WOODS CHEMIST LIMITED - Accounts

WOODS CHEMIST LIMITED - Accounts

WOODS CHEMIST LIMITED - Company Information

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Registered number
02454215
WOODS CHEMIST LIMITED
FINANCIAL STATEMENTS FOR THE YEAR ENDED
31 MARCH 2015
TEMPLETONS (UK) LIMITED
CHARTERED ACCOUNTANTS
309 HOE STREET
WALTHAMSTOW
LONDON E17 9BG
WOODS CHEMIST LIMITED
Report and accounts
Contents
Page
Company information 1
Directors' report 2
Profit and loss account 3
Statement of total recognised gains and losses 4
Balance sheet 5
Notes to the accounts 6 - 9
For directors information only:
Detailed profit and loss accounts 10 - 11
Chartered Accountants' report 12
WOODS CHEMIST LIMITED
Company Information
Directors
Mr J K Patel
Mr M I Patel
Secretary
Mr M I Patel
Accountants
Templetons (UK) Ltd
Chartered accountants
309 Hoe Street
Walthamstow
London
E17 9BG
Bankers
The Royal Bank of Scotland
St Albans Branch
St Peters' Street
St Albans AL1 3LR
Registered office
309 Hoe Street
Walthamstow
London
E17 9BG
Registered number
02454215
WOODS CHEMIST LIMITED
Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of WOODS CHEMIST LIMITED for the year ended 31 March 2015
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of WOODS CHEMIST LIMITED for the year ended 31 March 2015 which comprise of the Profit and Loss Account, the Balance Sheet, the Statement of Total Recognised Gains and Losses 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, we are subject to its ethical and other professional requirements which are detailed at
icaew.com/membershandbook.
Our work has been undertaken in accordance with AAF 2/10 as detailed at icaew.com/compilation.
Templetons (UK) Ltd
Chartered Accountants
309 Hoe Street
Walthamstow
London
E17 9BG
17 August 2015
WOODS CHEMIST LIMITED
Registered number: 02454215
Directors' Report
The directors present their report and accounts for the year ended 31 March 2015.
Principal activities
The company's principal activity during the year continued to be that of pharmaceutical retailers.
Directors
The following persons served as directors during the year:
Mr J K Patel
Mr M I Patel
Small company provisions
This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
This report was approved by the board on 17 August 2015 and signed on its behalf.
Mr M I Patel
Director
WOODS CHEMIST LIMITED
Profit and Loss Account
for the year ended 31 March 2015
Notes 2015 2014
£ £
Turnover 748,623 1,042,997
Cost of sales (520,750) (729,044)
Gross profit 227,873 313,953
Administrative expenses (167,728) (292,732)
Operating profit 2 60,145 21,221
Exceptional items:
loss on the disposal of tangible fixed assets (13,036) (129,065)
profit on the disposal of investments 69,641 -
56,605 (129,065)
116,750 (107,844)
Income from investments 15,670 19,605
Interest receivable 2,194 -
Interest payable 3 (2,738) (5,667)
Profit/(loss) on ordinary activities before taxation 131,876 (93,906)
Tax on profit/(loss) on ordinary activities 4 (13,905) (6,678)
Profit/(loss) for the financial year 117,971 (100,584)
Continuing Operations
On the 18th November 2013, the company sold one of its branch, and has been operating only
one branch throughout this year.
WOODS CHEMIST LIMITED
Statement of total recognised gains and losses
for the year ended 31 March 2015
Notes 2015 2014
£ £
Profit/(loss) for the financial year 117,971 (100,584)
Unrealised (deficit)/surplus on revaluation of properties 6 (70,110) 30,100
Total recognised gains and losses related to the year 47,861 (70,484)
WOODS CHEMIST LIMITED
Balance Sheet
as at 31 March 2015
Notes 2015 2014
£ £
Fixed assets
Intangible assets 5 56,545 63,613
Tangible assets 6 26,883 352,906
83,428 416,519
Current assets
Stocks 45,390 50,728
Debtors 7 629,269 138,741
Cash at bank and in hand 110,295 423,524
784,954 612,993
Creditors: amounts falling due within one year 8 (165,143) (216,499)
Net current assets 619,811 396,494
Total assets less current liabilities 703,239 813,013
Creditors: amounts falling due after more than one year 9 - (130,476)
Provisions for liabilities 10 (5,377) (8,536)
Net assets 697,862 674,001
Capital and reserves
Called up share capital 11 100 100
Revaluation reserve 12 - 70,110
Profit and loss account 13 697,762 603,791
Shareholders' funds 697,862 674,001
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
Members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
Mr J Patel
Director
Approved by the board on 17 August 2015
WOODS CHEMIST LIMITED
Notes to the Accounts
for the year ended 31 March 2015
1 Accounting policies
Basis of preparation
The accounts 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 the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers.
Depreciation
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.
Leasehold properties straight line over period of lease
Plant and machinery 10% on written down value
Stocks
Stock is valued at the lower of cost and net realisable value.
Deferred taxation
Full provision is made for deferred taxation resulting from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes. Deferred taxation is calculated on an un-discounted basis at the tax rates which are expected to apply in the periods when the timing differences will reverse.
Leasing and hire purchase commitments
Assets held under finance leases and hire purchase contracts, which are those where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability.

