Maryhill Dispensary Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC069836 (Scotland)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

FOR

MARYHILL DISPENSARY LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

A Qayum

I A Qayum

U Qayum

SECRETARY:

A Qayum

REGISTERED OFFICE:

51 Gairbraid Avenue

Maryhill

Glasgow

G20 8FB

REGISTERED NUMBER:

SC069836 (Scotland)

ACCOUNTANTS:

Bannerman Johnstone Maclay

Chartered Accountants

213 St Vincent Street

Glasgow

G2 5QY

FIXED ASSETS

Tangible assets

4

56,512

66,485

CURRENT ASSETS

Stocks

91,339

133,390

Debtors

5

446,825

348,057

Cash at bank

1,137,513

1,084,361

1,675,677

1,565,808

CREDITORS

Amounts falling due within one year

6

571,196

625,513

NET CURRENT ASSETS

1,104,481

940,295

TOTAL ASSETS LESS CURRENT LIABILITIES

1,160,993

1,006,780

CAPITAL AND RESERVES

Called up share capital

826

826

Share premium

212

212

Retained earnings

1,159,955

1,005,742

SHAREHOLDERS' FUNDS

1,160,993

1,006,780

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 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 22 September 2022 and were signed on its behalf by:

A Qayum - Director

1.	STATUTORY INFORMATION

Maryhill Dispensary 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.

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.

Tangible fixed assets

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

Plant and machinery etc

-

15% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include certain debtors and cash and bank balances, are initially measured at transaction price including transactions costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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 company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including certain creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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 6 (2020 - 6 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2021

and 31 December 2021

145,205

DEPRECIATION

At 1 January 2021

78,720

Charge for year

9,973

At 31 December 2021

88,693

NET BOOK VALUE

At 31 December 2021

56,512

At 31 December 2020

66,485

5.

DEBTORS

2021

2020

£

£

Amounts falling due within one year:

Trade debtors

103,092

(934

)

Other debtors

12,594

17,852

115,686

16,918

Amounts falling due after more than one year:

Amounts owed by participating interests

331,139

331,139

Aggregate amounts

446,825

348,057

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade creditors

157,197

173,514

Taxation and social security

40,728

52,446

Other creditors

373,271

399,553

571,196

625,513