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REGISTERED NUMBER: SC441171 (Scotland)















Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 29 February 2024

for

Aver Generics Ltd

Aver Generics Ltd (Registered number: SC441171)






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




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 6

Report of the Independent Auditors 8

Consolidated Income Statement 12

Consolidated Other Comprehensive Income 13

Consolidated Balance Sheet 14

Company Balance Sheet 16

Consolidated Statement of Changes in Equity 18

Company Statement of Changes in Equity 19

Consolidated Cash Flow Statement 20

Notes to the Consolidated Cash Flow Statement 21

Notes to the Consolidated Financial Statements 23


Aver Generics Ltd

Company Information
for the Year Ended 29 February 2024







DIRECTORS: G McDowall
C McDowall





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





REGISTERED NUMBER: SC441171 (Scotland)





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

Aver Generics Ltd (Registered number: SC441171)

Group Strategic Report
for the Year Ended 29 February 2024

The directors present their strategic report of the company and the group for the year ended 29 February 2024.


Aver Generics Ltd (Registered number: SC441171)

Group Strategic Report
for the Year Ended 29 February 2024

REVIEW OF BUSINESS
The past year has been transformative for Aver Generics, marked by significant achievements that underscore our commitment to growth, operational excellence, and resilience. We proudly attained accreditation to the Scottish Real Living Wage, reinforcing our dedication to creating a workplace that prioritises employee well-being. Celebrating our 10th anniversary in June 2023, we received an Early Day Motion in Parliament, acknowledging our impact and contributions to the industry.

We further strengthened our executive team by adding a Head of Technology to drive data analysis and technological advancements, as well as appointing a Chief Financial Officer, who will join in Q4 2024, to enhance our financial strategies and risk management. These changes underscore our commitment to robust leadership, positioning us for sustained progress.

As a wholesale distributor within the pharmaceutical sector, Aver Generics recognises the critical importance of adhering to MHRA standards in all aspects of our operations. We have invested extensively in a fully owned, temperature-controlled fleet that ensures safe storage and transport for sensitive pharmaceutical products. Additionally, our warehouse facilities are equipped with advanced temperature control and monitoring systems to uphold compliance with regulatory standards. Our continuous investments in infrastructure, technology, and staff training reinforce our commitment to quality, especially as we prepare for the MHRA regulatory updates under the Windsor Framework, due to come into effect in January 2025, which will change shipping requirements to Northern Ireland.

Our ethos as a family-run business is rooted in being "local and reliable," a value that permeates every aspect of our operations. This approach has fostered strong, long-term partnerships with independent community pharmacies, setting us apart in a competitive market. The development of our tailored ordering system for pharmacies, aligns with our long-term vision of supporting independent pharmacies with the tools they need to thrive amidst industry volatility. We remain adaptable to sector challenges, including ongoing shortages and changes in NHS contracts in Scotland and England, ensuring that Aver Generics continues to lead in pharmaceutical distribution.

Business Operations
Aver Generics has continued to strengthen its operational capacity with strategic investments in infrastructure. This includes an expanded temperature-controlled fleet and significant advancements in IT infrastructure, which support our operational resilience. Through our electronic ordering system, alongside our investments in data analytics, reporting capabilities, and automation, we are better positioned to respond to market demands and enhance efficiency.

Competition and Consumer Trends
Following the sale of Lloyds pharmacies in Scotland to independent community pharmacies, we have actively explored new growth opportunities. Our renewed focus on NHS contracts, systematic collection of customer feedback, and expansion of electronic ordering systems reflects our commitment to adapting to consumer needs, positioning us to better serve our clients.

Health and Safety
Our commitment to health and safety remains robust. Ongoing reviews of first-aid and mental health resources ensure we provide comprehensive support for employee well-being. We have also added electric vehicles for senior staff as part of our broader commitment to both safety and environmental responsibility.

Environmental Matters

Aver Generics Ltd (Registered number: SC441171)

Group Strategic Report
for the Year Ended 29 February 2024

In our ongoing sustainability efforts, Aver Generics has expanded its electric vehicle fleet for staff and initiated a review of warehouse operations to identify sustainable packaging solutions. These initiatives underscore our commitment to reducing our environmental footprint and operating responsibly.

