Prescriptions 2 U Ltd - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 03891514 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

FOR

PRESCRIPTIONS 2 U LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

M Eshak

Mrs N Afroz

M Iliyas

SECRETARY:

M Eshak

REGISTERED OFFICE:

2 Cedargrove

Hagley

Stourbridge

West Midlands

DY9 0DR

REGISTERED NUMBER:

03891514 (England and Wales)

ACCOUNTANTS:

Ashcrofts Accountants Limited

2 Cedargrove

Hagley

Stourbridge

West Midlands

DY9 0DR

BANKERS:

National Westminster Bank plc

30a Harborne Road

Edgbaston

Birmingham

B15 3AA

FIXED ASSETS

Intangible assets

4

9,881

19,762

Tangible assets

5

543,361

562,292

553,242

582,054

CURRENT ASSETS

Stocks

6

60,708

63,812

Debtors

7

674,227

1,038,932

Cash at bank and in hand

596,793

250,266

1,331,728

1,353,010

CREDITORS

Amounts falling due within one year

8

(753,454

)

(781,634

)

NET CURRENT ASSETS

578,274

571,376

TOTAL ASSETS LESS CURRENT LIABILITIES

1,131,516

1,153,430

CAPITAL AND RESERVES

Called up share capital

11

450

450

Retained earnings

12

1,131,066

1,152,980

SHAREHOLDERS' FUNDS

1,131,516

1,153,430

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 19 December 2023 and were signed on its behalf by:

M Eshak - Director

1.	STATUTORY INFORMATION

Prescriptions 2 U Ltd 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.

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 a business in 2002, is being amortised evenly over its estimated useful life of twenty 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.

Freehold property

-

2% on cost

Fixtures, fittings & equipment

-

20% on reducing balance

Motor vehicles

-

25% 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.

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 13 (2022 - 12 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2022

and 31 March 2023

197,619

AMORTISATION

At 1 April 2022

177,857

Amortisation for year

9,881

At 31 March 2023

187,738

NET BOOK VALUE

At 31 March 2023

9,881

At 31 March 2022

19,762

5.	TANGIBLE FIXED ASSETS

Fixtures,

Freehold

fittings

Motor

property

& equipment

vehicles

Totals

£

£

£

£

COST

At 1 April 2022

and 31 March 2023

735,265

76,689

7,066

819,020

DEPRECIATION

At 1 April 2022

193,896

56,611

6,221

256,728

Charge for year

14,705

4,015

211

18,931

At 31 March 2023

208,601

60,626

6,432

275,659

NET BOOK VALUE

At 31 March 2023

526,664

16,063

634

543,361

At 31 March 2022

541,369

20,078

845

562,292

6.

STOCKS

2023

2022

£

£

Stocks

60,708

63,812

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

88,588

232,520

Other debtors

535,619

733,329

VAT

19,038

22,427

Deferred tax asset

18,920

31,338

Prepayments and accrued income

12,062

19,318

674,227

1,038,932

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade creditors

229,346

267,039

Corporation tax

8,550

6,612

Social security and other taxes

-

903

Other creditors

237,562

234,897

Directors' loan accounts

272,752

266,446

Accruals and deferred income

5,244

5,737

753,454

781,634

9.	LEASING AGREEMENTS

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

2023

2022

£

£

In more than five years

13,000

13,000

10.	DEFERRED TAX

£

Balance at 1 April 2022

(31,338

)

Charged during the year

12,418

Balance at 31 March 2023

(18,920

)

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2023

2022

value:

£

£

100

Ordinary Shares

£1

100

100

50

Associate 'A' Ordinary Shares

£1

50

50

50

Associate 'B' Ordinary Shares

£1

50

50

100

Associate 'C' Ordinary Shaes

£1

100

100

50

Associate 'D' Ordinary Shares

£1

50

50

50

Associate 'E' Ordinary Shares

£1

50

50

50

Associate 'F' Ordinary Shares

£1

50

50

450

450

12.

RESERVES

Retained

earnings

£

At 1 April 2022

1,152,980

Profit for the year

63,886

Dividends

(85,800

)

At 31 March 2023

1,131,066

13.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At 31 March 2023, there was a loan from Mr M Eshak of £259,817 (2022: £253,511). This unsecured loan is interest free and repayable on demand.

At 31 March 2023, there was a loan from Mrs N Afroz of £12,935 (2022: £12,935). This unsecured loan is interest free and repayable on demand.

14.	RELATED PARTY DISCLOSURES

At 31 March 2023, there was a loan to Meba Services Limited of £153,377 (2022: £153,377), a company in which Mr M Eshak is a director. This unsecured loan is interest free and repayable on demand.

At 31 March 2023, there was a loan to Kami Healthcare Limited of £125,000 (2022: £237,778), a company in which Mr M Eshak is a director. This unsecured loan is interest free and repayable on demand.

At 31 March 2023, there was a loan to Red Oak Healthcare Limited of £50,000 (2022: £136,174), a company in which Mr M Eshak is a director. This unsecured loan is interest free and repayable on demand.

At 31 March 2023, there was a loan to HG Healthcare Limited of £18,000 (2022: £18,000), a company in which Mr M Eshak and Mrs N Afroz are directors. This unsecured loan is interest free and repayable on demand.

At 31 March 2023, there was a loan to Sterling Pharma Limited of £8,000 (2022: £8,000), a company in which Mr M Eshak is a director. This unsecured loan is interest free and repayable on demand.

At 31 March 2023, there was a loan from Latenite Limited of £218,893 (2022: £218,893), a company in which Mr M Eshak is a director. This unsecured loan is interest free and repayable on demand.