Company Registration No. 06324300 (England and Wales)
GUARDIAN PHARMACY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
John Cumming Ross Limited
Chartered Certified Accountants
1st Floor, Kirkland House
11-15 Peterborough Road
Harrow
Middlesex
HA1 2AX
GUARDIAN PHARMACY LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
GUARDIAN PHARMACY LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF GUARDIAN PHARMACY LIMITED FOR THE YEAR ENDED 31 MARCH 2024
- 1 -
The following reproduces text of the Accountants' Report prepared in respect of the company's annual unaudited financial statements, from which the unaudited financial statements set out on pages 2 to 9 have been extracted.
"In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Guardian Pharmacy Limited for the year ended 31 March 2024 set out on pages 3 to 11 from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/about-us/regulation/rulebook.html.
Our work has been undertaken solely to prepare for your approval the financial statements of Guardian Pharmacy Limited and state those matters that we have agreed to state to the Board of Directors of Guardian Pharmacy Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Guardian Pharmacy Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Guardian 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 loss of Guardian Pharmacy Limited. You consider that Guardian 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 Guardian 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.
John Cumming Ross Limited
Chartered Certified Accountants
1st Floor, Kirkland House
11-15 Peterborough Road
Harrow
Middlesex
HA1 2AX
"
24 September 2024
GUARDIAN PHARMACY LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
150,854
229,559
Tangible assets
4
262,034
272,644
412,888
502,203
Current assets
Stocks
205,115
282,611
Debtors
5
960,680
843,743
Cash at bank and in hand
447,946
634,576
1,613,741
1,760,930
Creditors: amounts falling due within one year
6
(779,097)
(829,035)
Net current assets
834,644
931,895
Total assets less current liabilities
1,247,532
1,434,098
Creditors: amounts falling due after more than one year
7
(1,153,969)
(1,226,178)
Provisions for liabilities
9
(49,498)
(55,883)
Net assets
44,065
152,037
Capital and reserves
Called up share capital
10
1,000
1,000
Profit and loss reserves
11
43,065
151,037
Total equity
44,065
152,037
The directorstrue of the company have taken advantage under section 444 of the Companies Act 2006 to not deliver the profit and loss account and the directors' report within the financial statements.
For the financial year ended 31 March 2024 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.
GUARDIAN PHARMACY LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 23 September 2024 and are signed on its behalf by:
Mr A Ng
Director
Company Registration No. 06324300
GUARDIAN PHARMACY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
1
Accounting policies
Company information
Guardian Pharmacy Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1st Floor, Kirkland House, 11-15 Peterborough Road, Harrow, Middlesex, HA1 2AX.
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
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents amounts receivable for goods dispensed, sales of pharmaceutical and perfumery products and community pharmacy advisers net of VAT and trade discounts.
1.4
Intangible fixed assets - goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life at 10% on a straight line basis.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost 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:
Leasehold buildings
Over the term of the lease
Fixtures, fittings & equipment
20% per annum on reducing balance
Motor vehicles
20% per annum on reducing balance
The 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 charged to profit or loss.
1.6
Stocks
Stocks are valued at the lower of cost and net realisable value. Where necessary, provision is made for obsolete, slow moving and defective stocks.
GUARDIAN PHARMACY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
1.7
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 debtors and trade and other creditors and bank and other loans.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including trade and sundry creditors, bank and other loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
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.
1.9
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.
GUARDIAN PHARMACY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 6 -
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
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 leased assets are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
47
54
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
2,650,150
Amortisation and impairment
At 1 April 2023
2,420,591
Amortisation charged for the year
78,705
At 31 March 2024
2,499,296
Carrying amount
At 31 March 2024
150,854
At 31 March 2023
229,559
GUARDIAN PHARMACY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2023
1
790,247
790,248
Additions
46,692
46,692
At 31 March 2024
1
836,939
836,940
Depreciation and impairment
At 1 April 2023
1
517,603
517,604
Depreciation charged in the year
57,302
57,302
At 31 March 2024
1
574,905
574,906
Carrying amount
At 31 March 2024
262,034
262,034
At 31 March 2023
272,644
272,644
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
784,147
645,029
Other debtors
176,533
198,714
960,680
843,743
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
79,705
87,200
Trade creditors
556,220
567,369
Corporation tax
12,979
35,496
Other taxation and social security
20,175
18,820
Other creditors
110,018
120,150
779,097
829,035
GUARDIAN PHARMACY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
853,969
926,178
Other creditors
300,000
300,000
1,153,969
1,226,178
Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
535,149
577,378
The bank loans of £933,674 (2023: £1,013,378) are secured by a first legal charge over leasehold properties at Nash Pharmacy, Ground Floor & Basement, 817 Commercial Road, London E14 7HG and Lansbury Pharmacy, Unit 3, 85 Chrisp Street, London, E14 6GG and Guardian Pharmacy, 448 Kingsland Road, London, E8 4AE.
8
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
9
49,498
55,883
9
Deferred taxation
The following is the major deferred tax liability recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
49,498
55,883
2024
Movements in the year:
£
Liability at 1 April 2023
55,883
Credit to profit or loss
(6,385)
Liability at 31 March 2024
49,498
10
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
GUARDIAN PHARMACY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
11
Reserves
The only movements in reserves for the year ended 31 March 2024 are loss for the year and dividend paid and year ended 31 March 2023 were profit for the year and dividend paid.
12
Financial commitments, guarantees and contingent liabilities
Operating lease commitments not included in the balance sheet amount to £71,390 (2023 - £71,390).
13
Related party transactions
Transactions with related parties
During the year dividends paid to the directors Mr A Ng was Nil (2023: £2,000) and Mr J Sivadasam was £20,000 (2023: £2,000). Mr A Ng waived his right to the dividend of £20,000 during the year. During the year dividends paid to the shareholders Ms S Hassan was £20,000 (2023: £2,000) and Ms I Lam was £20,000 (2023: £2,000).
During the year company has paid loan interest of £18,000 (2023: £20,869) on directors' loan of £225,000 (2023: £225,000) and loan interest of £3,750 (2023: £3,750) on shareholder's loan of £75,000 (2023: £75,000).
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