false
false
false
false
false
false
false
false
false
true
false
false
false
false
false
false
false
No description of principal activity
2018-05-01
Sage Accounts Production Advanced 2019 - FRS102_2014
678,120
608,582
23,179
631,761
46,359
69,538
xbrli:pure
xbrli:shares
iso4217:GBP
00716779
2018-05-01
2019-04-30
00716779
2019-04-30
00716779
2018-04-30
00716779
2017-05-01
2018-04-30
00716779
2018-04-30
00716779
core:NetGoodwill
2018-05-01
2019-04-30
00716779
bus:Director1
2018-05-01
2019-04-30
00716779
bus:Director2
2018-05-01
2019-04-30
00716779
core:NetGoodwill
2018-04-30
00716779
core:NetGoodwill
2019-04-30
00716779
core:LandBuildings
core:LongLeaseholdAssets
2018-04-30
00716779
core:LandBuildings
core:ShortLeaseholdAssets
2018-04-30
00716779
core:FurnitureFittings
2018-04-30
00716779
core:LandBuildings
core:LongLeaseholdAssets
2019-04-30
00716779
core:LandBuildings
core:ShortLeaseholdAssets
2019-04-30
00716779
core:FurnitureFittings
2019-04-30
00716779
core:WithinOneYear
2019-04-30
00716779
core:WithinOneYear
2018-04-30
00716779
core:AfterOneYear
2019-04-30
00716779
core:AfterOneYear
2018-04-30
00716779
bus:OrdinaryShareClass1
2018-05-01
2019-04-30
00716779
bus:OrdinaryShareClass1
2017-05-01
2018-04-30
00716779
core:ShareCapital
2019-04-30
00716779
core:ShareCapital
2018-04-30
00716779
core:RetainedEarningsAccumulatedLosses
2019-04-30
00716779
core:RetainedEarningsAccumulatedLosses
2018-04-30
00716779
core:BetweenOneFiveYears
2019-04-30
00716779
core:BetweenOneFiveYears
2018-04-30
00716779
core:MoreThanFiveYears
2019-04-30
00716779
core:MoreThanFiveYears
2018-04-30
00716779
core:LandBuildings
core:LongLeaseholdAssets
2018-05-01
2019-04-30
00716779
core:LandBuildings
core:ShortLeaseholdAssets
2018-05-01
2019-04-30
00716779
core:FurnitureFittings
2018-05-01
2019-04-30
00716779
core:NetGoodwill
2018-04-30
00716779
core:LandBuildings
core:LongLeaseholdAssets
2018-04-30
00716779
core:LandBuildings
core:ShortLeaseholdAssets
2018-04-30
00716779
core:FurnitureFittings
2018-04-30
00716779
bus:SmallEntities
2018-05-01
2019-04-30
00716779
bus:AuditExempt-NoAccountantsReport
2018-05-01
2019-04-30
00716779
bus:FullAccounts
2018-05-01
2019-04-30
00716779
bus:SmallCompaniesRegimeForAccounts
2018-05-01
2019-04-30
00716779
bus:PrivateLimitedCompanyLtd
2018-05-01
2019-04-30
00716779
core:MotorVehicles
2018-05-01
2019-04-30
COMPANY REGISTRATION NUMBER:
00716779
Filleted Unaudited Financial Statements
|
|
Statement of Financial Position
|
|
30 April 2019
Fixed assets
Intangible assets
|
6
|
|
46,359
|
69,538
|
Tangible assets
|
7
|
|
180,913
|
203,704
|
|
|
---------
|
---------
|
|
|
227,272
|
273,242
|
|
|
|
|
|
Current assets
Stocks
|
389,079
|
|
359,601
|
Debtors
|
8
|
655,656
|
|
660,774
|
Investments
|
9
|
18,764
|
|
18,764
|
Cash at bank and in hand
|
9,421
|
|
24,990
|
|
------------
|
|
------------
|
|
1,072,920
|
|
1,064,129
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
10
|
1,054,790
|
|
1,054,140
|
|
------------
|
|
------------
|
Net current assets
|
|
18,130
|
9,989
|
|
|
---------
|
---------
|
Total assets less current liabilities
|
|
245,402
|
283,231
|
|
|
|
|
|
Creditors: amounts falling due after more than one year
|
11
|
|
197,632
|
231,793
|
|
|
|
|
|
Provisions
Taxation including deferred tax
|
|
30,697
|
30,697
|
|
|
---------
|
---------
|
Net assets
|
|
17,073
|
20,741
|
|
|
---------
|
---------
|
|
|
|
|
Statement of Financial Position (continued)
|
|
30 April 2019
Capital and reserves
Called up share capital
|
|
94
|
94
|
Profit and loss account
|
12
|
|
16,979
|
20,647
|
|
|
--------
|
--------
|
Shareholders funds
|
|
17,073
|
20,741
|
|
|
--------
|
--------
|
|
|
|
|
|
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 income and retained earnings has not been delivered.
