Shah Pharmacy Limited - Accounts to registrar

REGISTERED NUMBER: 07843615 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2016

FOR

SHAH PHARMACY LIMITED

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

A V Shah

Mrs V A Shah

REGISTERED OFFICE:

13 North Parade

Southall

Middlesex

UB1 2LF

REGISTERED NUMBER:

07843615 (England and Wales)

ACCOUNTANTS:

Sterling

Chartered Accountants

505 Pinner Road

Harrow

Middlesex

HA2 6EH

The following reproduces the text of the report prepared for the directors and members 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 Statement of Comprehensive Income 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 Shah Pharmacy Limited for the year ended 30 June 2016 which comprise the Statement of

Comprehensive Income, 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 Shah Pharmacy Limited, 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 Shah Pharmacy Limited and state those matters that we have agreed to state to the Board of Directors of Shah Pharmacy Limited, 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 Shah Pharmacy Limited Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Shah 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 profit of Shah Pharmacy Limited. You consider that Shah 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 Shah 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.

Sterling

Chartered Accountants

505 Pinner Road

Harrow

Middlesex

HA2 6EH

20 December 2016

FIXED ASSETS

Intangible assets

4

500,000

531,250

Tangible assets

5

20,430

2,309

520,430

533,559

CURRENT ASSETS

Stocks

6

44,125

43,694

Debtors

7

123,915

111,989

Cash at bank and in hand

106,179

114,119

274,219

269,802

CREDITORS

Amounts falling due within one year

8

537,637

602,077

NET CURRENT LIABILITIES

(263,418

)

(332,275

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

257,012

201,284

PROVISIONS FOR LIABILITIES

9

977

-

NET ASSETS

256,035

201,284

CAPITAL AND RESERVES

Called up share capital

100

Retained earnings

255,935

201,184

SHAREHOLDERS' FUNDS

256,035

201,284

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2016 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 of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors on 20 December 2016 and were signed on its behalf
by:

A V Shah - Director

Mrs V A Shah - Director

1.	STATUTORY INFORMATION

Shah Pharmacy Limited 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Changes in accounting policies

This is the first year that the company has presented its financial statements under FRS 102 1A. The last financial

statements for the year ending 30 June 2015, were prepared under pervious UK GAAP.

The transition date to FRS 102 1A is 1 July 2015.

The transition to FRS 102 1A has resulted in certain changes in the accounting policies to those used previously.

Turnover

Turnover represents NHS prescription income and counter sales, excluding Value Added Tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2012, is being amortised evenly over its estimated useful life of twenty years.

Tangible fixed assets

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

Fixtures and fittings

-

25% on reducing balance

Stocks

Stocks are measured at the lower of cost and selling price less cost to sell. Cost is calculated on a first in, first out

basis and includes all costs of purchase, costs of conversion and other costs incurred in bringing the inventories

to their present location and condition.

Deferred tax

Deferred tax is recognised in respect of all timing differences which are differences between taxable profits and

total comprehensive income that arise from the inclusion of income and expenses in tax assessments in periods

different from those in which they are recognised in the financial statements.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 July 2015

and 30 June 2016

625,000

AMORTISATION

At 1 July 2015

93,750

Amortisation for year

31,250

At 30 June 2016

125,000

NET BOOK VALUE

At 30 June 2016

500,000

At 30 June 2015

531,250

5.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 July 2015

5,131

Additions

20,489

At 30 June 2016

25,620

DEPRECIATION

At 1 July 2015

2,822

Charge for year

2,368

At 30 June 2016

5,190

NET BOOK VALUE

At 30 June 2016

20,430

At 30 June 2015

2,309

6.

STOCKS

30/6/16

30/6/15

£

Stocks

44,125

43,694

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30/6/16

30/6/15

£

Trade debtors

111,186

103,504

VAT

11,102

6,842

Deferred tax asset

-

104

Prepayments

1,627

1,539

123,915

111,989

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30/6/16

30/6/15

£

Trade creditors

90,346

52,133

Tax

24,619

31,579

Social security and other taxes

1,480

1,490

Other creditors

-

2,360

Wages control

3,944

-

Directors' current accounts

101,454

111,661

Directors' loan accounts

300,000

400,000

Accrued expenses

15,794

2,854

537,637

602,077

9.	PROVISIONS FOR LIABILITIES

30/6/16

£

Deferred tax

977

Deferred

tax

£

Balance at 1 July 2015

(104

)

Provided during year

1,081

Balance at 30 June 2016

977

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year company made dividend payment of £30,000 (2015 £30,000) to the shareholders.

Included in creditors amounts following due after more than one year is a balance of £300,000 (2015 : £400,000)

for Mr A Shah, a director of the company.

11.	ULTIMATE CONTROLLING PARTY

The company is jointly controlled by the directors, who also own 100% of the issued share capital.

Shah Pharmacy Limited - Accounts to registrar - small 16.3d

Shah Pharmacy Limited - Accounts to registrar - small 16.3d