SMS PHARMACY LTD

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Registered number: 7396073

SMS PHARMACY LTD

Director's Report and

Unaudited Financial Statements

For The Year Ended 31 October 2016

Islam & Ahmed Ltd

SMS PHARMACY LTD

Director's Report and Financial Statements

For The Year Ended 31 October 2016

Director's Report and Financial Statements

	Page
Contents
Company Information	1
Director's Report	2
Accountant's Report	3
Profit and Loss Account	4
Balance Sheet	5—6
Notes to the Accounts	7—9

SMS PHARMACY LTD

Company Information

Director	Mr DIPESH RAGHWANI

Company Number	7396073

Registered Office	68 SEYMOUR GROVE
	OLD TRAFFORD
	MANCHESTER
	M16 0LN

Accountants	Islam & Ahmed Ltd
	Chartered Accountants
	68 Seymour Grove
	Manchester
	M16 0LN

Page 1

SMS PHARMACY LTD

Company No. 7396073

Director's Report For The Year Ended 31 October 2016

Director's Report

The director presents his report and the financial statements for the year ended 31 October 2016.

Statement of Director's Responsibilities

The director is responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing the financial statements the director is required to:

select suitable accounting policies and then apply them consistently;
make judgments and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal Activity

The company's principal activity continues to be that of Pharmaceutical Chemist Services.

Directors

The directors who held office during the year were as follows:

Mr DIPESH RAGHWANI

Small Company Rules

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

On behalf of the board

Mr DIPESH RAGHWANI

25/07/2017

Page 2

SMS PHARMACY LTD

Accountant's Report

For The Year Ended 31 October 2016

Accountant's Report

In accordance with the engagement letter dated 29 Sepetember 2015 and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled the financial statements of the company from the accounting records and information and explanations you have given to us.

This report is made to the director in accordance with the terms of our engagement. Our work has been undertaken to prepare for approval by the director the financial statements that we have been engaged to compile, to report to the director that we have done so, and to state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's director for our work or for this report.

You have acknowledged on the balance sheet as at year ended 31 October 2016 your duty to ensure that the company has kept proper accounting records and to prepare financial statements that give a true and fair view under the Companies Act 2006. You consider that the company is exempt from the statutory requirement for an audit for the year.

We have not been instructed to carry out an audit of the financial statements. 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 financial statements.

28/07/2017

Islam & Ahmed Ltd

Chartered Accountants

68 Seymour Grove

Manchester

M16 0LN

Page 3

SMS PHARMACY LTD

Profit and Loss Account

For The Year Ended 31 October 2016

Profit and Loss Account

		2016
	Notes	£
TURNOVER		310,087
Cost of sales		(178,355 )

GROSS PROFIT		131,732

Administrative expenses		(66,493 )
Other operating income		8,381

OPERATING PROFIT	2	73,620
PROFIT ON ORDINARY ACTIVITIES BEFORE INTEREST		73,620

Other interest receivable and similar income		146

PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION		73,766
Tax on profit on ordinary activities	3	(15,422 )

PROFIT FOR THE FINANCIAL YEAR	8	58,344

Page 4

SMS PHARMACY LTD

Balance Sheet

As at 31 October 2016

Balance Sheet

		2016
	Notes	£	£
FIXED ASSETS
Tangible Assets	4		9,920

			9,920
CURRENT ASSETS
Stocks		7,570
Debtors	5	133,751
Cash at bank and in hand		47,821

		189,142
Creditors: Amounts Falling Due Within One Year	6	(42,748 )

NET CURRENT ASSETS (LIABILITIES)			146,394

TOTAL ASSETS LESS CURRENT LIABILITIES			156,314

NET ASSETS			156,314

CAPITAL AND RESERVES
Called up share capital	7		10
Profit and Loss Account			156,304

SHAREHOLDERS' FUNDS	8		156,314

Page 5

SMS PHARMACY LTD

Balance Sheet (continued)

As at 31 October 2016

For the year ending 31 October 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities

The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the Financial Reporting Standard for Smaller Entities (effective 2015).

On behalf of the board

Mr DIPESH RAGHWANI

25/07/2017

Page 6

SMS PHARMACY LTD

Notes to the Unaudited Accounts

For The Year Ended 31 October 2016

Notes to the Unaudited Accounts

1. Accounting Policies

1.1. Basis of Preparation of Financial Statements

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

1.2. Turnover

Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.

1.3. Tangible Fixed Assets and Depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Fixtures & Fittings

15% per annum on reducing balance basis

1.4. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

2. Operating Profit

The operating profit is stated after charging:

	2016
	£
Director's remuneration	9,483
Depreciation of tangible fixed assets	3,082

3. Tax on Profit on Ordinary Activities

	2016
	£
UK Corporation Tax	15,370
Prior period adjustment	52

Total Current Tax Charge	15,422

Page 7

SMS PHARMACY LTD

Notes to the Unaudited Accounts (continued)

For The Year Ended 31 October 2016

4. Tangible Assets


	Fixtures & Fittings
	£
Cost
As at 1 November 2015	24,574

As at 31 October 2016	24,574

Depreciation
As at 1 November 2015	11,572
Provided during the period	3,082

As at 31 October 2016	14,654

Net Book Value
As at 31 October 2016	9,920

As at 1 November 2015	13,002

5. Debtors

	2016
	£
Due within one year
Trade debtors	80,781
VAT Receivable	22,817
Director's Loan	21,072
M & C News Ltd	9,081

	133,751

6. Creditors: Amounts Falling Due Within One Year

	2016
	£
Corporation tax	15,396
Other taxes and social security	2,352
SMS News Ltd (1) (Current liabilities - creditors < 1 year)	25,000

	42,748

7. Share Capital

	Value	Number	2016
Allotted, called up and fully paid	£		£
Ordinary shares	1	10	10

Page 8

SMS PHARMACY LTD

Notes to the Unaudited Accounts (continued)

For The Year Ended 31 October 2016

8. Reconciliation of Reserves

	Share Capital	Profit & Loss Account
	£	£
As at 1 November 2015	10	97,960
Profit for year	-	58,344

As at 31 October 2016	10	156,304

9. Ultimate Controlling Party

The company's ultimate controlling party is the director Mr Dipesh Mohanlal Raghwani by virtue of his ownership of 100% of the issued share capital in the company.

Page 9