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REGISTERED NUMBER: 06521783















PHARMACY CARE PLUS LIMITED

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS FOR THE PERIOD 1 JULY 2021 TO 31 DECEMBER 2022






PHARMACY CARE PLUS LIMITED (REGISTERED NUMBER: 06521783)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 JULY 2021 TO 31 DECEMBER 2022




Page

Strategic Report 1

Report of the Directors 3

Report of the Independent Auditors 5

Statement of Comprehensive Income 8

Balance Sheet 9

Statement of Changes in Equity 10

Cash Flow Statement 11

Notes to the Cash Flow Statement 12

Notes to the Financial Statements 14


PHARMACY CARE PLUS LIMITED (REGISTERED NUMBER: 06521783)

STRATEGIC REPORT
FOR THE PERIOD 1 JULY 2021 TO 31 DECEMBER 2022

The directors present their strategic report for the period 1 July 2021 to 31 December 2022.

REVIEW OF BUSINESS
This has been another challenging eighteen months for the pharmacy sector, with the ongoing Covid-19 pandemic and the continuation of a flat monetary settlement in NHS years 2021 and 2022 within the Global Pharmacy Budget for England for the five years from April 2019 to the end of March 2024.

Total funding will stay at £2.592 billion from April 2019 to March 2024, following an earlier reduction in the settlement of £2.800 billion for the NHS year from April 2015 to March 2016 (NHS FY 2015-16), to £2.687 billion for NHS FY 2016-17 and £2.592 billion ever since. As such, the Global Pharmacy Budget for England will not even have received an inflationary settlement for a eight-year period. This announcement is against a backdrop where other healthcare settlements have been large and positive and the National Minimum Wage, a proxy for wage cost inflation in pharmacy dispensaries, has risen by 9.7% from £9.50 per hour in April 2022 to £10.42 per hour in April 2023. Clearly these data imply the need for targets for efficiency improvements in all pharmacies, if they are to survive. The directors will continue to consider measures to mitigate the adverse effects on the company's profit.

Turnover for the company for the extended period was £20,502,880 (2021: £12,787,534). The increase in run rate turnover came primarily from six Covid vaccination centre which were operated in Halifax, Urmston, Whitefield, Lytham St Annes, Liversedge and Southport.

Gross profit for the company showed an increase of 3.52% to 35.24%, again primarily influenced by Covid vaccination income.

The company's total bank borrowing decreased to £1,633,313 from £3,238,795 over the extended period and gearing of the group, measured by total borrowing over total assets, was 28.08% (2021: 31.31%).

The company has passed all regulatory inspections by regulatory bodies including the General Pharmaceutical Council (GPhC), Medicines Health Regulatory Authority (MHRA), Home Office and National Health Service England (NHSE).

The company operated ten pharmacies in the reporting period, reducing to nine with the sale of Brook Pharmacy.

As costs increased during the pandemic, the Government awarded the Community Pharmacy sector £370m as a loan rather than as a grant. This loan was £371,280 to the company, was held on the balance sheet and was repaid during the year. The costs borne because of the pandemic are included in these results.

FUTURE DEVELOPMENTS
The company operated ten pharmacies, reducing to nine, in the reporting period and will continue to optimise the group by working on gross margin and efficiency improvements.

The directors continue to investigate potential acquisitions and relocations across the estate.


PHARMACY CARE PLUS LIMITED (REGISTERED NUMBER: 06521783)

