MI PHARMACY LIMITED 30/09/2023 iXBRL
MI PHARMACY LIMITED 30/09/2023 iXBRL
Company registration number:
7694589
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Directors and other information
Directors |
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Company number |
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Registered office |
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Business address |
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Accountants |
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Chartered Accountants & | ||
Chartered Tax Advisers | ||
216 Melton Road | ||
Leicester | ||
LE4 7PG | ||
Bankers |
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Bootle | ||
Merseyside | ||
L30 4GB | ||
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of MI PHARMACY LIMITED
Year ended 30 September 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of MI PHARMACY LIMITED for the year ended 30 September 2023 which comprise the statement of financial position and 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 at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of MI PHARMACY LIMITED, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of MI PHARMACY LIMITED and state those matters that we have agreed to state to the board of directors of MI PHARMACY LIMITED as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than MI PHARMACY LIMITED and its board of directors as a body for our work or for this report.
It is your duty to ensure that MI PHARMACY LIMITED 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 MI PHARMACY LIMITED. You consider that MI PHARMACY LIMITED 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 MI PHARMACY LIMITED. 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.
Chartered Accountants &
Chartered Tax Advisers
216 Melton Road
Leicester
LE4 7PG
14 June 2024
Statement of financial position
30 September 2023
2023 | 2022 | ||||||||
Note | £ | £ | £ | £ | |||||
Fixed assets | |||||||||
Intangible assets | 5 |
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Tangible assets | 6 |
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Investments | 7 |
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Current assets | |||||||||
Stocks |
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Debtors | 8 |
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Cash at bank and in hand |
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Creditors: amounts falling due | |||||||||
within one year | 9 |
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Net current assets |
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Total assets less current liabilities |
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Creditors: amounts falling due | |||||||||
after more than one year | 10 |
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Provisions for liabilities |
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Net assets |
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Capital and reserves | |||||||||
Called up share capital |
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Share premium account |
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Profit and loss account |
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Shareholders funds |
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Directors responsibilities:
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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;
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
14 June 2024
, and are signed on behalf of the board by:
Director
Company registration number:
7694589
Notes to the financial statements
Year ended 30 September 2023
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 216 Melton Road, Leicester, LE4 7PG.
2.
Statement of compliance
3.
Accounting policies
Basis of preparation
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
Operating leases
Goodwill
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 | - |
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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
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:
Plant and machinery | - |
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Fittings fixtures and equipment | - |
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Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A
review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Provisions
Financial instruments
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
33
(2022:
41
).
5.
Intangible assets
Goodwill | Total | ||
£ | £ | ||
Cost | |||
At 1 October 2022 and 30 September 2023 |
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Amortisation | |||
At 1 October 2022 |
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Charge for the year |
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At 30 September 2023 |
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Carrying amount | |||
At 30 September 2023 |
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At 30 September 2022 |
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6.
Tangible assets
Long leasehold property | Fixtures, fittings and equipment | Motor vehicles | Total | ||
£ | £ | £ | £ | ||
Cost | |||||
At 1 October 2022 |
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Additions |
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At 30 September 2023 |
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Depreciation | |||||
At 1 October 2022 |
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Charge for the year |
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At 30 September 2023 |
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Carrying amount | |||||
At 30 September 2023 |
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At 30 September 2022 |
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320,514 | |
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Obligations under finance leases
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor vehicles | ||
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At 30 September 2023 |
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At 30 September 2022 |
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7.
Investments
Shares in group undertakings and participating interests | Total | ||
£ | £ | ||
Cost | |||
At 1 October 2022 |
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Additions |
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At 30 September 2023 |
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Impairment | |||
At 1 October 2022 and 30 September 2023 | - | - | |
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Carrying amount | |||
At 30 September 2023 |
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At 30 September 2022 |
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8.
Debtors
2023 | 2022 | |||
£ | £ | |||
Trade debtors |
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Other debtors |
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9.
Creditors: amounts falling due within one year
2023 | 2022 | |||
£ | £ | |||
Bank loans and overdrafts |
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Trade creditors |
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Corporation tax, social security and other taxes |
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Other creditors |
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10.
Creditors: amounts falling due after more than one year
2023 | 2022 | |||
£ | £ | |||
Bank loans and overdrafts |
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Other creditors |
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11.
Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ | £ | |
Later than 5 years |
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12.
Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company: | |||||
2023 | |||||
Balance brought forward | Advances /(credits) to the directors | Amounts repaid | Balance o/standing | ||
£ | £ | £ | £ | ||
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(120,275) |
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2022 | |||||
Balance brought forward | Advances /(credits) to the directors | Amounts repaid | Balance o/standing | ||
£ | £ | £ | £ | ||
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_______ | _______ | _______ | _______ | ||
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13.
Controlling party
The company is controlled by the directors by virtue of their ownership of 100% of the issued share capital.