PRINCIPAL RISKS AND UNCERTAINTIES
Competitive Landscape
Operating in a competitive pharmaceutical wholesale market, Aver Generics differentiates itself through a broad portfolio of competitively priced products, high-quality standards, and a robust supply chain. We proactively manage this risk through careful pricing strategies and by maintaining strong value-added services that set us apart.

Financial Risks
Aver Generics manages credit, liquidity, and cash flow risks with the support of retained earnings and independent credit management facility companies, which provide guidance on credit risk. The upcoming addition of a CFO will further reinforce our financial risk management strategies.

Technology and Data Security
With the addition of a Head of Technology, our focus on IT infrastructure and data security has intensified. Leveraging advanced systems and best practices, we are well-positioned to navigate technological risks and safeguard our data assets.

Supply Chain and Regulatory Compliance
As a regulated entity in the pharmaceutical sector, maintaining compliance with MHRA standards is essential. We remain engaged with regulatory bodies to ensure full alignment with the Windsor Framework's January 2025 requirements for shipping to Northern Ireland. Additionally, we continue to monitor and adapt to changes in dispensing practices, including the evolving hub-and-spoke model, leveraging our technological agility to meet industry shifts.

SECTION 172(1) STATEMENT
Aver Generics affirms that its activities over the period have been conducted in good faith, taking into account the interests of employees, customers, and suppliers. Our commitment to the Scottish Real Living Wage, responsible colleague remuneration, and support for local charities and foundations exemplifies our dedication to these principles.




ENVIRONMENTAL AND SOCIAL RESPONSIBILITY
Our environmental strategy includes the integration of electric vehicles within our fleet and targeted waste reduction in our warehouse operations. These initiatives reflect our commitment to sustainability and social responsibility.


Aver Generics Ltd (Registered number: SC441171)

Group Strategic Report
for the Year Ended 29 February 2024

EMPLOYEE WELLBEING AND GROWTH
Employee well-being remains a core priority, demonstrated by our Scottish Real Living Wage accreditation and our commitment to high standards of health and safety. These initiatives reflect our dedication to our workforce and position us as a responsible employer.

ON BEHALF OF THE BOARD:





C McDowall - Director


22 November 2024

Aver Generics Ltd (Registered number: SC441171)

Report of the Directors
for the Year Ended 29 February 2024

The directors present their report with the financial statements of the company and the group for the year ended 29 February 2024.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of wholesale of pharmaceutical goods and pharmaceutical retail.

DIVIDENDS
No interim dividend was paid during the year. The directors recommend a final dividend of £1.13 per share.

The total distribution of dividends for the year ended 29 February 2024 will be £ 300,000 .

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 March 2023 to the date of this report.

G McDowall
C McDowall

FINANCIAL INSTRUMENTS

Aver Generics utilises various financial instruments, including bank balances, trade debtors, and trade creditors, managed through rigorous internal controls. This oversight ensures both operational stability and preparedness for growth opportunities.

POLITICAL DONATIONS AND EXPENDITURE
Of the donations made in the period to 29th February 2024, none of these were political.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group 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). 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 the group and of the profit or loss of the group 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.


Aver Generics Ltd (Registered number: SC441171)

Report of the Directors
for the Year Ended 29 February 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group'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 group'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.

ON BEHALF OF THE BOARD:





C McDowall - Director


22 November 2024

Report of the Independent Auditors to the Members of
Aver Generics Ltd

Opinion
We have audited the financial statements of Aver Generics Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 29 February 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 group's and of the parent company affairs as at 29 February 2024 and of the group's 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 group 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 group's and the parent 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
Aver Generics Ltd


Other information
The directors are responsible for the other information. The other information comprises the information in the Group 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 Group 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 Group 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company 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.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on pages six and seven, 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Aver Generics Ltd


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 group'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 group 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 - MHRA wholesale dealer license and GPhC pharmacy regulations..

