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REGISTERED NUMBER: 04332068 (England and Wales)















Unaudited Financial Statements for the Year Ended 29 February 2024

for

Healthchem (Battersea) Limited

Healthchem (Battersea) Limited (Registered number: 04332068)






Contents of the Financial Statements
for the Year Ended 29 February 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Healthchem (Battersea) Limited

Company Information
for the Year Ended 29 February 2024







DIRECTOR: Paresh Patel





REGISTERED OFFICE: 173 Cleveland Street
London
W1T 6QR





REGISTERED NUMBER: 04332068 (England and Wales)





ACCOUNTANTS: Shah Dodhia & Co
173 Cleveland Street
London
W1T 6QR

Healthchem (Battersea) Limited (Registered number: 04332068)

Balance Sheet
29 February 2024

2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible assets 5 171,013 157,348
Investments 6 219,509 219,509
Investment properties 7 2,923,100 2,923,100
3,313,622 3,299,957

CURRENT ASSETS
Stocks 60,000 76,000
Debtors 8 2,388,358 2,097,569
Cash at bank 147,282 170,775
2,595,640 2,344,344
CREDITORS
Amounts falling due within one year 9 639,653 582,000
NET CURRENT ASSETS 1,955,987 1,762,344
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,269,609

5,062,301

CREDITORS
Amounts falling due after more than one
year

10

(1,404,603

)

(1,447,069

)

PROVISIONS FOR LIABILITIES (177,106 ) (199,356 )
NET ASSETS 3,687,900 3,415,876

CAPITAL AND RESERVES
Called up share capital 50 50
Merger reserve 297,174 297,174
Equity distribution (218,354 ) (218,354 )
Retained earnings 3,609,030 3,337,006
3,687,900 3,415,876

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

Healthchem (Battersea) Limited (Registered number: 04332068)

Balance Sheet - continued
29 February 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 director and authorised for issue on 15 November 2024 and were signed by:





Paresh Patel - Director


Healthchem (Battersea) Limited (Registered number: 04332068)

Notes to the Financial Statements
for the Year Ended 29 February 2024

1. STATUTORY INFORMATION

Healthchem (Battersea) 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. STATEMENT OF COMPLIANCE

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Turnover
The turnover shown in the profit and loss account represents prescription services rendered and counter sales during the year, exclusive of Value Added Tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Long leasehold - Over the term of lease
Fixtures and fittings - 25% on reducing balance

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Land included in long leasehold property is not depreciated.

Investments in subsidiaries and associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.

Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted.

Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Healthchem (Battersea) Limited (Registered number: 04332068)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

3. ACCOUNTING POLICIES - continued

Investment properties
Investment properties are recognised initially at cost. Investment Properties are annually revalued to fair value. Any gains or losses arising from changes in the fair value are recognised in profit and loss in the year that they arise and no depreciation is provided in respect of investment properties.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

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.

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.

Healthchem (Battersea) Limited (Registered number: 04332068)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2023 - 6 ) .

5. TANGIBLE FIXED ASSETS
Fixtures
Long and Motor
leasehold fittings vehicles Totals
£ £ £ £
COST
At 1 March 2023 186,714 91,322 5,250 283,286
Additions - - 24,500 24,500
At 29 February 2024 186,714 91,322 29,750 307,786
DEPRECIATION
At 1 March 2023 39,672 84,953 1,313 125,938
Charge for year 2,134 1,592 7,109 10,835
At 29 February 2024 41,806 86,545 8,422 136,773
NET BOOK VALUE
At 29 February 2024 144,908 4,777 21,328 171,013
At 28 February 2023 147,042 6,369 3,937 157,348

The long leasehold property is stated at cost in these financial statements.

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£
COST
At 1 March 2023
and 29 February 2024 219,509
NET BOOK VALUE
At 29 February 2024 219,509
At 28 February 2023 219,509

The company holds 100% of the issued share capital of Healthchem Property Ltd, an investment holding company and incorporated in England and Wales. The company also holds 50% of the issued share capital of Ultra Health Ltd, a company operating a retail pharmacy and incorporated in England and Wales.

Healthchem (Battersea) Limited (Registered number: 04332068)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

7. INVESTMENT PROPERTIES
Total
£
FAIR VALUE
At 1 March 2023
and 29 February 2024 2,923,100
NET BOOK VALUE
At 29 February 2024 2,923,100
At 28 February 2023 2,923,100

The investment properties have been stated at Director's Valuation as at the balance sheet date.

The historical cost of the investment properties as at 29 February 24 was £2,106,912 (2023: £2,106,912).

8. DEBTORS
2024 2023
£ £
Amounts falling due within one year:
Trade debtors 113,937 100,387
Amounts owed by related parties 178,329 178,329
Other debtors 82,295 81,897
374,561 360,613

Amounts falling due after more than one year:
Amounts owed by group undertakings 1,425,383 1,451,701
Amounts owed by related undertakings 588,414 285,255
2,013,797 1,736,956

Aggregate amounts 2,388,358 2,097,569

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Bank loans and overdrafts 55,696 81,781
Trade creditors 243,194 218,020
Taxation and social security 88,354 126,427
Other creditors 252,409 155,772
639,653 582,000

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£ £
Bank loans 1,404,603 1,447,069

The bank loans are secured by a first legal charge over the long leasehold properties, investment properties and a debenture over the company's assets.

Healthchem (Battersea) Limited (Registered number: 04332068)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

11. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 29 February 2024 and 28 February 2023:

2024 2023
£ £
Paresh Patel
Balance outstanding at start of year (25 ) (1,906 )
Amounts advanced 117,203 155,143
Amounts repaid (330,830 ) (153,262 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (213,652 ) (25 )

12. RELATED PARTY DISCLOSURES

The company was under the control of the director throughout the current and previous year.

The company has given an interest free loan of £766,743 (2023: £463,584) to a company under common control.

The director confirms that there were no other material related party transactions other than those disclosed in these financial statements.