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REGISTERED NUMBER: 08842973 (England and Wales)















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: Mr G Anderson
Mr G Kamenica
Ms S Bloom
Dr M Okorie
Mr J M Butt





REGISTERED OFFICE: Royal Sussex County Hospital
Eastern Road
Brighton
BN2 5BE





REGISTERED NUMBER: 08842973 (England and Wales)





AUDITORS: Galloways Accounting (Audit) Limited
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:





Mr G Anderson - Director


31 May 2024

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.

Mr G Anderson
Mr G Kamenica
Ms S Bloom
Dr M Okorie

Other changes in directors holding office are as follows:

Mr M Wilks - resigned 30 June 2023

Mr J M Butt was appointed as a director after 31 March 2024 but prior to the date of this report.

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:





Mr G Anderson - Director


31 May 2024

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.




Christian Heeger BSc FCA (Senior Statutory Auditor)
for and on behalf of Galloways Accounting (Audit) Limited
Statutory Auditors
The Old Casino
28 Fourth Avenue
Hove
East Sussex
BN3 2PJ

31 May 2024

PHARM@SEA LIMITED (REGISTERED NUMBER: 08842973)

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
Notes £    £   

TURNOVER 24,111,605 23,820,611

Cost of sales 21,386,588 19,991,180
GROSS PROFIT 2,725,017 3,829,431

Administrative expenses 1,730,557 1,465,819
OPERATING PROFIT 4 994,460 2,363,612

Interest receivable and similar income 91,073 904
1,085,533 2,364,516

Interest payable and similar expenses 5 1,028 457
PROFIT BEFORE TAXATION 1,084,505 2,364,059

Tax on profit 6 273,229 449,088
PROFIT FOR THE FINANCIAL YEAR 811,276 1,914,971

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

811,276

1,914,971

PHARM@SEA LIMITED (REGISTERED NUMBER: 08842973)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 133,450 138,732

CURRENT ASSETS
Stocks 9 1,020,024 793,232
Debtors 10 4,401,783 2,948,182
Cash at bank 407,108 1,911,100
5,828,915 5,652,514
CREDITORS
Amounts falling due within one year 11 2,859,144 2,796,868
NET CURRENT ASSETS 2,969,771 2,855,646
TOTAL ASSETS LESS CURRENT LIABILITIES 3,103,221 2,994,378

CREDITORS
Amounts falling due after more than one year 12 (40,900 ) (43,355 )

PROVISIONS FOR LIABILITIES 14 (22,625 ) (22,603 )
NET ASSETS 3,039,696 2,928,420

CAPITAL AND RESERVES
Called up share capital 15 1,101,000 1,101,000
Retained earnings 16 1,938,696 1,827,420
SHAREHOLDERS' FUNDS 3,039,696 2,928,420

The financial statements were approved by the Board of Directors and authorised for issue on 31 May 2024 and were signed on its behalf by:





Mr G Anderson - Director


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 1,101,000 912,449 2,013,449

Changes in equity
Dividends - (1,000,000 ) (1,000,000 )
Total comprehensive income - 1,914,971 1,914,971
Balance at 31 March 2023 1,101,000 1,827,420 2,928,420

Changes in equity
Dividends - (700,000 ) (700,000 )
Total comprehensive income - 811,276 811,276
Balance at 31 March 2024 1,101,000 1,938,696 3,039,696

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 (118,724 ) 1,242,874
Interest paid (1,028 ) (457 )
Tax paid (453,684 ) (300,804 )
Net cash from operating activities (573,436 ) 941,613

Cash flows from investing activities
Purchase of tangible fixed assets (32,072 ) (53,691 )
Interest received 91,073 904
Net cash from investing activities 59,001 (52,787 )

Cash flows from financing activities
Increase in finance leases 10,443 48,547
Equity dividends paid (1,000,000 ) (1,150,000 )
Net cash from financing activities (989,557 ) (1,101,453 )

Decrease in cash and cash equivalents (1,503,992 ) (212,627 )
Cash and cash equivalents at beginning of
year

