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REGISTERED NUMBER: NI007549 (Northern Ireland)















FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

NORTHERN PHARMACIES LIMITED

NORTHERN PHARMACIES LIMITED (REGISTERED NUMBER: NI007549)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023










Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 10


NORTHERN PHARMACIES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: Mrs S.A. Mawhinney
Dr S.E. Hillan
Mr M Hamill
Mr P Kelly
Dr M J Kerr
Dr TA Maguire
Mr S H Slaine
Mrs E Etherson


SECRETARY: Mrs S.A. Mawhinney


REGISTERED OFFICE: 5 Annadale Avenue
Belfast
BT7 3JH


REGISTERED NUMBER: NI007549 (Northern Ireland)


AUDITORS: Baker Tilly Mooney Moore
Chartered Certified Accountants
Statutory Auditors
17 Clarendon Road
Clarendon Dock
Belfast
BT1 3BG


BANKERS: AIB (NI)
4-8 Market Street
Lurgan
Co. Armagh
BT66 6AQ

NORTHERN PHARMACIES LIMITED (REGISTERED NUMBER: NI007549)

BALANCE SHEET
31 MARCH 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 757,032 855,775
Tangible assets 5 184,550 317,201
Investments 6 2,805,710 2,819,959
3,747,292 3,992,935

CURRENT ASSETS
Stocks 7 199,535 204,348
Debtors 8 679,657 714,508
Investments 9 400,000 -
Cash at bank and in hand 964,011 1,486,294
2,243,203 2,405,150
CREDITORS
Amounts falling due within one year 10 1,496,466 1,637,479
NET CURRENT ASSETS 746,737 767,671
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,494,029

4,760,606

CREDITORS
Amounts falling due after more than one
year

11

(775,297

)

(1,058,004

)

PROVISIONS FOR LIABILITIES (55,345 ) (68,169 )

ACCRUALS AND DEFERRED INCOME (1,091 ) (1,284 )
NET ASSETS 3,662,296 3,633,149

RESERVES
Retained earnings 3,662,296 3,633,149
3,662,296 3,633,149

NORTHERN PHARMACIES LIMITED (REGISTERED NUMBER: NI007549)

BALANCE SHEET - continued
31 MARCH 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were authorised for issue by the Board of Directors and authorised for issue on 26 September 2023 and were signed on its behalf by:




Mrs S.A. Mawhinney - Director



Dr M J Kerr - Director


NORTHERN PHARMACIES LIMITED (REGISTERED NUMBER: NI007549)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023


1. STATUTORY INFORMATION

Northern Pharmacies Limited is a private company, limited by guarantee , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Significant judgements and estimates
In preparing these financial statements the directors have made the following judgements:

Establish whether there are indicators of impairment of the company's tangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and the business in general.

Establish whether there are indicators of impairment of the company's investments in subsidiary undertakings. Factors taken into consideration in reaching such a decision include the past performance of the subsidiary, its ongoing economic viability and the expected future financial performance.

Consider the valuation of stock and the requirement for write down provisions. These considerations are undertaken regularly by the directors, and especially at the year end date. Factors taken into account include historical experience, product familiarisation and knowledge of the sector. Stock identified as impaired will be written down in value in the relevant period.

The directors also consider the depreciation rate on an annual basis to ensure this estimate remains reasonable.

Turnover
Turnover represents the total value, excluding value added tax, of goods sold and services rendered during the year.


Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2020, 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.
Freehold property - 2% on cost
Improvements to property - 10% on reducing balance and 2% on cost
Fixtures, fittings & equipment - 15% on reducing balance

NORTHERN PHARMACIES LIMITED (REGISTERED NUMBER: NI007549)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


2. ACCOUNTING POLICIES - continued

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
All financial instruments of the company are considered to meet the definition of basic financial instruments.

- Short term debtors and creditors

Debtors and creditors with no stated interest rate and are receivable or payable on demand are recognised at transaction price, and subject to annual impairment reviews. Any losses arising on impairment are recognised in the profit and loss account.

- Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand.

- Loans and borrowings

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

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.

Pension costs and other post-retirement benefits
The company operates a money purchase (defined contribution) pension scheme. Contributions payable for the year are charged in the profit and loss account.


NORTHERN PHARMACIES LIMITED (REGISTERED NUMBER: NI007549)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


2. ACCOUNTING POLICIES - continued

Investments
Investments in listed company shares, which have been classified as fixed asset investments, are remeasured to market value at each balance sheet date. Gains and losses on re-measurement are recognised in profit or loss for the period.

