Company registration number SC432684 (Scotland)
DEANS PHARMACEUTICALS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
DEANS PHARMACEUTICALS LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
DEANS PHARMACEUTICALS LTD
BALANCE SHEET
AS AT
30 NOVEMBER 2023
30 November 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
4
2,857,595
482,858
Tangible assets
5
461,285
408,553
Investments
6
254,689
5,117,451
3,573,569
6,008,862
Current assets
Stocks
243,113
105,083
Debtors
7
3,044,891
695,188
Cash at bank and in hand
966,107
588,204
4,254,111
1,388,475
Creditors: amounts falling due within one year
8
(1,415,688)
(4,165,634)
Net current assets/(liabilities)
2,838,423
(2,777,159)
Total assets less current liabilities
6,411,992
3,231,703
Creditors: amounts falling due after more than one year
9
(3,437,573)
(343,926)
Provisions for liabilities
(71,274)
(84,366)
Net assets
2,903,145
2,803,411
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
2,903,143
2,803,409
Total equity
2,903,145
2,803,411
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
DEANS PHARMACEUTICALS LTD
BALANCE SHEET (CONTINUED)
AS AT
30 NOVEMBER 2023
30 November 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 26 August 2024 and are signed on its behalf by:
M A Hanif
Director
Company Registration No. SC432684
DEANS PHARMACEUTICALS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 3 -
1
Accounting policies
Company information
Deans Pharmaceuticals Ltd is a private company limited by shares incorporated in Scotland. The registered office is 1st Floor, 133 Finnieston Street, Glasgow, G3 8HB.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover comprises revenue recognised by the company in respect of pharmaceutical services provided during the year, exclusive of Value Added Tax and trade discounts.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated and incorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Within these accounts we have 2 business combinations. The first of these was revised in the period ended 30 November 2020 with an estimated useful life at that point of 7 years. The second combination was in the year to 30 November 2023, with difficulties in calculating a reliable estimate of the useful life we have restricted this to 10 years. The amortisation rates reflect the above useful lives.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold Property
Not depreciated
Shop development
5% straight line
Fixtures, fittings & equipment
20% straight line
Computer equipment
25% straight line
Motor vehicles
25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
DEANS PHARMACEUTICALS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.7
Stocks
Stocks are valued at the lower of cost and net realisable value.
1.8
Cash and cash equivalents
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
DEANS PHARMACEUTICALS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 5 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.15
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.
DEANS PHARMACEUTICALS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 6 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
45
22
4
Intangible fixed assets
Goodwill
£
Cost
At 1 December 2022
1,300,000
Additions
2,772,724
At 30 November 2023
4,072,724
Amortisation and impairment
At 1 December 2022
817,142
Amortisation charged for the year
397,987
At 30 November 2023
1,215,129
Carrying amount
At 30 November 2023
2,857,595
At 30 November 2022
482,858
DEANS PHARMACEUTICALS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 7 -
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 December 2022
703,546
703,546
Additions
105,805
23,981
129,786
At 30 November 2023
105,805
727,527
833,332
Depreciation and impairment
At 1 December 2022
294,993
294,993
Depreciation charged in the year
77,054
77,054
At 30 November 2023
372,047
372,047
Carrying amount
At 30 November 2023
105,805
355,480
461,285
At 30 November 2022
408,553
408,553
6
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
160,556
5,117,451
Other investments other than loans
94,133
254,689
5,117,451
DEANS PHARMACEUTICALS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
6
Fixed asset investments
(Continued)
- 8 -
Movements in fixed asset investments
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 December 2022
5,117,451
-
5,117,451
Additions
-
94,133
94,133
At 30 November 2023
5,117,451
94,133
5,211,584
Impairment
At 1 December 2022
-
-
-
Impairment losses
2,184,171
-
2,184,171
Goodwill on business combination
2,772,724
-
2,772,724
At 30 November 2023
4,956,895
-
4,956,895
Carrying amount
At 30 November 2023
160,556
94,133
254,689
At 30 November 2022
5,117,451
-
5,117,451
Investment in subsidiaries has been impaired in the period under review as the assets and trade of the subsidiary have been hived up to this company. The investment amount over and above the net assets value has been recognised as goodwill.
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
983,278
563,010
Other debtors
2,061,613
132,178
3,044,891
695,188
DEANS PHARMACEUTICALS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 9 -
8
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
34,066
3,326,394
Trade creditors
587,904
576,284
Taxation and social security
201,605
9,403
Other creditors
592,113
253,553
1,415,688
4,165,634
Bank loans are secured by a floating charge over the assets of the company granted to Bank of Scotland plc.
9
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
3,437,573
343,926
Bank loans are secured by a floating charge over the assets of the company granted to Bank of Scotland plc.
Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable by instalments
3,301,308
192,809
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