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REGISTERED NUMBER: SC245230 (Scotland)















Financial Statements for the Year Ended 31 March 2024

for

Kemnay Pharmacy Limited

Kemnay Pharmacy Limited (Registered number: SC245230)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Kemnay Pharmacy Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: Kenneth McDonald Manson
Mrs Lynn Iris Muriel Manson
Peter James Manson
Richard John Manson





SECRETARY: Mrs Lynn Iris Muriel Manson





REGISTERED OFFICE: 18 North Silver Street
Aberdeen
AB10 1JU





REGISTERED NUMBER: SC245230 (Scotland)





ACCOUNTANTS: Tawse & Partners
Chartered Accountants
18 North Silver Street
Aberdeen
AB10 1JU

Kemnay Pharmacy Limited (Registered number: SC245230)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 1,210,584 510,000
Tangible assets 6 282,049 169,898
Investments 7 100 -
1,492,733 679,898

CURRENT ASSETS
Stocks 177,138 122,128
Debtors 8 1,398,274 493,106
Prepayments and accrued income 17,060 38,038
Cash at bank and in hand 1,242,498 1,209,073
2,834,970 1,862,345
CREDITORS
Amounts falling due within one year 9 1,124,967 870,593
NET CURRENT ASSETS 1,710,003 991,752
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,202,736

1,671,650

CREDITORS
Amounts falling due after more than one
year

10

(2,319,238

)

(858,936

)

PROVISIONS FOR LIABILITIES (64,387 ) (30,785 )
NET ASSETS 819,111 781,929

CAPITAL AND RESERVES
Called up share capital 12 2 2
Retained earnings 819,109 781,927
SHAREHOLDERS' FUNDS 819,111 781,929

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

Kemnay Pharmacy Limited (Registered number: SC245230)

Balance Sheet - continued
31 March 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 Board of Directors and authorised for issue on 17 October 2024 and were signed on its behalf by:





Kenneth McDonald Manson - Director


Kemnay Pharmacy Limited (Registered number: SC245230)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Kemnay 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.

The presentation currency of the financial statements is the Pound Sterling (£).


The company's principal place of business is High Street, Kemnay, Aberdeenshire, AB51 5NB and 187 North Deeside Road, Peterculter, AB14 0UJ.

2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Accounting policies
The financial statements have been prepared under the historical cost convention.

The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year and have also been consistently applied within the same accounts.

Turnover recognition
Turnover is measured at fair value of the consideration received or receivable net of VAT and discounts. The policies adopted for the recognition of turnover are as follows:

Sale of goods
Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods
have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services
When the outcome of a transaction can be estimated reliably, turnover from services rendered is recognised by reference to the stage of completion at the Statement of Financial Position date. Stage of completion is measured by reference to the NHS Income Statements at the Statement of Financial Position date.

Grants receivable
Depending on the type of grant, the income is either recognised in the period it is received or in the same period as the costs it relates to.

Goodwill
Purchased goodwill is capitalised and depreciated on a straight line basis over its useful economic life (not exceeding 20 years).

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Tenants improvements - Over term of lease
Plant and equipment - 20% on reducing balance
Motor vehicles - 25% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Kemnay Pharmacy Limited (Registered number: SC245230)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

3. ACCOUNTING POLICIES - continued

Stocks
Stocks are valued at the lower of cost and estimated selling price less costs to sell. Cost includes all costs of purchases, costs of conversion and other costs incurred in bring stock to its present location and condition. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

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.

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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 36 (2023 - 25 ) .

Kemnay Pharmacy Limited (Registered number: SC245230)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

5. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2023 1,985,000
Additions 949,728
At 31 March 2024 2,934,728
AMORTISATION
At 1 April 2023 1,475,000
Amortisation for year 249,144
At 31 March 2024 1,724,144
NET BOOK VALUE
At 31 March 2024 1,210,584
At 31 March 2023 510,000

6. TANGIBLE FIXED ASSETS
Tenants Plant and Motor
improvements equipment vehicles Totals
£    £    £    £   
COST
At 1 April 2023 2,083 385,328 11,350 398,761
Additions - 151,571 18,995 170,566
Disposals - (22,911 ) - (22,911 )
At 31 March 2024 2,083 513,988 30,345 546,416
DEPRECIATION
At 1 April 2023 2,083 215,430 11,350 228,863
Charge for year - 57,278 791 58,069
Eliminated on disposal - (22,565 ) - (22,565 )
At 31 March 2024 2,083 250,143 12,141 264,367
NET BOOK VALUE
At 31 March 2024 - 263,845 18,204 282,049
At 31 March 2023 - 169,898 - 169,898

7. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
Additions 100
At 31 March 2024 100
NET BOOK VALUE
At 31 March 2024 100

Kemnay Pharmacy Limited (Registered number: SC245230)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 481,564 363,853
Amounts owed by group undertakings 866,290 -
Other debtors 50,420 129,253
1,398,274 493,106

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts 174,506 101,411
Trade creditors 577,740 513,986
Taxation and social security 12,999 8,315
Other creditors 359,722 246,881
1,124,967 870,593

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.3.23
£    £   
Bank loans 2,319,238 858,936

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 1,598,477 426,970

11. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£    £   
Bank loans 2,493,744 960,347

The banks holds a floating charge over the properties and the undertaking of the company.

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
100 Ordinary Shares £0.02 2 2

Kemnay Pharmacy Limited (Registered number: SC245230)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

13. CAPITAL COMMITMENTS
31.3.24 31.3.23
£    £   
Contracted but not provided for in the
financial statements - 950,000

The company committed to the purchase of a new Pharmacy and a deposit was paid in March 2023 which was included in Other debtors in 2023. The purchase was completed on 31 May 2023.