Company registration number SC228623 (Scotland)
RIGHT MEDICINE PHARMACY LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
RIGHT MEDICINE PHARMACY LIMITED
COMPANY INFORMATION
Directors
Mr N Wicks
Mr M Embrey
Mr J Burton
Mr R Stephenson
Secretary
Mrs E Embrey
Company number
SC228623
Registered office
Unit 79-81
Bandeath Industrial Estate
Throsk
Stirling
FK7 7NP
Auditor
Thomson Cooper
3 Castle Court
Carnegie Campus
Dunfermline
Fife
KY11 8PB
Bankers
Bank of Scotland Plc
Teviot House
41 South Gyle Crescent
Edinburgh
EH12 9DR
Solicitors
Aberdein Considine
23 Port Street
Stirling
FK6 2EJ
RIGHT MEDICINE PHARMACY LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 5
Independent auditor's report
6 - 8
Group profit and loss account
9
Group balance sheet
10 - 11
Company balance sheet
12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Notes to the financial statements
16 - 35
RIGHT MEDICINE PHARMACY LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 1 -

The directors present the strategic report for the year ended 28 February 2024.

Fair review of the business

The principal activity of the group during the year was to provide the service of dispensing chemists.

 

The group continued to return a strong operating profit in the year.

Principal risks and uncertainties

The directors are ultimately responsible for the system of internal control, which covers all aspects of the business, and for reviewing its effectiveness. However, any such system is designed to manage, rather than eliminate, the risk of failure to achieve the group's objectives. Therefore any system is only able to provide reasonable, and not absolute assurance against material misstatement or loss. The directors regularly review the risks to which the group is exposed, as well as the operation and effectiveness of the system of internal controls. This is an ongoing process, involving the identification, evaluation and management of the significant risks faced by the group.

 

Risks are assessed on a regular basis across all areas but, in particular, health and safety, information flow, asset protection and regulatory requirements.

Key performance indicators

The key financial indicators used by the directors are detailed below

 

 

2024

2023

2022

2021

 

£’000

£’000

£’000

£’000

Turnover

36,058

30,881

26,994

22,038

Gross Profit

13,691

10,951

10,276

8,853

Operating Profit

618

612

1,585

2,306

 

 

 

 

 

The directors also make use of a number of monthly non-financial metrics based around the NHS service provision to provide insight and assist decision making within the group.

s172 Statement

The director’s acknowledge and understand their duties and responsibilities, including that of section 172 of the Companies Act 2006. All directors of the Right Medicine Pharmacy Group must act in the way he or she considers, in good faith, would be most likely to promote the success of the business for the benefit of its members, and in doing so have regards (amongst other matters) to:

 

This statement describes how the directors have complied with section 172(1) (a)-(f) of the Companies Act 2006 to promote the success of the Group for the benefit of its stakeholders which are outlined below.

RIGHT MEDICINE PHARMACY LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 2 -

Employees

Our people play a crucial role in implementing our strategy. They can look forward to being fully supported from day one via our support team and amazing pharmacy teams. We are keen to see people progress within the company throughout your time with us.

 

Right Medicine was formed in 2000 with our first Pharmacy in Stirling University. Since then we have grown in size to 42 pharmacies across Scotland covering most health board areas. We have managed to grow due to the teams we have working with us. We continue to grow and want to ensure that we have pharmacists of the future to join this growth. We have invested significant time and funding into supporting students and pharmacists of the future via our summer placements, uni placements, and also via our early year’s pharmacist programme which has allowed an extremely supported first year as a pharmacist post-registration and beyond.

 

The group has various formal and informal processes to actively engage with its employees. These include performance reviews/appraisals, communications through email, staff intranet and meetings. The directors use these processes to understand employees' views and take these into account while making decisions. The group monitors employee-related matters and throughout the year, key matters are communicated with staff.

 

Customers

The Group remains committed to providing its customers with expert advice, information and exceptional customer service. We are proud that our pharmacies act as a first port of call for healthcare advice in the communities they serve. Our expert pharmacy teams are always on hand to help with advice, prescriptions or treatments for minor ailments. So whether you're looking for advice on travel vaccines or the best way to take your medicines we are always here to help.

 

The interests of customers are considered in key decisions such as selection of product lines, brands, environmental, sustainability and ethical considerations and supplier selection.

