REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
PHARM@SEA LIMITED |
REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
PHARM@SEA LIMITED |
PHARM@SEA LIMITED (REGISTERED NUMBER: 08842973) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 5 |
Statement of Comprehensive Income | 7 |
Statement of Financial Position | 8 |
Statement of Changes in Equity | 9 |
Statement of Cash Flows | 10 |
Notes to the Statement of Cash Flows | 11 |
Notes to the Financial Statements | 12 |
PHARM@SEA LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
The Old Casino |
28 Fourth Avenue |
Hove |
East Sussex |
BN3 2PJ |
PHARM@SEA LIMITED (REGISTERED NUMBER: 08842973) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 31 MARCH 2024 |
COMPANY FORMATION AND PURPOSE |
Pharm@Sea Limited, is a wholly owned subsidiary of University Hospitals Sussex NHS Foundation Trust. The Company was established to provide a step change in the delivery of outpatient pharmacy services with the primary aims being to improve the patient experience and quality of services offered. |
We combine the best of the NHS and the commercial sector, linking high quality clinical skills and a deep knowledge base with an entrepreneurial approach to driving innovation and efficiency. |
Our strategy for future development is focused on the continuous improvement and expansion of core services linked to our shareholder's vision. |
REVIEW OF BUSINESS |
The Company completed its tenth full year of trading between 1 April 2023 and 31 March 2024 and its revenue is wholly derived from the dispensing of medicines. The results for the 12 months and financial position are as shown in the annexed financial statements. |
It has been a challenging year with workforce shortages, recruitment challenges and inflationary pressures on the business. Despite facing demanding workforce and macroeconomic conditions, we are proud to report safe operational performance alongside robust financial performance. Notwithstanding the difficult backdrop, Pharm@Sea has kept patient experience and safety as its core focus and has strived to maintain performance against key business objectives: |
- Safety: 0.05% dispensing error rate. This represents just 54 errors reported out of 109,166 prescription items dispensed. This exemplary performance highlights our dedication to maintaining a safe and reliable service for our patients. |
- Patient Satisfaction: We received excellent satisfaction scores from our customers throughout the year. 97% and 94% satisfaction levels for core pharmacy and prescription delivery services respectively. This performance highlights our spearheading of a patient-centric approach to the delivery of core services. |
- Efficiency: Our mission is to deliver excellent services to patients. This is reflected in the ambitious targets established for patient waiting times. Overtrading, external resourcing challenges and complexity of prescriptions have all had an impact on the consistent attainment of waiting time targets. We remain focused on delivering a first-class service to all our patients. |
The Company's strategic direction lends itself to broaden core and ancillary services primarily within the Trust that we serve; providing a sustainable platform from which we can drive patient experience, innovation and efficiencies. We will look to deliver a scalable outpatient service, ensuring equal access for all, that is more efficient, technology-driven and environmentally aware. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The Company's principal customer is University Hospitals Sussex NHS Foundation Trust, with whom it has a fixed term service level agreement for the dispensing of drugs. Risks associated with the company's principal activity are therefore in line with those of similar suppliers to such organisations. The most significant risk is associated with the price that we charge for the delivery of our services, controlled as that is in the area of High Cost Drugs, a significant proportion of our trade, by NHS England. Along with other wholly owned subsidiaries and in common with other businesses we face continual uncertainty with regard to pricing in the dynamic market that we operate in. |
It is critical that we can develop an adaptive, agile and sustainable business model that exploits technological and digital advancements to enable us to continue to contribute effectively to the NHS HealthCare environment. |
PHARM@SEA LIMITED (REGISTERED NUMBER: 08842973) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 31 MARCH 2024 |
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES |
The Company's principal financial instruments comprise bank balances, trade creditors and trade debtors. The main purpose of these instruments is to finance the Company's operations. |
The Company operates both a bank current and deposit account in sterling with Government Banking Service for trading purposes and the treasury function is managed by the parent Company under a service level agreement between the two parties. |
ON BEHALF OF THE BOARD: |
PHARM@SEA LIMITED (REGISTERED NUMBER: 08842973) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 MARCH 2024 |
The directors present their report with the financial statements of the company for the year ended 31 March 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of a pharmacy. |
DIVIDENDS |
The board have voted to pay and members approved final dividends of £700,000 (2023:£1,000,000). |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report. |