STRATEGIC REPORT
FOR THE PERIOD 1 JULY 2021 TO 31 DECEMBER 2022

PRINCIPAL RISKS AND UNCERTAINTIES
In the opinion of the directors, the chief risks to the company are that:
- The regulatory regime relating to pharmacies may change to the detriment of the company.
- The framework and details of the Government's funding of pharmaceutical services in the UK, upon which the company is largely reliant, may be subjected to changes.
- The NHS overall and the pharmacy sector within it are undergoing a multi-year period of turbulent change and, therefore, moves and initiatives by the company's pharmacy competitors are a continual feature for consideration in nearly all pharmacy neighbourhoods. Surgery moves and reorganisations, which may occur within the bigger NHS GP services framework or as individually driven projects, are also frequent and pose both opportunity and threat to the company's financial performance. The NHS is the primary source of income for the Pharmacy sector.
- The impact of Brexit on the pharmaceutical sector, which relies on considerable import/export trade, is still uncertain.
- By way of illustration of a threat, Distance Selling Pharmacy (Internet) applications constitute an exempt category and are currently still numerous nationally. The directors wish to assure investors that the company will continue to attempt vigorously to take advantage of opportunities that present in this fashion whatever their precise nature. Equally, it will defend businesses to the best of its ability in order to minimise adverse effects of competitive threats, but investors should note that the emergence of such activity is highly likely at various locations during the lifetime of the company.
- All the company's EIS investments were made over 3 years ago. An outcome that is strategically beneficial for the company as a whole may not necessarily be optimal for individual EIS investors.
- The company's plan depends in part on the availability of (and hence its ability to open) new sites. The availability of suitable new sites depends on many factors beyond the directors' control.
- The company cannot be certain of its future financing needs or that suitable financing will be available in amounts or on terms acceptable to the directors.
- Increases in long term interest rates and levels of amortisation imposed by the company's bankers may also have an adverse effect on the company's profitability.

STRATEGIC MATTERS OF IMPORTANCE
The company is continuing to embrace the national roll out of the Electronic Prescription System, which allows patients to nominate the company's branches as their automatic pharmacy of choice for the dispensing of their prescriptions. Currently nearly three quarters of prescription items dispensed by the group are on electronic prescriptions. The directors are also placing emphasis on training employees and ensuring delivery of excellent service to patients and the good presentation of pharmacy premises, in order to satisfy the inspection standards for pharmacy operations set by the General Pharmaceutical Council.

Supplier relationships and negotiations, which allow good purchasing opportunities for the company, are also vital and are a continued area of exploration and focus for the directors. Increasingly efficient operation of the company's pharmaceutical buying system is also seen as a key driver of financial success in the year ahead.

ON BEHALF OF THE BOARD:





R G Andrew - Director


20 October 2023

PHARMACY CARE PLUS LIMITED (REGISTERED NUMBER: 06521783)

REPORT OF THE DIRECTORS
FOR THE PERIOD 1 JULY 2021 TO 31 DECEMBER 2022

The directors present their report with the financial statements of the company for the period 1 July 2021 to 31 December 2022.

PRINCIPAL ACTIVITY
The principal activity of the company in the period under review was that of operating various pharmacy outlets.

DIVIDENDS
No dividends will be distributed for the period ended 31 December 2022.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 July 2021 to the date of this report.

R G Andrew
D Shah
M Niblock

FINANCIAL INSTRUMENTS
The company has adopted the disclosure and presentational requirements of FRS 102. When a financial asset or liability is disclosed initially it is measured at its fair value plus or minus transaction costs and subsequently at the undiscounted cash or other consideration expected to be paid or received. The company regularly monitors its exposure to risks including pricing, credit, liquidity and cash flow.

CHANGE IN ACCOUNTING REFERENCE DATE
During the period, the accounting reference date was extended from 30 June 2022 to 31 December 2022.

DISCLOSURE IN THE STRATEGIC REPORT
The company has chosen in accordance with Section 414C(11) Companies Act 2006 to set out in the company's Strategic Report information required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 to be contained in the Directors' Report. It has done so in respect of future developments.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Report of the Directors, the Strategic Report and the financial statements in accordance with applicable laws and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of the affairs of the company and of the profit and loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-state whether applicable accounting standards have been followed subject to any material departures disclosed and
explained in the financial statements;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company
will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.The directors are also responsible for the maintenance and integrity of the corporate and financial information included on the company's website.

PHARMACY CARE PLUS LIMITED (REGISTERED NUMBER: 06521783)

REPORT OF THE DIRECTORS
FOR THE PERIOD 1 JULY 2021 TO 31 DECEMBER 2022


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





R G Andrew - Director


20 October 2023

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PHARMACY CARE PLUS LIMITED

Opinion
We have audited the financial statements of Pharmacy Care Plus Limited (the 'company') for the period ended 31 December 2022 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2022 and of its profit for the period then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PHARMACY CARE PLUS LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the company through discussions with directors and other management;
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PHARMACY CARE PLUS LIMITED

Auditors' responsibilities for the audit of the financial statements - continued
To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates set out in Note 2 were indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- reading the minutes of meetings of those charged with governance;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC, relevant regulators and the company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Mark Tenby BA (Hons) CA (Senior Statutory Auditor)
for and on behalf of Martin Aitken & Co Ltd
Statutory Auditor
Chartered Accountants
Caledonia House
89 Seaward Street
Glasgow
G41 1HJ