 

Suppliers

The Group recognise the importance of building and maintaining strong relationships with our suppliers. It is important to us that our suppliers are paid in accordance with agreed terms for the service they provide. The Group strives to meet all covenant requirements and payment due dates for finance costs, to enable us to continue to acquire new businesses and expand operations.

Government and regulators

We operate in a highly regulated industry and patient safety is crucial. Government bodies determine reimbursement levels for the supply chain and we engage with the government and regulators through sector organisations. Key areas of engagement include laws and regulation changes within the sector and how these impact the Group. The board is updated on developments through regular meetings and takes these into account when making decisions.

 

Communities and the environment

As mentioned above, the Group started off in 2000 and have grown significantly since then, using expert knowledge and excellent customer care to support the local communities. The Group continues to demonstrate an ongoing commitment to operating as a socially responsible business and recognises the active role it can have in helping to build happier and healthier communities.

On behalf of the board

Mr N Wicks
Director
27 November 2024
RIGHT MEDICINE PHARMACY LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 3 -

The directors present their annual report and financial statements for the year ended 28 February 2024.

Results and dividends

The results for the year are set out on page 9.

Ordinary dividends were paid amounting to £248,410. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr N Wicks
Mr M Embrey
Mr J Burton
Mr R Stephenson
(Appointed 17 May 2024)
Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the group continues and that the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Employee Engagement

During the year, the policy of providing employees with information about the company has been continued through regular visits by Area Support Managers and updates via an online portal developed for staff. The directors also visit and work in pharmacies regularly are always open to suggestions and new ideas from employees which encourages involvement and awareness of the business. 

Auditor

The auditor, Thomson Cooper, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Energy and carbon report

The company’s energy use includes purchased electricity, gas and fuel for company transport and was collated by gathering information from sites and suppliers. Meter readings were predominantly used for gas and electricity and fuel data was gathered from mileage data and fuel spend. Where actual data was not readily available, estimates have been used. The conversion factors used to calculate the emissions are those published in UK government GHG Conversion Factors for Company Reporting Standard Set Version 2.0 for the year 2022.

2024
2023
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
- Gas combustion
22,722
23,579
- Fuel consumed for transport
358,718
327,222
- Electricity purchased
269,569
251,718
651,009
602,519
RIGHT MEDICINE PHARMACY LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 4 -
2024
2023
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
4.16
4.30
- Fuel consumed for owned transport
71.50
66.80
75.66
71.10
Scope 2 - indirect emissions
- Electricity purchased
304.00
278.00
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the group
23.00
18.00
Total gross emissions
402.66
367.10
Intensity ratio
teCO2 per £m of turnover
11.17
11.89
Quantification and reporting methodology

The group has followed the 2019 HM Government Environmental Reporting Guidelines. The group has also used the GHG Reporting Protocol – Corporate Standard and have used the 2020 UK Government’s Conversion Factors for Company Reporting

Intensity measurement

The reporting intensity ratio used is tonnes of CO2 per £m turnover. It is considered that this provides the best representation of the activities of the company and comparison throughout the industry.

Measures taken to improve energy efficiency

These include a programme to upgrade lighting across our estate to LED units and replacement of electric radiators and blown heating with more efficient infra-red panel heaters. We have also introduced thermostats to more carefully regulate heating and replacing ICE vehicles with electric vehicles where appropriate.

 

 

RIGHT MEDICINE PHARMACY LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 5 -
Statement of directors' responsibilities

The directors are responsible for preparing the Annual Report 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Strategic report

The truegroup has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of the principal activities, business review and principal risks and uncertainties of the group.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
Mr N Wicks
Director
27 November 2024
RIGHT MEDICINE PHARMACY LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF RIGHT MEDICINE PHARMACY LIMITED
- 6 -
Opinion

We have audited the financial statements of Right Medicine Pharmacy Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 28 February 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the revised financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the revised financial statements:

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 Auditor's responsibilities for the audit of the revised 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 revised 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 parent company’s ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

RIGHT MEDICINE PHARMACY LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF RIGHT MEDICINE PHARMACY LIMITED
- 7 -
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 their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 is 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 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 an auditor's report 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.

Extent to which the audit was considered capable of detecting irregularities, including fraud

We considered the opportunities and incentives that may exist within the group for fraud and identified the greatest potential for fraud in the following areas; existence and timing of recognition of income, posting of unusual journals along with complex transactions and non-compliance with laws and regulations. We discussed these areas in detail with management and designed audit procedures to test the timing and existence of revenue, carried out analytical review and reviewed the internal controls in place and asked questions of management with regard laws and regulations.

