Company Registration No. 03182920 (England and Wales)
CARE PHARMACY LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2016
CARE PHARMACY LIMITED
CONTENTS
Page
Accountants' report
1
Abbreviated balance sheet
2 - 3
Notes to the abbreviated accounts
4 - 5
CARE PHARMACY LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF CARE PHARMACY LIMITED FOR THE YEAR ENDED 30 SEPTEMBER 2016
- 1 -
The following reproduces the text of the Accountants' Report prepared in respect of the company's annual unaudited financial statements, from which the unaudited abbreviated financial statements set out on pages 2 to 5 have been prepared.
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Care Pharmacy Limited for the year ended 30 September 2016 set out on pages 3 to 12 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, we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance/.
This report is made solely to the Board of Directors of Care Pharmacy Limited, as a body, in accordance with the terms of our engagement letter dated 23 February 2016. Our work has been undertaken solely to prepare for your approval the financial statements of Care Pharmacy Limited and state those matters that we have agreed to state to the Board of Directors of Care Pharmacy Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Care Pharmacy Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Care 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 Care Pharmacy Limited. You consider that Care 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 Care 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.
Mitchell Charlesworth LLP
29 June 2017
Chartered Accountants
3rd Floor
5 Temple Square
Temple Street
Liverpool
Merseyside
L2 5RH
CARE PHARMACY LIMITED
ABBREVIATED BALANCE SHEET
AS AT
30 SEPTEMBER 2016
30 September 2016
- 2 -
2016
2015
Notes
£
£
£
£
Fixed assets
Intangible assets
2
96,238
139,742
Tangible assets
2
81,089
117,455
Investments
2
2,354,340
2,305,026
2,531,667
2,562,223
Current assets
Stocks
215,859
218,480
Debtors
788,223
828,193
Cash at bank and in hand
317,381
121,487
1,321,463
1,168,160
Creditors: amounts falling due within one year
(1,162,241)
(955,842)
Net current assets
159,222
212,318
Total assets less current liabilities
2,690,889
2,774,541
Creditors: amounts falling due after more than one year
(1,246,015)
(1,327,885)
Provisions for liabilities
(2,837)
(7,516)
1,442,037
1,439,140
Capital and reserves
Called up share capital
3
64,100
64,100
Profit and loss account
1,377,937
1,375,040
Shareholders' funds
1,442,037
1,439,140
CARE PHARMACY LIMITED
ABBREVIATED BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2016
30 September 2016
- 3 -
For the financial year ended 30 September 2016 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 abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 29 June 2017
Mr B A Bhatt
Director
Company Registration No. 03182920
CARE PHARMACY LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 SEPTEMBER 2016
- 4 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover shown in the profit and loss account represents amounts invoiced during the year exclusive of VAT. In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.
shown in the profit and loss account
represents amounts
invoiced during the year exclusive
of VAT.
In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.
1.4
Goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life as follows: Goodwill over 20 years Number Plate over 5 years
as follows:
Goodwill over 20 years
Number Plate over 5 years
1.5
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Land and buildings
2% per annum
Fixtures and fittings
15% per annum
Motor vehicles
25% per annum
1.6
Investments
Fixed asset investments are stated at cost less provision for diminution in value.
1.7
Stock
Stock is valued at the lower of cost and net realisable value.
1.8
Pensions
The company operates a defined contribution scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.
1.9
Deferred taxation
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
1.10
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
CARE PHARMACY LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2016
1
Accounting policies
(Continued)
- 5 -
2
Fixed assets
Intangible assets
Tangible assets
Investments
Total
£
£
£
£
Cost
At 1 October 2015
880,827
477,565
2,305,026
3,663,418
Additions
-
-
49,314
49,314
Disposals
-
(38,250)
-
(38,250)
At 30 September 2016
880,827
439,315
2,354,340
3,674,482
Depreciation
At 1 October 2015
741,085
360,110
-
1,101,195
On disposals
-
(38,250)
-
(38,250)
Charge for the year
43,504
36,366
-
79,870
At 30 September 2016
784,589
358,226
-
1,142,815
Net book value
At 30 September 2016
96,238
81,089
2,354,340
2,531,667
At 30 September 2015
139,742
117,455
2,305,026
2,562,223
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
64,100 Ordinary shares of £1 each
64,100
64,100
4 Related party relationships and transactions
There was an amount due from Mr B A Bhatt at 30 September 2016 totalling £39,142 (2015 £60,772) . This consisted of withdrawals totalling £65,370 and repayments of £87,000. The maximum overdrawn amount during the year totalled £100,041.
There was an amount due from Mrs BB Bhatt at 30 September 2016 totalling £39,142 (2015 £60,771) . This consisted of withdrawals totalling £65,370 and repayments of £87,000. The maximum overdrawn amount during the year totalled £100,041.
Rent totalling £6,000 (2015 £6,000) was charged by Mr B A Bhatt to the company during the year.