20 October 2023

PHARMACY CARE PLUS LIMITED (REGISTERED NUMBER: 06521783)

STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD 1 JULY 2021 TO 31 DECEMBER 2022

PERIOD
1/7/21
TO YEAR ENDED
31/12/22 30/6/21
Notes £    £   

TURNOVER 3 20,502,880 12,787,534

Cost of sales 13,277,250 8,730,301
GROSS PROFIT 7,225,630 4,057,233

Administrative expenses 6,751,635 3,981,732
473,995 75,501

Other operating income 4 46,977 78,619
OPERATING PROFIT 6 520,972 154,120


Interest payable and similar expenses 7 251,036 82,390
PROFIT BEFORE TAXATION 269,936 71,730

Tax on profit 8 - -
PROFIT FOR THE FINANCIAL PERIOD 269,936 71,730

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE PERIOD

269,936

71,730

PHARMACY CARE PLUS LIMITED (REGISTERED NUMBER: 06521783)

BALANCE SHEET
31 DECEMBER 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 4,871,263 5,891,334
Tangible assets 10 381,668 527,775
Investments 11 410 410
5,253,341 6,419,519

CURRENT ASSETS
Stocks 12 804,321 775,052
Debtors 13 1,610,490 1,902,119
Cash at bank and in hand 773,320 1,588,979
3,188,131 4,266,150
CREDITORS
Amounts falling due within one year 14 3,407,262 4,257,473
NET CURRENT (LIABILITIES)/ASSETS (219,131 ) 8,677
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,034,210

6,428,196

CREDITORS
Amounts falling due after more than one year 15 1,263,428 2,927,350
NET ASSETS 3,770,782 3,500,846

CAPITAL AND RESERVES
Called up share capital 19 4,974,002 4,974,002
Share premium 20 880,087 880,087
Share option reserve 20 280,235 280,235
Retained earnings 20 (2,363,542 ) (2,633,478 )
SHAREHOLDERS' FUNDS 3,770,782 3,500,846

The financial statements were approved by the Board of Directors and authorised for issue on 20 October 2023 and were signed on its behalf by:





R G Andrew - Director


PHARMACY CARE PLUS LIMITED (REGISTERED NUMBER: 06521783)

STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD 1 JULY 2021 TO 31 DECEMBER 2022

Called up Share
share Retained Share option Total
capital earnings premium reserve equity
£    £    £    £    £   

Balance at 1 July 2020 4,974,002 (2,705,208 ) 880,087 280,235 3,429,116

Changes in equity
Total comprehensive income - 71,730 - - 71,730
Balance at 30 June 2021 4,974,002 (2,633,478 ) 880,087 280,235 3,500,846

Changes in equity
Total comprehensive income - 269,936 - - 269,936
Balance at 31 December 2022 4,974,002 (2,363,542 ) 880,087 280,235 3,770,782

PHARMACY CARE PLUS LIMITED (REGISTERED NUMBER: 06521783)

CASH FLOW STATEMENT
FOR THE PERIOD 1 JULY 2021 TO 31 DECEMBER 2022

PERIOD
1/7/21
TO YEAR ENDED
31/12/22 30/6/21
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (502,972 ) 1,878,519
Interest paid (244,963 ) (78,341 )
Interest element of hire purchase payments
paid

(6,073

)

(4,049

)
Net cash from operating activities (754,008 ) 1,796,129

Cash flows from investing activities
Purchase of property plant and equipment (11,294 ) (10,781 )
Sale of intangible fixed assets 909,484 -
Sale of property plant and equipment 15,845 -
Net cash from investing activities 914,035 (10,781 )

Cash flows from financing activities
New loans in year 688,236 -
Loan repayments in year (1,605,482 ) (1,315,013 )
Capital repayments in year (58,440 ) (38,960 )
Net cash from financing activities (975,686 ) (1,353,973 )

(Decrease)/increase in cash and cash equivalents (815,659 ) 431,375
Cash and cash equivalents at beginning of
period

2

1,588,979

1,157,604

Cash and cash equivalents at end of period 2 773,320 1,588,979

PHARMACY CARE PLUS LIMITED (REGISTERED NUMBER: 06521783)

