Chalice Pharmacies Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 03481415 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2017

FOR

CHALICE PHARMACIES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

8

DIRECTORS:

M S Mann

B S Atwal

SECRETARY:

Mrs B K Mann

REGISTERED OFFICE:

1110 Elliott Court

Coventry Business Park

Herald Avenue

Coventry

West Midlands

CV5 6UB

REGISTERED NUMBER:

03481415 (England and Wales)

ACCOUNTANTS:

LDP Luckmans

1110 Elliott Court

Coventry Business Park

Herald Avenue

Coventry

West Midlands

CV5 6UB

FIXED ASSETS

Intangible assets

4

2,179,692

2,326,049

Tangible assets

5

194,235

216,216

Investments

6

124,011

124,011

2,497,938

2,666,276

CURRENT ASSETS

Stocks

195,198

191,393

Debtors

7

875,894

859,129

Cash at bank and in hand

64,049

98,010

1,135,141

1,148,532

CREDITORS

Amounts falling due within one year

8

1,130,578

1,089,007

NET CURRENT ASSETS

4,563

59,525

TOTAL ASSETS LESS CURRENT LIABILITIES

2,502,501

2,725,801

CREDITORS

Amounts falling due after more than one year

9

(2,199,545

)

(2,382,400

)

PROVISIONS FOR LIABILITIES

(33,656

)

(37,079

)

NET ASSETS

269,300

306,322

CAPITAL AND RESERVES

Called up share capital

120

120

Retained earnings

10

269,180

306,202

SHAREHOLDERS' FUNDS

269,300

306,322

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2017 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 20 June 2017 and were signed on its behalf by:

M S Mann - Director

1.	STATUTORY INFORMATION

Chalice Pharmacies 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts,

rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 1997, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured

at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

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

Long leasehold

-

2% on cost

Fixtures and fittings

-

15% on reducing balance

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement,

except to the extent that it relates to items recognised in other comprehensive income or directly in

equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been

enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods

different from those in which they are recognised in financial statements. Deferred tax is measured

using tax rates and laws that have been enacted or substantively enacted by the year end and that are

expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable

that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the

period of the lease.

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 profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 40 .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 February 2016

and 31 January 2017

2,927,149

AMORTISATION

At 1 February 2016

601,100

Amortisation for year

146,357

At 31 January 2017

747,457

NET BOOK VALUE

At 31 January 2017

2,179,692

At 31 January 2016

2,326,049

5.	TANGIBLE FIXED ASSETS

Fixtures

Long

and

leasehold

fittings

Totals

£

£

£

COST

At 1 February 2016

57,679

352,340

410,019

Additions

-

5,201

5,201

At 31 January 2017

57,679

357,541

415,220

DEPRECIATION

At 1 February 2016

9,778

184,025

193,803

Charge for year

1,154

26,028

27,182

At 31 January 2017

10,932

210,053

220,985

NET BOOK VALUE

At 31 January 2017

46,747

147,488

194,235

At 31 January 2016

47,901

168,315

216,216

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 February 2016

and 31 January 2017

124,011

NET BOOK VALUE

At 31 January 2017

124,011

At 31 January 2016

124,011

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

697,382

732,495

Other debtors

48,087

46,820

Sundry debtors

100

100

Directors' current accounts

112,762

59,276

Prepayments

17,563

20,438

875,894

859,129

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

157,594

151,594

Trade creditors

735,991

680,775

Amounts owed to group undertakings

124,011

124,011

Tax

85,291

105,364

Social security and other taxes

4,870

3,971

Net wages

(487

)

1,035

Accrued expenses

23,308

22,257

1,130,578

1,089,007

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Bank Loans - More than 1yr

2,199,545

2,382,400

10.

RESERVES

Retained

earnings

£

At 1 February 2016

306,202

Profit for the year

192,978

Dividends

(230,000

)

At 31 January 2017

269,180

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 January 2017 and

31 January 2016:

2017

2016

£

£

M S Mann

Balance outstanding at start of year

44,476

(8,119

)

Amounts advanced

64,000

52,595

Amounts repaid

(5,513

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

102,963

44,476

B S Atwal

Balance outstanding at start of year

14,799

(2,701

)

Amounts advanced

-

17,500

Amounts repaid

(5,000

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

9,799

14,799

The following reproduces the text of the report prepared for the directors 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 Income Statement 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 Chalice Pharmacies Limited for the year ended 31 January 2017 which comprise

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

It is your duty to ensure that Chalice Pharmacies 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 Chalice Pharmacies Limited. You consider that Chalice Pharmacies 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 Chalice Pharmacies 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.

LDP Luckmans

1110 Elliott Court

Coventry Business Park

Herald Avenue

Coventry

West Midlands

CV5 6UB

20 June 2017