Dividends are brought to account in the profit and loss account when received.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 34 (2022 - 31 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2022
and 31 March 2023 987,433
AMORTISATION
At 1 April 2022 131,658
Amortisation for year 98,743
At 31 March 2023 230,401
NET BOOK VALUE
At 31 March 2023 757,032
At 31 March 2022 855,775

NORTHERN PHARMACIES LIMITED (REGISTERED NUMBER: NI007549)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


5. TANGIBLE FIXED ASSETS
Improvements Fixtures,
Freehold to Plant and fittings
property property machinery & equipment Totals
£    £    £    £    £   
COST
At 1 April 2022 149,999 38,746 142,386 506,847 837,978
Additions - - - 5,667 5,667
Disposals (149,999 ) - - - (149,999 )
At 31 March 2023 - 38,746 142,386 512,514 693,646
DEPRECIATION
At 1 April 2022 43,832 25,621 69,514 381,810 520,777
Charge for year 246 425 10,935 20,791 32,397
Eliminated on disposal (44,078 ) - - - (44,078 )
At 31 March 2023 - 26,046 80,449 402,601 509,096
NET BOOK VALUE
At 31 March 2023 - 12,700 61,937 109,913 184,550
At 31 March 2022 106,167 13,125 72,872 125,037 317,201

6. FIXED ASSET INVESTMENTS
Shares in
group Other
undertakings investments Totals
£    £    £   
COST OR VALUATION
At 1 April 2022 2,600,814 219,145 2,819,959
Additions - 5,727 5,727
Disposals - (5,575 ) (5,575 )
Revaluations - (14,401 ) (14,401 )
At 31 March 2023 2,600,814 204,896 2,805,710
NET BOOK VALUE
At 31 March 2023 2,600,814 204,896 2,805,710
At 31 March 2022 2,600,814 219,145 2,819,959

Cost or valuation at 31 March 2023 is represented by:

Shares in
group Other
undertakings investments Totals
£    £    £   
Valuation in 2023 - 204,896 204,896
Cost 2,600,814 - 2,600,814
2,600,814 204,896 2,805,710

NORTHERN PHARMACIES LIMITED (REGISTERED NUMBER: NI007549)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


7. STOCKS
31.3.23 31.3.22
£    £   
Stocks 199,535 204,348

8. DEBTORS
31.3.23 31.3.22
£    £   
Amounts falling due within one year:
Trade debtors 446,246 476,619
Deferred consideration <1yr 19,778 14,888
Other debtors 108,337 107,816
574,361 599,323

Amounts falling due after more than one year:
Other debtors 105,296 115,185

Aggregate amounts 679,657 714,508

9. CURRENT ASSET INVESTMENTS
31.3.23 31.3.22
£    £   
Other 400,000 -

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Bank loans and overdrafts 113,203 113,203
Trade creditors 337,029 312,621
Def consideration < 1yr 159,680 159,680
Amounts owed to group undertakings 653,795 612,159
Tax 18,063 75,151
Other creditors - 884
BSO special advance 149,277 198,930
Accrued expenses 65,419 164,851
1,496,466 1,637,479

NORTHERN PHARMACIES LIMITED (REGISTERED NUMBER: NI007549)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.23 31.3.22
£    £   
Bank loans - 1-2 years 116,702 116,702
Bank loans - 2-5 years 340,510 367,181
Bank loans more than 5 years by
installments

-

76,036
Def consideration >1yr 318,085 498,085
775,297 1,058,004

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more than 5 years by
installments

-

76,036

12. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.3.23 31.3.22
£    £   
Within one year 7,200 7,200
Between one and five years 28,800 28,800
In more than five years 64,800 72,000
100,800 108,000

The amount charged to the profit and loss account in respect of operating leases in the year was £7,200

13. SECURED DEBTS

The following secured debts are included within creditors:

31.3.23 31.3.22
£    £   
Bank loans 570,415 673,123

The bank loan with AIB Group (UK) P.L.C. is secured by way of the following:

- A fixed charge over the pharmacy licences and the goodwill attached to the premises of the branches at Greyabbey, Cullyhanna, Poyntzpass and Craigavon.

- A fixed and floating charge over all the leasehold property of the company and any undertaking of the company.

- A fixed charge over the shares in subsidiary company Sweeney's Pharmacies Limited.

-An unlimited cross guarantee between Northern Pharmacies Limited and Sweeney's Pharmacies Limited.

NORTHERN PHARMACIES LIMITED (REGISTERED NUMBER: NI007549)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


14. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

John O'Rourke (Senior Statutory Auditor)
for and on behalf of Baker Tilly Mooney Moore

15. CONTINGENT LIABILITIES

A contingent liability may exist in respect of a repayment of grant income to HM Revenue and Customs should the conditions under which a grant was awarded to the company not be met. Due to the nature of these contingencies, it is not currently possible to estimate the likelihood of this occurring, nor quantify the financial effect or provide an indication of timing as to the potential liability that may arise.

16. CAPITAL COMMITMENTS

There were no commitments for capital expenditure at the balance sheet date.