Other changes in directors holding office are as follows: |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 affairs of the company and of the profit or 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; |
- | 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. |
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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
PHARM@SEA LIMITED |
Opinion |
We have audited the financial statements of Pharm@sea Limited (the 'company') for the year ended 31 March 2024 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, 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 March 2024 and of its profit for the year 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. |
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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
PHARM@SEA LIMITED |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Based on our understanding of the company and industry, we considered the risk of non-compliance with laws and regulations, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the financial statements such as Companies Act 2006 and FRS 102. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that principal risks were related to revenue recognition, under-provision of accruals and estimation of provisions. Audit procedures performed included: |
- Enquiring of management whether there were instances of non-compliance with laws and regulation or fraud; |
- Review of legal expenses for evidence of fees relating to non-compliance; |
- Challenging assumptions and judgements made by management in determining significant accounting estimates; |
- Reviewing journal entries for unusual accounting estimates; |
- Substantive procedures to test that sales occured and were recognised as revenue in the financial statements in the correct period; and |
- Substantive procedures to test that accrued expenses recognised were complete. |
There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through 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. |
for and on behalf of |
Statutory Auditors |
The Old Casino |
28 Fourth Avenue |
Hove |
East Sussex |
BN3 2PJ |
PHARM@SEA LIMITED (REGISTERED NUMBER: 08842973) |
STATEMENT OF COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
OPERATING PROFIT | 4 |
Interest receivable and similar income |
1,085,533 | 2,364,516 |
Interest payable and similar expenses | 5 |
PROFIT BEFORE TAXATION |
Tax on profit | 6 |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
PHARM@SEA LIMITED (REGISTERED NUMBER: 08842973) |
STATEMENT OF FINANCIAL POSITION |
31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 8 |
CURRENT ASSETS |
Stocks | 9 |
Debtors | 10 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 11 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 12 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | 14 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 15 |
Retained earnings | 16 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
PHARM@SEA LIMITED (REGISTERED NUMBER: 08842973) |
STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 MARCH 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 April 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 March 2023 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 March 2024 |
PHARM@SEA LIMITED (REGISTERED NUMBER: 08842973) |
STATEMENT OF CASH FLOWS |
FOR THE YEAR ENDED 31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | ( |
) |
Interest paid | ( |
) | ( |
) |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities | ( |
) |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Interest received |
Net cash from investing activities | ( |
) |
Cash flows from financing activities |
Increase in finance leases |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
Decrease in cash and cash equivalents | ( |
) | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
2,123,727 |
Cash and cash equivalents at end of year | 2 | 407,108 | 1,911,100 |
PHARM@SEA LIMITED (REGISTERED NUMBER: 08842973) |
NOTES TO THE STATEMENT OF CASH FLOWS |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
Profit before taxation |
Depreciation charges |
Finance costs | 1,028 | 457 |
Finance income | (91,073 | ) | (904 | ) |
1,031,814 | 2,387,365 |
(Increase)/decrease in stocks | ( |
) |
Increase in trade and other debtors | ( |
) | ( |
) |
Increase/(decrease) in trade and other creditors | ( |
) |
Cash generated from operations | ( |
) |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
Year ended 31 March 2024 |
31.3.24 | 1.4.23 |
£ | £ |
Cash and cash equivalents | 407,108 | 1,911,100 |
Year ended 31 March 2023 |
31.3.23 | 1.4.22 |
£ | £ |
Cash and cash equivalents | 1,911,100 | 2,123,727 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.4.23 | Cash flow | At 31.3.24 |
£ | £ | £ |
Net cash |
Cash at bank | 1,911,100 | (1,503,992 | ) | 407,108 |
1,911,100 | ( |
) | 407,108 |
Debt |
Finance leases | (48,547 | ) | (10,443 | ) | (58,990 | ) |
(48,547 | ) | (10,443 | ) | (58,990 | ) |
Total | 1,862,553 | (1,514,435 | ) | 348,118 |
PHARM@SEA LIMITED (REGISTERED NUMBER: 08842973) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | STATUTORY INFORMATION |
Pharm@sea Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going Concern |