We discussed with management the laws and regulations as being significant to the company and the group and whether there had been any breaches or litigation. The group and company are not considered to be in a particularly regulated industry which has reduced the level of risk.

RIGHT MEDICINE PHARMACY LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF RIGHT MEDICINE PHARMACY LIMITED
- 8 -

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our sector experience through discussions with management (as required by the auditing standards).

 

We reviewed the laws and regulations in areas that directly affect the financial statements including applicable company law and considered the extent of compliance with those laws and regulations as part of our procedures of the related financial statement items,

 

With the exception of the known or possible non-compliance with relevant and significant laws and regulations, and as required by the auditing standards, our work in respect of these was limited to enquiry of the officers and management of the company.

 

We communicated identified laws and regulations and potential fraud risks throughout our team and remained alert to any indications of non-compliance or fraud throughout the audit. However, the primary responsibility for the prevention and detection of fraud rests with the directors.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 an auditor's report 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.

Sharon Collins (Senior Statutory Auditor)
For and on behalf of Thomson Cooper, Statutory Auditor
Dunfermline
28 November 2024
RIGHT MEDICINE PHARMACY LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 9 -
2024
2023
Notes
£
£
Turnover
2
36,058,360
30,880,797
Cost of sales
(22,367,406)
(19,929,690)
Gross profit
13,690,954
10,951,107
Administrative expenses
(13,483,637)
(10,783,618)
Other operating income
410,609
444,142
Operating profit
3
617,926
611,631
Interest receivable and similar income
7
2,232
2,045
Interest payable and similar expenses
8
(914,182)
(617,770)
Amounts written off investments
9
70,000
-
Loss before taxation
(224,024)
(4,094)
Tax on loss
10
(358,861)
(336,462)
Loss for the financial year
25
(582,885)
(340,556)
Loss for the financial year is attributable to:
- Owners of the parent company
(702,783)
(357,032)
- Non-controlling interests
119,898
16,476
(582,885)
(340,556)
Total comprehensive income for the year is attributable to:
- Owners of the parent company
(702,783)
(357,032)
- Non-controlling interests
119,898
16,476
(582,885)
(340,556)

The profit and loss account has been prepared on the basis that all operations are continuing operations.

RIGHT MEDICINE PHARMACY LIMITED
GROUP BALANCE SHEET
AS AT
28 FEBRUARY 2024
28 February 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
12
12,120,423
10,271,920
Other intangible assets
12
1,079
1,079
Total intangible assets
12,121,502
10,272,999
Tangible assets
13
3,734,544
3,698,160
Investment properties
14
1,964,999
1,895,000
17,821,045
15,866,159
Current assets
Stocks
17
1,848,722
1,635,943
Debtors
18
4,360,956
3,793,771
Cash at bank and in hand
1,564,675
2,998,014
7,774,353
8,427,728
Creditors: amounts falling due within one year
19
(10,576,266)
(7,510,714)
Net current (liabilities)/assets
(2,801,913)
917,014
Total assets less current liabilities
15,019,132
16,783,173
Creditors: amounts falling due after more than one year
20
(12,633,276)
(13,494,416)
Provisions for liabilities
Deferred tax liability
22
116,758
188,364
(116,758)
(188,364)
Net assets
2,269,098
3,100,393
Capital and reserves
Called up share capital
24
95
95
Capital redemption reserve
25
5
5
Profit and loss reserves
25
1,206,004
2,157,197
Equity attributable to owners of the parent company
1,206,104
2,157,297
Non-controlling interests
1,062,994
943,096
2,269,098
3,100,393
RIGHT MEDICINE PHARMACY LIMITED
GROUP BALANCE SHEET (CONTINUED)
AS AT
28 FEBRUARY 2024
28 February 2024
- 11 -
The financial statements were approved by the board of directors and authorised for issue on 27 November 2024 and are signed on its behalf by:
27 November 2024
Mr N Wicks
Director
RIGHT MEDICINE PHARMACY LIMITED
COMPANY BALANCE SHEET
AS AT 28 FEBRUARY 2024
28 February 2024
- 12 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
12
9,329,405
8,180,301
Tangible assets
13
2,051,209
1,928,508
Investments
15
121
121
11,380,735
10,108,930
Current assets
Stocks
17
1,121,563
982,765
Debtors
18
3,734,206
3,097,272
Cash at bank and in hand
596,714
1,698,010
5,452,483
5,778,047
Creditors: amounts falling due within one year
19
(7,035,662)
(4,710,590)
Net current (liabilities)/assets
(1,583,179)
1,067,457
Total assets less current liabilities
9,797,556
11,176,387
Creditors: amounts falling due after more than one year
20
(5,885,618)
(6,721,820)
Provisions for liabilities
Deferred tax liability
22
88,728
149,092
(88,728)
(149,092)
Net assets
3,823,210
4,305,475
Capital and reserves
Called up share capital
24
95
95
Capital redemption reserve
25
5
5
Profit and loss reserves
25
3,823,110
4,305,375
Total equity
3,823,210
4,305,475

