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REGISTERED NUMBER: SC778189 (Scotland)















Report of the Directors and

Financial Statements for the Period 7 August 2023 to 29 February 2024

for

Howard Pharmacy (La Porte Precinct)
Limited

Howard Pharmacy (La Porte Precinct)
Limited (Registered number: SC778189)






Contents of the Financial Statements
for the Period 7 August 2023 to 29 February 2024




Page

Company Information 1

Report of the Directors 2

Report of the Independent Auditors 4

Income Statement 8

Balance Sheet 9

Statement of Changes in Equity 10

Notes to the Financial Statements 11


Howard Pharmacy (La Porte Precinct)
Limited

Company Information
for the Period 7 August 2023 to 29 February 2024







DIRECTORS: G McDowall
C McDowall





REGISTERED OFFICE: 20 Singer Road
East Kilbride
Glasgow
G75 0XS





REGISTERED NUMBER: SC778189 (Scotland)





AUDITORS: Accountants Plus (Hamilton) Ltd
T/A Accountants Plus
Statutory Auditor
Unit 1 Cadzow Park
82 Muir Street
Hamilton
ML3 6BJ

Howard Pharmacy (La Porte Precinct)
Limited (Registered number: SC778189)

Report of the Directors
for the Period 7 August 2023 to 29 February 2024

The directors present their report with the financial statements of the company for the period 7 August 2023 to 29 February 2024.

INCORPORATION
The company was incorporated on 7 August 2023 and commenced trading on 6 September 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the period under review was that of Pharmaceutical Retail

DIRECTOR
G McDowall was appointed as a director on 7 August 2023 and held office during the whole of the period from then to the date of this report.
C McDowall was appointed as a director after 29 February 2024 but prior to the date of this report.

Both the directors who are eligible offer themselves for election at the forthcoming first Annual General Meeting.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing 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). 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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Accountants Plus (Hamilton) Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.


Howard Pharmacy (La Porte Precinct)
Limited (Registered number: SC778189)

Report of the Directors
for the Period 7 August 2023 to 29 February 2024

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





C McDowall - Director


22 November 2024

Report of the Independent Auditors to the Members of
Howard Pharmacy (La Porte Precinct)
Limited

Opinion
We have audited the financial statements of Howard Pharmacy (La Porte Precinct) Limited (the 'company') for the period ended 29 February 2024 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and 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 29 February 2024 and of its profit for the period 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 the provisions available for small entities, in the circumstances set out in note twelve to the financial statements, 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.

Report of the Independent Auditors to the Members of
Howard Pharmacy (La Porte Precinct)
Limited


Other information
The directors are responsible for the other information. The other information comprises the information in 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Directors has 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 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; or
- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page two, 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.

Report of the Independent Auditors to the Members of
Howard Pharmacy (La Porte Precinct)
Limited


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:

The objectives of our audit are to identify and assess the risks of material misstatement of the financial statements due to fraud or error; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud or error; and to respond appropriately to those risks.


The key factors impacting the detection of irregularities are the inherent difficulty in detecting irregularities, the effectiveness of the company's controls and the nature, timing and extent of the audit procedures performed.

We note that it can be harder to detect irregularities arising due to fraud as they may involve deliberate concealment or collusion. We focused on laws and regulations that could give rise to a material misstatement in the financial statements Including, but not limited to, the Companies Act 2006 and significant regulations relating to the sector in which the company operates.
Our procedures in relation to fraud and irregularities included but were not limited to:
-Inquiries of management whether they have knowledge of any actual, suspected or alleged fraud.
- Gaining an understanding of the legal and regulatory framework through discussion with management and identifying how the entity ensures compliance through a review of systems. Assessing the collective ability of the audit team to identify or recognize non-compliance with laws and regulations. We identified the following as significant laws and regulations for this company - GPhC pharmacy regulators.

-Gaining an understanding of the internal controls established to mitigate risk related to fraud.
- Making an assessment of the susceptibility of the company's financial statements to material misstatement.

- Carrying out a review of accounting systems and procedure and making an assessment on the effectiveness of its control environment.

-Identifying the principal risks where fraud could take place eg posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates and significant one-off or unusual transaction. Discussion of these matters by the audit team.
-Addressing the risk of fraud through management override of controls by performing journal entry testing.
- Review of board minutes and relevant correspondence with regulators and legal advisors.
- Agreement of the financial statement disclosures to underlying supporting documentation

The primary responsibility for the prevention and detection of irregularities including fraud rests with both those charged with governance and management.

Report of the Independent Auditors to the Members of
Howard Pharmacy (La Porte Precinct)
Limited

Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK)
In particular, the more removed from the financial transactions, the less likely it is that we would become aware of non-compliance with laws and regulations.
As a result of our procedures, we did not identify any key audit matters relating to irregularities.

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.