University Hospitals Sussex NHS Foundation Trust has a contract with Pharm@sea until 31 March 2026 for the provision of outpatient pharmacy services. Detailed forecasts and business plans have been produced which reflect the company's strategy in order for the directors to assess going concern. Following the assessment, the directors have not identified any material uncertainties and the financial statements are prepared on a going concern basis. |
Turnover |
Turnover represents sales of goods net of VAT and trade discounts. Turnover is recognised when the goods are physically delivered to the customer. |
Tangible fixed assets |
Short leasehold | - |
Plant and machinery | - |
Motor vehicles | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Stock is measured at initial purchase price and recognised on a first in and first out basis. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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 statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
PHARM@SEA LIMITED (REGISTERED NUMBER: 08842973) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
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. |
Creditors |
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
Debtors |
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net ot transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. |
3. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2024 | 2023 |
Pharmacy Staff |
2024 | 2023 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
PHARM@SEA LIMITED (REGISTERED NUMBER: 08842973) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
4. | OPERATING PROFIT |
The operating profit is stated after charging: |
2024 | 2023 |
£ | £ |
Hire of plant and machinery |
Other operating leases |
Depreciation - owned assets |
Depreciation - assets on finance leases |
Auditors' remuneration |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Interest on leases |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2024 | 2023 |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax |
Tax on profit |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2024 | 2023 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes |
Depreciation in excess of capital allowances |
Deferred tax | 22 | (4,596 | ) |
Total tax charge | 273,229 | 449,088 |
UK corporation tax has been charged at 25%. |
7. | DIVIDENDS |
2024 | 2023 |
£ | £ |
Ordinary shares of £1 each |
Final |
PHARM@SEA LIMITED (REGISTERED NUMBER: 08842973) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
8. | TANGIBLE FIXED ASSETS |
Short | Plant and | Motor |
leasehold | machinery | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2023 | 491,924 |
Additions |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Tangible fixed assets are initially measured at cost and subsequently measured at cost less accumulated depreciation. |
Fixed assets, included in the above, which are held under finance leases are as follows: |
Short | Motor |
leasehold | vehicles | Totals |
£ | £ | £ |
COST |
At 1 April 2023 |
Additions | - |
At 31 March 2024 | 53,691 |
DEPRECIATION |
At 1 April 2023 | 5,369 |
Charge for year | 5,369 |
At 31 March 2024 | 10,738 |
NET BOOK VALUE |
At 31 March 2024 | 42,953 |
At 31 March 2023 | 48,322 |
9. | STOCKS |
2024 | 2023 |
£ | £ |
Stocks |
10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
VAT |
Prepayments |
PHARM@SEA LIMITED (REGISTERED NUMBER: 08842973) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Finance leases (see note 13) |
Trade creditors |
Tax |
Social security and other taxes |
Other creditors |
Accrued expenses |
12. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Finance leases (see note 13) |
13. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Finance leases |
2024 | 2023 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable operating | leases |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
14. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax | 22,625 | 22,603 |
Deferred |
tax |
£ |
Balance at 1 April 2023 |
Provided during year |
Balance at 31 March 2024 |
PHARM@SEA LIMITED (REGISTERED NUMBER: 08842973) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
15. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 1,101,000 | 1,101,000 |
There is a single class of ordinary shares. There are no restrictions on the distribution of dividends and the repayment of capital. |
16. | RESERVES |
Retained |
earnings |
£ |
At 1 April 2023 |
Profit for the year |
Dividends | ( |
) |
At 31 March 2024 |
17. | CAPITAL COMMITMENTS |
As at 31 March 2024 Pharm@sea Limited had committed capital expenditure of £188,752 (2023: £Nil). |
18. | RELATED PARTY DISCLOSURES |
2024 | 2023 |
£ | £ |
Sales | ( |
) | ( |
) |
Purchases |
SLAs | 194,728 | 128,781 |
Rent | 52,649 | 40,424 |
Amount due from related party |
Amount due to related party | ( |
) | ( |
) |
Any outstanding amounts are interest free and repayable on demand. |
Pharm@sea paid Equiti Health Limited £36,000 (2023: £45,600) for consultancy services in the year, a company of which Shoshona Bloom is a director and shareholder (non-executive director at Pharm@sea). |
19. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is |
This was by virtue of their 100% holding of the issued share capital. |
The company is included in the consolidated financial statements of University Hospitals Sussex NHSFoundation Trust, which is the smallest and largest group within which Pharm@sea Limited belongs. |
Copies of the financial statements can be found here: |
https://www.uhsussex.nhs.uk/resources/?search=&location=all&department=all&type=annual-reports-and-accounts |