Clark's Pharmacy - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: SC238737 (Scotland)

Clark's Pharmacy

Financial Statements For The Year Ended 31 March 2023

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

9

DIRECTORS:

C Clark

Mrs S Clark

SECRETARY:

C Clark

REGISTERED OFFICE:

12-16 Regent Street

Keith

Moray

AB55 5DU

REGISTERED NUMBER:

SC238737 (Scotland)

ACCOUNTANTS:

The Long Partnership

Park House Centre

South Street

Elgin

IV30 1JB

FIXED ASSETS

Intangible assets

4

51,854

117,354

Tangible assets

5

168,330

170,346

Investments

6

543,053

530,100

Investment property

7

294,085

294,085

1,057,322

1,111,885

CURRENT ASSETS

Stocks

110,708

120,807

Debtors

8

243,620

196,419

Cash at bank and in hand

734,338

968,230

1,088,666

1,285,456

CREDITORS

Amounts falling due within one year

9

202,985

286,960

NET CURRENT ASSETS

885,681

998,496

TOTAL ASSETS LESS CURRENT LIABILITIES

1,943,003

2,110,381

PROVISIONS FOR LIABILITIES

11

2,612

2,675

NET ASSETS

1,940,391

2,107,706

CAPITAL AND RESERVES

Called up share capital

12

1,000

1,000

Retained earnings

13

1,939,391

2,106,706

SHAREHOLDERS' FUNDS

1,940,391

2,107,706

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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 1 September 2023 and were signed on its behalf by:

C Clark - Director

Mrs S Clark - Director

1.	STATUTORY INFORMATION

Clark's Pharmacy is a private company , 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 as modified by the revaluation of certain assets.

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 since 2003, is being amortised evenly over their estimated useful life of ten years.

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 each asset over its estimated useful life.

Equipment

-

25% on reducing balance

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.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 19 (2022 - 18 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2022

and 31 March 2023

805,000

AMORTISATION

At 1 April 2022

687,646

Charge for year

65,500

At 31 March 2023

753,146

NET BOOK VALUE

At 31 March 2023

51,854

At 31 March 2022

117,354

5.	TANGIBLE FIXED ASSETS

Land and

buildings

Equipment

Totals

£

£

£

COST

At 1 April 2022

154,583

107,864

262,447

Additions

-

2,053

2,053

At 31 March 2023

154,583

109,917

264,500

DEPRECIATION

At 1 April 2022

-

92,101

92,101

Charge for year

-

4,069

4,069

At 31 March 2023

-

96,170

96,170

NET BOOK VALUE

At 31 March 2023

154,583

13,747

168,330

At 31 March 2022

154,583

15,763

170,346

6.	FIXED ASSET INVESTMENTS

Other

investments

£

COST OR VALUATION

At 1 April 2022

530,100

Revaluations

12,953

At 31 March 2023

543,053

NET BOOK VALUE

At 31 March 2023

543,053

At 31 March 2022

530,100

Cost or valuation at 31 March 2023 is represented by:

Other

investments

£

Valuation in 2022

30,100

Valuation in 2023

12,953

Cost

500,000

543,053

7.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2022

and 31 March 2023

294,085

NET BOOK VALUE

At 31 March 2023

294,085

At 31 March 2022

294,085

Fair value at 31 March 2023 is represented by:

£

Cost

294,085

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Trade debtors

144,847

119,490

Other debtors

98,773

76,929

243,620

196,419

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Bank loans and overdrafts

256

55,329

Trade creditors

166,555

217,714

Taxation and social security

4,629

11,378

Other creditors

31,545

2,539

202,985

286,960

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.23

31.3.22

£

£

Bank loans

-

55,329

AAH Pharmaceuticals Ltd has a floating charge over the Keith property.

11.	PROVISIONS FOR LIABILITIES

31.3.23

31.3.22

£

£

Deferred tax

2,612

2,675

Deferred

tax

£

Balance at 1 April 2022

2,675

Credit to Income Statement during year

(63

)

Balance at 31 March 2023

2,612

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.23

31.3.22

value:

£

£

1,000

Ordinary Shares

£1

1,000

1,000

13.

RESERVES

Retained

earnings

£

At 1 April 2022

2,106,706

Deficit for the year

(415

)

Dividends

(166,900

)

At 31 March 2023

1,939,391

14.	RELATED PARTY DISCLOSURES

During the year, total dividends of £166,900 (2022 - £152,600) were paid to the directors .

Included in other creditors is an interest free directors loan of £98 (2022 - £43) due to C Clark. There are no repayment terms.

15.	ULTIMATE CONTROLLING PARTY

The controlling party is C Clark.

The ultimate controlling party is C Clark.

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Clark's Pharmacy for the year ended 31 March 2023 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Clark's Pharmacy, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Clark's Pharmacy and state those matters that we have agreed to state to the Board of Directors of Clark's Pharmacy, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Clark's Pharmacy and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Clark's Pharmacy has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Clark's Pharmacy. You consider that Clark's Pharmacy is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Clark's Pharmacy. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

The Long Partnership

Park House Centre

South Street

Elgin

IV30 1JB

1 September 2023