Shah Pharmacy Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07843615 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2018

FOR

SHAH PHARMACY LIMITED

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

A V Shah

Mrs V A Shah

REGISTERED OFFICE:

13 North Parade

Southall

Middlesex

UB1 2LF

REGISTERED NUMBER:

07843615 (England and Wales)

ACCOUNTANTS:

Sterling

Chartered Accountants

505 Pinner Road

Harrow

Middlesex

HA2 6EH

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 Statement of Comprehensive Income 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 Shah Pharmacy Limited for the year ended 30 June 2018 which comprise the Statement of

Comprehensive Income, Balance Sheet, Statement of Changes in Equity 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 the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Shah 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 Shah Pharmacy Limited and state those matters that we have agreed to state to the Board of Directors of Shah Pharmacy Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Shah Pharmacy Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Shah 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 Shah Pharmacy Limited. You consider that Shah 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 Shah 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.

Sterling

Chartered Accountants

505 Pinner Road

Harrow

Middlesex

HA2 6EH

11 January 2019

FIXED ASSETS

Intangible assets

4

437,500

468,750

Tangible assets

5

12,106

16,141

449,606

484,891

CURRENT ASSETS

Stocks

6

45,124

44,566

Debtors

7

72,024

65,980

Cash at bank and in hand

50,946

100,025

168,094

210,571

CREDITORS

Amounts falling due within one year

8

280,133

381,844

NET CURRENT LIABILITIES

(112,039

)

(171,273

)

TOTAL ASSETS LESS CURRENT LIABILITIES

337,567

313,618

PROVISIONS FOR LIABILITIES

9

2,111

2,813

NET ASSETS

335,456

310,805

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

335,356

310,705

SHAREHOLDERS' FUNDS

335,456

310,805

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors on 11 January 2019 and were signed on its behalf by:

A V Shah - Director

Mrs V A Shah - Director

1.	STATUTORY INFORMATION

Shah Pharmacy 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

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 represents NHS prescription income and counter sales, excluding Value Added Tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2012, 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.

Fixtures and fittings

-

25% on reducing balance

Stocks

Stocks are measured at the lower of cost and selling price less cost to sell. Cost is calculated on a first in, first out

basis and includes all costs of purchase, costs of conversion and other costs incurred in bringing the inventories

to their present location and condition.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2017 - 3 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 July 2017

and 30 June 2018

625,000

AMORTISATION

At 1 July 2017

156,250

Amortisation for year

31,250

At 30 June 2018

187,500

NET BOOK VALUE

At 30 June 2018

437,500

At 30 June 2017

468,750

5.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 July 2017

and 30 June 2018

26,711

DEPRECIATION

At 1 July 2017

10,570

Charge for year

4,035

At 30 June 2018

14,605

NET BOOK VALUE

At 30 June 2018

12,106

At 30 June 2017

16,141

6.

STOCKS

30/6/18

30/6/17

£

£

Stocks

45,124

44,566

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30/6/18

30/6/17

£

£

Trade debtors

64,773

57,415

VAT

7,251

8,565

72,024

65,980

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30/6/18

30/6/17

£

£

Trade creditors

105,226

90,288

Tax

20,850

29,957

Social security and other taxes

2,648

1,450

Wages control

5,258

3,964

Directors' current accounts

28,351

73,015

Directors' loan accounts

114,325

180,000

Accrued expenses

3,475

3,170

280,133

381,844

9.	PROVISIONS FOR LIABILITIES

30/6/18

30/6/17

£

£

Deferred tax

2,111

2,813

Deferred tax

£

Balance at 1 July 2017

2,813

movement during the year

(702

)

Balance at 30 June 2018

2,111

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year company made dividend payment of £30,000 (2017 £30,000) to the shareholders.

Included in creditors amounts following due after more than one year is a balance of £114,325 (2017 : £180,000)

for Mr A Shah, a director of the company.

11.	ULTIMATE CONTROLLING PARTY

The company is jointly controlled by the directors, who also own 100% of the issued share capital.