NOTES TO THE CASH FLOW STATEMENT
FOR THE PERIOD 1 JULY 2021 TO 31 DECEMBER 2022

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
PERIOD
1/7/21
TO YEAR ENDED
31/12/22 30/6/21
£    £   
Profit before taxation 269,936 71,730
Depreciation charges 147,930 107,160
Profit on disposal of fixed assets (665,427 ) -
Amortisation charges 769,640 535,415
Finance costs 251,036 82,390
773,115 796,695
(Increase)/decrease in stocks (29,269 ) 29,564
Decrease/(increase) in trade and other debtors 291,629 (497,792 )
(Decrease)/increase in trade and other creditors (1,538,447 ) 1,550,052
Cash generated from operations (502,972 ) 1,878,519

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Period ended 31 December 2022
31/12/22 1/7/21
£    £   
Cash and cash equivalents 773,320 1,588,979
Year ended 30 June 2021
30/6/21 1/7/20
£    £   
Cash and cash equivalents 1,588,979 1,157,604


PHARMACY CARE PLUS LIMITED (REGISTERED NUMBER: 06521783)

NOTES TO THE CASH FLOW STATEMENT
FOR THE PERIOD 1 JULY 2021 TO 31 DECEMBER 2022

3. ANALYSIS OF CHANGES IN NET DEBT

At 1/7/21 Cash flow At 31/12/22
£    £    £   
Net cash
Cash at bank and in hand 1,588,979 (815,659 ) 773,320
1,588,979 (815,659 ) 773,320
Debt
Finance leases (107,040 ) 58,440 (48,600 )
Debts falling due within 1 year (379,525 ) (688,236 ) (1,067,761 )
Debts falling due after 1 year (2,859,270 ) 1,605,482 (1,253,788 )
(3,345,835 ) 975,686 (2,370,149 )
Total (1,756,856 ) 160,027 (1,596,829 )

PHARMACY CARE PLUS LIMITED (REGISTERED NUMBER: 06521783)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 JULY 2021 TO 31 DECEMBER 2022

1. STATUTORY INFORMATION

Pharmacy Care Plus Limited is a private company, limited by shares, incorporated in England. The company's registered number is 06521783 and the registered office is No 2 The Courtyard, Suite M, Earl Road, Stanley Green, Cheadle Hulme, Cheshire, SK8 6GN.

The financial statements are presented in Sterling (£).

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. There were no material departures from that standard. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors therefore continue to adopt the going concern basis in preparing the financial statements of the company.

Preparation of consolidated financial statements
The financial statements contain information about Pharmacy Care Plus Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company has taken the option under section 405 of the Companies Act 2006 not to prepare consolidated financial statements.

Critical accounting judgements
The company considers on an annual basis the judgements that are made by management when applying its significant accounting policies that would have the most significant effect on amounts that are recognised in the financial statements. The directors consider there to be no such judgements.

Provisions
Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be reliably estimated. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

PHARMACY CARE PLUS LIMITED (REGISTERED NUMBER: 06521783)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JULY 2021 TO 31 DECEMBER 2022

2. ACCOUNTING POLICIES - continued

Key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis.

Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The directors consider the key sources of estimation uncertainty to be as follows: -
- Tangible fixed assets are depreciated over their estimated useful lives. The actual lives of the assets are assessed annually and may vary depending on several factors. In re-assessing asset lives, factors such as usage and maintenance programmes are taken into account. The directors assessed that no changes were required to the estimated useful lives of the tangible fixed assets and therefore, determined that the stated depreciation policies applied in prior years remain appropriate.

- At the balance sheet date, the directors consider whether there are any indicators that the trade debtor balances relating to goods supplied and services rendered will not be recoverable, to ensure an adequate provision is made for any potentially irrecoverable amounts. Based on their knowledge of the customers concerned, the directors consider that no provision is required against these balances.

- Determination of the value of the NHS payments due at the balance sheet date in advance of receipt. In making this judgement, management apply an average price per item, by reference to issued CATM prices, together with an estimated number of items dispensed.

Turnover
Turnover comprises the net invoiced cost of goods and services, excluding value added tax.

Turnover generated from the provision of goods and all services is recognised when the amounts are fixed and determinable and collectability is reasonably assured.

Turnover generated from the provision of goods is recognised when substantively all the risks and rewards in connection with the goods have been passed to the buyer.

