Accounts















	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