORS
       
  Suresh Patel
  Mahesh Patel
       
  REGISTERED OFFICE
       
  Harbury Pharmacy
High Street
Leamington Spa
CV33 9HW
       
       
  COMPANY REGISTERED NUMBER
       
  08130314
       
       
  ACCOUNTANT
       
  N J Patel & Co
  Chartered Accountants
  345 Bearwood Road,
Smethwick,
W Midlands,
B66 4DB
       
       
  CONTENTS
       
  Pages
       
       
  2-3 Statement of Financial Position  
       
       
  4-8 Notes to the Financial Statements  
       
     
  page 1
  HARBURY PHARMACY LIMITED
  Company registered number: 08130314
  STATEMENT OF FINANCIAL POSITION AT 31 July 2017
           
    Note 2017 2016
      £ £ £
  FIXED ASSETS
  Intangible assets 3 186,667 221,667
  Property, plant and equipment 4 5,740 6,239
      192,407 227,906
  CURRENT ASSETS    
  Inventories   17,334 18,744
  Debtors 5 45,095 40,944
  Cash at bank and in hand   120,389 112,511
      182,818 172,199
  CREDITORS: Amounts falling due within one year 6 115,707 111,028
  NET CURRENT ASSETS   67,111 61,171
  TOTAL ASSETS LESS CURRENT LIABILITIES   259,518 289,077
           
  CREDITORS: Amounts falling due after more than one year 7 (116,824) (175,974)
           
  PROVISIONS FOR LIABILITIES   (1,375) (882)
  NET ASSETS   £141,319 £112,221
       
  CAPITAL AND RESERVES
  Called up share capital   100 100
  Retained earnings   141,219 112,121
  SHAREHOLDERS' FUNDS   £141,319 £112,221
       
  The notes on pages 4-8 form part of these financial statements
   
  page 2
  HARBURY PHARMACY LIMITED
  Company registered number: 08130314
  STATEMENT OF FINANCIAL POSITION AT 31 July 2017 (CONT.)
           
       
       
  In approving these financial statements as directors of the company we hereby confirm the following:
       
  For the year in question 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 of its financial statements for the year ended 31 July 2017 in accordance with section 476 of the Companies Act 2006.
       
  The directors acknowledge their responsibilities for: 1) ensuring that the company keeps accounting records which comply with Sections 386 and 386 of the Companies Act 2006, and 2) preparing financial statements that give a true and fair view of the state of affairs of the company at at the end of each financial year and of its profit or loss for the 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 the financial statements, so far as they are applicable to the company.
 
 
  These financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies
       
  In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.
       
  The financial statements were approved and authorised for issue by the board of directors on 04 March 2018
 
  Signed on behalf of the board of directors
 
 
       
  Suresh Patel, Director
       
       
  The notes on pages 4-8 form part of these financial statements
   
  page 3
  HARBURY PHARMACY LIMITED
  NOTES TO THE ACCOUNTS
  FOR THE YEAR ENDED 31 JULY 2017
       
 
1. SIGNIFICANT ACCOUNTING POLICIES
       
         
1a. Statement of compliance
         
  Harbury Pharmacy Limited is a private company, limited by shares incorporated in England.
         
  Registered office:
  Harbury Pharmacy
High Street
Leamington Spa
CV33 9HW
  These financial statements are the first financial statements that comply with FRS 102. The date of transition is 1 August 2015.
         
  The transition to FRS 102 has resulted in no changes in accounting policies to those used previously. These financial statements have been prepared in accordance with the provisions of Section 1A of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
         
         
  Basis of accounting
         
 
  The financial statements have been prepared under the historical cost convention. The presentation currency is £ sterling.
         
1c. Revenue recognition
         
  Income is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them.
         
1d. Taxation
         
  Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities. Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
         
 
         
 
  The notes on pages 4-8 form part of these financial statements
   
  page 4
  HARBURY PHARMACY LIMITED
  NOTES TO THE ACCOUNTS (CONT.)
  FOR THE YEAR ENDED 31 JULY 2017
       
 
1. SIGNIFICANT ACCOUNTING POLICIES (CONT.)
         
  Intangible assets
         
         
  Purchased goodwill is amortised over the estimated useful economic life of 10 years. In the opinion of the directors, this 10 year economic life is reasonable period considering the nature and location of the business and life expectancy of the local elderly population. Large part of the income is derived from NHS Prescriptions.
       