-Gaining an understanding of the internal controls established to mitigate risk related to fraud.
- Making an assessment of the susceptibility of the group'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
Aver Generics Ltd

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

Aver Generics Ltd (Registered number: SC441171)

Consolidated Income Statement
for the Year Ended 29 February 2024

29.2.24 28.2.23
Notes £    £    £    £   

TURNOVER 31,589,019 21,113,199

Cost of sales 25,135,966 16,204,925
GROSS PROFIT 6,453,053 4,908,274

Distribution costs 144,198 122,475
Administrative expenses 4,413,322 2,986,275
4,557,520 3,108,750
1,895,533 1,799,524

Other operating income 3,133 2,246
OPERATING PROFIT 4 1,898,666 1,801,770


Interest payable and similar
expenses

5

100,033

3,113
PROFIT BEFORE TAXATION 1,798,633 1,798,657

Tax on profit 6 496,440 381,849
PROFIT FOR THE FINANCIAL YEAR 1,302,193 1,416,808
Profit attributable to:
Owners of the parent 1,245,514 1,416,808
Non-controlling interests 56,679 -
1,302,193 1,416,808

Aver Generics Ltd (Registered number: SC441171)

Consolidated Other Comprehensive Income
for the Year Ended 29 February 2024

29.2.24 28.2.23
Notes £    £   

PROFIT FOR THE YEAR 1,302,193 1,416,808


OTHER COMPREHENSIVE INCOME
Purchase of own shares (254,988 ) -
Income tax relating to other
comprehensive income

-

-
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME
TAX


(254,988


)


-
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,047,205

1,416,808

Total comprehensive income attributable to:
Owners of the parent 990,526 1,416,808
Non-controlling interests 56,679 -
1,047,205 1,416,808

Aver Generics Ltd (Registered number: SC441171)

Consolidated Balance Sheet
29 February 2024

29.2.24 28.2.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 2,336,629 -
Tangible assets 10 527,102 471,802
Investments 11 - -
2,863,731 471,802

CURRENT ASSETS
Stocks 12 1,741,806 2,220,539
Debtors 13 5,449,272 4,116,007
Cash at bank and in hand 545,414 47,496
7,736,492 6,384,042
CREDITORS
Amounts falling due within one year 14 6,095,693 4,909,809
NET CURRENT ASSETS 1,640,799 1,474,233
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,504,530

1,946,035

CREDITORS
Amounts falling due after more than
one year

15

(1,688,927

)

(57,559

)

PROVISIONS FOR LIABILITIES 19 (163,255 ) (149,430 )
NET ASSETS 2,652,348 1,739,046

Aver Generics Ltd (Registered number: SC441171)

Consolidated Balance Sheet - continued
29 February 2024

29.2.24 28.2.23
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 20 266,117 300,000
Share premium 21 199,980 -
Capital redemption reserve 21 33,908 -
Retained earnings 21 2,095,664 1,439,046
SHAREHOLDERS' FUNDS 2,595,669 1,739,046

NON-CONTROLLING INTERESTS 22 56,679 -
TOTAL EQUITY 2,652,348 1,739,046


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


Aver Generics Ltd (Registered number: SC441171)

Company Balance Sheet
29 February 2024

29.2.24 28.2.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 1,419,375 -
Tangible assets 10 491,964 471,802
Investments 11 76 -
1,911,415 471,802

CURRENT ASSETS
Stocks 12 1,662,077 2,220,539
Debtors 13 5,451,197 4,116,007
Cash at bank and in hand 254,279 47,496
7,367,553 6,384,042
CREDITORS
Amounts falling due within one year 14 5,703,739 4,909,809
NET CURRENT ASSETS 1,663,814 1,474,233
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,575,229

1,946,035

CREDITORS
Amounts falling due after more than
one year

15

(1,064,759

)

(57,559

)

PROVISIONS FOR LIABILITIES 19 (154,471 ) (149,430 )
NET ASSETS 2,355,999 1,739,046

Aver Generics Ltd (Registered number: SC441171)

Company Balance Sheet - continued
29 February 2024

29.2.24 28.2.23
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 20 266,092 300,000
Capital redemption reserve 21 33,908 -
Retained earnings 21 2,055,999 1,439,046
SHAREHOLDERS' FUNDS 2,355,999 1,739,046

Company's profit for the financial
year

1,205,849

1,416,808


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


Aver Generics Ltd (Registered number: SC441171)

Consolidated Statement of Changes in Equity
for the Year Ended 29 February 2024

Called up
share Retained Share
capital earnings premium
£    £    £   
Balance at 1 March 2022 300,000 454,376 -

