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REGISTERED NUMBER: NI007549 (Northern Ireland)















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: Mrs S.A. Mawhinney
Dr S.E. Hillan
Mr M Hamill
Mr P Kelly
Dr M J Kerr
Mr S H Slaine
Mrs E Etherson
Mr R J Anderson
Dr T A Maguire


SECRETARY: Mrs S.A. Mawhinney


REGISTERED OFFICE: 5 Annadale Avenue
Belfast
BT7 3JH


REGISTERED NUMBER: NI007549 (Northern Ireland)


AUDITORS: Baker Tilly Mooney Moore
Chartered Certified Accountants
Statutory Auditors
17 Clarendon Road
Clarendon Dock
Belfast
BT1 3BG


BANKERS: AIB (NI)
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 2,001,189 757,032
Tangible assets 5 290,066 184,550
Investments 6 232,515 2,805,710
2,523,770 3,747,292

CURRENT ASSETS
Stocks 7 313,453 199,535
Debtors 8 835,403 679,657
Investments 9 783,598 400,000
Cash at bank and in hand 523,581 964,011
2,456,035 2,243,203
CREDITORS
Amounts falling due within one year 10 1,000,231 1,496,466
NET CURRENT ASSETS 1,455,804 746,737
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,979,574

4,494,029

CREDITORS
Amounts falling due after more than one
year

11

(159,202

)

(775,297

)

PROVISIONS FOR LIABILITIES (67,619 ) (55,345 )

ACCRUALS AND DEFERRED INCOME (927 ) (1,091 )
NET ASSETS 3,751,826 3,662,296

RESERVES
Retained earnings 3,751,826 3,662,296
3,751,826 3,662,296

NORTHERN PHARMACIES LIMITED (REGISTERED NUMBER: NI007549)

BALANCE SHEET - continued
31 MARCH 2024


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

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 28 October 2024 and were signed on its behalf by:




Mrs S.A. Mawhinney - Director



Dr M J Kerr - Director


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 private company, limited by guarantee , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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
Goodwill, being the amount paid in connection with the acquisition of a business in 2020, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 10% on reducing balance and 2% on cost
Fixtures, fittings & equipment - 15% on reducing balance
Motor vehicles - 25% on reducing balance

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 47 (2023 - 34 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2023 987,433
Reclassification/transfer 1,413,579
At 31 March 2024 2,401,012
AMORTISATION
At 1 April 2023 230,401
Amortisation for year 169,422
At 31 March 2024 399,823
NET BOOK VALUE
At 31 March 2024 2,001,189
At 31 March 2023 757,032

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 38,746 142,386 512,514 - 693,646
Additions - - 3,539 - 3,539
Reclassification/transfer 79,858 - 334,466 8,167 422,491
At 31 March 2024 118,604 142,386 850,519 8,167 1,119,676
DEPRECIATION
At 1 April 2023 26,046 80,449 402,601 - 509,096
Charge for year 2,439 9,294 26,638 642 39,013
Reclassification/transfer 19,915 - 258,555 3,031 281,501
At 31 March 2024 48,400 89,743 687,794 3,673 829,610
NET BOOK VALUE
At 31 March 2024 70,204 52,643 162,725 4,494 290,066
At 31 March 2023 12,700 61,937 109,913 - 184,550

6. FIXED ASSET INVESTMENTS
Shares in
group Other
undertakings investments Totals
£    £    £   
COST OR VALUATION
At 1 April 2023 2,600,814 204,896 2,805,710
Additions - 30,848 30,848
Disposals - (30,267 ) (30,267 )
Revaluations - 22,038 22,038
Impairments (1,182,235 ) - (1,182,235 )
Reclassification/transfer (1,413,579 ) - (1,413,579 )
At 31 March 2024 5,000 227,515 232,515
NET BOOK VALUE
At 31 March 2024 5,000 227,515 232,515
At 31 March 2023 2,600,814 204,896 2,805,710


7. STOCKS
31.3.24 31.3.23
£    £   
Stocks 313,453 199,535

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 554,415 446,246
Deferred consideration <1yr 14,668 19,778
Other debtors 180,580 108,337
749,663 574,361

Amounts falling due after more than one year:
Other debtors 85,740 105,296

Aggregate amounts 835,403 679,657

9. CURRENT ASSET INVESTMENTS
31.3.24 31.3.23
£    £   
Other 783,598 400,000

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts - 113,203
Trade creditors 498,034 337,029
Def consideration < 1yr 159,362 159,680
Amounts owed to group undertakings - 653,795
Tax 58,763 18,063
Other creditors 5,000 -
BSO special advance - 149,277
Accrued expenses 279,072 65,419
1,000,231 1,496,466

11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.3.23
£    £   
Bank loans - 1-2 years - 116,702
Bank loans - 2-5 years - 340,510
Def consideration >1yr 159,202 318,085
159,202 775,297

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 7,200 7,200
Between one and five years 28,800 28,800
In more than five years 57,600 64,800
93,600 100,800

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.

Eimear Brown (Senior Statutory Auditor)
for and on behalf of Baker Tilly Mooney Moore

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.