Salram Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC121294 (Scotland)

Financial Statements

for the Period 1 April 2019 to 30 March 2020

for

Salram Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

R Roberts

Dr D J Clayton

SECRETARIES:

R Roberts

ND Chuwen

REGISTERED OFFICE:

c/o KPMG LLP

191 West George Street

Glasgow

G2 2LJ

REGISTERED NUMBER:

SC121294 (Scotland)

SENIOR STATUTORY AUDITOR:

J.P.Bostock FCA BFP BA(Hons)

AUDITORS:

Thompson Wright Limited

Chartered Accountants

and Statutory Auditors

Ebenezer House

Ryecroft

Newcastle under Lyme

Staffordshire

ST5 2BE

FIXED ASSETS

Intangible assets

4

6,119

12,712

Tangible assets

5

856,496

901,559

Investments

6

292,000

697,187

1,154,615

1,611,458

CURRENT ASSETS

Stocks

68,546

86,235

Debtors

7

1,681,323

2,138,654

Cash at bank and in hand

185,770

-

1,935,639

2,224,889

CREDITORS

Amounts falling due within one year

8

254,146

174,021

NET CURRENT ASSETS

1,681,493

2,050,868

TOTAL ASSETS LESS CURRENT LIABILITIES

2,836,108

3,662,326

PROVISIONS FOR LIABILITIES

46,773

51,613

NET ASSETS

2,789,335

3,610,713

CAPITAL AND RESERVES

Called up share capital

225,000

225,000

Non distributable profit and loss

9

45,063

-

Retained earnings

2,519,272

3,385,713

SHAREHOLDERS' FUNDS

2,789,335

3,610,713

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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 June 2021 and were signed on its behalf by:

R Roberts - Director

1.	STATUTORY INFORMATION

Salram Limited is a private company, limited by shares , registered in Scotland. 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 as modified by the revaluation of certain assets.

Preparation of consolidated financial statements

The financial statements contain information about Salram Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Spencross Limited, 46 Fountain Street, Manchester, M2 2BE.

Turnover

Turnover is derived from ordinary activities, represents the total sales value of prescriptions dispensed and other goods sold in the year and is stated net of trade discounts and Value Added Tax. Revenue is recognised to the extent that it is probable that the economic benefit will flow to the company and is measured at the fair value of the consideration received or receivable. Revenue from the National Health Service is recognised at the point the prescription is dispensed. Revenue from invoiced sales is recognised when the work is done or the goods dispatched.

Intangible fixed assets - goodwill

On the acquisition of a business purchased goodwill is capitalised in the year in which it arises and amortised over its estimated useful life up to a maximum of 20 years.

The assets residual values, useful lives and amortisation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of significant change since the last reporting date.

Investments

Investments, including investments in subsidiaries, are measured at cost less provision for any impairment value.

Tangible fixed assets

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

Freehold property

-

2% on cost

Furniture & fixtures

-

at varying rates on cost

Motor vehicles

-

25% on cost

Office & computer equipment

-

33% on cost

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 period comprises current and deferred tax. Tax is recognised in the Profit and loss account, 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 period 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.

Significant judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the year end date and the amounts reported for revenues and expenses during the year. However the nature of estimation means that actual outcomes could differ from those estimates. The main judgements and estimates made by the directors relate to the relevance of depreciation policies in relation to tangible and intangible fixed assets.

Going concern

The directors have reasonable expectation that the company has adequate resources to continue operational existence for the foreseeable future and therefore continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Employee benefits

The cost of short term employee benefits are recognised as a liability and an expense.

The cost of any unused holiday entitlement and of holidays taken in advance is recognised in the period in which the employees services are received.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 14 (2019 - 25 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2019

and 30 March 2020

231,241

AMORTISATION

At 1 April 2019

218,529

Amortisation for period

6,593

At 30 March 2020

225,122

NET BOOK VALUE

At 30 March 2020

6,119

At 31 March 2019

12,712

5.	TANGIBLE FIXED ASSETS

Office &

Freehold

Furniture

Motor

computer

property

& fixtures

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 April 2019

961,935

195,822

18,300

94,139

1,270,196

Additions

-

11,574

-

-

11,574

At 30 March 2020

961,935

207,396

18,300

94,139

1,281,770

DEPRECIATION

At 1 April 2019

146,548

123,783

18,300

80,006

368,637

Charge for period

19,239

33,093

-

4,305

56,637

At 30 March 2020

165,787

156,876

18,300

84,311

425,274

NET BOOK VALUE

At 30 March 2020

796,148

50,520

-

9,828

856,496

At 31 March 2019

815,387

72,039

-

14,133

901,559

6.	FIXED ASSET INVESTMENTS

Shares in

Interest

group

in joint

undertakings

venture

Totals

£

£

£

COST OR VALUATION

At 1 April 2019

696,250

937

697,187

Revaluations

-

45,063

45,063

Impairments

(450,250

)

-

(450,250

)

At 30 March 2020

246,000

46,000

292,000

NET BOOK VALUE

At 30 March 2020

246,000

46,000

292,000

At 31 March 2019

696,250

937

697,187

Cost or valuation at 30 March 2020 is represented by:

Shares in

Interest

group

in joint

undertakings

venture

Totals

£

£

£

Valuation in 2020

-

45,063

45,063

Cost

246,000

937

246,937

246,000

46,000

292,000

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

215,681

179,302

Amounts owed by group undertakings

1,351,095

1,653,594

Other debtors

114,547

305,758

1,681,323

2,138,654

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

-

11,461

Trade creditors

202,689

139,081

Taxation and social security

2,613

3,320

Other creditors

48,844

20,159

254,146

174,021

9.

RESERVES

Non

distributable

profit

and loss

£

Revaluation during the year

45,063

At 30 March 2020

45,063

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

J.P.Bostock FCA BFP BA(Hons) (Senior Statutory Auditor)

for and on behalf of Thompson Wright Limited

11.	PARENT COMPANY

The ultimate parent company is Spencross Limited, a company registered in England and Wales. The registered office is 46 Fountain Street, Manchester, M2 2BE. Consolidated financial statements are available on request from the registered office.