Village Street Pharmacy Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03115332 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 November 2019

for

Village Street Pharmacy Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

Chartered Accountants' Report

7

DIRECTORS:

L Beech

B S Kumar

SECRETARY:

L Beech

REGISTERED OFFICE:

3rd Floor

Butt Dyke House

33 Park Row

Nottingham

NG1 6EE

REGISTERED NUMBER:

03115332 (England and Wales)

ACCOUNTANTS:

HSKS Greenhalgh

Chartered Accountants

3rd Floor

Butt Dyke House

33 Park Row

Nottingham

NG1 6EE

FIXED ASSETS

Intangible assets

4

1

1

Tangible assets

5

53,066

60,506

53,067

60,507

CURRENT ASSETS

Stocks

47,124

51,557

Debtors

6

431,731

406,568

Cash at bank

102,424

158,115

581,279

616,240

CREDITORS

Amounts falling due within one year

7

255,358

261,743

NET CURRENT ASSETS

325,921

354,497

TOTAL ASSETS LESS CURRENT LIABILITIES

378,988

415,004

PROVISIONS FOR LIABILITIES

3,911

4,608

NET ASSETS

375,077

410,396

CAPITAL AND RESERVES

Called up share capital

10

100

100

Retained earnings

374,977

410,296

SHAREHOLDERS' FUNDS

375,077

410,396

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each 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 financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 May 2020 and were signed on its behalf by:

L Beech - Director

B S Kumar - Director

1.	STATUTORY INFORMATION

Village Street Pharmacy Limited is a private company, limited by shares , registered in England and

Wales. The company's registered number and registered office address can be found on the Company

Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts,

rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 1996, has been

written off evenly over its estimated useful life of five years.

Intangible assets

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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

10% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Office equipment

-

15% on reducing balance

Stocks

Stocks are valued at the lower of cost and estimated selling price, after making due allowance for

obsolete and slow moving items.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the

period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the

company's pension scheme are charged to profit or loss in the period to which they relate.

Deferred tax

Deferred tax is recognised in respect of all material timing differences that have originated but not

reversed at the balance sheet date.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2018 - 19 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 December 2018

and 30 November 2019

6,000

AMORTISATION

At 1 December 2018

and 30 November 2019

5,999

NET BOOK VALUE

At 30 November 2019

1

At 30 November 2018

1

5.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

and

Motor

Office

property

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 December 2018

and 30 November 2019

118,254

6,586

600

61,127

186,567

DEPRECIATION

At 1 December 2018

84,856

5,282

263

35,660

126,061

Charge for year

3,339

196

84

3,821

7,440

At 30 November 2019

88,195

5,478

347

39,481

133,501

NET BOOK VALUE

At 30 November 2019

30,059

1,108

253

21,646

53,066

At 30 November 2018

33,398

1,304

337

25,467

60,506

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

81,047

74,300

Amounts owed by group undertakings

293,617

185,076

Other debtors

2,816

5,849

Tax

11,044

11,067

VAT

37,302

122,689

Prepayments and accrued income

5,905

7,587

431,731

406,568

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

182,718

188,839

Social security and other taxes

5,560

4,326

Directors' loan accounts

62,089

62,093

Accruals & deferred income

4,991

6,485

255,358

261,743

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2019

2018

£

£

Within one year

21,313

19,553

Between one and five years

84,539

77,586

In more than five years

171,825

156,784

277,677

253,923

9.	SECURED DEBTS

Lloyds Bank plc have a fixed and floating charge over the assets of the company. In addition, Lloyds

Bank plc hold in their favour an omnibus guarantee and set-off agreement for the company.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

100

Ordinary

£1

100

100

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The directors had balances owing to the company at the year end of £Nil (2018: £Nil). The maximum

amount overdrawn during the year was £9,946 and this amount was fully repaid during the year.

Interest is charged at 2.5% on overdrawn amounts.

12.	ULTIMATE CONTROLLING PARTY

The immediate parent undertaking is Burton Cliff Healthcare Limited by virtue of its majority

shareholding of the issued ordinary share capital. The registered office is 3rd Floor Butt Dyke House,

33 Park Row, Nottingham. NG1 6EE.

The ultimate controlling party is the director, Mrs L Beech, by virtue of her majority shareholding in the

ultimate parent company Burton Cliff Healthcare Limited.

The following reproduces the text of the report prepared for the directors in respect of the company's

annual unaudited financial statements. In accordance with the Companies Act 2006, the company is

only required to file a Statement of Financial Position. Readers are cautioned that the Income

Statement and certain other primary statements and the Report of the Directors are not required to be

filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval

the financial statements of Village Street Pharmacy Limited for the year ended 30 November 2019 which

comprise the Income Statement, 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Village Street Pharmacy Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Village Street Pharmacy Limited and state those matters that we have agreed to state to the Board of Directors of Village Street Pharmacy Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Village Street Pharmacy Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Village Street Pharmacy Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Village Street Pharmacy Limited. You consider that Village Street Pharmacy 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 financial statements of Village Street Pharmacy 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 financial statements.

HSKS Greenhalgh

Chartered Accountants

3rd Floor

Butt Dyke House

33 Park Row

Nottingham

NG1 6EE

26 May 2020