1f. Property, plant and equipment
       
  Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
       
  Fixtures and fittings Reducing balance 20%  
  Equipment Reducing balance 25%  
         
1g. Inventories
         
  Stocks are stated at the lower of cost and net realisable value. Cost includes all costs incurred in bringing each product to its present location and condition.
         
         
1h. Short term debtors and creditors
         
  Debtors and creditors receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in profit and loss.
         
         
1i. Cash and cash equivalents
         
  Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities.
         
         
1j. Provisions
         
  Provisions are recognised when the Company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.
         
  The notes on pages 4-8 form part of these financial statements
   
  page 5
  HARBURY PHARMACY LIMITED
  NOTES TO THE ACCOUNTS (CONT.)
  FOR THE YEAR ENDED 31 JULY 2017
       
 
1. SIGNIFICANT ACCOUNTING POLICIES (CONT.)
         
1k. Judgements and key sources of estimation uncertainty
         
  In the application of the Company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
         
 
         
         
       
       
2. DIRECTORS AND EMPLOYEES
       
  The average weekly number of employees during the year were as follows:
    2017 2016
    No. No.
  Management and administration 7 6
   
       
       
3. INTANGIBLE FIXED ASSETS
       
    Goodwill Total
    £ £
  Cost
       
  At 1 August 2016 350,000 350,000
  At 31 July 2017 350,000 350,000
  Amortisation
       
  At 1 August 2016 128,333 128,333
  For the year 35,000 35,000
  At 31 July 2017 163,333 163,333
   
  Net Book Amounts
       
  At 31 July 2017 186,667 186,667
  At 31 July 2016 221,667 221,667
   
  The notes on pages 4-8 form part of these financial statements
   
  page 6
  HARBURY PHARMACY LIMITED
  NOTES TO THE ACCOUNTS (CONT.)
  FOR THE YEAR ENDED 31 JULY 2017
       
4. PROPERTY, PLANT AND EQUIPMENT
    Fixtures &  
    Equipment Total
    £ £
  Cost
       
  At 1 August 2016 9,404 9,404
  Additions other than through business combinations 662 662
       
  At 31 July 2017 10,066 10,066
   
  Depreciation
       
  At 1 August 2016 3,165 3,165
  For the year 1,161 1,161
  At 31 July 2017 4,326 4,326
   
  Net Book Amounts
       
  At 31 July 2017 5,740 5,740
  At 31 July 2016 6,239 6,239
   
       
       
5. DEBTORS 2017 2016
    £ £
  Social security and other taxes 4,621 3,813
  Other debtors 40,474 37,131
    £45,095 £40,944
   
       
       
6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
    2017 2016
    £ £
  Trade creditors 34,595 29,219
  Corporation tax 19,501 19,529
  Other taxes and social security 111 -
  Other creditors 60,000 60,850
  Accruals and deferred income 1,500 1,430
    £115,707 £111,028
   
  The notes on pages 4-8 form part of these financial statements
   
  page 7
  HARBURY PHARMACY LIMITED
  NOTES TO THE ACCOUNTS (CONT.)
  FOR THE YEAR ENDED 31 JULY 2017
       
       
7. CREDITORS: AMOUNTS FALLING DUE AFTER ONE YEAR
    2017 2016
    £ £
  Other loans 116,824 175,974
    £116,824 £175,974
   
       
  Analysis of borrowings:
       
  Due within five years:
  within 1-2 years
  other 60,000 60,000
  within 2-5 years
  other 56,824 115,974
    £116,824 £175,974
   
       
       
8. RELATED PARTY TRANSACTIONS
       
  Controlling parties
  Suresh Patel, as Director/Shareholder controls the business by virtue of being able to exercise significant influence.
       
       
  The notes on pages 4-8 form part of these financial statements
   
  page 8