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £233,855 (2023 - £201,094 loss).

The financial statements were approved by the board of directors and authorised for issue on 27 November 2024 and are signed on its behalf by:
27 November 2024
Mr N Wicks
Director
Company Registration No. SC228623
RIGHT MEDICINE PHARMACY LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 13 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
Balance at 1 March 2022
95
5
2,941,729
2,941,829
926,620
3,868,449
Year ended 28 February 2023:
Loss and total comprehensive income
-
-
(357,032)
(357,032)
16,476
(340,556)
Dividends
11
-
-
(427,500)
(427,500)
-
(427,500)
Balance at 28 February 2023
95
5
2,157,197
2,157,297
943,096
3,100,393
Year ended 28 February 2024:
Loss and total comprehensive income
-
-
(702,783)
(702,783)
119,898
(582,885)
Dividends
11
-
-
(248,410)
(248,410)
-
(248,410)
Balance at 28 February 2024
95
5
1,206,004
1,206,104
1,062,994
2,269,098
RIGHT MEDICINE PHARMACY LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 14 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 March 2022
95
5
4,933,969
4,934,069
Year ended 28 February 2023:
Loss and total comprehensive income for the year
-
-
(201,094)
(201,094)
Dividends
11
-
-
(427,500)
(427,500)
Balance at 28 February 2023
95
5
4,305,375
4,305,475
Year ended 28 February 2024:
Profit and total comprehensive income
-
-
(233,855)
(233,855)
Dividends
11
-
-
(248,410)
(248,410)
Balance at 28 February 2024
95
5
3,823,110
3,823,210
RIGHT MEDICINE PHARMACY LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 15 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
30
3,772,074
3,834,104
Interest paid
(914,182)
(617,770)
Income taxes paid
(187,103)
(272,992)
Net cash inflow from operating activities
2,670,789
2,943,342
Investing activities
Purchase of business
(3,926,302)
(1,106,072)
Purchase of tangible fixed assets
(487,305)
(434,435)
Proceeds on disposal of tangible fixed assets
-
942
Receipts arising from loans made
52,187
72,795
Interest received
2,232
2,045
Net cash used in investing activities
(4,359,188)
(1,464,725)
Financing activities
Repayment of bank loans
503,470
(843,159)
Dividends paid to equity shareholders
(248,410)
(427,500)
Net cash generated from/(used in) financing activities
255,060
(1,270,659)
Net (decrease)/increase in cash and cash equivalents
(1,433,339)
207,958
Cash and cash equivalents at beginning of year
2,998,014
2,790,056
Cash and cash equivalents at end of year
1,564,675
2,998,014
RIGHT MEDICINE PHARMACY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 16 -
1
Accounting policies
Company information

Right Medicine Pharmacy Limited (“the company”) is a private limited company domiciled and incorporated in Scotland. The registered office is Unit 79-81, Bandeath Industrial Estate, Throsk, Stirling, FK7 7NP.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

RIGHT MEDICINE PHARMACY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
1
Accounting policies
(Continued)
- 17 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Right Medicine Pharmacy Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 28 February 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

Minority interests in the net assets of consolidated subsidiaries are identified separately from the Group’s equity. Minority interests consist of the amount of those interests at the date of the original business combination and the minority’s share of changes in equity since the date of the combination.

 

The proportions of profit or loss and changes in equity allocated to the owners of the parent and to the minority interests are determined on the basis of existing ownership interests and do not reflect the possible exercise or conversion of options or convertible instruments.

