Aitken Pharmacy Limited - Limited company - abbreviated - 11.0.0

REGISTERED NUMBER: SC219159 (Scotland)

ABBREVIATED UNAUDITED ACCOUNTS FOR THE YEAR ENDED 31 MAY 2014

FOR

AITKEN PHARMACY LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

to

3

Notes to the Abbreviated Accounts

4

to

6

DIRECTORS:

G W Coventry

P A Coventry

SECRETARY:

P A Coventry

REGISTERED OFFICE:

67 High Street

Dunbar

East Lothian

EH42 1EW

REGISTERED NUMBER:

SC219159 (Scotland)

ACCOUNTANTS:

Danzig Limited

Chartered Accountants

6 St Colme Street

Edinburgh

Lothian

EH3 6AD

FIXED ASSETS

Intangible assets

2

-

-

Tangible assets

3

13,001

17,334

Investments

4

200,000

-

213,001

17,334

CURRENT ASSETS

Stocks

50,451

51,099

Debtors

232,870

194,211

Cash at bank and in hand

260,946

454,164

544,267

699,474

CREDITORS

Amounts falling due within one year

(216,407

)

(205,910

)

NET CURRENT ASSETS

327,860

493,564

TOTAL ASSETS LESS CURRENT LIABILITIES

540,861

510,898

PROVISIONS FOR LIABILITIES

(2,600

)

(3,132

)

NET ASSETS

538,261

507,766

CAPITAL AND RESERVES

Called up share capital

5

100

100

Profit and loss account

538,161

507,666

SHAREHOLDERS' FUNDS

538,261

507,766

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2014 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 12 September 2014 and were signed on its behalf by:

G W Coventry - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover

Turnover represents net invoiced sales of goods and services, excluding value added tax.

Goodwill

Goodwill, being the amount arising in connection with the acquisition of a business in 2002, is being amortised

over its estimated useful life of ten years.

Tangible fixed assets

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

Plant and machinery etc

-

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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date, where transactions or events that result in an obligation to pay more tax in the future or a right to pay

less tax in the future have occurred at the balance sheet date.

A net deferred tax asset is regarded as recoverable and therefore recognised only when, on the basis of all

available evidence, it can be regarded as more likely than not that there will be suitable taxable profits against

which to recover carried forward tax losses and from which the future reversal of underlying timing differences

can be deducted.

Deferred tax is measured at the average tax rates that are expected to apply in the periods in which the timing

differences are expected to reverse, based on the tax rates and laws that have been enacted or substantively

enacted by the balance sheet date. Deferred tax is measured on a non-discounted basis.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account 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 the profit and loss account in the period to which they relate.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 June 2013

and 31 May 2014

250,000

AMORTISATION

At 1 June 2013

and 31 May 2014

250,000

NET BOOK VALUE

At 31 May 2014

-

At 31 May 2013

-

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 June 2013

and 31 May 2014

72,780

DEPRECIATION

At 1 June 2013

55,446

Charge for year

4,333

At 31 May 2014

59,779

NET BOOK VALUE

At 31 May 2014

13,001

At 31 May 2013

17,334

4.	FIXED ASSET INVESTMENTS

Investments

other

than

loans

£

COST

Additions

200,000

At 31 May 2014

200,000

NET BOOK VALUE

At 31 May 2014

200,000

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2014

2013

value:

£

£

100

Ordinary

£1

100

100

6.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 May 2014 and

31 May 2013:

2014

2013

£

£

G W Coventry and P A Coventry

Balance outstanding at start of year

52,899

39,767

Amounts advanced

18,652

13,132

Amounts repaid

-

-

Balance outstanding at end of year

71,551

52,899