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REGISTERED NUMBER: 04679847 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

MATRIX PHARMACY LIMITED

MATRIX PHARMACY LIMITED (REGISTERED NUMBER: 04679847)

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


MATRIX PHARMACY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: P Hargun
A Singh



REGISTERED OFFICE: 12 Beacon Road
Walsall
West Midlands
WS5 3LF



REGISTERED NUMBER: 04679847 (England and Wales)



ACCOUNTANTS: Ashcrofts Accountants Limited
2 Cedargrove
Hagley
Stourbridge
West Midlands
DY9 0DR



BANKERS: Lloyds Bank plc
293 High Street
West Bromwich
West Midlands
B70 8NA

MATRIX PHARMACY LIMITED (REGISTERED NUMBER: 04679847)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £   
FIXED ASSETS
Intangible assets 4 1,649,436 1,789,132
Tangible assets 5 35,270 39,523
1,684,706 1,828,655

CURRENT ASSETS
Stocks 6 378,400 317,476
Debtors 7 931,541 870,521
Cash at bank and in hand 884,807 1,015,269
2,194,748 2,203,266
CREDITORS
Amounts falling due within one year 8 (914,743 ) (1,015,133 )
NET CURRENT ASSETS 1,280,005 1,188,133
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,964,711

3,016,788

CREDITORS
Amounts falling due after more than one
year

9

(456,919

)

(507,992

)

PROVISIONS FOR LIABILITIES 13 (7,186 ) (6,217 )
NET ASSETS 2,500,606 2,502,579

CAPITAL AND RESERVES
Called up share capital 14 8 8
Share premium 15 1,781,921 1,781,921
Retained earnings 15 718,677 720,650
SHAREHOLDERS' FUNDS 2,500,606 2,502,579

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.

MATRIX PHARMACY LIMITED (REGISTERED NUMBER: 04679847)

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 21 November 2024 and were signed on its behalf by:




A Singh - Director



P Hargun - Director


MATRIX PHARMACY LIMITED (REGISTERED NUMBER: 04679847)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

Matrix Pharmacy 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.

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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2020, is being amortised evenly over its estimated useful life of fifteen 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 - Over the term of the lease
Fixtures, fittings & equipment - 20% 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.

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.

MATRIX PHARMACY LIMITED (REGISTERED NUMBER: 04679847)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued

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 50 (2023 - 48 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2023
and 31 March 2024 2,095,447
AMORTISATION
At 1 April 2023 306,315
Amortisation for year 139,696
At 31 March 2024 446,011
NET BOOK VALUE
At 31 March 2024 1,649,436
At 31 March 2023 1,789,132

5. TANGIBLE FIXED ASSETS
Improvements Fixtures,
Short to fittings
leasehold property & equipment Totals
£    £    £    £   
COST
At 1 April 2023 15,000 7,241 345,807 368,048
Additions - - 2,622 2,622
At 31 March 2024 15,000 7,241 348,429 370,670
DEPRECIATION
At 1 April 2023 15,000 1,159 312,366 328,525
Charge for year - 144 6,731 6,875
At 31 March 2024 15,000 1,303 319,097 335,400
NET BOOK VALUE
At 31 March 2024 - 5,938 29,332 35,270
At 31 March 2023 - 6,082 33,441 39,523

MATRIX PHARMACY LIMITED (REGISTERED NUMBER: 04679847)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


6. STOCKS
2024 2023
£    £   
Stocks 378,400 317,476

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 548,468 586,199
Amounts owed by group undertakings 180,429 100,936
Other debtors 30,329 -
VAT 142,113 141,860
Prepayments and accrued income 30,202 41,526
931,541 870,521

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 10) 58,712 61,282
Trade creditors 735,936 838,768
Corporation tax 92,385 51,633
Social security and other taxes 20,347 21,579
Other creditors - 34,827
Accruals and deferred income 7,363 7,044
914,743 1,015,133

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans (see note 10) 456,919 507,992

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 210,071 254,465

10. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 58,712 61,282

Amounts falling due between one and two years:
Bank loans - 1-2 years 59,912 62,482

MATRIX PHARMACY LIMITED (REGISTERED NUMBER: 04679847)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


10. LOANS - continued
2024 2023
£    £   
Amounts falling due between two and five years:
Bank loans - 2-5 years 186,936 191,045

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 210,071 254,465

11. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
In more than five years 127,300 127,300

12. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 515,631 569,274

13. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 7,186 6,217

Deferred
tax
£   
Balance at 1 April 2023 6,217
Charged during the year 969
Balance at 31 March 2024 7,186

14. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
8 Ordinary £1 8 8

MATRIX PHARMACY LIMITED (REGISTERED NUMBER: 04679847)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


15. RESERVES
Retained Share
earnings premium Totals
£    £    £   

At 1 April 2023 720,650 1,781,921 2,502,571
Profit for the year 132,027 132,027
Dividends (134,000 ) (134,000 )
At 31 March 2024 718,677 1,781,921 2,500,598

16. RELATED PARTY DISCLOSURES

At 31 March 2024, there was a loan to Matrix Primary Healthcare Limited of £30,329 (2023: £Nil), a company in which Mr P Hargun and Mr A Singh are directors. This unsecured loan is interest free and repayable on demand.

At 31 March 2024, there was a loan from Matrix Primary Healthcare Limited of £Nil (2023: £34,827), a company in which Mr P Hargun and Mr A Singh are directors. This unsecured loan is interest free and repayable on demand.

At 31 March 2024, there was a loan to Matrix Asset Holdings Limited of £180,429 (2023: £100,936), a company in which Mr P Hargun and Mr A Singh are directors. Matrix Asset Holdings Limited is the parent undertaking of Matrix Pharmacy Limited. This unsecured loan is interest free and repayable on demand.

17. ULTIMATE CONTROLLING PARTY

The controlling party is Matrix Asset Holdings Limited.