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

REGISTERED NUMBER: 04611327 (England and Wales)

PRIMACHEM LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2018

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr J H R Leah

Mrs J E Leah

Mr M Leah

SECRETARY:

Mr J H R Leah

REGISTERED OFFICE:

7 St John Street

Mansfield

Nottinghamshire

NG18 1QH

REGISTERED NUMBER:

04611327 (England and Wales)

ACCOUNTANTS:

ApC

Chartered Accountants

7 St John Street

Mansfield

Nottinghamshire

NG18 1QH

BANKERS:

Nat West

69 Bridge Street

Worksop

Nottinghamshire

S80 4JE

FIXED ASSETS

Intangible assets

5

-

-

Tangible assets

6

96,339

96,514

Investments

7

245

245

96,584

96,759

CURRENT ASSETS

Stocks

8

68,227

152,272

Debtors

9

124,292

123,552

Cash at bank and in hand

413,725

414,242

606,244

690,066

CREDITORS

Amounts falling due within one year

10

448,649

374,365

NET CURRENT ASSETS

157,595

315,701

TOTAL ASSETS LESS CURRENT LIABILITIES

254,179

412,460

PROVISIONS FOR LIABILITIES

138

160

NET ASSETS

254,041

412,300

CAPITAL AND RESERVES

Called up share capital

11

1,001

1,001

Retained earnings

253,040

411,299

SHAREHOLDERS' FUNDS

254,041

412,300

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2018 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 15 October 2018 and were signed on its behalf by:

Mr J H R Leah - Director

Mrs J E Leah - Director

Mr M Leah - Director

1.	STATUTORY INFORMATION

Primachem 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.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates

The significant judgements and estimates are as follows:

The directors estimate of the residual value of the property and consider that if any depreciation was to be

charged, would be immaterial.

The asset under construction contained within stock relates to a property purchased and then renovated by the

company for resale. The value in the financial statements is at cost. The directors consider that this is a fair

value.

The other significant judgements and estimates are detailed in the accounting policy of the fixed assets

depreciation rates. The rates are annually reviewed in line to what the directors believe the assets are worth

taken into account the income streams generated by those assets.

Turnover

Turnover represents the value excluding Value Added Tax of pharmacy goods and services provided to

customers during the year. In respect of pharmacy goods and services provided, all income is taken to profit and

loss at the same point as the right to receive consideration has been acquired.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2003, is being amortised evenly over its estimated useful life of ten 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 reducing balance

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.

Financial instruments

Financial instruments and equity instruments are classified according to the substance of the contractual

arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets

of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar

debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented

as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the

profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the

outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability

then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are

debited direct to equity.

Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at

transaction price. Any losses arising from impairment are recognised in the profit and loss account in other

administrative expenses.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2017 - 10 ) .

5.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 June 2017

and 31 May 2018

152,495

AMORTISATION

At 1 June 2017

and 31 May 2018

152,495

NET BOOK VALUE

At 31 May 2018

-

At 31 May 2017

-

6.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

and

property

fittings

Totals

£

£

£

COST

At 1 June 2017

and 31 May 2018

95,348

6,421

101,769

DEPRECIATION

At 1 June 2017

-

5,255

5,255

Charge for year

-

175

175

At 31 May 2018

-

5,430

5,430

NET BOOK VALUE

At 31 May 2018

95,348

991

96,339

At 31 May 2017

95,348

1,166

96,514

7.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 June 2017

and 31 May 2018

245

NET BOOK VALUE

At 31 May 2018

245

At 31 May 2017

245

8.

STOCKS

2018

2017

as restated

£

£

Stocks

68,227

75,344

Closing asset under

construction

-

76,928

68,227

152,272

9.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

as restated

£

£

Trade debtors

100,164

79,587

Other debtors

24,128

43,965

124,292

123,552

10.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

as restated

£

£

Trade creditors

111,175

126,556

Taxation and social security

973

5,127

Other creditors

336,501

242,682

448,649

374,365

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

as restated

£

£

1,000

Ordinary

£1

1,000

1,000

1

Ordinary A

£1

1

1

1,001

1,001

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 May 2018 and

31 May 2017:

2018

2017

as restated

£

£

Mr M Leah

Balance outstanding at start of year

17,558

66,856

Amounts advanced

60,096

17,558

Amounts repaid

(78,000

)

(66,856

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(346

)

17,558

No interest is charged on the above amounts.

13.	RELATED PARTY DISCLOSURES

During the year the company paid £128,000 (2017: £160,000) to the remuneration trust, the directors of the

company are the beneficiaries of the trust.

Key management personnel remuneration in the year totalled £13,956 (2017: £.13,956)