K. Waterhouse Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 00971282 (England and Wales)

Unaudited Financial Statements for the Year Ended 30 September 2019

for

K. Waterhouse Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Vinay Lalji Shah

Nalin Lalji Shah

Anil Lalji Shah

Amritlal Lalji Shah

SECRETARY:

Vinay Lalji Shah

REGISTERED OFFICE:

Viglen House Business Centre

Office No 136,Alperton Lan

HA0 1HD

REGISTERED NUMBER:

00971282 (England and Wales)

ACCOUNTANTS:

Shah Dodhia & Co

173 Cleveland Street

London

W1T 6QR

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

1

650,099

Investments

6

691,736

919,834

Investment property

7

1,100,000

1,100,000

1,791,737

2,669,933

CURRENT ASSETS

Stocks

445,257

305,974

Debtors

8

923,244

721,800

Cash at bank

9,501,269

6,593,638

10,869,770

7,621,412

CREDITORS

Amounts falling due within one year

9

1,224,070

546,698

NET CURRENT ASSETS

9,645,700

7,074,714

TOTAL ASSETS LESS CURRENT LIABILITIES

11,437,437

9,744,647

PROVISIONS FOR LIABILITIES

44,921

44,921

NET ASSETS

11,392,516

9,699,726

CAPITAL AND RESERVES

Called up share capital

75,000

75,000

Revaluation reserve

10

42,311

213,739

Retained earnings

11,275,205

9,410,987

11,392,516

9,699,726

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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 11 June 2020 and were signed on its behalf by:

Vinay Lalji Shah - Director

1.	STATUTORY INFORMATION

K. Waterhouse 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.

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 as modified by the revaluation of certain assets.

Related party transactions

As the company is a wholly owned subsidiary of Pharm-Tex Limited, the company has taken

advantage of the exemption contained in FRS 102 1A and has therefore not disclosed transactions on

balances with entities which form part of the group headed by Pharm-Tex Limited.

The directors confirm that there are no other related party transactions other than those diclosed in

these financial statements.

Turnover

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

rebates, value added tax and other sales taxes.

Investments in subsidiaries

Investments in subsidiary company is stated at the net asset values of the subsidiary company, which

is considered to be their fair values, unless the net asset value is negative, in which case the

investment's carrying value is recognised in other comprehensive income (OCI) in accordance with

FRS102.17.15.E-F, with net revaluation gains recognised in OCI and net revaluation losses in profit

and loss to the extent that these are not reversals of previous revaluation gain.

Investment property

Investment property are initially recorded at cost, which includes purchase price and directly

attributable expenditure. Investment properties are revalued to their fair values at each reporting date

and any changes in fair values are recognised in profit or loss account.

No depreciation is provided in respect of investment properties. This is in accordance with FRS102

which, unlike the Companies Act 2006, does not require depreciation of investment properties.

Investment properties are held for their investment potential and not for use by the company and so

their current values are of prime importance. The departure from the provisions of the Act is required in

order to give a true and fair view.

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 group of assets.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement,

except to the extent that it relates to items recognised in other comprehensive income or directly in

equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been

enacted or substantively enacted by the balance sheet date.

Deferred tax

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

the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods

different from those in which they are recognised in financial statements. Deferred tax is measured

using tax rates and laws that have been enacted or substantively enacted by the year end and that are

expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable

that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2018 - 12 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 October 2018

and 30 September 2019

69,000

AMORTISATION

At 1 October 2018

and 30 September 2019

69,000

NET BOOK VALUE

At 30 September 2019

-

At 30 September 2018

-

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 October 2018

650,098

16,063

666,161

Additions

165,168

-

165,168

Disposals

(815,266

)

-

(815,266

)

At 30 September 2019

-

16,063

16,063

DEPRECIATION

At 1 October 2018

and 30 September 2019

-

16,062

16,062

NET BOOK VALUE

At 30 September 2019

-

1

1

At 30 September 2018

650,098

1

650,099

6.	FIXED ASSET INVESTMENTS

Shares in

group

Other

undertakings

investments

Totals

£

£

£

COST OR VALUATION

At 1 October 2018

213,742

706,092

919,834

Additions

-

36,822

36,822

Disposals

(1

)

(34,952

)

(34,953

)

Revaluations

-

(58,539

)

(58,539

)

At 30 September 2019

213,741

649,423

863,164

PROVISIONS

Revaluation adjustments

171,428

-

171,428

At 30 September 2019

171,428

-

171,428

NET BOOK VALUE

At 30 September 2019

42,313

649,423

691,736

At 30 September 2018

213,742

706,092

919,834

Cost or valuation at 30 September 2019 is represented by:

Shares in

group

Other

undertakings

investments

Totals

£

£

£

Cost

213,741

649,423

863,164

The quoted securities represent UK stocks and shares which are stated at lower of cost and net

realisable value.

The company owns the entire issued share capital of Ace Greenacre Ltd and Palmers Medical Ltd

which operate retail pharmaceutical businesses.

7.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 October 2018

and 30 September 2019

1,100,000

NET BOOK VALUE

At 30 September 2019

1,100,000

At 30 September 2018

1,100,000

The freehold trading land is shown in the accounts at cost.

The directors have considered the carrying value of all investment properties and in their opinion there

is no material difference between the carrying value and market value at the Balance Sheet date.

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

707,377

455,853

Amounts owed by group undertakings

199,407

249,472

Other debtors

16,460

16,475

923,244

721,800

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts

16,520

1,337

Trade creditors

443,508

254,814

Amounts owed to group undertakings

100,038

38

Taxation and social security

327,504

63,407

Other creditors

336,500

227,102

1,224,070

546,698

10.

RESERVES

Revaluatio

reserve

£

At 1 October 2018

213,739

Transfer to P&L

(199,860

)

Revaluation adjustment

28,432

At 30 September 2019

42,311

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 September 2019

and 30 September 2018:

2019

2018

£

£

Vinay Lalji Shah

Balance outstanding at start of year

25,004

8,630

Amounts advanced

50,000

50,000

Amounts repaid

(39,223

)

(33,626

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

35,781

25,004

Nalin Lalji Shah

Balance outstanding at start of year

28,026

4,615

Amounts advanced

50,000

50,000

Amounts repaid

(15,717

)

(26,589

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

62,309

28,026

Anil Lalji Shah

Balance outstanding at start of year

57,996

10,852

Amounts advanced

50,493

50,000

Amounts repaid

(12,019

)

(2,856

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

96,470

57,996

Amritlal Lalji Shah

Balance outstanding at start of year

52,493

4,943

Amounts advanced

50,000

50,000

Amounts repaid

(22,588

)

(2,450

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

79,905

52,493