Alfa Chemists Limited - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 04075132 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 October 2017

for

Alfa Chemists Limited

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr S S I Mohamedali

Mr T S Mohamedali

SECRETARY:

Mr T S Mohamedali

REGISTERED OFFICE:

Unit 1A, Bridge Business Park

Bridge Park Road

Thurmaston

Leicester

Leicestershire

LE4 8BL

REGISTERED NUMBER:

04075132 (England and Wales)

ACCOUNTANTS:

Xitax Limited

Pera Business Park

Nottingham Road

Melton Mowbray

Leicestershire

LE13 0PB

FIXED ASSETS

Intangible assets

4

195,345

353,725

Tangible assets

5

30,384

21,351

Investments

6

51

51

225,780

375,127

CURRENT ASSETS

Stocks

149,788

161,986

Debtors

927,346

930,767

Investments

10,269

10,269

Cash at bank and in hand

270,656

316,448

1,358,059

1,419,470

CREDITORS

Amounts falling due within one year

1,332,434

1,876,717

NET CURRENT ASSETS/(LIABILITIES)

25,625

(457,247

)

TOTAL ASSETS LESS CURRENT LIABILITIES

251,405

(82,120

)

CREDITORS

Amounts falling due after more than one year

(245,646

)

(234,349

)

PROVISIONS FOR LIABILITIES

(3,023

)

(737

)

NET ASSETS/(LIABILITIES)

2,736

(317,206

)

CAPITAL AND RESERVES

Called up share capital

800

800

Capital redemption reserve

200

200

Retained earnings

1,736

(318,206

)

SHAREHOLDERS' FUNDS

2,736

(317,206

)

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 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.

All the members have consented to the preparation of an abridged Statement of Income and Retained Earnings and an abridged Balance Sheet for the year ended 31 October 2017 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the Board of Directors on 21 June 2018 and were signed on its behalf by:

Mr T S Mohamedali - Director

1.	STATUTORY INFORMATION

Alfa Chemists 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

Compliance with accounting standards

The financial statements have been prepared in accordance with applicable United Kingdom

accounting standards, including Financial Reporting Standard 102 Section 1A smaller entities 'The

Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' ('FRS102') and

the Companies Act 2006.

Group accounts

The financial statements contain information about Alfa Chemists Limited as an individual company

and do not contain consolidated financial information as the parent of a group. The company has taken

the option under Section 398 of the Companies Act 2006 not to prepare consolidated financial

statements.

Significant judgements and estimates

No significant judgements have had to be made by the directors in preparing these financial

statements.

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

Prescription income is received two months in arrears but appropriate accounting adjustments are

made to account for it on an accruals basis. Retail sales are recognised on the basis of daily takings.

Goodwill

Acquired goodwill is written off in equal annual instalments over its useful economic life which the

directors believe is 20 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.

Fixtures and fittings

-

15% on cost

Motor vehicles

-

25% on 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.

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 31 .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 November 2016

1,485,114

Disposals

(451,817

)

At 31 October 2017

1,033,297

AMORTISATION

At 1 November 2016

1,131,389

Amortisation for year

51,380

Eliminated on disposal

(344,817

)

At 31 October 2017

837,952

NET BOOK VALUE

At 31 October 2017

195,345

At 31 October 2016

353,725

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 November 2016

338,524

Additions

21,062

Disposals

(45,891

)

At 31 October 2017

313,695

DEPRECIATION

At 1 November 2016

317,173

Charge for year

10,570

Eliminated on disposal

(44,432

)

At 31 October 2017

283,311

NET BOOK VALUE

At 31 October 2017

30,384

At 31 October 2016

21,351

6.	FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:

Totals

£

COST

At 1 November 2016

and 31 October 2017

51

NET BOOK VALUE

At 31 October 2017

51

At 31 October 2016

51

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.10.17

31.10.16

£

£

Within one year

51,444

82,765

Between one and five years

117,000

137,776

In more than five years

100,000

125,000

268,444

345,541

Operating lease payments are recognised as an expense on a straight line basis over the lease term.

8.	SECURED DEBTS

The bank overdraft is secured by a first legal charge over a company owned investment property at

Silverdale Drive, Leicester. In addition the overdraft is secured by a debenture over all of the

company's assets and undertakings.

The company's parent entity, Alfa ACL Limited, obtained bank borrowings of £1,123,000 and as part of

the terms a cross guarantee with Alfa Chemists Limited was created. The outstanding balance as at 31

October 2017 was £135,000.

9.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the year ended 31 October 2017 and

the period ended 31 October 2016:

31.10.17

31.10.16

£

£

Mr S S I Mohamedali

Balance outstanding at start of year

(77,140

)

(163,614

)

Amounts advanced

52,321

86,474

Amounts repaid

(27,514

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(52,333

)

(77,140

)

Mr T S Mohamedali

Balance outstanding at start of year

-

-

Amounts repaid

(39,745

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(39,745

)

-

10.	RELATED PARTY DISCLOSURES

Mrs Alifia Samiwala (employee and shareholder of Alfa ACL Ltd) - at the year end there was an

employee loan to Mrs A Samiwala of 136,592 (2016:£15,525) . The loan attracts interest at 3% and is

repayable on demand.

Alfa Healthcare Holdings Ltd (a company in which Mr T Mohamedali and Mrs A Sammiwala are

directors and shareholders) - during the year the company was owed £34,900 (2016 £35,000) by Alfa

Healthcare Holdings Ltd.

SMYS Healthcare Limited (joint venture) - the company was owed £360,000 by SMYS Healthcare Ltd,

the loan is repayable by 31 March 2018 and carries interest at 3.5%.

Birstall Investments Ltd (joint venture) - during the year the company received a dividend of £90,281

from Birstall Investments Ltd. The balance owed by Birstall Investments Ltd at the year end was

£114,609.

During period end 31 October 2016, the company's parent entity, Alfa ACL Limited, obtained bank

borrowings of £1,123,000 and as part of the terms a cross guarantee with Alfa Chemists Limited was

created. The outstanding balance at the year end was £135,000.

Bonham Real Estate Limited (a company in which Mr T Mohamedali and Mrs A Sammiwala are

directors and shareholders) - during the year the company was owed £25,000 by Bonham Real Estate

Limited.

Global Forex & Commodities Ltd (a company in which Mr T Mohamedali and Mrs A Sammiwala are

directors and shareholders) - during the year the company was owed £19,000 by Global Forex &

Commodities Ltd.

11.	ULTIMATE CONTROLLING PARTY

The ultimate parent undertaking is Alfa ACL Limited which is a company registered in England and

Wales and holds 100% of the issued share capital of Alfa Chemists Limited.

12.	TRANSITION TO FRS 102

This is the first year in which the financial statements have been prepared under FRS 102 Section 1A.