REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
NORTHERN PHARMACIES LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
NORTHERN PHARMACIES LIMITED |
NORTHERN PHARMACIES LIMITED (REGISTERED NUMBER: NI007549) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 | to | 3 |
Notes to the Financial Statements | 4 | to | 9 |
NORTHERN PHARMACIES LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Certified Accountants |
Statutory Auditors |
17 Clarendon Road |
Clarendon Dock |
Belfast |
BT1 3BG |
BANKERS: |
4-8 Market Street |
Lurgan |
Co. Armagh |
BT66 6AQ |
NORTHERN PHARMACIES LIMITED (REGISTERED NUMBER: NI007549) |
BALANCE SHEET |
31 MARCH 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
Investments | 6 |
CURRENT ASSETS |
Stocks | 7 |
Debtors | 8 |
Investments | 9 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 10 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
11 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
ACCRUALS AND DEFERRED INCOME | ( |
) | ( |
) |
NET ASSETS |
RESERVES |
Retained earnings |
NORTHERN PHARMACIES LIMITED (REGISTERED NUMBER: NI007549) |
BALANCE SHEET - continued |
31 MARCH 2024 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were authorised for issue by the Board of Directors and authorised for issue on |
NORTHERN PHARMACIES LIMITED (REGISTERED NUMBER: NI007549) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | STATUTORY INFORMATION |
Northern Pharmacies Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Significant judgements and estimates |
In preparing these financial statements the directors have made the following judgements: |
Establish whether there are indicators of impairment of the company's tangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and the business in general. |
Establish whether there are indicators of impairment of the company's investments in subsidiary undertakings. Factors taken into consideration in reaching such a decision include the past performance of the subsidiary, its ongoing economic viability and the expected future financial performance. |
Consider the valuation of stock and the requirement for write down provisions. These considerations are undertaken regularly by the directors, and especially at the year end date. Factors taken into account include historical experience, product familiarisation and knowledge of the sector. Stock identified as impaired will be written down in value in the relevant period. |
The directors also consider the depreciation rate on an annual basis to ensure this estimate remains reasonable. |
Turnover |
Turnover represents the total value, excluding value added tax, of goods sold and services rendered during the year. |
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 |
Improvements to property | - |
Fixtures, fittings & equipment | - |
Motor vehicles | - |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
NORTHERN PHARMACIES LIMITED (REGISTERED NUMBER: NI007549) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
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 |
All financial instruments of the company are considered to meet the definition of basic financial instruments. |
- Short term debtors and creditors |
Debtors and creditors with no stated interest rate and are receivable or payable on demand are recognised at transaction price, and subject to annual impairment reviews. Any losses arising on impairment are recognised in the profit and loss account. |
- Cash and cash equivalents |
Cash and cash equivalents comprise cash at bank and in hand. |
- Loans and borrowings |
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Pension costs and other post-retirement benefits |
The company operates a money purchase (defined contribution) pension scheme. Contributions payable for the year are charged in the profit and loss account. |
NORTHERN PHARMACIES LIMITED (REGISTERED NUMBER: NI007549) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
Investments |
Investments in listed company shares, which have been classified as fixed asset investments, are remeasured to market value at each balance sheet date. Gains and losses on re-measurement are recognised in profit or loss for the period. |
Dividends are brought to account in the profit and loss account when received. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 April 2023 |
Reclassification/transfer |
At 31 March 2024 |
AMORTISATION |
At 1 April 2023 |
Amortisation for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
NORTHERN PHARMACIES LIMITED (REGISTERED NUMBER: NI007549) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
5. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures, |
to | Plant and | fittings | Motor |
property | machinery | & equipment | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 April 2023 |
Additions |
Reclassification/transfer |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
Reclassification/transfer |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
6. | FIXED ASSET INVESTMENTS |
Shares in |
group | Other |
undertakings | investments | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 April 2023 | 2,805,710 |
Additions | 30,848 |
Disposals | ( |
) | (30,267 | ) |
Revaluations | 22,038 |
Impairments | ( |
) | (1,182,235 | ) |
Reclassification/transfer | ( |
) | (1,413,579 | ) |
At 31 March 2024 | 232,515 |
NET BOOK VALUE |
At 31 March 2024 | 232,515 |
At 31 March 2023 | 2,805,710 |
7. | STOCKS |
31.3.24 | 31.3.23 |
£ | £ |
Stocks |
NORTHERN PHARMACIES LIMITED (REGISTERED NUMBER: NI007549) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
8. | DEBTORS |
31.3.24 | 31.3.23 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Deferred consideration <1yr |
Other debtors |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
9. | CURRENT ASSET INVESTMENTS |
31.3.24 | 31.3.23 |
£ | £ |
Other |
10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Def consideration < 1yr | 159,362 | 159,680 |
Amounts owed to group undertakings |
Tax |
Other creditors |
BSO special advance | - | 149,277 |
Accrued expenses |
11. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
Def consideration >1yr |
NORTHERN PHARMACIES LIMITED (REGISTERED NUMBER: NI007549) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
12. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.3.24 | 31.3.23 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
The amount charged to the profit and loss account in respect of operating leases in the year was £7,200. |
13. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.3.24 | 31.3.23 |
£ | £ |
Bank loans | - | 570,415 |
The bank loan with AIB Group (UK) P.L.C. is secured by way of the following: |
- A fixed charge over the pharmacy licences and the goodwill attached to the premises of the branches at Greyabbey, Cullyhanna, Poyntzpass and Craigavon. |
- A fixed and floating charge over all the leasehold property of the company and any undertaking of the company. |
- A fixed charge over the shares in subsidiary company Sweeney's Pharmacies Limited. |
-An unlimited cross guarantee between Northern Pharmacies Limited and Sweeney's Pharmacies Limited. |
14. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
15. | CONTINGENT LIABILITIES |
A contingent liability may exist in respect of a repayment of grant income to HM Revenue and Customs should the conditions under which a grant was awarded to the company not be met. Due to the nature of these contingencies, it is not currently possible to estimate the likelihood of this occurring, nor quantify the financial effect or provide an indication of timing as to the potential liability that may arise. |
16. | CAPITAL COMMITMENTS |
There were no commitments for capital expenditure at the balance sheet date. |