For the year ending 30th April 2019 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
15 August 2019
, and are signed on behalf of the board by:
Mr. R. D. Patel
|
Mr. S. D. Patel
|
Director
|
Director
|
|
|
Company registration number:
00716779
Notes to the Financial Statements
|
|
Year ended 30th April 2019
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 6 Bruce Grove, London, N17 6RA.
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. The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There are no significant judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. There are no key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities. The only accounting estimate made by the management is the estimated useful life of the tangible fixed assets.
Revenue recognition
Revenue comprises sales and services to external customers (excluding VAT and other sales taxes)for the sale of prescriptions and other counter goods.
Taxation
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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Positive purchased goodwill arising on acquisitions is capitalised, classified as an asset on the Balance Sheet and amortised over its useful economic 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. Useful economic lives are reviewed at the end of each reporting period and revised if necessary. The carrying amount at the date of revision is depreciated over the revised estimate of remaining useful economic life.
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
|
-
|
Over the period of 20 years
|
|
|
|
|
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.
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:
|
Leasehold Property
|
-
|
Straight line over the life of the lease
|
|
Leashold Improvements
|
-
|
Straight line over the life of the lease
|
|
Fixtures & Fittings
|
-
|
|
|
Motor vehicles
|
-
|
|
|
|
|
|
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.
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.
Investments
Investments are initially recorded at cost. At each reporting date any changes in the fair value are recognised in the profit and loss, if a reliable measure fo fair value is available.
Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Debtors
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
Defined contribution plans
The company contributes to a defined contribution plan for the benefit of its employees. Contributions are recognised in the profit and loss as they become payable.
Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Creditors
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
33
(2018:
35
).
5.
Dividends
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year):
|
2019
|
2018
|
|
£
|
£
|
Equity dividends on ordinary shares
|
130,000
|
19,583
|
|
---------
|
--------
|
|
|
|
6.
Intangible assets
|
Goodwill
|
|
£
|
Cost
|
|
At 1st May 2018 and 30th April 2019
|
678,120
|
|
---------
|
Amortisation
|
|
At 1st May 2018
|
608,582
|
Charge for the year
|
23,179
|
|
---------
|
At 30th April 2019
|
631,761
|
|
---------
|
Carrying amount
|
|
At 30th April 2019
|
46,359
|
|
---------
|
At 30th April 2018
|
69,538
|
|
---------
|
|
|
The reliable useful estimated life of the Goodwill of 20 years is reasonable. The remaining useful estimated life left at the date of transition was 6 years.
7.