Fiona Struthers C.A. (Senior Statutory Auditor)
for and on behalf of Accountants Plus (Hamilton) Ltd
T/A Accountants Plus
Statutory Auditor
Unit 1 Cadzow Park
82 Muir Street
Hamilton
ML3 6BJ

22 November 2024

Howard Pharmacy (La Porte Precinct)
Limited (Registered number: SC778189)

Income Statement
for the Period 7 August 2023 to 29 February 2024

Notes £   

TURNOVER 881,192

Cost of sales 456,864
GROSS PROFIT 424,328

Administrative expenses 253,077
171,251

Other operating income 350
OPERATING PROFIT 4 171,601


Interest payable and similar
expenses

28,224
PROFIT BEFORE TAXATION 143,377

Tax on profit 47,033
PROFIT FOR THE FINANCIAL
PERIOD

96,344

Howard Pharmacy (La Porte Precinct)
Limited (Registered number: SC778189)

Balance Sheet
29 February 2024

Notes £    £   
FIXED ASSETS
Intangible assets 5 917,254
Tangible assets 6 35,137
952,391

CURRENT ASSETS
Stocks 79,729
Debtors 7 269,710
Cash at bank and in hand 293,866
643,305
CREDITORS
Amounts falling due within one year 8 436,353
NET CURRENT ASSETS 206,952
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,159,343

CREDITORS
Amounts falling due after more than
one year

9

(854,135

)

PROVISIONS FOR LIABILITIES (8,784 )
NET ASSETS 296,424

CAPITAL AND RESERVES
Called up share capital 100
Share premium 199,980
Retained earnings 96,344
296,424

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 22 November 2024 and were signed on its behalf by:




C McDowall - Director


Howard Pharmacy (La Porte Precinct)
Limited (Registered number: SC778189)

Statement of Changes in Equity
for the Period 7 August 2023 to 29 February 2024

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   

Changes in equity
Issue of share capital 100 - 199,980 200,080
Total comprehensive income - 96,344 - 96,344
Balance at 29 February 2024 100 96,344 199,980 296,424

Howard Pharmacy (La Porte Precinct)
Limited (Registered number: SC778189)

Notes to the Financial Statements
for the Period 7 August 2023 to 29 February 2024

1. STATUTORY INFORMATION

Howard Pharmacy (La Porte Precinct) 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.

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 2023, is being amortised evenly over its estimated useful life of ten 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.
Plant and machinery etc - 10% 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.

Financial instruments
Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors
Short term creditors are measured at transaction price, less any impairment. 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.

Cash and bank balances
Cash and bank balances are measured at the transaction price.


Howard Pharmacy (La Porte Precinct)
Limited (Registered number: SC778189)

Notes to the Financial Statements - continued
for the Period 7 August 2023 to 29 February 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the period 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 period 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 11 .

4. OPERATING PROFIT

The operating profit is stated after charging:

£   
Depreciation - owned assets 11,712
Goodwill amortisation 44,404

Howard Pharmacy (La Porte Precinct)
Limited (Registered number: SC778189)

Notes to the Financial Statements - continued
for the Period 7 August 2023 to 29 February 2024

5. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
Additions 961,658
At 29 February 2024 961,658
AMORTISATION
Charge for period 44,404
At 29 February 2024 44,404
NET BOOK VALUE
At 29 February 2024 917,254

6. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
Additions 46,849
At 29 February 2024 46,849
DEPRECIATION
Charge for period 11,712
At 29 February 2024 11,712
NET BOOK VALUE
At 29 February 2024 35,137

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
£   
Trade debtors 190,974
VAT 41,669
Prepayments 37,067
269,710

Howard Pharmacy (La Porte Precinct)
Limited (Registered number: SC778189)

Notes to the Financial Statements - continued
for the Period 7 August 2023 to 29 February 2024

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
£   
Bank loans and overdrafts 47,419
Trade creditors 213,106
Amounts owed to participating interests 100,000
Tax 38,249
Social security and other taxes 5,150
Pensions payable 1,075
Accrued expenses 31,354
436,353

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
£   
Bank loans - 1-2 years 51,611
Bank loans - 2-5 years 183,861
Bank loans more 5 yr by instal 388,696
Amounts owed to group undertakings 229,967
854,135

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 388,696

10. SECURED DEBTS

The following secured debts are included within creditors:

£   
Bank loans 671,587

Howard Pharmacy (La Porte Precinct)
Limited (Registered number: SC778189)

Notes to the Financial Statements - continued
for the Period 7 August 2023 to 29 February 2024

11. RELATED PARTY DISCLOSURES

The Parent company of Howard Pharmacy (La Porte Precinct) Ltd is Aver Generics Ltd. Aver Generics Ltd prepares consolidated financial statements for the group.

The registered office for Aver Generics Ltd is:

20 Singer Road
East Kilbride,
G75 0XS

At the period ended 29th February 2024, £229,697 was owed to parent company Aver Generics Limited.

Intercompany transactions in the year included purchases of £111,262 from parent company Aver Generics Ltd.

Outstanding purchase invoices from the Parent Company at the period end are recorded in Trade Creditors and are not included in the Intercompany balance above.

The amount owing to a participator relates to a loan from a shareholder. The loan is interest free and has no fixed terms of repayment.

12. FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.

13. ULTIMATE CONTROLLING PARTY

The controlling party is Aver Generics Limited.

The ultimate controlling party is G McDowall.