Hogarth Pharmacy Limited Filleted accounts for Companies House (small and micro)

HOGARTH PHARMACY LIMITED - Company Information

false false false false false false false false false true false false false false false false false No description of principal activity 2017-04-01 Sage Accounts Production Advanced 2018 Update 1 - FRS 144,500 115,600 7,225 122,825 21,675 28,900 xbrli:pure xbrli:shares iso4217:GBP 04124738 2017-04-01 2018-03-31 04124738 2018-03-31 04124738 2017-03-31 04124738 2016-04-01 2017-03-31 04124738 2017-03-31 04124738 core:NetGoodwill 2017-04-01 2018-03-31 04124738 core:FurnitureFittings 2017-04-01 2018-03-31 04124738 core:MotorVehicles 2017-04-01 2018-03-31 04124738 bus:Director1 2017-04-01 2018-03-31 04124738 core:NetGoodwill 2017-03-31 04124738 core:NetGoodwill 2018-03-31 04124738 core:FurnitureFittings 2017-03-31 04124738 core:MotorVehicles 2017-03-31 04124738 core:LandBuildings 2018-03-31 04124738 core:FurnitureFittings 2018-03-31 04124738 core:MotorVehicles 2018-03-31 04124738 core:WithinOneYear 2018-03-31 04124738 core:WithinOneYear 2017-03-31 04124738 core:AfterOneYear 2018-03-31 04124738 core:AfterOneYear 2017-03-31 04124738 core:ShareCapital 2018-03-31 04124738 core:ShareCapital 2017-03-31 04124738 core:RetainedEarningsAccumulatedLosses 2018-03-31 04124738 core:RetainedEarningsAccumulatedLosses 2017-03-31 04124738 core:NetGoodwill 2017-03-31 04124738 core:LandBuildings 2017-03-31 04124738 core:FurnitureFittings 2017-03-31 04124738 core:MotorVehicles 2017-03-31 04124738 bus:SmallEntities 2017-04-01 2018-03-31 04124738 bus:AuditExemptWithAccountantsReport 2017-04-01 2018-03-31 04124738 bus:FullAccounts 2017-04-01 2018-03-31 04124738 bus:SmallCompaniesRegimeForAccounts 2017-04-01 2018-03-31 04124738 bus:PrivateLimitedCompanyLtd 2017-04-01 2018-03-31

COMPANY REGISTRATION NUMBER: 04124738

HOGARTH PHARMACY LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

31 March 2018

HOGARTH PHARMACY LIMITED

STATEMENT OF FINANCIAL POSITION

31 March 2018

	2018		2017
Note	£	£	£

Fixed assets

Intangible assets	5	21,675	28,900
Tangible assets	6	273,564	277,688
		----------	----------
		295,239	306,588

Current assets

Stocks		57,031	55,096
Debtors	7	177,741	173,118
Cash at bank and in hand		–	3,271
		----------	----------
		234,772	231,485

Creditors: amounts falling due within one year	8	235,419		224,293
		----------		----------
Net current (liabilities)/assets			( 647)	7,192
			----------	----------
Total assets less current liabilities			294,592	313,780

Creditors: amounts falling due after more than one year	9		8,071	12,563

Provisions

Taxation including deferred tax	1,030	1,604
	----------	----------
Net assets	285,491	299,613
	----------	----------

HOGARTH PHARMACY LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

31 March 2018

	2018		2017
Note	£	£	£

Capital and reserves

Called up share capital	100	100
Profit and loss account	285,391	299,513
	----------	----------
Shareholders funds	285,491	299,613
	----------	----------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 29 August 2018 , and are signed on behalf of the board by:

Mr A R Jackson

Director

Company registration number: 04124738

HOGARTH PHARMACY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2018

1. General information

The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is 2 Redehall Road, Smallfield, Horley, Surrey, RH6 9QL. The principal place of business is 33 Hogarth Road, Hove, East Sussex, BN3 5RH.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity. No material uncertainties related to conditions that may cast doubt about the ability of the company to continue as a going concern have been identified by the directors.

Revenue recognition

Turnover represents the sales of goods net of VAT and trade discounts, along with prescription fees and is recognised when the goods are physically provided to the customer.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	5% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Fixtures, fittings & equipment	-	25% reducing balance
Motor vehicles	-	25% reducing balance

No depreciation is provided on property because in the opinion of the directors the residual value will be in excess of the carrying value.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 7 (2017: 7 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 April 2017 and 31 March 2018	144,500
	----------
Amortisation
At 1 April 2017	115,600
Charge for the year	7,225
	----------
At 31 March 2018	122,825
	----------
Carrying amount
At 31 March 2018	21,675
	----------
At 31 March 2017	28,900
	----------

6. Tangible assets

	Land and buildings	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£
Cost
At 1 April 2017 and 31 March 2018	261,189	64,404	34,294	359,887
	----------	---------	---------	----------
Depreciation
At 1 April 2017	–	62,255	19,944	82,199
Charge for the year	–	537	3,587	4,124
	----------	---------	---------	----------
At 31 March 2018	–	62,792	23,531	86,323
	----------	---------	---------	----------
Carrying amount
At 31 March 2018	261,189	1,612	10,763	273,564
	----------	---------	---------	----------
At 31 March 2017	261,189	2,149	14,350	277,688
	----------	---------	---------	----------

7. Debtors

	2018	2017
	£	£
Trade debtors	163,185	159,114
Other debtors	14,556	14,004
	----------	----------
	177,741	173,118
	----------	----------

8. Creditors: amounts falling due within one year

	2018	2017
	£	£
Bank loans and overdrafts	7,529	–
Trade creditors	190,334	175,095
Corporation tax	21,141	30,925
Social security and other taxes	1,193	628
Other creditors	15,222	17,645
	----------	----------
	235,419	224,293
	----------	----------

Hire purchase liabilities are secured over the assets to which they relate.

9. Creditors: amounts falling due after more than one year

	2018	2017
	£	£
Other creditors	8,071	12,563
	-------	---------

10. Directors' advances, credits and guarantees

At the year end, the company owed the directors £383 (2017 - £1,760).