Tangible assets
|
Leasehold property
|
Leasehold Improvements
|
Fixtures and fittings
|
Total
|
|
£
|
£
|
£
|
£
|
Cost
|
|
|
|
|
At 1st May 2018 and 30th April 2019
|
89,452
|
3,200
|
628,385
|
721,037
|
|
--------
|
-------
|
---------
|
---------
|
Depreciation
|
|
|
|
|
At 1st May 2018
|
50,884
|
3,199
|
463,250
|
517,333
|
Charge for the year
|
6,277
|
–
|
16,514
|
22,791
|
|
--------
|
-------
|
---------
|
---------
|
At 30th April 2019
|
57,161
|
3,199
|
479,764
|
540,124
|
|
--------
|
-------
|
---------
|
---------
|
Carrying amount
|
|
|
|
|
At 30th April 2019
|
32,291
|
1
|
148,621
|
180,913
|
|
--------
|
-------
|
---------
|
---------
|
At 30th April 2018
|
38,568
|
1
|
165,135
|
203,704
|
|
--------
|
-------
|
---------
|
---------
|
|
|
|
|
|
8.
Debtors
|
2019
|
2018
|
|
£
|
£
|
Trade debtors
|
567,460
|
558,497
|
Other debtors
|
88,196
|
102,277
|
|
---------
|
---------
|
|
655,656
|
660,774
|
|
---------
|
---------
|
|
|
|
9.
Investments
|
2019
|
2018
|
|
£
|
£
|
Other investments
|
18,764
|
18,764
|
|
--------
|
--------
|
|
|
|
The directors have reviewed the value of the non listed share investment at the balance sheet date, with reference to similar firms in the same industry and consider the value to be £18,764 (2018: £18,764). The historical cost of the investments is £3,600 (2018: £3,600).
10.
Creditors:
amounts falling due within one year
|
2019
|
2018
|
|
£
|
£
|
Bank loans and overdrafts
|
42,749
|
42,749
|
Trade creditors
|
604,156
|
572,373
|
Corporation tax
|
40,225
|
15,907
|
Social security and other taxes
|
5,884
|
5,441
|
Other creditors
|
361,776
|
417,670
|
|
------------
|
------------
|
|
1,054,790
|
1,054,140
|
|
------------
|
------------
|
|
|
|
Included under creditors falling due within one year is £42,749 (2018 - £42,749) bank loan secured by a fixed and floating charge on the assets of the company and personal guarantees provided by the directors.
11.
Creditors:
amounts falling due after more than one year
|
2019
|
2018
|
|
£
|
£
|
Bank loans and overdrafts
|
197,632
|
231,793
|
|
---------
|
---------
|
|
|
|
Included under creditors falling due after more than one year is £197,632 (2018 - £231,793) bank loan secured by a fixed and floating charge on the assets of the company and personal guarantees provided by the directors.
Included within creditors: amounts falling due after more than one year is an amount of £26,637 (2018: £60,799) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
12.
Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses. Included in the profit and loss reserve is an amount of distributable profits of £4,946 (2018 - £5,791) and undistributable reserves of £12,033 (2018 - £14,856).
13.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
2019
|
2018
|
|
£
|
£
|
Not later than 1 year
|
71,500
|
71,100
|
Later than 1 year and not later than 5 years
|
259,167
|
269,600
|
Later than 5 years
|
118,750
|
178,750
|
|
---------
|
---------
|
|
449,417
|
519,450
|
|
---------
|
---------
|
|
|
|
14.
Contingencies
The company has provided guarantee to NatWest Bank Plc in respect of a loan taken out in the name of Patel properties london limited, a company in which the directors have an interest. The company's exposure was limited to a maximum of £853,000 (2018 - £853,000) at the balance sheet date.
15.
Directors' advances, credits and guarantees
Included in creditors due within one year, is a balance of £305,142 (2018 - £369,151) owed to the directors. No interest is charged in respect of this balance.
16.
Related party transactions
1) During the year the company paid rent of £91,000 (2018 - £75,000) to the directors for use of the premises owned by them. 2) The directors have provided a personal guarantee of £450,000 in respect of the bank loans taken out by the company.The amounts due at the balance sheet date were £240,380(2018 - £274,542). 3) Dividends received by the directors during the year were £130,000 (2018 - £19,583).