Mayberry Pharmacy Limited - Period Ending 2019-12-31
Mayberry Pharmacy Limited - Period Ending 2019-12-31
Registration number:
Mayberry Pharmacy Limited
Filleted
for the Year Ended 31 December 2019
Mayberry Pharmacy Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Mayberry Pharmacy Limited
Company Information
Directors |
Mrs JM Mayberry Mr PR Mayberry |
Company secretary |
Mrs JM Mayberry |
Registered office |
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Accountants |
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Mayberry Pharmacy Limited
(Registration number: 03812234)
Balance Sheet as at 31 December 2019
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2019 |
2018 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Other reserves |
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- |
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Profit and loss account |
( |
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Total equity |
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Mayberry Pharmacy Limited
(Registration number: 03812234)
Balance Sheet as at 31 December 2019
For the financial year ending 31 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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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
Mayberry Pharmacy Limited
Notes to the Financial Statements for the Year Ended 31 December 2019
General information |
The company registration number is: 03812234
The company is a private company limited by share capital, incorporated in UK.
The address of its registered office is:
Wales
These financial statements were authorised for issue by the
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 were 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 on a going concern basis using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of Value Added Tax; net of returns, rebates and discounts; and after eliminating sales between departments within the company.
The company recognises revenue in its statutory financial statements when:
- the amount of revenue can be reliably measured;
- it is reasonably certain that future economic benefits will flow to the entity;
- and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current 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.
Mayberry Pharmacy Limited
Notes to the Financial Statements for the Year Ended 31 December 2019
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Leasehold land and buildings |
on a straight-line basis over the duration of the lease |
Furniture, fittings and equipment |
on a straight-line basis over 10 years |
Motor vehicles |
on a straight-line basis over 5 years |
Other property, plant and equipment |
on a straight-line basis over 10 years |
Intangible assets
Intangible assets will be carried at market value determined by the directors. Any movement in the carrying value of the intangible asset will be offset by a movement in non-distributable reserves.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Intangible assets |
not amortised |
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.
Mayberry Pharmacy Limited
Notes to the Financial Statements for the Year Ended 31 December 2019
Stocks
Stocks comprise goods for resale, and are independently and professionally valued on a FIFO basis at standard replacement cost, net of Value Added Tax.
Expired or otherwise unsellable stocks are excluded from inventory.
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.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Statement of Income and Retained Earnings over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Provisions
Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
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. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Mayberry Pharmacy Limited
Notes to the Financial Statements for the Year Ended 31 December 2019
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
Mayberry Pharmacy Limited
Notes to the Financial Statements for the Year Ended 31 December 2019
Intangible assets |
Intangible assets |
Other intangible assets |
Total |
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Cost or valuation |
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At 1 January 2019 |
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Revaluations |
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- |
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Disposals |
- |
( |
( |
At 31 December 2019 |
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- |
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Amortisation |
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At 1 January 2019 |
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- |
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At 31 December 2019 |
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- |
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Carrying amount |
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At 31 December 2019 |
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- |
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At 31 December 2018 |
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Tangible assets |
Leasehold improvements |
Furniture, fittings and equipment |
Motor vehicles |
Other tangible assets |
Total |
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Cost or valuation |
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At 1 January 2019 |
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Additions |
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- |
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At 31 December 2019 |
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Depreciation |
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At 1 January 2019 |
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Charge for the year |
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At 31 December 2019 |
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Carrying amount |
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At 31 December 2019 |
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At 31 December 2018 |
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Mayberry Pharmacy Limited
Notes to the Financial Statements for the Year Ended 31 December 2019
Stocks |
2019 |
2018 |
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Other inventories |
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Debtors |
Note |
2019 |
2018 |
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Trade debtors |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
2019 |
2018 |
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Due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £112,890 (2018 - £110,091).
Mayberry Pharmacy Limited
Notes to the Financial Statements for the Year Ended 31 December 2019
Creditors: amounts falling due after more than one year
Note |
2019 |
2018 |
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Due after one year |
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Loans and borrowings |
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2019 |
2018 |
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Due after more than five years |
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After more than five years by instalments |
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- |
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Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £1,460,804 (2018 - £1,546,901).
Share capital |
Allotted, called up and fully paid shares
2019 |
2018 |
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No. |
£ |
No. |
£ |
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2,000 |
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2,000 |
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4,500.00 |
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4,500.00 |
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20 |
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20 |
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100 |
- |
- |
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New shares allotted
During the year |
Financial commitments, guarantees and contingencies |
Amounts disclosed in the balance sheet
Included in the balance sheet are contingencies of £800,000 (2018 - £Nil). This is related to ongoing negotiations with HMRC for which the final settlement figure is still uncertain. This is expected to be settled in the 2021 accounting period.
Mayberry Pharmacy Limited
Notes to the Financial Statements for the Year Ended 31 December 2019
Related party transactions |
Key management personnel
Relationship: Director
Summary of transactions with key management
Summary of transactions with associates