 

Parental guarantees have been provided for RMP2 Limited and Web Alt Limited under section 479A of the Companies Act 2006. They have been included in the consolidated financial statements but have not been subject to audit.

1.4
Going concern

At the time of approving the financial statements, the directors expect that the group has adequate resources to continue in operational existence for a period of not less than twelve months. The directors have reviewed their cashflow requirements and are satisfied that both short term liquidity and longer term financial viability is appropriate and as such the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

RIGHT MEDICINE PHARMACY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
1
Accounting policies
(Continued)
- 18 -

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years. Goodwill arising on group reorganisations is amortised over a 20 year period.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.7
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
33% Straight Line
1.8
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Heritable Property
2% straight line
Leasehold land and buildings
10% straight line
Plant and machinery
33% straight line
Fixtures and fittings
20%/25% straight line
Office equipment
30%/33% straight line
Motor vehicles
33% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

RIGHT MEDICINE PHARMACY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
1
Accounting policies
(Continued)
- 19 -
1.9
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.10
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.11
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

RIGHT MEDICINE PHARMACY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
1
Accounting policies
(Continued)
- 20 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.12
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.13
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.14
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

RIGHT MEDICINE PHARMACY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
1
Accounting policies
(Continued)
- 21 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.15
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.16
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

RIGHT MEDICINE PHARMACY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
1
Accounting policies
(Continued)
- 22 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.17
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.18
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.19
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.20
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

RIGHT MEDICINE PHARMACY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 23 -
2
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sale of goods
36,058,360
30,880,797
2024
2023
£
£
Other revenue
Interest income
2,232
2,045
Grants received
6,500
5,360
3
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Government grants
(6,500)
(5,360)
Depreciation of owned tangible fixed assets
450,921
395,420
(Profit)/loss on disposal of tangible fixed assets
-
1,458
Amortisation of intangible assets
2,194,228
1,961,064
Operating lease charges
392,685
311,465
4
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
11,000
8,700
Audit of the financial statements of the company's subsidiaries
17,480
6,550
28,480
15,250
5
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Administrative Staff
262
266
159
167
Directors
3
3
3
3
Total
265
269
162
170
RIGHT MEDICINE PHARMACY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
5
Employees
(Continued)
- 24 -

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
7,784,567
6,099,064
4,779,452
3,798,662
Social security costs
560,086
464,000
347,623
299,019
Pension costs
161,193
231,359
109,960
192,577
8,505,846
6,794,423
5,237,035
4,290,258
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
26,280
26,280
Company pension contributions to defined contribution schemes
-
110,000
26,280
136,280
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Other interest income
2,232
2,045
8
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
818,356
546,185
Other interest on financial liabilities
95,731
72,738
Other interest
95
(1,153)
Total finance costs
914,182
617,770
9
Amounts written off investments
2024
2023
£
£
Changes in the fair value of investment properties
70,000
-

Amounts above represent the fair value adjustments in investment properties.

RIGHT MEDICINE PHARMACY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 25 -
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
529,022
360,201
Adjustments in respect of prior periods
(98,555)
(70,253)
Total current tax
430,467
289,948
Deferred tax
Origination and reversal of timing differences
(71,606)
46,514
Total tax charge
358,861
336,462