Goodwill
Positive purchased goodwill arising on acquisitions is capitalised, classified as an asset on the balance sheet and amortised over its estimated useful life up to a maximum of 20 years. This length of time is presumed to be the maximum useful life of purchased goodwill because it is difficult to make projections beyond this period. Goodwill is reviewed for impairment at the end of the first full financial year following each acquisition and subsequently as and when necessary if circumstances emerge that indicate that the carrying value may not be recoverable.

PHARMACY CARE PLUS LIMITED (REGISTERED NUMBER: 06521783)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JULY 2021 TO 31 DECEMBER 2022

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Freehold property - not provided
Improvements to property - 10% on cost
Fixtures and fittings - at varying rates on cost
Motor vehicles - 25% on cost

Fixed assets are included in the financial statements at cost less accumulated depreciation and impairment.

Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount which is the higher of value in use and the fair value less cost to sell, is estimated and compared with the carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit and loss.

Government grants
Government grants relating to revenue expenditure are recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. Grants that become receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs shall be recognised in the income in the period in which it becomes receivable

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost less any provision for impairment.

Stocks
Stocks are valued at the lower of cost and estimated selling price less costs to sell.

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 accounts receivable and payable, loans from banks and other third parties and loans to and from related parties.

Debt instruments like loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and trade creditors, are measured, initially and subsequently, at the undiscounted amount of cash or other consideration expected to be paid or received.

Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for evidence of impairment and if found, an impairment loss is recognised in profit or loss.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities.


PHARMACY CARE PLUS LIMITED (REGISTERED NUMBER: 06521783)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JULY 2021 TO 31 DECEMBER 2022

2. ACCOUNTING POLICIES - continued
Taxation
Taxation represents the sum of tax currently payable and deferred tax. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in the periods in which the timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

With the exception of changes arising on the initial recognition of a business combination, the tax expense is presented either in profit or loss, other comprehensive income or statement of changes in equity depending on the transaction that resulted in the tax expense.

Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.

Operating lease commitments
Rentals paid and received under operating leases are charged/credited 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 and also makes contributions to individual arrangements which are of a money purchase nature. Contributions payable to the company's pension scheme and the individual arrangements are charged to the profit and loss account in the period to which they relate.

Share-based payments
Share based payments include share options granted to employees. The fair value of equity-settled share options is initially measured at grant date by reference to the fair value of the equity instrument granted. For cash-settled share based payments, the fair value of the liability incurred is measured at each reporting date and at the date of settlement, with any changes in fair value recognised in profit and loss for the period. Where share options are awarded to employees, the fair value of the options at the date of grant is charged to the profit or loss over the vesting period.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

PERIOD
1/7/21
TO YEAR ENDED
31/12/22 30/6/21
£    £   
United Kingdom 20,502,880 12,787,534
20,502,880 12,787,534

PHARMACY CARE PLUS LIMITED (REGISTERED NUMBER: 06521783)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JULY 2021 TO 31 DECEMBER 2022

4. OTHER OPERATING INCOME
PERIOD
1/7/21
TO YEAR ENDED
31/12/22 30/6/21
£    £   
Rents received 39,477 21,985
Management fee 7,500 5,000
Grant income - 51,634
46,977 78,619

5. EMPLOYEES AND DIRECTORS
PERIOD
1/7/21
TO YEAR ENDED
31/12/22 30/6/21
£    £   
Wages and salaries 3,171,720 1,910,006
Social security costs 292,757 177,638
Other pension costs 143,720 107,733
3,608,197 2,195,377

The average number of employees during the period was as follows:
PERIOD
1/7/21
TO YEAR ENDED
31/12/22 30/6/21

Directors 3 3
Administration 2 2
Pharmacy staff 83 94
Pharmacists 4 3
Managers 11 12
Warehouse 1 2
104 116

PERIOD
1/7/21
TO YEAR ENDED
31/12/22 30/6/21
£    £   
Directors' remuneration 324,105 216,438
Directors' pension contributions to money purchase schemes 83,054 32,882

PHARMACY CARE PLUS LIMITED (REGISTERED NUMBER: 06521783)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JULY 2021 TO 31 DECEMBER 2022

5. EMPLOYEES AND DIRECTORS - continued

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 3 3

Information regarding the highest paid director is as follows:
PERIOD
1/7/21
TO YEAR ENDED
31/12/22 30/6/21
£    £   
Emoluments etc 124,123 81,930
Pension contributions to money purchase schemes 1,981 3,101

Remuneration paid to key management personnel in the period was £400,233 (2021: £244,185).

6. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

PERIOD
1/7/21
TO YEAR ENDED
31/12/22 30/6/21
£    £   
Other operating leases 363,964 196,292
Depreciation - owned assets 147,930 107,160
Profit on disposal of fixed assets (665,427 ) -
Goodwill amortisation 769,640 535,415
Auditors' remuneration 16,802 11,000
Auditors' remuneration for non audit work 500 375

7. INTEREST PAYABLE AND SIMILAR EXPENSES
PERIOD
1/7/21
TO YEAR ENDED
31/12/22 30/6/21
£    £   
Bank loan interest 139,279 78,341
Other interest 105,684 -
Hire purchase 6,073 4,049
251,036 82,390

8. TAXATION

Analysis of the tax charge
No liability to UK corporation tax arose for the period ended 31 December 2022 nor for the year ended 30 June 2021.

PHARMACY CARE PLUS LIMITED (REGISTERED NUMBER: 06521783)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JULY 2021 TO 31 DECEMBER 2022

8. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the period is lower than the standard rate of corporation tax in the UK. The difference is explained below:

PERIOD
1/7/21
TO YEAR ENDED
31/12/22 30/6/21
£    £   
Profit before tax 269,936 71,730
Profit multiplied by the standard rate of corporation tax in the UK of 19%
(2021 - 19%)

51,288

13,629

Effects of:
Expenses not deductible for tax purposes 4,353 1,488
Depreciation in excess of capital allowances 24,778 17,348
Utilisation of tax losses (64,989 ) (32,465 )
Gain on sale of assets (126,431 ) -
Gross chargeable gains 111,001 -
Total tax charge - -

At the period end, tax losses on trading activities carried forward were £1,873,169 (2021: £2,224,951).

9. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 July 2021 10,708,295
Disposals (730,534 )
At 31 December 2022 9,977,761
AMORTISATION
At 1 July 2021 4,816,961
Amortisation for period 769,640
Eliminated on disposal (480,103 )
At 31 December 2022 5,106,498
NET BOOK VALUE
At 31 December 2022 4,871,263
At 30 June 2021 5,891,334

Goodwill arose on acquisitions of businesses in 2009, 2010, 2012 and 2015 and is being amortised over a period of 20 years. The goodwill figure arises as the amount paid for the businesses exceeds the separable value of assets acquired.

PHARMACY CARE PLUS LIMITED (REGISTERED NUMBER: 06521783)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JULY 2021 TO 31 DECEMBER 2022

10. TANGIBLE FIXED ASSETS
Improvements Fixtures
Freehold to and Motor
property property fittings vehicles Totals
£    £    £    £    £   
COST
At 1 July 2021 200,000 35,548 856,880 4,924 1,097,352
Additions - - 11,294 - 11,294
Disposals - - (27,858 ) - (27,858 )
At 31 December 2022 200,000 35,548 840,316 4,924 1,080,788
DEPRECIATION
At 1 July 2021 - 28,838 535,815 4,924 569,577
Charge for period - 4,922 143,008 - 147,930
Eliminated on disposal - - (18,387 ) - (18,387 )
At 31 December 2022 - 33,760 660,436 4,924 699,120
NET BOOK VALUE
At 31 December 2022 200,000 1,788 179,880 - 381,668
At 30 June 2021 200,000 6,710 321,065 - 527,775

Included in cost of freehold property is freehold land of £200,000 (2021: £200,000) which is not depreciated.

At the balance sheet date, assets held under hire purchase contracts had a net book value of £51,947 (2021: £110,387).

11. FIXED ASSET INVESTMENTS

The shares in St Annes Pharmacy Limited, a dormant subsidiary company, have not been written off and are disclosed at their nominal value of £100.

The shares in Triangle Health Care Limited, a dormant subsidiary company, have not been written off and are disclosed at their nominal value of £110.

The shares in Birchill & Watson Company Limited, a dormant subsidiary company, have not been written off and are disclosed at their nominal value of £100.

The shares in Healthcare Wholesale Ltd, a dormant subsidiary company, have not been written off and are disclosed at their nominal value of £100.

The above companies are registered at No 2 The Courtyard Suite M, Earl Road Cheadle Hulme, Cheadle, Cheshire, SK8 6GN.

12. STOCKS
2022 2021
£    £   
Goods for re-sale 804,321 775,052

Stock recognised in cost of sales during the period as an expense was £13,306,519 (2021: £8,700,737).

