false false false false false false false false false true false false false false false false No description of principal activity 2019-04-01 Sage Accounts Production Advanced 2019 - FRS102_2019 450,000 216,986 45,000 261,986 188,014 233,014 xbrli:pure xbrli:shares iso4217:GBP 03020162 2019-04-01 2020-03-31 03020162 2020-03-31 03020162 2019-03-31 03020162 2018-04-01 2019-03-31 03020162 2019-03-31 03020162 core:NetGoodwill 2019-04-01 2020-03-31 03020162 core:FurnitureFittings 2019-04-01 2020-03-31 03020162 core:MotorVehicles 2019-04-01 2020-03-31 03020162 bus:Director2 2019-04-01 2020-03-31 03020162 bus:Director8 2019-04-01 2020-03-31 03020162 core:NetGoodwill 2019-03-31 03020162 core:NetGoodwill 2020-03-31 03020162 core:FurnitureFittings 2019-03-31 03020162 core:MotorVehicles 2019-03-31 03020162 core:FurnitureFittings 2020-03-31 03020162 core:MotorVehicles 2020-03-31 03020162 core:WithinOneYear 2020-03-31 03020162 core:WithinOneYear 2019-03-31 03020162 core:AfterOneYear 2020-03-31 03020162 core:AfterOneYear 2019-03-31 03020162 core:ShareCapital 2020-03-31 03020162 core:ShareCapital 2019-03-31 03020162 core:RetainedEarningsAccumulatedLosses 2020-03-31 03020162 core:RetainedEarningsAccumulatedLosses 2019-03-31 03020162 core:BetweenOneFiveYears 2020-03-31 03020162 core:BetweenOneFiveYears 2019-03-31 03020162 core:MoreThanFiveYears 2020-03-31 03020162 core:MoreThanFiveYears 2019-03-31 03020162 core:NetGoodwill 2019-03-31 03020162 core:FurnitureFittings 2019-03-31 03020162 core:MotorVehicles 2019-03-31 03020162 bus:SmallEntities 2019-04-01 2020-03-31 03020162 bus:AuditExemptWithAccountantsReport 2019-04-01 2020-03-31 03020162 bus:FullAccounts 2019-04-01 2020-03-31 03020162 bus:SmallCompaniesRegimeForAccounts 2019-04-01 2020-03-31 03020162 bus:PrivateLimitedCompanyLtd 2019-04-01 2020-03-31 03020162 core:FurnitureFittingsToolsEquipment 2019-04-01 2020-03-31 03020162 core:FurnitureFittingsToolsEquipment 2019-03-31 03020162 core:FurnitureFittingsToolsEquipment 2020-03-31
COMPANY REGISTRATION NUMBER: 03020162
WELLWAY PHARMACY LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 March 2020
WELLWAY PHARMACY LIMITED
STATEMENT OF FINANCIAL POSITION
31 March 2020
2020
2019
Note
£
£
£
£
Fixed assets
Intangible assets
5
188,014
233,014
Tangible assets
6
46,610
9,887
------------
------------
234,624
242,901
Current assets
Stocks
73,098
83,113
Debtors
7
216,642
193,280
Cash at bank and in hand
157,609
138,368
------------
------------
447,349
414,761
Creditors: amounts falling due within one year
8
( 385,651)
( 357,551)
------------
------------
Net current assets
61,698
57,210
------------
------------
Total assets less current liabilities
296,322
300,111
Creditors: amounts falling due after more than one year
9
( 186,560)
( 213,010)
Provisions
Taxation including deferred tax
( 8,856)
( 1,879)
------------
------------
Net assets
100,906
85,222
------------
------------
Capital and reserves
Called up share capital
420
420
Profit and loss account
100,486
84,802
------------
------------
Members funds
100,906
85,222
------------
------------
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 Section 1A of 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 31 March 2020 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 .
WELLWAY PHARMACY LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 March 2020
These financial statements were approved by the board of directors and authorised for issue on 28 July 2020 , and are signed on behalf of the board by:
Dr C Marr
Dr J Manship
Director
Director
Company registration number: 03020162
WELLWAY PHARMACY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2020
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Surgery, Wellway, Morpeth, Northumberland, NE61 1BJ.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods and services is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually at the point of sale and the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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
Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful 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
-
10% straight line
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.
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:
Fixtures and fittings
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
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.
Hire purchase contracts
Assets held under hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 18 (2019: 18 ).
5. Intangible assets
Goodwill
£
Cost
At 1 April 2019 and 31 March 2020
450,000
------------
Amortisation
At 1 April 2019
216,986
Charge for the year
45,000
------------
At 31 March 2020
261,986
------------
Carrying amount
At 31 March 2020
188,014
------------
At 31 March 2019
233,014
------------
The period chosen to amortise the goodwill is 10 years.
6. Tangible assets
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 April 2019
31,272
10,783
7,641
49,696
Additions
38,587
970
39,557
Disposals
( 1,620)
( 1,620)
------------
------------
------------
------------
At 31 March 2020
69,859
10,783
6,991
87,633
------------
------------
------------
------------
Depreciation
At 1 April 2019
28,098
4,970
6,741
39,809
Charge for the year
959
1,454
352
2,765
Disposals
( 1,551)
( 1,551)
------------
------------
------------
------------
At 31 March 2020
29,057
6,424
5,542
41,023
------------
------------
------------
------------
Carrying amount
At 31 March 2020
40,802
4,359
1,449
46,610
------------
------------
------------
------------
At 31 March 2019
3,174
5,813
900
9,887
------------
------------
------------
------------
7. Debtors
2020
2019
£
£
Trade debtors
172,600
163,564
Other debtors
44,042
29,716
------------
------------
216,642
193,280
------------
------------
8. Creditors: amounts falling due within one year
2020
2019
£
£
Bank loans and overdrafts
46,733
45,718
Trade creditors
314,176
285,439
Corporation tax
2,026
7,077
Social security and other taxes
4,869
5,042
Other creditors
17,847
14,275
------------
------------
385,651
357,551
------------
------------
9. Creditors: amounts falling due after more than one year
2020
2019
£
£
Bank loans and overdrafts
158,531
208,999
Other creditors
28,029
4,011
------------
------------
186,560
213,010
------------
------------
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2020
2019
£
£
Not later than 1 year
31,070
31,070
Later than 1 year and not later than 5 years
124,280
124,280
Later than 5 years
372,840
403,910
------------
------------
528,190
559,260
------------
------------