Donald G Hayden (Chemists) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 00397744 (England and Wales)

Donald G Hayden (Chemists) Limited

Unaudited Financial Statements for the Year Ended 31st January 2021

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

K S Dhanoa

M H Patel

REGISTERED OFFICE:

Hayden House

Bridge Road

Lowestoft

Suffolk

NR32 3LL

REGISTERED NUMBER:

00397744 (England and Wales)

ACCOUNTANTS:

Smailes Goldie

Chartered Accountants

Regent's Court

Princess Street

Hull

East Yorkshire

HU2 8BA

FIXED ASSETS

Intangible assets

4

909,654

1,010,733

Tangible assets

5

83,240

707,809

Investment property

6

-

547,600

992,894

2,266,142

CURRENT ASSETS

Stocks

536,798

530,611

Debtors

7

1,633,716

1,086,785

Cash at bank and in hand

220,251

598,295

2,390,765

2,215,691

CREDITORS

Amounts falling due within one year

8

1,546,742

1,330,139

NET CURRENT ASSETS

844,023

885,552

TOTAL ASSETS LESS CURRENT LIABILITIES

1,836,917

3,151,694

CREDITORS

Amounts falling due after more than one year

9

(105,675

)

(237,091

)

PROVISIONS FOR LIABILITIES

(8,338

)

(8,658

)

NET ASSETS

1,722,904

2,905,945

CAPITAL AND RESERVES

Called up share capital

8,900

8,900

Revaluation reserve

-

197,528

Retained earnings

1,714,004

2,699,517

SHAREHOLDERS' FUNDS

1,722,904

2,905,945

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

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

K S Dhanoa - Director

M H Patel - Director

1.	STATUTORY INFORMATION

Donald G Hayden (Chemists) 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

The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 the Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value

The significant accounting policies applied in the preparation of these financial statements are set out below.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of businesses in 2003, 2012 and 2013, is being amortised evenly over its estimated useful life of between 15 and 20 years. The amortisation policy reflects the period over which future cash flows are expected to be generated from these pharmacies.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

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

Plant, machinery and equipment

15% on a reducing balance basis

Motor vehicles

15% on a reducing balance basis

On the date of transition, the company elected to measure its freehold property at fair value and use fair value as the deemed cost. No depreciation has been charged on freehold property as the ongoing programme of maintenance is such that any depreciation charge would be immaterial.

Government grants

Government grants are included within other creditors in the balance sheet and credited to the statement of comprehensive income over the expected useful lives of the assets to which they relate or in periods in which the related costs are incurred. Amounts recognised in the statement of comprehensive income are presented under the heading "Other operating income".

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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 year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Taxation

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.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Loans and borrowings

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

Leases

Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Research and development

Research expenditure is written off to the profit and loss account in the year in which it is incurred.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 77 (2020 - 76 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1st February 2020

and 31st January 2021

2,021,586

AMORTISATION

At 1st February 2020

1,010,853

Charge for year

101,079

At 31st January 2021

1,111,932

NET BOOK VALUE

At 31st January 2021

909,654

At 31st January 2020

1,010,733

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST OR VALUATION

At 1st February 2020

617,750

742,309

1,360,059

Additions

-

6,812

6,812

Disposals

(617,750

)

-

(617,750

)

At 31st January 2021

-

749,121

749,121

DEPRECIATION

At 1st February 2020

-

652,250

652,250

Charge for year

-

13,631

13,631

At 31st January 2021

-

665,881

665,881

NET BOOK VALUE

At 31st January 2021

-

83,240

83,240

At 31st January 2020

617,750

90,059

707,809

Cost or valuation at 31st January 2021 is represented by:

Plant and

machinery

etc

£

Cost

749,121

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1st February 2020

547,600

Disposals

(547,600

)

At 31st January 2021

-

NET BOOK VALUE

At 31st January 2021

-

At 31st January 2020

547,600

If investment property had not been revalued it would have been included at the following historical cost:

2021

2020

£

£

Cost

-

529,986

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

1,410,070

633,271

Other debtors

223,646

453,514

1,633,716

1,086,785

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

49,931

121,951

Trade creditors

1,065,661

1,060,171

Taxation and social security

101,725

42,017

Other creditors

329,425

106,000

1,546,742

1,330,139

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans

105,675

237,091

10.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2021

2020

£

£

Within one year

140,494

86,995

Between one and five years

561,978

347,978

In more than five years

1,304,816

812,228

2,007,288

1,247,201

11.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

Bank loans

155,606

359,042

Bank loans and overdrafts are secured by way of fixed and floating charges over the company.

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the year ended 31st January 2020 and the year ended 31st January 2021

2021

2020

£

£

K S Dhanoa

Balance outstanding at start of year

210,175

297,738

Amounts advanced

207,116

313,062

Amounts repaid

(418,322

)

(400,625

)

Balance outstanding at end of year

(1,031

)

210,175

13.	ULTIMATE CONTROLLING PARTY

There is no one controlling party.