Primachem Limited - Abbreviated accounts 16.3

REGISTERED NUMBER: 04611327

PRIMACHEM LIMITED

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 31 MAY 2016

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

Mr J H R Leah

Mrs J E Leah

Mr M Leah

SECRETARY:

Mr J H R Leah

REGISTERED OFFICE:

7 St John Street

Mansfield

Nottinghamshire

NG18 1QH

REGISTERED NUMBER:

04611327

ACCOUNTANTS:

ApC

Chartered Accountants

7 St John Street

Mansfield

Nottinghamshire

NG18 1QH

BANKERS:

Nat West

69 Bridge Street

Worksop

Nottinghamshire

S80 4JE

FIXED ASSETS

Intangible assets

2

-

Tangible assets

3

96,718

96,960

Investments

4

245

96,963

97,205

CURRENT ASSETS

Stocks

156,908

154,279

Debtors

165,178

112,505

Cash at bank and in hand

411,004

477,919

733,090

744,703

CREDITORS

Amounts falling due within one year

326,866

349,850

NET CURRENT ASSETS

406,224

394,853

TOTAL ASSETS LESS CURRENT
LIABILITIES

503,187

492,058

PROVISIONS FOR LIABILITIES

195

226

NET ASSETS

502,992

491,832

CAPITAL AND RESERVES

Called up share capital

5

1,000

Profit and loss account

501,992

490,832

SHAREHOLDERS' FUNDS

502,992

491,832

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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 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 15 February 2017 and were signed on its behalf
by:

Mr J H R Leah - Director

Mrs J E Leah - Director

Mr M Leah - 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 January 2015).

Turnover

Turnover represents the value excluding Value Added Tax of pharmacy goods and services provided to

customers during the year. In respect of pharmacy goods and services provided, all income is taken to profit and

loss at the same point as the right to receive consideration has been acquired.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2003, is being amortised evenly 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.

Fixtures and fittings

-

15% 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.

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.

Financial instruments

Financial instruments and equity instruments are classified according to the substance of the contractual

arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets

of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar

debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented

as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the

profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the

outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability

then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are

debited direct to equity.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 June 2015

and 31 May 2016

152,495

AMORTISATION

At 1 June 2015

and 31 May 2016

152,495

NET BOOK VALUE

At 31 May 2016

-

At 31 May 2015

-

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 June 2015

and 31 May 2016

101,769

DEPRECIATION

At 1 June 2015

4,809

Charge for year

242

At 31 May 2016

5,051

NET BOOK VALUE

At 31 May 2016

96,718

At 31 May 2015

96,960

4.	FIXED ASSET INVESTMENTS

Investments

other

than

loans

£

COST

At 1 June 2015

and 31 May 2016

245

NET BOOK VALUE

At 31 May 2016

245

At 31 May 2015

245

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

1,000

Ordinary

£1

1,000

6.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 May 2016 and

31 May 2015:

2016

2015

£

Mr M Leah

Balance outstanding at start of year

(5,749

)

(10,806

)

Amounts advanced

92,605

5,057

Amounts repaid

(20,000

)

-

Balance outstanding at end of year

66,856

(5,749

)

No interest is charged on the above amounts.