Changes in equity
Dividends - (432,138 ) -
Total comprehensive income - 1,416,808 -
Balance at 28 February 2023 300,000 1,439,046 -

Changes in equity
Issue of share capital (33,883 ) - 199,980
Dividends - (300,000 ) -
Total comprehensive income - 956,618 -
Balance at 29 February 2024 266,117 2,095,664 199,980
Capital
redemption Non-controlling Total
reserve Total interests equity
£    £    £    £   
Balance at 1 March 2022 - 754,376 - 754,376

Changes in equity
Dividends - (432,138 ) - (432,138 )
Total comprehensive income - 1,416,808 - 1,416,808
Balance at 28 February 2023 - 1,739,046 - 1,739,046

Changes in equity
Issue of share capital - 166,097 - 166,097
Dividends - (300,000 ) - (300,000 )
Total comprehensive income 33,908 990,526 56,679 1,047,205
Balance at 29 February 2024 33,908 2,595,669 56,679 2,652,348

Aver Generics Ltd (Registered number: SC441171)

Company Statement of Changes in Equity
for the Year Ended 29 February 2024

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 March 2022 300,000 454,376 - 754,376

Changes in equity
Dividends - (432,138 ) - (432,138 )
Total comprehensive income - 1,416,808 - 1,416,808
Balance at 28 February 2023 300,000 1,439,046 - 1,739,046

Changes in equity
Issue of share capital (33,908 ) - - (33,908 )
Dividends - (300,000 ) - (300,000 )
Total comprehensive income - 916,953 33,908 950,861
Balance at 29 February 2024 266,092 2,055,999 33,908 2,355,999

Aver Generics Ltd (Registered number: SC441171)

Consolidated Cash Flow Statement
for the Year Ended 29 February 2024

29.2.24 28.2.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,132,898 (87,688 )
Interest paid (93,460 ) -
Interest element of hire purchase
payments paid

(6,573

)

(3,113

)
Tax paid (239,109 ) (124,249 )
Net cash from operating activities 1,793,756 (215,050 )

Cash flows from investing activities
Purchase of intangible fixed assets (2,496,118 ) -
Purchase of tangible fixed assets (239,372 ) (604,923 )
Sale of tangible fixed assets - 4,500
Net cash from investing activities (2,735,490 ) (600,423 )

Cash flows from financing activities
New loans in year 1,837,358 -
Capital repayments in year 10,484 97,825
Amount introduced by directors - 637
Amount withdrawn by directors (925 ) (101 )
Share issue 25 -
Share buyback (288,896 ) -
Share premium 199,980 -
Equity dividends paid (300,000 ) (432,138 )
Net cash from financing activities 1,458,026 (333,777 )

Increase/(decrease) in cash and cash equivalents 516,292 (1,149,250 )
Cash and cash equivalents at
beginning of year

2

(1,867,800

)

(718,550

)

Cash and cash equivalents at end
of year

2

(1,351,508

)

(1,867,800

)

Aver Generics Ltd (Registered number: SC441171)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 29 February 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

29.2.24 28.2.23
£    £   
Profit before taxation 1,798,633 1,798,657
Depreciation charges 343,561 162,266
Profit on disposal of fixed assets - (565 )
Finance costs 100,033 3,113
2,242,227 1,963,471
Decrease/(increase) in stocks 478,733 (1,090,238 )
Increase in trade and other debtors (1,333,265 ) (1,484,465 )
Increase in trade and other creditors 745,203 523,544
Cash generated from operations 2,132,898 (87,688 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 29 February 2024
29.2.24 1.3.23
£    £   
Cash and cash equivalents 545,414 47,496
Bank overdrafts (1,896,922 ) (1,915,296 )
(1,351,508 ) (1,867,800 )
Year ended 28 February 2023
28.2.23 1.3.22
£    £   
Cash and cash equivalents 47,496 82,107
Bank overdrafts (1,915,296 ) (800,657 )
(1,867,800 ) (718,550 )


Aver Generics Ltd (Registered number: SC441171)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 29 February 2024