The actual charge for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Loss before taxation
(224,024)
(4,094)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
(56,006)
(778)
Tax effect of expenses that are not deductible in determining taxable profit
567,915
358,071
Effect of change in corporation tax rate
(10,982)
-
Group relief
(22,458)
-
0
Permanent capital allowances in excess of depreciation
50,553
2,908
Under/(over) provided in prior years
(98,555)
(70,253)
Deferred taxation
(71,606)
46,514
Taxation charge
358,861
336,462
11
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
248,410
427,500
RIGHT MEDICINE PHARMACY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 26 -
12
Intangible fixed assets
Group
Goodwill
Software
Total
£
£
£
Cost
At 1 March 2023
20,410,453
3,450
20,413,903
Additions
4,042,731
-
0
4,042,731
At 28 February 2024
24,453,184
3,450
24,456,634
Amortisation and impairment
At 1 March 2023
10,138,533
2,371
10,140,904
Amortisation charged for the year
2,194,228
-
0
2,194,228
At 28 February 2024
12,332,761
2,371
12,335,132
Carrying amount
At 28 February 2024
12,120,423
1,079
12,121,502
At 28 February 2023
10,271,920
1,079
10,272,999
Company
Goodwill
£
Cost
At 1 March 2023
13,609,091
Additions
2,428,916
At 28 February 2024
16,038,007
Amortisation and impairment
At 1 March 2023
5,428,790
Amortisation charged for the year
1,279,812
At 28 February 2024
6,708,602
Carrying amount
At 28 February 2024
9,329,405
At 28 February 2023
8,180,301
RIGHT MEDICINE PHARMACY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 27 -
13
Tangible fixed assets
Group
Heritable Property
Leasehold land and buildings
Plant and machinery
Fixtures and fittings
Office equipment
Motor vehicles
Total
£
£
£
£
£
£
£
Cost
At 1 March 2023
3,087,889
29,571
(180)
1,355,007
703,141
361,020
5,536,448
Additions
165,000
-
0
-
0
56,287
113,532
152,486
487,305
At 28 February 2024
3,252,889
29,571
(180)
1,411,294
816,673
513,506
6,023,753
Depreciation and impairment
At 1 March 2023
327,183
25,696
7,788
777,100
537,529
162,992
1,838,288
Depreciation charged in the year
62,174
750
-
0
203,296
110,418
74,283
450,921
At 28 February 2024
389,357
26,446
7,788
980,396
647,947
237,275
2,289,209
Carrying amount
At 28 February 2024
2,863,532
3,125
(7,968)
430,898
168,726
276,231
3,734,544
At 28 February 2023
2,760,706
3,875
(7,968)
577,907
165,612
198,028
3,698,160
RIGHT MEDICINE PHARMACY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 28 -
Company
Heritable Property
Leasehold land and buildings
Fixtures and fittings
Office equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 March 2023
1,339,995
29,571
1,039,427
514,338
272,052
3,195,383
Additions
165,000
-
0
41,250
80,173
152,486
438,909
At 28 February 2024
1,504,995
29,571
1,080,677
594,511
424,538
3,634,292
Depreciation and impairment
At 1 March 2023
136,625
25,696
612,417
399,314
92,823
1,266,875
Depreciation charged in the year
27,216
750
151,420
76,054
60,768
316,208
At 28 February 2024
163,841
26,446
763,837
475,368
153,591
1,583,083
Carrying amount
At 28 February 2024
1,341,154
3,125
316,840
119,143
270,947
2,051,209
At 28 February 2023
1,203,370
3,875
427,010
115,024
179,229
1,928,508
14
Investment property
Group
Company
2024
2024
£
£
Fair value
At 1 March 2023
1,894,999
-
Net gains or losses through fair value adjustments
70,000
-
At 28 February 2024
1,964,999
-

Investment properties were valued by various third party surveyors depending on the location of pharmacies at their dates of purchase. The directors do not consider there to have been any material change in the value between the date of the valuations and the balance sheet date.

15
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
16
-
0
-
0
100
100
Investments in associates
-
0
-
0
21
21
-
0
-
0
121
121
RIGHT MEDICINE PHARMACY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
15
Fixed asset investments
(Continued)
- 29 -
Movements in fixed asset investments
Company
Shares in subsidiaries and associates
£
Cost or valuation
At 1 March 2023 and 28 February 2024
121
Carrying amount
At 28 February 2024
121
At 28 February 2023
121
16
Subsidiaries

Details of the company's subsidiaries at 28 February 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Web Pharmacy Limited
United Kingdom
Ordinary shares
58.33
-
Norvik Holdings Limited
United Kingdom
Ordinary Shares
-
100.00
Buchanhaven (Aberchirder) Limited
United Kingdon
Ordinary shares
-
100.00
RMP2 Limited
United Kingdom
Ordinary shares
100.00
-
John Ross (Lossiemouth) Limited
United Kingdom
Ordinary shares
-
100.00
LP North Nine Limited
United Kingdon
Odinary Shares
-
100.00
LP North Ten Limited
United Kingdom
Ordinary Shares
Ordinary shares
100.00
-
LP North Twenty Five Limited
United Kingdom
Ordinary Shares
Ordinary shares
100.00
-
LP North Twenty Four Limited
United Kingdom
Ordinary Shares
Ordinary shares
-
100.00

On 17 March 2023 Web Pharmacy Limited acquired 100% of the share capital in Web Alt Limited.

 

On 19 June 2023 Right Medicine Pharmacy Limited acquired 100% of the share capital in LP North Ten Limited. On the same day the assets and liabilities were hived up into Right Medicine Pharmacy Limited.

