Pharmacentric Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05964690 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 October 2017

for

Pharmacentric Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr H Dodhia

REGISTERED OFFICE:

64 High Street

Elthorne Gate

Pinner

Middlesex

HA5 5QA

REGISTERED NUMBER:

05964690 (England and Wales)

ACCOUNTANTS:

Aequitas

Chartered Accountants

Elthorne Gate

64 High Street

Pinner

HA5 5QA

FIXED ASSETS

Intangible assets

4

84,000

100,000

Property, plant and equipment

5

51,742

64,677

135,742

164,677

CURRENT ASSETS

Inventories

63,630

49,182

Debtors

6

194,073

152,719

Cash at bank and in hand

19,536

96,103

277,239

298,004

CREDITORS

Amounts falling due within one year

7

211,408

194,603

NET CURRENT ASSETS

65,831

103,401

TOTAL ASSETS LESS CURRENT LIABILITIES

201,573

268,078

PROVISIONS FOR LIABILITIES

7,357

12,645

NET ASSETS

194,216

255,433

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

194,116

255,333

194,216

255,433

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 director acknowledges his 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director on 26 July 2018 and were signed by:

Mr H Dodhia - Director

1.	STATUTORY INFORMATION

Pharmacentric 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

The presentation currency of the financial statements is the Pound Sterling (£) which is rounded to

nearest £1.

First year adoption of Financial Reporting Standard 102 ( FRS 102) Section 1A

These financial statements for the year ended 31 October 2017 are the first that are prepared in

accordance with FRS 102 Section 1A. The previous financial statements were prepared in accordance

with UK GAAP, the date of transition to FRS 102 Section 1A is 1 November 2015.

Turnover

Turnover represents revenue generated from the dispensing chemist and is recognised at the fair value

of the consideration received or receivable for goods and services provided in the normal course of

business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes

into account trade discount, settlement discounts and volume rebates.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight

line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial

year following the acquisition and in other periods if events or changes in circumstances indicate that

the carrying value may not be recoverable.

Goodwill, being the amount paid in connection with the acquisition of a business in 2008, is being

amortised evenly at 15% straight line basis.

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

-

20% on reducing balance

Stocks

Inventories 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 10 (2016 - 8 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 November 2016

and 31 October 2017

240,000

AMORTISATION

At 1 November 2016

140,000

Amortisation for year

16,000

At 31 October 2017

156,000

NET BOOK VALUE

At 31 October 2017

84,000

At 31 October 2016

100,000

5.	PROPERTY, PLANT AND EQUIPMENT

Fixtures

and

fittings

£

COST

At 1 November 2016

and 31 October 2017

122,584

DEPRECIATION

At 1 November 2016

57,907

Charge for year

12,935

At 31 October 2017

70,842

NET BOOK VALUE

At 31 October 2017

51,742

At 31 October 2016

64,677

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.17

31.10.16

£

£

Trade debtors

98,557

139,605

VAT

30,278

9,090

Prepayments and accrued income

65,238

4,024

194,073

152,719

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.17

31.10.16

£

£

Trade creditors

158,142

153,816

Tax

-

18,373

Social security and other taxes

2,292

19

Pension

245

-

Other creditors

12,583

10,000

Directors' loan

36,818

10,667

Accruals and deferred income

1,328

1,728

211,408

194,603

8.	FIRST YEAR ADOPTION

No adjustments were required in equity or profit or loss for the year on transition to FRS 102 Section

1A.