3. ANALYSIS OF CHANGES IN NET DEBT

At 1.3.23 Cash flow At 29.2.24
£    £    £   
Net cash
Cash at bank and in hand 47,496 497,918 545,414
Bank overdrafts (1,915,296 ) 18,374 (1,896,922 )
(1,867,800 ) 516,292 (1,351,508 )
Debt
Finance leases (97,825 ) (10,484 ) (108,309 )
Debts falling due within 1 year - (105,990 ) (105,990 )
Debts falling due after 1 year - (1,631,368 ) (1,631,368 )
(97,825 ) (1,747,842 ) (1,845,667 )
Total (1,965,625 ) (1,231,550 ) (3,197,175 )

Aver Generics Ltd (Registered number: SC441171)

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

1. STATUTORY INFORMATION

Aver Generics Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the General 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.

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 - 20% on reducing balance
Fixtures and fittings - 33% on reducing balance, 25% on reducing balance and 10% on reducing balance
Motor vehicles - 25% 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.

Aver Generics Ltd (Registered number: SC441171)

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

2. ACCOUNTING POLICIES - continued

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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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 group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Aver Generics Ltd (Registered number: SC441171)

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

3. EMPLOYEES AND DIRECTORS
29.2.24 28.2.23
£    £   
Wages and salaries 2,545,121 1,754,947
Social security costs 232,873 162,461
Other pension costs 32,994 16,420
2,810,988 1,933,828

The average number of employees during the year was as follows:
29.2.24 28.2.23

Warehouse and operational 72 55
Pharmacy 12 -
84 55

The average number of employees by undertakings that were proportionately consolidated during the year was 5 (2023 - NIL ) .

29.2.24 28.2.23
£    £   
Directors' remuneration 101,387 99,140

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

29.2.24 28.2.23
£    £   
Hire of plant and machinery 15,270 88,722
Other operating leases 113,682 55,474
Depreciation - owned assets 184,072 162,265
Profit on disposal of fixed assets - (565 )
Goodwill amortisation 159,489 -
Auditors' remuneration 20,285 9,984

5. INTEREST PAYABLE AND SIMILAR EXPENSES
29.2.24 28.2.23
£    £   
Bank loan interest 93,545 -
Tax repayment supplement (85 ) -
Hire purchase 6,573 3,113
100,033 3,113

Aver Generics Ltd (Registered number: SC441171)

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

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
29.2.24 28.2.23
£    £   
Current tax:
UK corporation tax 482,615 239,109

Deferred tax 13,825 142,740
Tax on profit 496,440 381,849

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:

29.2.24 28.2.23
£    £   
Profit before tax 1,798,633 1,798,657
Profit multiplied by the standard rate of corporation tax in the
UK of 24.532 % (2023 - 19 %)

441,241

341,745

Effects of:
Expenses not deductible for tax purposes 15,996 11,453
Income not taxable for tax purposes - (107 )
Capital allowances in excess of depreciation - (113,982 )
Depreciation in excess of capital allowances 25,378 -
Movement in deferred tax 13,825 142,740
Total tax charge 496,440 381,849

Tax effects relating to effects of other comprehensive income

29.2.24
Gross Tax Net
£    £    £   
Purchase of own shares (254,988 ) - (254,988 )

7. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


Aver Generics Ltd (Registered number: SC441171)

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

8. DIVIDENDS
29.2.24 28.2.23
£    £   
Ordinary shares of £1 each
Final 300,000 432,138

9. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
Additions 2,496,118
At 29 February 2024 2,496,118
AMORTISATION
Amortisation for year 159,489
At 29 February 2024 159,489
NET BOOK VALUE
At 29 February 2024 2,336,629

During the year, the company acquired shares in 2 companies - Howard Pharmacy (Williamwood HC) Ltd and Howard Pharmacy ( La Porte Precinct) Ltd. The former was dormant during this period.
The latter company acquired a retail pharmacy business as a going concern.
In addition, Aver Generics Ltd acquired a retail pharmacy as a going concern. The goodwill recorded relates to the purchase of these businesses.

The companies also acquired stock and fixed assets in these businesses.
These were accounted for using the acquisition method of accounting.