 

On 20 June 2023 Web Alt Limited acquired 100% of the share capital in LP North Nine Limited. On the same day the assets and liabilities were hived up into Web Alt Limited.

 

On 11 July 2023 Right Medicine Pharmacy Limited acquired 100% of the share capital in LP North Twenty Five Limited. On the same day the assets and liabilities were hived up into Right Medicine Pharmacy Limited.

 

On 12 July 2023 Web Pharmacy Limited acquired 100% of the share capital in LP North Twenty Four Limited. On the same day the assets and liabilities were hived up into Web Pharmacy Limited.

 

 

RIGHT MEDICINE PHARMACY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 30 -
17
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
1,848,722
1,635,943
1,121,563
982,765

Stock with a carrying value of £1,848,722 (2023 - £1,635,943) is pledged as security for the group's bank loans.

18
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
3,508,176
2,880,392
2,129,675
1,845,401
Corporation tax recoverable
28,494
60,585
13,723
60,585
Amounts owed by group undertakings
-
-
1,132,558
562,423
Amounts owed by undertakings in which the company has a participating interest
1,271
1,167
1,271
1,167
Other debtors
489,740
509,040
274,437
354,566
Prepayments and accrued income
333,275
342,587
182,542
273,130
4,360,956
3,793,771
3,734,206
3,097,272
19
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
21
2,809,038
1,444,428
2,025,428
703,742
Trade creditors
5,280,665
4,158,762
3,154,585
2,626,449
Corporation tax payable
318,779
107,506
189,474
34,550
Other taxation and social security
133,855
99,112
83,512
63,514
Other creditors
917,357
782,671
685,650
535,050
Accruals and deferred income
1,116,572
918,235
897,013
747,285
10,576,266
7,510,714
7,035,662
4,710,590
20
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
21
12,493,276
13,354,416
5,885,618
6,721,820
Other creditors
140,000
140,000
-
0
-
0
12,633,276
13,494,416
5,885,618
6,721,820
RIGHT MEDICINE PHARMACY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
20
Creditors: amounts falling due after more than one year
(Continued)
- 31 -
Amounts included above which fall due after five years are as follows:
Payable by instalments
4,885,567
6,837,122
2,326,917
552,666
21
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
15,302,314
14,798,844
7,911,046
7,425,562
Payable within one year
2,809,038
1,444,428
2,025,428
703,742
Payable after one year
12,493,276
13,354,416
5,885,618
6,721,820

The following securities are held in respect of the company bank loans: The Bank of Scotland Plc hold legal charges dated 7th May 2013, 27th May 2013, 23 May 2019. 15 July 2019, 18 September 2019 and 26 June 2023 over all of the heritable property owned by the company.

 

The following securities have been granted by Web Pharmacy Limited: The Bank of Scotland Plc hold a legal charges dated 10th October 2014 over all property and undertakings of the company. The Bank of Scotland Plc also holds various standard securities over the heritable property owned by the company. Unity Bank hold legal charges dated 19 March 2024 and 26 March 2024 over some of the heritable properties owned by the company.

 

The company has several fixed interest and variable interest term loans which attract fixed interest at rates of between 3.64%-3.80% and variable interest rates of 2.0%-2.1% over base rate.

 

Web Pharmacy Limited has term loans on which interest is charged at 2-4% over base rate payable monthly in arrears.

 

RMP2 Limited has a term loan on which interest is charged at 3.9% over base rate payable monthly in arrears. Unity Trust Bank Plc hold a bond and floating charge dated 8 September 2022 over all of the assets of the company.

 

WebAlt Limited has granted Unity Trust Bank Plc a bond and floating charge dated 23 June 2024 over over all property and undertakings of the company.

 

22
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
116,758
188,364
RIGHT MEDICINE PHARMACY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
22
Deferred taxation
(Continued)
- 32 -
Liabilities
Liabilities
2024
2023
Company
£
£
Accelerated capital allowances
88,728
149,092
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 March 2023
188,364
149,092
Credit to profit or loss
(71,606)
(60,364)
Liability at 28 February 2024
116,758
88,728
23
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
161,193
231,359

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

24
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
95
95
95
95
25
Reserves
Equity reserve

Share capital account - This reserve records the nominal value of shares that have been issued.

 

Profit and loss account - This reserve records retained earnings and accumulated losses. This reserve also includes a revaluation reserve of £70,691 which is non-distributable.

