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REGISTERED NUMBER: SC429813 (Scotland)















Unaudited Financial Statements for the Year Ended 29 February 2024

for

Strachan Pharmacy Limited

Strachan Pharmacy Limited (Registered number: SC429813)






Contents of the Financial Statements
for the Year Ended 29 February 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Accountants' Report 9

Strachan Pharmacy Limited

Company Information
for the Year Ended 29 February 2024







DIRECTOR: J M Strachan





REGISTERED OFFICE: 16 Castle Street
BANFF
AB45 1DL





BUSINESS ADDRESS: 69 High Street
BANFF
AB45 1AN





REGISTERED NUMBER: SC429813 (Scotland)





ACCOUNTANTS: Atholl Scott
16 Castle Street
BANFF
AB45 1DL

Strachan Pharmacy Limited (Registered number: SC429813)

Balance Sheet
29 February 2024

29.2.24 28.2.23
Notes £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 152,162 154,883
152,162 154,883

CURRENT ASSETS
Stocks 206,248 201,118
Debtors 6 188,823 273,111
Cash at bank and in hand 729,713 527,029
1,124,784 1,001,258
CREDITORS
Amounts falling due within one
year

7

(1,007,962

)

(1,055,368

)
NET CURRENT ASSETS/(LIABILITIES) 116,822 (54,110 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

268,984

100,773

PROVISIONS FOR LIABILITIES 10 (25,425 ) (26,792 )
NET ASSETS 243,559 73,981

CAPITAL AND RESERVES
Called up share capital 50 50
Retained earnings 243,509 73,931
SHAREHOLDERS' FUNDS 243,559 73,981

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Strachan Pharmacy Limited (Registered number: SC429813)

Balance Sheet - continued
29 February 2024


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 approved by the director and authorised for issue on 3 September 2024 and were signed by:





J M Strachan - Director


Strachan Pharmacy Limited (Registered number: SC429813)

Notes to the Financial Statements
for the Year Ended 29 February 2024

1. STATUTORY INFORMATION

Strachan Pharmacy Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

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.

Turnover
Turnover represents amounts receivable for goods sold and services rendered during the year, exclusive of value added tax.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2012, 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.
Improvements to property - 10% on cost
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on reducing balance

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

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.


Strachan Pharmacy Limited (Registered number: SC429813)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

2. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged 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. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 52 (2023 - 51 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 March 2023
and 29 February 2024 2,543,646
AMORTISATION
At 1 March 2023
and 29 February 2024 2,543,646
NET BOOK VALUE
At 29 February 2024 -
At 28 February 2023 -

Strachan Pharmacy Limited (Registered number: SC429813)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 March 2023 134,644 42,844 202,214
Additions - - -
Disposals - - -
At 29 February 2024 134,644 42,844 202,214
DEPRECIATION
At 1 March 2023 95,299 26,228 125,111
Charge for year 7,249 2,495 11,567
Eliminated on disposal - - -
At 29 February 2024 102,548 28,723 136,678
NET BOOK VALUE
At 29 February 2024 32,096 14,121 65,536
At 28 February 2023 39,345 16,616 77,103

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 March 2023 26,448 43,685 449,835
Additions 23,165 14,120 37,285
Disposals (10,948 ) - (10,948 )
At 29 February 2024 38,665 57,805 476,172
DEPRECIATION
At 1 March 2023 15,132 33,182 294,952
Charge for year 7,971 8,127 37,409
Eliminated on disposal (8,351 ) - (8,351 )
At 29 February 2024 14,752 41,309 324,010
NET BOOK VALUE
At 29 February 2024 23,913 16,496 152,162
At 28 February 2023 11,316 10,503 154,883

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Trade debtors 161,586 218,833
VAT 22,013 49,965
Prepayments 5,224 4,313
188,823 273,111

Strachan Pharmacy Limited (Registered number: SC429813)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Other loans 40,365 40,365
Trade creditors 352,018 366,567
Tax 52,341 9,310
PAYE 6,951 4,062
Associated company loan 116,462 156,462
Directors' loan accounts 425,612 466,191
Accrued expenses 14,213 12,411
1,007,962 1,055,368

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
29.2.24 28.2.23
£    £   
Within one year 36,000 18,000

9. SECURED DEBTS

There is a floating charge held with regard to the bank loan and all other sums due or becoming due in favour of The Royal Bank of Scotland plc (created 16 August 2012).

10. PROVISIONS FOR LIABILITIES
29.2.24 28.2.23
£    £   
Deferred tax 25,425 26,792

Deferred
tax
£   
Balance at 1 March 2023 26,792
Provided during year (1,367 )
Balance at 29 February 2024 25,425

11. RELATED PARTY DISCLOSURES

During the year, total dividends of £19,000 were paid to the director .

Strachan Pharmacy Limited (Registered number: SC429813)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

11. RELATED PARTY DISCLOSURES - continued

During the year Strachan Pharmacy Limited incurred rent charges of £11,400 payable to Strachan Property Limited for the pharmacy premises in Banff. Strachan Pharmacy Limited also incurred rent charges of £6,600 payable to Strachan Property Limited for a pharmacy store in Turriff and incurred rent charges of £18,000 payable to J M Strachan (director) for the pharmacy premises in Turriff.

Strachan Pharmacy Limited decreased the associated company loan due to Strachan Property Limited by £40,000, leaving a balance of £116,462 (2023 - £156,462).
This loan is unsecured, interest free and repayable on demand.

J M Strachan is the sole director and shareholder in Strachan Pharmacy Limited and Strachan Property Limited.

During the year J M Strachan (director) decreased the amount loaned to the company by £40,579, leaving a balance of £425,612 (2023 - £466,191).
This loan is unsecured, interest free and repayable on demand.

12. ULTIMATE CONTROLLING PARTY

The controlling party is J M Strachan.

Accountants' Report to the Director
on the Unaudited Financial Statements of
Strachan Pharmacy Limited

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Strachan Pharmacy Limited for the year ended 29 February 2024 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

This report is made solely to the director of Strachan Pharmacy Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Strachan Pharmacy Limited and state those matters that we have agreed to state to the director of Strachan Pharmacy Limited in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that Strachan 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 Strachan Pharmacy Limited. You consider that Strachan 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 Strachan 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.

As a member firm of the Institute of Financial Accountants (IFA), we are subject to its ethical and other professional requirements which are detailed at https://www.ifa.org.uk/about-us/publicinterest/memberregulations.






Atholl Scott
16 Castle Street
BANFF
AB45 1DL


3 September 2024