Company
Goodwill
£   
COST
Additions 1,534,460
At 29 February 2024 1,534,460
AMORTISATION
Amortisation for year 115,085
At 29 February 2024 115,085
NET BOOK VALUE
At 29 February 2024 1,419,375

Aver Generics Ltd (Registered number: SC441171)

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

10. TANGIBLE FIXED ASSETS

Group
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 March 2023 21,007 185,511 544,690 751,208
Additions 675 120,044 118,653 239,372
At 29 February 2024 21,682 305,555 663,343 990,580
DEPRECIATION
At 1 March 2023 12,660 130,573 136,173 279,406
Charge for year 1,805 50,475 131,792 184,072
At 29 February 2024 14,465 181,048 267,965 463,478
NET BOOK VALUE
At 29 February 2024 7,217 124,507 395,378 527,102
At 28 February 2023 8,347 54,938 408,517 471,802

Company
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 March 2023 21,007 185,511 544,690 751,208
Additions 675 73,194 118,653 192,522
At 29 February 2024 21,682 258,705 663,343 943,730
DEPRECIATION
At 1 March 2023 12,660 130,573 136,173 279,406
Charge for year 1,805 38,763 131,792 172,360
At 29 February 2024 14,465 169,336 267,965 451,766
NET BOOK VALUE
At 29 February 2024 7,217 89,369 395,378 491,964
At 28 February 2023 8,347 54,938 408,517 471,802

Aver Generics Ltd (Registered number: SC441171)

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

11. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
Additions 76
At 29 February 2024 76
NET BOOK VALUE
At 29 February 2024 76

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Howard Pharmacy (La Porte Precinct) Ltd
Registered office: In United Kingdom
Nature of business: Dispensing chemist in specialised stores
%
Class of shares: holding
Ordinary 75.00

Howard Pharmacy (Williamwood HC) Ltd
Registered office: In United Kingdom
Nature of business: Dispensing chemist in specialised stores
%
Class of shares: holding
Ordinary 100.00
29.2.24
£   
Aggregate capital and reserves 1


12. STOCKS

Group Company
29.2.24 28.2.23 29.2.24 28.2.23
£    £    £    £   
Stocks 79,729 - - -
Finished goods 1,662,077 2,220,539 1,662,077 2,220,539
1,741,806 2,220,539 1,662,077 2,220,539

Aver Generics Ltd (Registered number: SC441171)

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

13. DEBTORS

Group Company
29.2.24 28.2.23 29.2.24 28.2.23
£    £    £    £   
Amounts falling due within one year:
Trade debtors 5,141,902 3,990,251 4,950,928 3,990,251
Prepayments 307,370 125,756 270,302 125,756
5,449,272 4,116,007 5,221,230 4,116,007

Amounts falling due after more than one year:
Amounts owed by group undertakings - - 229,967 -

Aggregate amounts 5,449,272 4,116,007 5,451,197 4,116,007

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
29.2.24 28.2.23 29.2.24 28.2.23
£    £    £    £   
Bank loans and overdrafts (see note 16)
2,002,912

1,915,296

1,958,224

1,915,296
Hire purchase contracts (see note 17)
50,750

40,266

50,750

40,266
Trade creditors 2,944,834 2,325,251 2,731,727 2,325,251
Amounts owed to participating interests 100,000 - - -
Tax 482,615 239,109 444,366 239,109
Social security and other taxes 69,062 57,262 63,912 57,262
Wages payable (4,251 ) (3,954 ) (4,251 ) (3,954 )
Pensions payable 9,966 4,302 8,891 4,302
VAT 317,485 264,697 359,154 264,697
Directors' current accounts 37 962 37 962
Accrued expenses 122,283 66,618 90,929 66,618
6,095,693 4,909,809 5,703,739 4,909,809

Aver Generics Ltd (Registered number: SC441171)

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

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR

Group Company
29.2.24 28.2.23 29.2.24 28.2.23
£    £    £    £   
Bank loans (see note 16) 1,631,368 - 1,007,199 -
Hire purchase contracts (see note 17)
57,559

57,559

57,559

57,559
Amounts owed to group undertakings - - 1 -
1,688,927 57,559 1,064,759 57,559

16. LOANS

An analysis of the maturity of loans is given below:

