Mayfair Pharmacare Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07147533 (England and Wales)

Unaudited Financial Statements for the Year Ended 30th April 2018

for

MAYFAIR PHARMACARE LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

9

DIRECTOR:

N Radia

REGISTERED OFFICE:

2 Burton House

Repton Place

White Lion Road

Amersham

Buckinghamshire

HP7 9LP

REGISTERED NUMBER:

07147533 (England and Wales)

ACCOUNTANTS:

Jacquards

2 Burton House

Repton Place

White Lion Road

Amersham

Buckinghamshire

HP7 9LP

FIXED ASSETS

Intangible assets

4

955,500

1,210,500

Tangible assets

5

76,535

103,466

Investment property

6

245,406

245,406

1,277,441

1,559,372

CURRENT ASSETS

Stocks

397,969

405,784

Debtors

7

1,191,874

861,938

Cash at bank and in hand

5,781

344,790

1,595,624

1,612,512

CREDITORS

Amounts falling due within one year

8

1,751,979

1,723,125

NET CURRENT LIABILITIES

(156,355

)

(110,613

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,121,086

1,448,759

CREDITORS

Amounts falling due after more than one year

9

(1,007,860

)

(1,394,311

)

PROVISIONS FOR LIABILITIES

-

(502

)

NET ASSETS

113,226

53,946

CAPITAL AND RESERVES

Called up share capital

11

200

200

Retained earnings

113,026

53,746

SHAREHOLDERS' FUNDS

113,226

53,946

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30th April 2018 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 Income Statement has not been delivered.

The financial statements were approved by the director on 30th January 2019 and were signed by:

N Radia - Director

1.	STATUTORY INFORMATION

Mayfair Pharmacare 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 sales of goods and services, excluding value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of nil years.

Goodwill, being the amount paid in connection with the acquisition of intangible assets 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.

Leasehold property

- over lease term

PLant and machinery

- 25% straight line

Fixtures, fittings and equipment

- 20% straight line

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from

changes in fair value is recognised in profit or loss.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the

period of the lease.

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 41 (2017 - 40 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1st May 2017

and 30th April 2018

2,550,000

AMORTISATION

At 1st May 2017

1,339,500

Charge for year

255,000

At 30th April 2018

1,594,500

NET BOOK VALUE

At 30th April 2018

955,500

At 30th April 2017

1,210,500

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1st May 2017

67,010

558,685

625,695

Additions

-

21,417

21,417

At 30th April 2018

67,010

580,102

647,112

DEPRECIATION

At 1st May 2017

28,302

493,927

522,229

Charge for year

5,215

43,133

48,348

At 30th April 2018

33,517

537,060

570,577

NET BOOK VALUE

At 30th April 2018

33,493

43,042

76,535

At 30th April 2017

38,708

64,758

103,466

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1st May 2017

and 30th April 2018

245,406

NET BOOK VALUE

At 30th April 2018

245,406

At 30th April 2017

245,406

7.

DEBTORS

2018

2017

£

£

Amounts falling due within one year:

Trade debtors

1,007,348

659,311

Amounts owed by group undertakings

6,667

-

Amounts owed by participating interests

-

17,227

Other debtors

138,495

142,125

1,152,510

818,663

Amounts falling due after more than one year:

Other debtors

39,364

43,275

Aggregate amounts

1,191,874

861,938

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

428,922

258,167

Trade creditors

438,340

612,508

Amounts owed to participating interests

402,052

401,160

Taxation and social security

37,793

65,324

Other creditors

444,872

385,966

1,751,979

1,723,125

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Bank loans

622,035

875,888

Other creditors

385,825

518,423

1,007,860

1,394,311

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Other loans more 5yrs non-inst

385,825

518,423

Repayable by instalments

Bank loans more 5 yr by instal

-

15,305

10.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Bank overdraft

186,554

-

Bank loans

864,403

1,134,055

1,050,957

1,134,055

The company's bank facilities are secured by a fixed and floating charge over the assets of the

company. In addition, the directors have provided personal guarantees for £50,000.

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

100

Ordinary

£1

100

100

75

Ordinary "A"

£1

75

75

25

Ordinary "B"

£1

25

25

200

200

12.	RELATED PARTY DISCLOSURES

The company is related to Radiant Medicare Limited (RML) by virtue of common shareholding. RML

also holds 26% of the issued share capital of the company and has injected funds in the form of long

term loans. At the balance sheet date the company owed RML £402,052 (2017: £402,052).

There are no repayment terms or interest charges applying to either of the loans referred to above.

13.	ULTIMATE CONTROLLING PARTY

The following reproduces the text of the report prepared for the director 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 Director 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 Mayfair Pharmacare Limited for the year ended 30th April 2018 which comprise

the Income Statement, Other 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 director of Mayfair Pharmacare Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Mayfair Pharmacare Limited and state those matters that we have agreed to state to the director of Mayfair Pharmacare Limited 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 Mayfair Pharmacare Limited and its director for our work or for this report.

It is your duty to ensure that Mayfair Pharmacare 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 Mayfair Pharmacare Limited. You consider that Mayfair Pharmacare 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 Mayfair Pharmacare 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.

Jacquards

2 Burton House

Repton Place

White Lion Road

Amersham

Buckinghamshire

HP7 9LP

30th January 2019