The interest element of the rental obligations is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding.

Rentals paid under operating leases are charged to income on a straight line basis over the lease term.
Investment Properties
In accordance with SSAP 19 investment properties are revalued annually and any surplus or
deficit is transferred to the revaluation reserve. No depreciation is provided is respect of
Investment properties.This treatment conflicts with the requirements of the companies Act 2006
that all properties should be depreciated.The directors consider that because these properties
are not held for consumption but for their investment potential,it is necessary to adapt the
requirements of SSAP 19 in order to give a true and fair view.
2 Operating profit 2015 2014
£ £
This is stated after charging:
Depreciation of owned fixed assets 2,987 6,528
Amortisation of goodwill 7,068 7,069
Directors' remuneration 16,800 22,200
3 Interest payable
Interest payable 2,738 5,667
4 Taxation
UK corporation tax 17,065 11,088
Deferred tax (3,160) (4,410)
13,905 6,678
5 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2014 112,529
At 31 March 2015 112,529
Amortisation
At 1 April 2014 48,916
Provided during the year 7,068
At 31 March 2015 55,984
Net book value
At 31 March 2015 56,545
At 31 March 2014 63,613
Goodwill is being written off at 2% on the written down value.
6 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost/ Valuation
At 1 April 2014 325,302 154,698 480,000
Disposals (310,000) (124,828) (434,828)
At 31 March 2015 15,302 29,870 45,172
Depreciation
At 1 April 2014 15,302 111,792 127,094
Charge for the year - 2,987 2,987
On disposals - (111,792) (111,792)
At 31 March 2015 15,302 2,987 18,289
Net book value
At 31 March 2015 - 26,883 26,883
At 31 March 2014 310,000 42,906 352,906
Fixtures and fittings has been revalued at the year end by the Directors and adjustments are
done to reflect this valuation.
7 Debtors 2015 2014
£ £
Trade debtors 148,005 137,413
Other debtors 481,264 1,328
629,269 138,741
8 Creditors: amounts falling due within one year
Bank loan and overdrafts - 11,650
Obligations under finance lease and hire purchase contracts 401 4,815
Trade creditors 139,070 112,991
Corporation tax 17,065 10,751
Other taxes and social security costs 922 975
Other creditors 7,685 75,317
165,143 216,499
9 Creditors: amounts falling due after one year
Bank loan - 129,490
Obligations under finance lease and hire purchase contracts - 986
- 130,476
Bank loan was fully repaid during the year.
10 Provisions for liabilities
Accelerated capital allowances 5,377 8,536
At 1 April 8,536 12,946
Deferred tax charge in profit and loss account (3,159) (4,410)
At 31 March 5,377 8,536
11 Share capital Nominal 2015
value Number
Allotted, called up and fully paid:
Ordinary shares £1 each 100 100 100
12 Revaluation reserve 2015
£
At 1 April 2014 70,110
Arising on revaluation during the year (70,110)
At 31 March 2015 -
Investment Properties were sold during the year.
13 Profit and loss account 2015
£
At 1 April 2014 603,791
Profit for the year 117,971
Dividends (24,000)
At 31 March 2015 697,762
14 Dividends 2015 2014
£ £
Dividends for which the company became liable during the year:
Dividends paid 24,000 115,000
15 Controlling party
The company was under the control of Mr J K Patel and Mr M I Patel, both directors, and members of their close family throughout the year.
16 Related party transactions
A Bank overdraft facilities are secured by charges over the directors personal assets.
B The Directors loan account at the year end was overdrawn by £476,770 ( 2014- £67, 681 in credit) and are disclosed under other debtors and other creditors under notes 7 and 8 above respectively. The amount overdrawn at 31 March 2015 was fully repaid on the 14/09/2015.
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