Rushport (Romsey) Limited - Period Ending 2019-06-30
Rushport (Romsey) Limited - Period Ending 2019-06-30
Registration number:
Rushport (Romsey) Limited
for the Year Ended 30 June 2019
91 West Savile Terrace
Edinburgh
Lothian
EH9 3DP
Rushport (Romsey) Limited
Contents
Company Information |
|
Accountants' Report |
|
Balance Sheet |
|
Notes to the Financial Statements |
Rushport (Romsey) Limited
Company Information
Directors |
Mr Mark Hunter Dobson Mr Conor Patrick Daly |
Registered office |
|
Accountants |
|
Page 1 |
Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Rushport (Romsey) Limited
for the Year Ended 30 June 2019
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Rushport (Romsey) Limited for the year ended 30 June 2019 as set out on pages 3 to 7 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 of Scotland, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.org.uk/accountspreparationguidance.
This report is made solely to you, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial information of Rushport (Romsey) Limited and state those matters that we have agreed to state to you in this report in accordance with the requirements of the Institute of Chartered Accountants of Scotland as detailed at http://www.icas.org.uk/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Rushport (Romsey) Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Rushport (Romsey) Limited. You consider that Rushport (Romsey) Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Rushport (Romsey) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
......................................
Edinburgh
Lothian
EH9 3DP
Page 2 |
Rushport (Romsey) Limited
(Registration number: 08111262)
Balance Sheet as at 30 June 2019
Note |
2019 |
2018 |
|
Fixed assets |
|||
Intangible assets |
|
|
|
Tangible assets |
|
|
|
|
|
||
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Profit and loss account |
|
|
|
Total equity |
|
|
For the financial year ending 30 June 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
.........................................
Director
Page 3 |
Rushport (Romsey) Limited
Notes to the Financial Statements for the Year Ended 30 June 2019
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
England
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention.
The presentation currency is sterling.
Going concern
The financial statements have been prepared on the going concern basis. The directors consider this appropriate as the company is supported by the increasing value of its licence and it continues to meet its day to day commitments from working capital and existing financial arrangements as they fall due. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.
Revenue recognition
Turnover represents the fair value of the consideration received or receivable for the sale of pharmaceutical products, excluding value added tax and net of discounts allowed, recognised when goods are despatched or provided to customers.
Tax
The tax expense for the period comprises current tax and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is charged so as to write off the cost less residual value of assets over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Leasehold property improvements |
5% per annum straight line |
Plant and equipment |
10% per annum straight line |
Office equipment |
20% per annum straight line |
Fixtures and fittings |
10% per annum straight line |
Motor vehicles |
25% per annum straight line |
Page 4 |
Rushport (Romsey) Limited
Notes to the Financial Statements for the Year Ended 30 June 2019
Intangible assets
The company's intangible assets comprise a licence fee paid to obtain permission to operate the company's pharmacy.
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost over their useful life as follows:
Asset class |
Amortisation method and rate |
Pharmacy licence |
10% per annum straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items, and comprise pharmaceutical products for resale.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Taxation |
Page 5 |
Rushport (Romsey) Limited
Notes to the Financial Statements for the Year Ended 30 June 2019
Analysis of the tax charge/(credit) on the profit/(loss) for the year was s follows: |
|||
2019 |
2018 |
||
£ |
£ |
||
UK Corporation tax |
6,546 |
(9,518) |
|
Deferred tax |
(708) |
439 |
|
5,838 |
(9,079) |
Intangible assets |
Other intangible assets |
Total |
|
Cost or valuation |
||
At 1 July 2018 |
|
|
At 30 June 2019 |
|
|
Amortisation |
||
At 1 July 2018 |
|
|
Amortisation charge |
|
|
At 30 June 2019 |
|
|
Carrying amount |
||
At 30 June 2019 |
|
|
At 30 June 2018 |
|
|
Tangible assets |
Leasehold property improvements |
Furniture, fittings and equipment |
Motor vehicles |
Total |
|
Cost or valuation |
||||
At 1 July 2018 |
|
|
|
|
Additions |
- |
|
- |
|
At 30 June 2019 |
|
|
|
|
Depreciation |
||||
At 1 July 2018 |
|
|
|
|
Charge for the year |
|
|
- |
|
At 30 June 2019 |
|
|
|
|
Carrying amount |
||||
At 30 June 2019 |
|
|
- |
|
At 30 June 2018 |
|
|
- |
|
Stocks |
2019 |
2018 |
|
Merchandise |
|
|
Page 6 |
Rushport (Romsey) Limited
Notes to the Financial Statements for the Year Ended 30 June 2019
Debtors |
2019 |
2018 |
|
Trade debtors |
|
|
Prepayments |
|
|
Other debtors |
|
|
|
|
Creditors |
Creditors: amounts falling due within one year
2019 |
2018 |
|
Due within one year |
||
Trade creditors |
|
|
Taxation and social security |
|
|
Accruals and deferred income |
|
|
Other creditors |
|
|
|
|
Provision for Liabilities |
2019 |
2018 |
|||
£ |
£ |
|||
Deferred tax |
2,687 |
3,395 |
||
Deferred tax |
||||
Baalance at |
30 June 2019 |
3,395 |
||
Charge/(credit) to P&L during the year |
(708) |
|||
Baalance at |
1 July 2018 |
2,687 |
Share capital |
Allotted, called up and fully paid shares
2019 |
2018 |
|||
No. |
£ |
No. |
£ |
|
|
|
60 |
|
60 |
|
|
40 |
|
40 |
|
|
|
|
Lease commitments |
2019 |
2018 |
||
£ |
£ |
||
Within one year |
10,233 |
5,087 |
|
Between 1-5 years |
18,438 |
4,174 |
|
28,671 |
9,261 |
Page 7 |