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Registered number: 05130037
CHEL PHARMACY LIMITED
Unaudited
Financial statements
Information for filing with the registrar
For the year ended 30 June 2018
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CHEL PHARMACY LIMITED
Registered number: 05130037
Balance sheet
As at 30 June 2018
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Provisions for liabilities
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Page 1
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CHEL PHARMACY LIMITED
Registered number: 05130037
Balance sheet (continued)
As at 30 June 2018
The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by.
Page 2
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CHEL PHARMACY LIMITED
Statement of changes in equity
For the year ended 30 June 2018
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Comprehensive income for the year
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Total comprehensive income for the year
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Dividends: Equity capital
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Total transactions with owners
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Comprehensive income for the year
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Total comprehensive income for the year
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Dividends: Equity capital
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The notes on pages 4 to 10 form part of these financial statements.
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Page 3
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CHEL PHARMACY LIMITED
Notes to the financial statements
For the year ended 30 June 2018
Chel Pharmacy limited is a private company, limited by share capital, incorporated in England & Wales under registration number 05130037. The address of the registered office is situated at 37 Warren Street, London, W1T 6AD.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A) of the Companies Act 2006.
The following principal accounting policies have been applied:
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
∙the Company has transferred the significant risks and rewards of ownership to the buyer;
∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the transaction; and
∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
Page 4
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CHEL PHARMACY LIMITED
Notes to the financial statements
For the year ended 30 June 2018
2.Accounting policies (continued)
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of comprehensive income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Page 5
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CHEL PHARMACY LIMITED
Notes to the financial statements
For the year ended 30 June 2018
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehensive income.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first outbasis. Work in progress and finished goods include labour and attributable overheads.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
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The average monthly number of employees, including directors, during the year was 6 (2017 - 5).
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Page 6
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CHEL PHARMACY LIMITED
Notes to the financial statements
For the year ended 30 June 2018
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Charge for the year on owned assets
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Finished goods and goods for resale
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Page 7
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CHEL PHARMACY LIMITED
Notes to the financial statements
For the year ended 30 June 2018
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Amounts owed by group undertakings
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Other debtors and prepayments
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Page 8
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CHEL PHARMACY LIMITED
Notes to the financial statements
For the year ended 30 June 2018
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Charged to profit or loss
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The provision for deferred taxation is made up as follows:
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Accelerated capital allowances
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Allotted, called up and fully paid
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100 (2017 - 100) Ordinary shares of £1.00 each
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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 £36,302 (2017 - £32,000).
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Commitments under operating leases
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At 30 June 2018 the Company had future minimum lease payments under non-cancellable operating leases as follows:
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Page 9
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CHEL PHARMACY LIMITED
Notes to the financial statements
For the year ended 30 June 2018
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Related party transactions
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During the year, the company paid dividends to the following director:
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The director's loan account balance of Mrs S Davda was £149,133 debit balance (2017 - £95,851 debit
balance) at 30 June 2018. Mrs S Davda paid the company £3,637 (2017 - £2,792) in interest, calculated
at HMRC official rate.
The director Mrs S Davda had an interest in the company's transactions with Pringleton Limited which is
incorporated and trading in the UK, by the virtue of the director also being a director in that company. At
the balance sheet date, Pringleton Limited owed to Chel Pharmacy Limited £Nil (2016 - £1,500) (Note 8).
During the year, the company provided locum services £Nil (2017 - £2,970) to Pringleton Limited.
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The company was under the control of the sole director Mrs S Davda, by the virtue of the fact that she
owns 100% of the issued share capital.
Page 10
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