2

1,911,100

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 1,084,505 2,364,059
Depreciation charges 37,354 23,753
Finance costs 1,028 457
Finance income (91,073 ) (904 )
1,031,814 2,387,365
(Increase)/decrease in stocks (226,792 ) 148,366
Increase in trade and other debtors (1,453,601 ) (3,911 )
Increase/(decrease) in trade and other creditors 529,855 (1,288,946 )
Cash generated from operations (118,724 ) 1,242,874

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 (1,503,992 ) 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 private company, limited by shares , registered in England and Wales. 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Short leasehold - 10% on cost
Plant and machinery - 10% on cost
Motor vehicles - 25% on cost

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 1,169,090 846,011
Social security costs 91,920 76,360
Other pension costs 32,933 24,125
1,293,943 946,496

The average number of employees during the year was as follows:
2024 2023

Pharmacy Staff 35 30

2024 2023
£    £   
Directors' remuneration 171,489 164,267
Directors' pension contributions to money purchase schemes 4,668 4,158

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 2

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 12,363 765
Other operating leases 59,151 40,242
Depreciation - owned assets 18,988 18,384
Depreciation - assets on finance leases 18,366 5,369
Auditors' remuneration 23,800 23,613

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Interest on leases 1,028 457

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 273,207 449,088

Deferred tax 22 -
Tax on profit 273,229 449,088

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 1,084,505 2,364,059
Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 -
19%)

271,126

449,171

Effects of:
Expenses not deductible for tax purposes 761 -
Depreciation in excess of capital allowances 1,320 4,513
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 700,000 1,000,000

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 53,691 438,233 - 491,924
Additions - - 32,072 32,072
At 31 March 2024 53,691 438,233 32,072 523,996
DEPRECIATION
At 1 April 2023 5,369 347,823 - 353,192
Charge for year 5,369 18,988 12,997 37,354
At 31 March 2024 10,738 366,811 12,997 390,546
NET BOOK VALUE
At 31 March 2024 42,953 71,422 19,075 133,450
At 31 March 2023 48,322 90,410 - 138,732

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 53,691 - 53,691
Additions - 32,072 32,072
At 31 March 2024 53,691 32,072 85,763
DEPRECIATION
At 1 April 2023 5,369 - 5,369
Charge for year 5,369 12,997 18,366
At 31 March 2024 10,738 12,997 23,735
NET BOOK VALUE
At 31 March 2024 42,953 19,075 62,028
At 31 March 2023 48,322 - 48,322

9. STOCKS
2024 2023
£    £   
Stocks 1,020,024 793,232

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 3,653,002 2,367,003
Other debtors 4,812 -
VAT 609,124 568,777
Prepayments 134,845 12,402
4,401,783 2,948,182

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) 18,090 5,192
Trade creditors 1,346,200 249,221
Tax 273,208 453,685
Social security and other taxes 25,074 22,786
Other creditors 705,752 1,004,124
Accrued expenses 490,820 1,061,860
2,859,144 2,796,868

12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Finance leases (see note 13) 40,900 43,355

13. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Finance leases
2024 2023
£    £   
Net obligations repayable:
Within one year 18,090 5,192
Between one and five years 40,900 43,355
58,990 48,547

Non-cancellable operating leases
2024 2023
£    £   
Within one year 52,649 52,649
Between one and five years 52,649 105,298
105,298 157,947

14. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 22,625 22,603

Deferred
tax
£   
Balance at 1 April 2023 22,603
Provided during year 22
Balance at 31 March 2024 22,625

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: £    £   
1,101,000 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 1,827,420
Profit for the year 811,276
Dividends (700,000 )
At 31 March 2024 1,938,696

17. CAPITAL COMMITMENTS

As at 31 March 2024 Pharm@sea Limited had committed capital expenditure of £188,752 (2023: £Nil).

18. RELATED PARTY DISCLOSURES

University Hospitals Sussex NHS Foundation Trust
2024 2023
£    £   
Sales (23,878,692 ) (23,563,931 )
Purchases 7,400 19,826
SLAs 194,728 128,781
Rent 52,649 40,424
Amount due from related party 3,616,430 2,302,261
Amount due to related party (700,000 ) (1,013,376 )

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 University Hospitals Sussex NHSFoundation Trust.

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