Capital redemption reserve

Capital redemption reserve - This reserve records the nominal value of shares repurchased by the company.

RIGHT MEDICINE PHARMACY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 33 -
26
Acquisition of a business

On 20 June 2023 the group acquired 100% of the issued share capital of LP North Nine Limited.

On the dates below, the group acquired 100% of the issued share capital in each of the following companies:
Company Name
Date Acquired
LP North Nine Limited
20 June 2023
LP North Ten Limited
19 June 2023
LP North Twenty Four Limited
12 July 2023
LP North Twenty Five Limited
11 July 2023
Book Value
Adjustments
Fair Value
Net assets acquired
£
£
£
Inventories
225,662
-
225,662
Trade and other receivables
4
-
4
Cash and cash equivalents
15,087
-
15,087
Trade and other payables
(342,095)
-
(342,095)
Total identifiable net assets/(liabilities)
(101,342)
-
(101,342)
Goodwill - LP North Nine Limited
867,428
Goodwill - LP North Ten Limited
1,262,326
Goodwill - LP North Twenty Four Limited
746,386
Goodwill - LP North Twenty Five Limited
1,166,591
Total consideration
3,941,389
The consideration was satisfied by:
£
Cash
3,941,389
27
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
231,567
133,000
203,167
115,600
Between two and five years
524,883
450,542
490,933
404,692
In over five years
701,125
769,026
701,125
769,026
1,457,575
1,352,568
1,395,225
1,289,318
RIGHT MEDICINE PHARMACY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
27
Operating lease commitments
(Continued)
- 34 -
Lessor

At the reporting end date the group had contracted with tenants for the following minimum lease payments:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
153,508
153,508
-
-
Between two and five years
411,208
496,129
-
-
In over five years
102,627
187,881
-
-
667,343
837,518
-
-
28
Related party transactions

Group

At 28 February 2024 the group owed £138,729 (2023: £138,333) to Cross Healthcare Limited a company which owns a minority interest in Web Pharmacy Limited.

 

Company

During the year the company sold goods amounting to £1,377,178 (2023: £527,065) and made purchases of £832,278 (2023: £222,070) from Web Pharmacy Limited. The company charged a management fee of £225,363 (2023: £196,156) to Web Pharmacy Limited. At 28 February 2024 the company was owed £677,449 (2023: £136,483).

 

During the year the company sold goods amounting to £53,219 (2023: £28,919) and made purchases of £39,815 (2023: £21,000) from RMP2 Limited. The company charged a management fee of £17,018 (2023: £8,276) to RMP2 Limited. At 28 February 2024 the company was owed £425,038 (2023: £425,940).

 

During the year the company sold goods amounting to £77,690 (2023: £Nil) and made purchases of £7,468 (2023: £Nil) from WebAlt Limited. The company charged a management fee of £22,545 (2023: £Nil) to WebAlt Limited. At 28 February 2024 the company was owed £30,072 (2023: £Nil).

 

29
Directors' transactions

Dividends totalling £247,500 (2023 - £427,500) were paid in the year in respect of shares held by the company's directors.

RIGHT MEDICINE PHARMACY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 35 -
30
Cash generated from group operations
2024
2023
£
£
Loss for the year after tax
(582,885)
(340,556)
Adjustments for:
Taxation charged
358,861
336,462
Finance costs
914,182
617,770
Investment income
(2,232)
(2,045)
(Gain)/loss on disposal of tangible fixed assets
-
1,458
Fair value gain on investment properties
(70,000)
-
0
Amortisation and impairment of intangible assets
2,194,228
1,961,064
Depreciation and impairment of tangible fixed assets
450,921
395,420
Movements in working capital:
Decrease/(increase) in stocks
12,883
(213,354)
Increase in debtors
(651,458)
(383,991)
Increase in creditors
1,147,574
1,461,876
Cash generated from operations
3,772,074
3,834,104
31
Analysis of changes in net debt - group
2024
£
Opening net funds/(debt)
Cash and cash equivalents
2,998,014
Loans
(14,798,844)
(11,800,830)
Changes in net debt arising from:
Cash flows of the entity
(1,936,809)
Closing net funds/(debt) as analysed below
(13,737,639)
Closing net funds/(debt)
Cash and cash equivalents
1,564,675
Loans
(15,302,314)
(13,737,639)
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