Wellington Pharmacy Limited Filleted accounts for Companies House (small and micro)

WELLINGTON PHARMACY LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 08239118

Wellington Pharmacy Limited

Filleted Unaudited Financial Statements

31 March 2018

Wellington Pharmacy Limited

Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Wellington Pharmacy Limited

Year ended 31st March 2018

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Wellington Pharmacy Limited for the year ended 31st March 2018, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. Our work has been undertaken in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation.

UHY HACKER YOUNG Chartered Accountants

St John's Chambers Love Street Chester Cheshire CH1 1QN

31 January 2019

Wellington Pharmacy Limited

Statement of Financial Position

31 March 2018

	2018		2017
Note	£	£	£

FIXED ASSETS

Tangible assets	5		280,264	136,682

CURRENT ASSETS

Stocks		68,092	69,239
Debtors	6	320,433	459,005
Cash at bank and in hand		38,346	150,405
		-----------	-----------
		426,871	678,649

CREDITORS: amounts falling due within one year	7	388,103		491,324
		-----------		-----------
NET CURRENT ASSETS			38,768	187,325
			-----------	-----------
TOTAL ASSETS LESS CURRENT LIABILITIES			319,032	324,007

CREDITORS: amounts falling due after more than one year	8		7,857	25,206

PROVISIONS

Taxation including deferred tax	53,250	21,653
	-----------	-----------
NET ASSETS	257,925	277,148
	-----------	-----------

CAPITAL AND RESERVES

Called up share capital	100	100
Profit and loss account	257,825	277,048
	-----------	-----------
SHAREHOLDERS FUNDS	257,925	277,148
	-----------	-----------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

Wellington Pharmacy Limited

Statement of Financial Position (continued)

31 March 2018

For the year ending 31st March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

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

These financial statements were approved by the board of directors and authorised for issue on 31 January 2019 , and are signed on behalf of the board by:

Mr R Rahania

Director

Company registration number: 08239118

Wellington Pharmacy Limited

Notes to the Financial Statements

Year ended 31st March 2018

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is St Johns Chambers, Love Street, Chester, CH1 1QN.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is recognised when the company has fulfilled all contractual duties with their customer and is disclosed exclusive of VAT.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

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

	Fixtures and Fittings	-	5% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 10 (2017: 10 ).

5. Tangible assets

	Land and buildings	Fixtures and fittings	Total
	£	£	£
Cost
At 1st April 2017	22,718	135,560	158,278
Additions	–	157,136	157,136
	---------	-----------	-----------
At 31st March 2018	22,718	292,696	315,414
	---------	-----------	-----------
Depreciation
At 1st April 2017	–	21,596	21,596
Charge for the year	–	13,554	13,554
	---------	-----------	-----------
At 31st March 2018	–	35,150	35,150
	---------	-----------	-----------
Carrying amount
At 31st March 2018	22,718	257,546	280,264
	---------	-----------	-----------
At 31st March 2017	22,718	113,964	136,682
	---------	-----------	-----------

6. Debtors

	2018	2017
	£	£
Trade debtors	205,932	323,333
Amounts owed by group undertakings and undertakings in which the company has a participating interest	49,576	12,520
Other debtors	64,925	123,152
	-----------	-----------
	320,433	459,005
	-----------	-----------

7. Creditors: amounts falling due within one year

	2018	2017
	£	£
Bank loans and overdrafts	5,331	18,688
Trade creditors	233,034	254,314
Corporation tax	–	60,727
Social security and other taxes	1,652	1,376
Other creditors 1 - desc in a/cs	129,541	1,959
Other creditors	18,545	154,260
	-----------	-----------
	388,103	491,324
	-----------	-----------

8. Creditors: amounts falling due after more than one year

	2018	2017
	£	£
Bank loans and overdrafts	7,857	25,206
	--------	---------

9. Directors' advances, credits and guarantees

During the year, the Directors received total advances of £Nil (2017 - £75,262). These were charged to interest at the official rate of interest, and cleared within nine months of the year end.

10. Related party transactions

The company was under the control of Mr R Rahania , Mr J S Rahania and Mr R K Saroy throughout the current and previous year, being the Directors and the shareholders of Nightchem Limited , the immediate and ultimate holding company. shareholder. Other Related Parties are Nightchem Limited, the holding company, and Daychem Limited , a company incorporated in England and Wales and under common control. During the year, the Company maintained a loan balance with Nightchem Limited, being owed £49,576 (2017 - £12,500) this being disclosed in Debtors in these accounts. Daychem Limited maintained a loan account with the Company and at the year end, was owed £129,541 (2017 - £1,958) disclosed in Creditors in these acco unts. No further transactions with related parties were undertaken such as are required to be disclosed under FRS 102.

11. Controlling party

The ultimate parent company is Nightchem Limited, a company incorporated in England & Wales.