Internet Pharmacy Limited - Period Ending 2017-03-31
Internet Pharmacy Limited - Period Ending 2017-03-31
Registration number:
Unaudited Financial Statements
Internet Pharmacy Limited
Contents
Balance Sheet |
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Notes to the Financial Statements |
Internet Pharmacy Limited
Balance Sheet
31 March 2017
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2017 |
2016 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Internet Pharmacy Limited
Balance Sheet
31 March 2017
These financial statements have 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.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Mr D W Bagshaw
Director
Company Registration Number: 04018681
Internet Pharmacy Limited
Notes to the Financial Statements
Year Ended 31 March 2017
General information |
The company is a private company limited by share capital incorporated in England.
The address of its registered office is:
The principal activity of the company is is that of a Pharmacy.
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Internet Pharmacy Limited
Notes to the Financial Statements
Year Ended 31 March 2017
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and machinery |
15% reducing balance |
Motor vehicles |
25% straight line |
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
10% straight line |
Internet Pharmacy Limited
Notes to the Financial Statements
Year Ended 31 March 2017
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
The basis of the stock valuation is the lower of historical cost and ner realisable value, excluding VAT. Dispensing bottles and working materials have been excluded.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Internet Pharmacy Limited
Notes to the Financial Statements
Year Ended 31 March 2017
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Internet Pharmacy Limited
Notes to the Financial Statements
Year Ended 31 March 2017
Intangible assets |
Goodwill |
Total |
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Cost or valuation |
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At 1 April 2016 |
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At 31 March 2017 |
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Amortisation |
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At 1 April 2016 |
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Amortisation charge |
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At 31 March 2017 |
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Carrying amount |
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At 31 March 2017 |
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At 31 March 2016 |
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The aggregate amount of research and development expenditure recognised as an expense during the period is £Nil (2016 - £Nil).
Internet Pharmacy Limited
Notes to the Financial Statements
Year Ended 31 March 2017
Tangible assets |
Land and buildings |
Motor vehicles |
Other property, plant and equipment |
Total |
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Cost or valuation |
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At 1 April 2016 |
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Additions |
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At 31 March 2017 |
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Depreciation |
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At 1 April 2016 |
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Charge for the year |
- |
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At 31 March 2017 |
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Carrying amount |
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At 31 March 2017 |
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At 31 March 2016 |
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Included within the net book value of land and buildings above is £397,995 (2016 - £397,995) in respect of freehold land and buildings.
Stocks |
2017 |
2016 |
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Other inventories |
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Debtors |
2017 |
2016 |
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Trade debtors |
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Other debtors |
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Total current trade and other debtors |
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Internet Pharmacy Limited
Notes to the Financial Statements
Year Ended 31 March 2017
Creditors |
Note |
2017 |
2016 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
2017 |
2016 |
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Non-current loans and borrowings |
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Bank borrowings |
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Finance lease liabilities |
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