Group Company
29.2.24 28.2.23 29.2.24 28.2.23
£    £    £    £   
Amounts falling due within one year or on demand:
Bank overdrafts 1,896,922 1,915,296 1,899,653 1,915,296
Bank loans 105,990 - 58,571 -
2,002,912 1,915,296 1,958,224 1,915,296
Amounts falling due between one and two years:
Bank loans - 1-2 years 110,183 - 58,571 -
Amounts falling due between two and five years:
Bank loans - 2-5 years 359,575 - 175,714 -
Amounts falling due in more than five years:
Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 690,000 - 690,000 -
Repayable by instalments
Bank loans more 5 yr by instal 471,610 - 82,914 -

Aver Generics Ltd (Registered number: SC441171)

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

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
29.2.24 28.2.23
£    £   
Net obligations repayable:
Within one year 50,750 40,266
Between one and five years 57,559 57,559
108,309 97,825

Company
Hire purchase contracts
29.2.24 28.2.23
£    £   
Net obligations repayable:
Within one year 50,750 40,266
Between one and five years 57,559 57,559
108,309 97,825

Group
Non-cancellable operating leases
29.2.24 28.2.23
£    £   
Within one year 133,127 -
Between one and five years 532,507 -
In more than five years 538,624 -
1,204,258 -

The above figures relate to property rental agreements and are based on the lease end date. Two of the lease agreements have break dates and should the agreements end at the break dates, the commitment would be substantially lower.

Aver Generics Ltd (Registered number: SC441171)

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

17. LEASING AGREEMENTS - continued

Company
Non-cancellable operating leases
29.2.24 28.2.23
£    £   
Within one year 91,527 40,153
Between one and five years 366,107 290,994
In more than five years 368,757 358,344
826,391 689,491

18. SECURED DEBTS

The following secured debts are included within creditors:

Group Company
29.2.24 28.2.23 29.2.24 28.2.23
£    £    £    £   
Bank overdraft - - 1,899,653 1,915,296
Bank loans 1,737,358 - - -
1,737,358 - 1,899,653 1,915,296

19. PROVISIONS FOR LIABILITIES

Group Company
29.2.24 28.2.23 29.2.24 28.2.23
£    £    £    £   
Deferred tax 163,255 149,430 154,471 149,430

Group
Deferred
tax
£   
Balance at 1 March 2023 149,430
Provided during year 13,825
Balance at 29 February 2024 163,255

Aver Generics Ltd (Registered number: SC441171)

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

19. PROVISIONS FOR LIABILITIES - continued

Company
Deferred
tax
£   
Balance at 1 March 2023 149,430
Provided during year 5,041
Balance at 29 February 2024 154,471

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 29.2.24 28.2.23
value: £    £   
300,000 Ordinary £1 266,117 300,000

21. RESERVES

Group
Capital
Retained Share redemption
earnings premium reserve Totals
£    £    £    £   

At 1 March 2023 1,439,046 - - 1,439,046
Profit for the year 1,245,514 1,245,514
Dividends (300,000 ) (300,000 )
Purchase of own shares (288,896 ) - 33,908 (254,988 )
Cash share issue - 199,980 - 199,980
At 29 February 2024 2,095,664 199,980 33,908 2,329,552

Company
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 March 2023 1,439,046 - 1,439,046
Profit for the year 1,205,849 1,205,849
Dividends (300,000 ) (300,000 )
Purchase of own shares (288,896 ) 33,908 (254,988 )
At 29 February 2024 2,055,999 33,908 2,089,907


Aver Generics Ltd (Registered number: SC441171)

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

22. NON-CONTROLLING INTERESTS

The shares in Howard Pharmacy ( La Porte Precinct) Ltd are owned 75% by Aver Generics Ltd and 25% by other shareholders.

23. POST BALANCE SHEET EVENTS

During the financial year, the company purchased the shares of one of the directors. The amount to be paid will total £511,200 and paid from revenue reserves. There shares are being bought in 3 instalments - 33,908 shares were purchased during the year with the agreement to purchase a further 26,092 shares in equal amounts over the following 2 years.

In addition, the company diversified its operations through the acquisition of Retail Pharmacies one of which was operated during the year as a division of Aver Generics Ltd. Subsequent to the year end, this business has been transferred as a going concern to a subsidiary company.