Meadowbank Health Centre Pharmacy Limited Filleted accounts for Companies House (small and micro)

MEADOWBANK HEALTH CENTRE PHARMACY LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: SC128178

MEADOWBANK HEALTH CENTRE PHARMACY LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

31 October 2019

MEADOWBANK HEALTH CENTRE PHARMACY LIMITED

STATEMENT OF FINANCIAL POSITION

31 October 2019

	2019		2018
Note	£	£	£	£

Fixed assets

Tangible assets	5		8,452		10,249

Current assets

Stocks		62,923	58,973
Debtors	6	208,475	235,760
Cash at bank and in hand		823,254	608,472
		--------------	-----------
		1,094,652	903,205

Creditors: amounts falling due within one year	7	239,023		235,203
		--------------		-----------
Net current assets			855,629		668,002
			-----------		-----------
Total assets less current liabilities			864,081		678,251

Provisions

Taxation including deferred tax	1,606	1,905
	-----------	-----------
Net assets	862,475	676,346
	-----------	-----------

Capital and reserves

Called up share capital	100	100
Profit and loss account	862,375	676,246
	-----------	-----------
Shareholders funds	862,475	676,346
	-----------	-----------

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 income and retained earnings has not been delivered.

For the year ending 31 October 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 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 .

MEADOWBANK HEALTH CENTRE PHARMACY LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

31 October 2019

These financial statements were approved by the board of directors and authorised for issue on 9 April 2020 , and are signed on behalf of the board by:

Mr M Cohen

Director

Company registration number: SC128178

MEADOWBANK HEALTH CENTRE PHARMACY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 OCTOBER 2019

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is Salmon Inn Road, Polmont, Falkirk, FK2 0XF.

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.

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.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Corporation 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.

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 & Fittings	-	15% 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.

Stocks

Stocks have been valued by an independent firm of professional valuers at the lower of cost and net realisable value.

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.

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 13 (2018: 12 ).

5. Tangible assets

	Fixtures and fittings	Total
	£	£
Cost
At 1 November 2018 and 31 October 2019	33,681	33,681
	---------	---------
Depreciation
At 1 November 2018	23,432	23,432
Charge for the year	1,797	1,797
	---------	---------
At 31 October 2019	25,229	25,229
	---------	---------
Carrying amount
At 31 October 2019	8,452	8,452
	---------	---------
At 31 October 2018	10,249	10,249
	---------	---------

6. Debtors

	2019	2018
	£	£
Trade debtors	181,393	186,234
Other debtors	27,082	49,526
	-----------	-----------
	208,475	235,760
	-----------	-----------

7. Creditors: amounts falling due within one year

	2019	2018
	£	£
Trade creditors	165,362	152,667
Corporation tax	62,767	72,970
Social security and other taxes	3,269	–
Other creditors	7,625	9,566
	-----------	-----------
	239,023	235,203
	-----------	-----------