SMD Pharmacy Ltd 31/07/2019 iXBRL

SMD Pharmacy Ltd 31/07/2019 iXBRL

SMD PHARMACY LTD - Company Information

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31/07/2019 2019-07-31 false false false false false false false false false false true false false true false false false false false false false false No description of principal activities is disclosed 2018-07-26 Sage Accounts Production 19.0 - FRS102_2014 xbrli:pure xbrli:shares iso4217:GBP 11485547 2018-07-26 2019-07-31 11485547 2019-07-31 11485547 core:NetGoodwill 2018-07-26 2019-07-31 11485547 bus:Director1 2018-07-26 2019-07-31 11485547 core:WithinOneYear 2019-07-31 11485547 core:NetGoodwill 2019-07-31 11485547 core:PlantMachinery 2019-07-31 11485547 core:ShareCapital 2019-07-31 11485547 core:RetainedEarningsAccumulatedLosses 2019-07-31 11485547 core:PlantMachinery 2018-07-26 2019-07-31 11485547 bus:Director1 2019-07-31 11485547 bus:SmallEntities 2018-07-26 2019-07-31 11485547 bus:AuditExemptWithAccountantsReport 2018-07-26 2019-07-31 11485547 bus:FullAccounts 2018-07-26 2019-07-31 11485547 bus:SmallCompaniesRegimeForAccounts 2018-07-26 2019-07-31 11485547 bus:PrivateLimitedCompanyLtd 2018-07-26 2019-07-31
Company registration number: 11485547
SMD Pharmacy Ltd
Trading as SMD Pharmacy Ltd
Unaudited filleted financial statements
31 July 2019
SMD PHARMACY LTD
Contents
Statement of financial position
Notes to the financial statements
SMD PHARMACY LTD
STATEMENT OF FINANCIAL POSITION
31 JULY 2019
31/07/19
Note £ £
Fixed assets
Intangible assets 5 4,750
Tangible assets 6 1,053
_______
5,803
Current assets
Cash at bank and in hand 33,065
_______
33,065
Creditors: amounts falling due
within one year 7 ( 16,504)
_______
Net current assets 16,561
_______
Total assets less current liabilities 22,364
Provisions for liabilities 18
_______
Net assets 22,382
_______
Capital and reserves
Called up share capital 8 2
Profit and loss account 9 22,380
_______
Shareholders funds 22,382
_______
For the period ending 31 July 2019 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 period 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 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.
These financial statements were approved by the board of directors and authorised for issue on 14 April 2020 , and are signed on behalf of the board by:
Miss S Mielgo-Darriba
Director
Company registration number: 11485547
SMD PHARMACY LTD
NOTES TO THE FINANCIAL STATEMENTS
PERIOD ENDED 31 JULY 2019
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 96 High Street, Ilfracombe, Devon, EX34 9NH.
Principal activity
The principal activity of the company is providing pharmacy services.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 5 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Plant and machinery - 25% Straight Line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets. 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 are 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.
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 in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 1
5. Intangible assets
Goodwill Total
£ £
Cost
At 26 July 2018 - -
Additions 5,000 5,000
_______ _______
At 31 July 2019 5,000 5,000
_______ _______
Amortisation
At 26 July 2018 - -
Charge for the period 250 250
_______ _______
At 31 July 2019 250 250
_______ _______
Carrying amount
At 31 July 2019 4,750 4,750
_______ _______
6. Tangible assets
Plant and machinery Total
£ £
Cost
At 26 July 2018 - -
Additions 1,404 1,404
_______ _______
At 31 July 2019 1,404 1,404
_______ _______
Depreciation
At 26 July 2018 - -
Charge for the year 351 351
_______ _______
At 31 July 2019 351 351
_______ _______
Carrying amount
At 31 July 2019 1,053 1,053
_______ _______
7. Creditors: amounts falling due within one year
31/07/19
£
Accruals and deferred income 1,500
Social security and other taxes 7,672
Other creditors 7,332
_______
16,504
_______
8. Called up share capital
Shares were allotted, issued and fully paid up during the period.
9. Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses.
10. Directors advances, credits and guarantees
During the period the directors entered into the following advances and credits with the company:
Loans to / (from) directors at 1 August 2018 Loans to / (from) the directors Balance at 31 July 2019
£ £ £
Directors - ( 7,332) ( 7,332)
_______ _______ _______
Directors' loans are repayable on demand and subject to interest on overdrawn balances at the official rate.