R.W. McConnell & Son (Pharmacy) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC205011 (Scotland)

Unaudited Financial Statements for the Year Ended 30 April 2018

for

R.W. McConnell & Son (Pharmacy) Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Accountants' Report

9

DIRECTORS:

W S McConnell

Mrs U M Balls

Mrs E E McGuffie

Mrs C J R Fox

R S McConnell

SECRETARY:

W S McConnell

REGISTERED OFFICE:

27 Mauchline Road

Hurlford

Ayrshire

KA1 5AB

REGISTERED NUMBER:

SC205011 (Scotland)

ACCOUNTANTS:

Rogerson & Goldie

Chartered Accountants

29 Portland Road

Kilmarnock

KA1 2BY

FIXED ASSETS

Intangible assets

4

4,753

6,964

Tangible assets

5

101,899

123,659

106,652

130,623

CURRENT ASSETS

Stocks

162,255

172,623

Debtors

6

354,848

349,873

Investments

7

409,072

-

Cash at bank and in hand

582,196

921,946

1,508,371

1,444,442

CREDITORS

Amounts falling due within one year

8

807,591

786,494

NET CURRENT ASSETS

700,780

657,948

TOTAL ASSETS LESS CURRENT LIABILITIES

807,432

788,571

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

10

807,332

788,471

SHAREHOLDERS' FUNDS

807,432

788,571

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 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 17 December 2018 and were signed on its behalf by:

W S McConnell - Director

Mrs U M Balls - Director

1.	STATUTORY INFORMATION

R.W. McConnell & Son (Pharmacy) Limited is a private company, limited by shares , registered in Scotland. 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.

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 2000, 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.

Freehold property

-

5% on cost

Improvements to property

-

5% on cost

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33.3% on reducing balance

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets

have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any

affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the

carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised

immediately in profit or loss.

If an impairment loss subsequently reverses, the carry amount of the asset is increased to the revised estimate of

its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss

been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit

or loss.

Government grants

Government grants in relation to tangible fixed asset are credited to profit and loss account over the useful lives

of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to

profit and loss.

Stocks

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

moving items.

Basic financial instruments

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 recognized in the profit and loss account.

Loans and borrowings are initially recognised at the transaction price including transaction costs. They are

subsequently measured at amortised cost using the effective interest rate method., less impairment. If an

arrangement constitutes a finance transaction it is measured at present value.

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.

Employee benefits

When employees have rendered service to the company, short term benefits to which the employees are entitled

are recognised at the amount expected to be paid in exchange for that service.The directors consider that no

provision is required for accrued holiday pay.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held with banks or other

short term liquid investments. Bank overdrafts, if applicable, are shown within borrowings in current liabilities.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 35 (2017 - 40 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 May 2017

and 30 April 2018

44,221

AMORTISATION

At 1 May 2017

37,257

Amortisation for year

2,211

At 30 April 2018

39,468

NET BOOK VALUE

At 30 April 2018

4,753

At 30 April 2017

6,964

5.	TANGIBLE FIXED ASSETS

Improvements

Freehold

to

Plant and

property

property

machinery

£

£

£

COST

At 1 May 2017

and 30 April 2018

203,728

115,950

6,422

DEPRECIATION

At 1 May 2017

156,010

63,126

6,378

Charge for year

10,595

5,797

2

At 30 April 2018

166,605

68,923

6,380

NET BOOK VALUE

At 30 April 2018

37,123

47,027

42

At 30 April 2017

47,718

52,824

44

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1 May 2017

and 30 April 2018

160,701

9,995

66,065

562,861

DEPRECIATION

At 1 May 2017

144,405

8,217

61,066

439,202

Charge for year

3,272

444

1,650

21,760

At 30 April 2018

147,677

8,661

62,716

460,962

NET BOOK VALUE

At 30 April 2018

13,024

1,334

3,349

101,899

At 30 April 2017

16,296

1,778

4,999

123,659

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

303,207

262,379

Other debtors

51,641

87,494

354,848

349,873

7.	CURRENT ASSET INVESTMENTS

2018

2017

£

£

Novia Investment Account

409,072

-

The Novia General Investment Account is stated at cost. Market value at April 2018 £408,844.

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade creditors

589,256

580,865

Taxation and social security

58,986

44,924

Other creditors

159,349

160,705

807,591

786,494

9.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

The Royal Bank of Scotland plc. holds a Bond & Floating Charge over the whole of the Company's property and

undertakings, dated 20th March, 2000.

10.

RESERVES

Retained

earnings

£

At 1 May 2017

788,471

Profit for the year

188,861

Dividends

(170,000

)

At 30 April 2018

807,332

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Directors' current accounts included within Creditors due within one year are unsecured and repayable on

demand.

12.	RELATED PARTY DISCLOSURES

Other than the transactions with directors as disclosed above there are no other known or undisclosed related

party transactions.

13.	ULTIMATE CONTROLLING PARTY

The controlling party is Mrs U M Balls.

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 R.W. McConnell & Son (Pharmacy) Limited for the year ended 30 April 2018 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 ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of R.W. McConnell & Son (Pharmacy) 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 R.W. McConnell & Son (Pharmacy) Limited and state those matters that we have agreed to state to the Board of Directors of R.W. McConnell & Son (Pharmacy) Limited, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that R.W. McConnell & Son (Pharmacy) 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 R.W. McConnell & Son (Pharmacy) Limited. You consider that R.W. McConnell & Son (Pharmacy) 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 R.W. McConnell & Son (Pharmacy) 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.

Rogerson & Goldie

Chartered Accountants

29 Portland Road

Kilmarnock

KA1 2BY

17 December 2018