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

REGISTERED NUMBER: 05964690 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 October 2020

for

Pharmacentric Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr H Dodhia

REGISTERED OFFICE:

64 High Street

Elthorne Gate

Pinner

Middlesex

HA5 5QA

REGISTERED NUMBER:

05964690 (England and Wales)

ACCOUNTANTS:

Aequitas

Chartered Accountants

Elthorne Gate

64 High Street

Pinner

HA5 5QA

FIXED ASSETS

Intangible assets

4

36,000

52,000

Property, plant and equipment

5

27,444

34,178

63,444

86,178

CURRENT ASSETS

Stock

91,726

79,894

Debtors

6

136,866

201,052

Cash at bank and in hand

341,269

56,261

569,861

337,207

CREDITORS

Amounts falling due within one year

7

407,461

353,704

NET CURRENT ASSETS/(LIABILITIES)

162,400

(16,497

)

TOTAL ASSETS LESS CURRENT LIABILITIES

225,844

69,681

CREDITORS

Amounts falling due after more than one year

8

(50,000

)

-

PROVISIONS FOR LIABILITIES

(5,214

)

-

NET ASSETS

170,630

69,681

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

170,530

69,581

170,630

69,681

The Company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2020.

The members have not required the Company to obtain an audit of its financial statements for the year ended 31 October 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 7 May 2021 and were signed by:

Mr H Dodhia - Director

1.	STATUTORY INFORMATION

Pharmacentric 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.

The presentation currency of the financial statements is the Pound Sterling (£) which is also the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Turnover

Turnover represents revenue generated from the dispensing chemist and is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discount, settlement discounts and volume rebates.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Goodwill, being the amount paid in connection with the acquisition of a business in 2008, is being amortised evenly at 15 years in straight line basis.

Tangible fixed assets

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

Fixtures and fittings

-

20% on reducing balance

Government grants

Grants relating to revenue are recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. A grant that becomes receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised as other operating income in the Statement of Income and Retained Earnings in the period in which it becomes receivable.

Stocks

Stock 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 Statement of Income and Retained Earnings, 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 7 (2019 - 8 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 November 2019

and 31 October 2020

240,000

AMORTISATION

At 1 November 2019

188,000

Amortisation for year

16,000

At 31 October 2020

204,000

NET BOOK VALUE

At 31 October 2020

36,000

At 31 October 2019

52,000

5.	PROPERTY, PLANT AND EQUIPMENT

Fixtures

and

fittings

£

COST

At 1 November 2019

and 31 October 2020

123,811

DEPRECIATION

At 1 November 2019

89,633

Charge for year

6,734

At 31 October 2020

96,367

NET BOOK VALUE

At 31 October 2020

27,444

At 31 October 2019

34,178

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.20

31.10.19

£

£

Trade debtors

103,003

176,305

VAT

29,629

13,305

Deferred tax asset

-

6,842

Prepayments and accrued income

4,234

4,600

136,866

201,052

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.20

31.10.19

£

£

Trade creditors

133,024

158,582

Taxation and social security

23,949

(630

)

Other creditors

250,488

195,752

407,461

353,704

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.10.20

31.10.19

£

£

Bank loans (see note 9)

50,000

-

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more than 5 years

10,000

-

9.

LOANS

An analysis of the maturity of loans is given below:

31.10.20

31.10.19

£

£

Amounts falling due between two and five years:

Bank loans - 2-5 years

40,000

-

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more than 5 years

10,000

-

10.	OTHER FINANCIAL COMMITMENTS

As at the balance sheet date the total financial commitments are £109,841. This commitments are in for operating lease commitment for rent of the premises.