A.F. BROWNE LIMITED Filleted accounts for Companies House (small and micro)

A.F.BROWNE LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 00716779

A.F. BROWNE LIMITED

Filleted Unaudited Financial Statements

30 April 2021

A.F. BROWNE LIMITED

Statement of Financial Position

30 April 2021

	2021		2020
Note	£	£	£

Fixed assets

Intangible assets	5	1	23,180
Tangible assets	6	140,713	159,773
Investments	7	100	100
		---------	---------
		140,814	183,053

Current assets

Stocks		397,206	422,462
Debtors	8	248,746	678,314
Investments	9	400	400
Cash at bank and in hand		494,810	256,937
		------------	------------
		1,141,162	1,358,113

Creditors: amounts falling due within one year	10	( 1,172,009)		( 1,334,969)
		------------		------------
Net current (liabilities)/assets			( 30,847)	23,144
			---------	---------
Total assets less current liabilities			109,967	206,197

Creditors: amounts falling due after more than one year	11		–	( 168,511)

Provisions

Taxation including deferred tax	( 20,135)	( 22,381)
	---------	---------
Net assets	89,832	15,305
	---------	---------

Capital and reserves

Called up share capital	94	94
Profit and loss account	89,738	15,211
	--------	--------
Shareholders funds	89,832	15,305
	--------	--------

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 Section 1A of 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.

A.F. BROWNE LIMITED

Statement of Financial Position (continued)

30 April 2021

For the year ending 30 April 2021 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 .

These financial statements were approved by the board of directors and authorised for issue on 6 July 2021 , and are signed on behalf of the board by:

Mr. R. D. Patel	Mr. S. D. Patel
Director	Director

Company registration number: 00716779

A.F. BROWNE LIMITED

Notes to the Financial Statements

Year ended 30 April 2021

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 6 Bruce Grove, London, N17 6RA.

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. The financial statements are prepared in sterling, which is the functional currency of the entity.

Consolidation

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

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. There are no significant judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. There are no key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities. The only accounting estimate made by the management is the estimated useful life of the tangible fixed assets.

Revenue recognition

Turnover represents amounts receivable for sale of prescriptions and other counter goods exclusive of discounts and Value Added Tax. Revenue from NHS goods and services are recognised on a receivable basis and counter goods are recognised at the point of cash receipt.

Taxation

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.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Goodwill

Positive purchased goodwill arising on acquisitions is capitalised, classified as an asset on the Balance Sheet and amortised over its useful economic life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years. Useful economic lives are reviewed at the end of each reporting period and revised if necessary. The carrying amount at the date of revision is depreciated over the revised estimate of remaining useful economic life.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	Over the period of 20 years

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and 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:

Leasehold property	-	Straight line over the life of the lease
Leashold improvements	-	Straight line over the life of the lease
Fixtures and fittings	-	10% p.a reducing balance

Investments in subsidiaries

Investments in subsidiaries are accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Government grants

Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are 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 in income in the period in which it becomes receivable.

Current asset investments

Investments are initially recorded at cost. At each reporting date any changes in the fair value are recognised in the profit and loss, if a reliable measure of fair value is available.

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.

Debtors

Basic financial assets, including trade and other debtors, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Defined contribution plans

The company contributes to a defined contribution plan for the benefit of its employees. Contributions are recognised in the profit and loss as they become payable.

Cash and cash equivalents

Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors

Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, 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. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment

4. Employee numbers

The average number of persons employed by the company during the year amounted to 35 (2020: 33 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 May 2020 and 30 April 2021	678,120
	---------
Amortisation
At 1 May 2020	654,940
Charge for the year	23,179
	---------
At 30 April 2021	678,119
	---------
Carrying amount
At 30 April 2021	1
	---------
At 30 April 2020	23,180
	---------

6. Tangible assets

	Leasehold property	Leasehold improvements	Fixtures and fittings	Total
	£	£	£	£
Cost
At 1 May 2020	89,452	3,200	628,385	721,037
Additions	–	–	594	594
	--------	-------	---------	---------
At 30 April 2021	89,452	3,200	628,979	721,631
	--------	-------	---------	---------
Depreciation
At 1 May 2020	63,439	3,199	494,626	561,264
Charge for the year	6,278	–	13,376	19,654
	--------	-------	---------	---------
At 30 April 2021	69,717	3,199	508,002	580,918
	--------	-------	---------	---------
Carrying amount
At 30 April 2021	19,735	1	120,977	140,713
	--------	-------	---------	---------
At 30 April 2020	26,013	1	133,759	159,773
	--------	-------	---------	---------

7. Investments

	Shares in group undertakings
	£
Cost
At 1 May 2020 and 30 April 2021	100
	----
Impairment
At 1 May 2020 and 30 April 2021	–
	----

Carrying amount
At 30 April 2021	100
	----
At 30 April 2020	100
	----

8. Debtors

	2021	2020
	£	£
Trade debtors	171,343	557,817
Prepayments and accrued income	35,323	78,091
Other debtors	42,080	42,406
	---------	---------
	248,746	678,314
	---------	---------

9. Investments

	2021	2020
	£	£
Other investments	400	400
	----	----

The directors have reviewed the value of the unlisted investment at the balance sheet date, with reference to similar firms in the same industry and consider the value to be £400 (2020: £400). The historical cost of the investment is £400 (2020: £400).

10. Creditors: amounts falling due within one year

	2021	2020
	£	£
Bank loans and overdrafts	–	36,764
Trade creditors	624,806	683,759
Accruals and deferred income	47,484	43,613
Corporation tax	97,008	81,355
Social security and other taxes	3,405	7,370
Director loan accounts	397,225	481,233
Other creditors	2,081	875
	------------	------------
	1,172,009	1,334,969
	------------	------------

Included in creditors falling due within one year is bank loan of £Nil (2020: £36,764) secured by a fixed and floating charge on the assets of the company and personal guarantees provided by the directors.

11. Creditors: amounts falling due after more than one year

	2021	2020
	£	£
Bank loans and overdrafts	–	168,511
	----	---------

Included in creditors falling due after more than one year is bank loan of £Nil (2020: £168,511) secured by a fixed and floating charge on the assets of the company and personal guarantees provided by the directors.

12. Government grants

The amounts recognised in the financial statements for government grants are as follows:

	2021	2020
	£	£

Recognised in other operating income:

Government grants recognised directly in income	8,010	83,006
	-------	--------

13. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2021	2020
	£	£
Later than 1 year and not later than 5 years	65,792	94,167
Later than 5 years	240,000	285,000
	---------	---------
	305,792	379,167
	---------	---------

14. Related party transactions

1) During the year, the company paid rent of £91,000 (2020: £91,000) to Patel Properties London Limited, a company in which the directors have an interest. 2) Included in creditors due within one year, is a balance of £397,225 (2020: £481,233) owed to the directors. No interest is charged on this amount and there is no fixed repayment term.