REGISTERED NUMBER: |
Report of the Directors and |
Financial Statements for the Period 7 August 2023 to 29 February 2024 |
for |
Howard Pharmacy (La Porte Precinct) |
Limited |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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 |
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: |
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. |
for and on behalf of |
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) |
Income Statement |
for the Period 7 August 2023 to 29 February 2024 |
Notes | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
171,251 |
Other operating income |
OPERATING PROFIT | 4 |
Interest payable and similar expenses |
PROFIT BEFORE TAXATION |
Tax on profit |
PROFIT FOR THE FINANCIAL PERIOD |
Howard Pharmacy (La Porte Precinct) |
Limited (Registered number: SC778189) |
Balance Sheet |
29 February 2024 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 5 |
Tangible assets | 6 |
CURRENT ASSETS |
Stocks |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Retained earnings |
The financial statements were approved by the Board of Directors and authorised for issue on |
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 | - |
Total comprehensive income | - | - |
Balance at 29 February 2024 |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
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 |
Plant and machinery etc | - |
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 |
4. | OPERATING PROFIT |
The operating profit is stated after charging: |
£ |
Depreciation - owned assets |
Goodwill amortisation |
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 |
At 29 February 2024 |
AMORTISATION |
Charge for period |
At 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
6. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
Additions |
At 29 February 2024 |
DEPRECIATION |
Charge for period |
At 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Trade debtors |
VAT |
Prepayments |
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 |
Trade creditors |
Amounts owed to participating interests | 100,000 |
Tax |
Social security and other taxes |
Pensions payable | 1,075 |
Accrued expenses |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
£ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
Bank loans more 5 yr by instal |
Amounts owed to group undertakings |
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 |
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 |