PHARMACY CARE PLUS LIMITED (REGISTERED NUMBER: 06521783)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JULY 2021 TO 31 DECEMBER 2022

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade debtors 143,424 221,883
Other debtors 9,332 8,197
NHS debtor 903,972 893,995
VAT 86,011 134,040
Prepayments 467,751 644,004
1,610,490 1,902,119

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Bank loans and overdrafts (see note 16) 379,525 379,525
Other loans (see note 16) 688,236 -
Hire purchase contracts (see note 17) 38,960 38,960
Trade creditors 2,035,217 1,894,406
Social security and other taxes 50,525 54,986
Other creditors 21,600 10,555
Accruals and deferred income 193,199 1,879,041
3,407,262 4,257,473

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2022 2021
£    £   
Bank loans (see note 16) 1,253,788 2,859,270
Hire purchase contracts (see note 17) 9,640 68,080
1,263,428 2,927,350

16. LOANS

An analysis of the maturity of loans is given below:

2022 2021
£    £   
Amounts falling due within one year or on demand:
Bank loans 379,525 379,525
Invoice factoring 688,236 -
1,067,761 379,525

Amounts falling due between one and two years:
Bank loans - 1-2 years 391,437 391,437

PHARMACY CARE PLUS LIMITED (REGISTERED NUMBER: 06521783)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JULY 2021 TO 31 DECEMBER 2022

16. LOANS - continued
2022 2021
£    £   
Amounts falling due between two and five years:
Bank loans - 2-5 years 862,351 1,217,013

Amounts falling due in more than five years:

Repayable by instalments
Bank loans >5 years - 1,250,820

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2022 2021
£    £   
Net obligations repayable:
Within one year 38,960 38,960
Between one and five years 9,640 68,080
48,600 107,040

Non-cancellable operating leases
2022 2021
£    £   
Within one year 173,760 192,369
Between one and five years 500,685 577,060
In more than five years 397,149 638,007
1,071,594 1,407,436

18. SECURED DEBTS

The following secured debts are included within creditors:

2022 2021
£    £   
Bank loans 1,633,313 3,238,795
Hire purchase contracts 48,600 107,040
1,681,913 3,345,835

HSBC holds a fixed and floating charge over the whole assets of the company in respect of a bank term loan provided to the company.

Hire purchase liabilities are secured over the assets to which they relate.

PHARMACY CARE PLUS LIMITED (REGISTERED NUMBER: 06521783)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JULY 2021 TO 31 DECEMBER 2022

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2022 2021
value: £    £   
100 Ordinary 'A' £1 100 100
4,973,902 Ordinary 'B' £1 4,973,902 4,973,902
4,974,002 4,974,002

The rights attached to the Ordinary shares shall be determined from time to time in meetings by the directors.

20. RESERVES
Share
Retained Share option
earnings premium reserve Totals
£    £    £    £   

At 1 July 2021 (2,633,478 ) 880,087 280,235 (1,473,156 )
Profit for the period 269,936 269,936
At 31 December 2022 (2,363,542 ) 880,087 280,235 (1,203,220 )

21. PENSION COMMITMENTS

The company operates a defined contribution pension scheme on behalf of the employees of the company. The assets of the scheme are held separately from those of the company in independently administered funds. Contributions are also made to individual arrangements which are of a money purchase nature.

A total of £143,720 (2021: £107,733) has been charged to the profit and loss account on the basis of contributions paid in the period. A balance of £12,279 (2021: £4,830) was due by the company at the balance sheet date.

22. RELATED PARTY DISCLOSURES

The company is jointly controlled by the directors, R G Andrew and D Shah, who also control the subsidiaries listed in note 11.

At the period end, included within trade debtors is £2,151 due from D Shah (2021: £2,262) and £301 due from R G Andrew (2021: £nil).

During the period, the company leased properties from Pharma Properties LLP at an arms length rent of £150,217 (2021: £111,963) of which £35,647 (2021: £36,463) was outstanding and included in creditors. This amount is considered interest free on normal commercial repayment terms.

During the period, a management fee was charged of £7,500 (2021: £5,000) to Pharma Properties LLP. At the period end, a balance of £6,000 (2021: £6,000) was due by the LLP and is included in debtors.

R G Andrew and D Shah are designated members of Pharma Properties LLP. Bank loan facilities of Pharmacy Care Plus Limited were secured against properties owned by Pharma Properties LLP.