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REGISTERED NUMBER: 07127958 (England and Wales)




FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

FOR

ALCHEMY PHARMACEUTICALS LTD

ALCHEMY PHARMACEUTICALS LTD (REGISTERED NUMBER: 07127958)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 29 February 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


ALCHEMY PHARMACEUTICALS LTD

COMPANY INFORMATION
for the year ended 29 February 2024







DIRECTORS: Y T Pay
S Seow





REGISTERED OFFICE: 2 Parsons Lane
Littleport
Ely
CB6 1JU





REGISTERED NUMBER: 07127958 (England and Wales)





AUDITORS: Luckmans Duckett Parker Limited
1110 Elliott Court
Coventry Business Park
Herald Avenue
Coventry
West Midlands
CV5 6UB

ALCHEMY PHARMACEUTICALS LTD (REGISTERED NUMBER: 07127958)

BALANCE SHEET
29 February 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 1,647,130 893,941
Tangible assets 5 88,399 38,560
1,735,529 932,501

CURRENT ASSETS
Stocks 403,168 233,294
Debtors 6 835,761 422,033
Cash at bank and in hand 324,161 209,893
1,563,090 865,220
CREDITORS
Amounts falling due within one year 7 1,663,808 1,350,031
NET CURRENT LIABILITIES (100,718 ) (484,811 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,634,811

447,690

CREDITORS
Amounts falling due after more than one
year

8

(1,119,468

)

-

PROVISIONS FOR LIABILITIES (3,985 ) (3,985 )
NET ASSETS 511,358 443,705

CAPITAL AND RESERVES
Called up share capital 11 100 100
Retained earnings 511,258 443,605
SHAREHOLDERS' FUNDS 511,358 443,705

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 approved by the Board of Directors and authorised for issue on 19 February 2025 and were signed on its behalf by:





S Seow - Director


ALCHEMY PHARMACEUTICALS LTD (REGISTERED NUMBER: 07127958)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 29 February 2024

1. STATUTORY INFORMATION

Alchemy Pharmaceuticals Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

The policies adopted for the recognition of turnover are as follows:-

NHS Income

NHS income is recognised in line with statements FP34. Adjustments are made for any income earned but not yet received.

Over the counter (OTC) sales

OTC sales are recorded as per till records and are therefore recognised at point of sale.

Goodwill
Goodwill relating to a business acquisition in October 2022 is being amortised over it's estimated useful economic life of 8 years.
Goodwill relating to a business acquisition in January 2023 is being amortised over it's estimated useful economic life of 10 years.
Goodwill relating to business acquisitions in July 2023 are being amortised over estimated useful economic lives of 2, 5 and 10 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.

Intellectual property are being amortised evenly over their estimated useful life of nil years.

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 - Equal instalments over period of lease
Fixtures and fittings - 10% on reducing balance
Motor vehicles - 15% on reducing balance
Computer equipment - 20% on cost

Government grants
Government grants received have been released to the profit and loss account during the period on a systematic basis over the period in which the Entity recognises the costs for which the grant is intended to compensate. This is in accordance with FRS 102 section 24.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.


ALCHEMY PHARMACEUTICALS LTD (REGISTERED NUMBER: 07127958)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 29 February 2024

2. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments
Agreements for the sale of pharmacy receivables have been accounted for in accordance with FRS 102 11.33 such that the financial asset is derecognised as the Entity transfers to another party substantially all the risks and reward of ownership of the financial asset. The remaining financial obligation is shown as an overdraft; as short term finance repayable on demand.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 25 (2023 - 4 ) .

ALCHEMY PHARMACEUTICALS LTD (REGISTERED NUMBER: 07127958)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 29 February 2024

4. INTANGIBLE FIXED ASSETS
Intellectual
Goodwill property Totals
£    £    £   
COST
At 1 March 2023 914,770 4 914,774
Additions 979,183 3 979,186
At 29 February 2024 1,893,953 7 1,893,960
AMORTISATION
At 1 March 2023 20,833 - 20,833
Amortisation for year 225,997 - 225,997
At 29 February 2024 246,830 - 246,830
NET BOOK VALUE
At 29 February 2024 1,647,123 7 1,647,130
At 28 February 2023 893,937 4 893,941

5. TANGIBLE FIXED ASSETS
Improvements Fixtures
Short to and
leasehold property fittings
£    £    £   
COST
At 1 March 2023 2 31,644 27,077
Additions 3 - 49,478
At 29 February 2024 5 31,644 76,555
DEPRECIATION
At 1 March 2023 - 15,543 16,113
Charge for year - 1,558 1,096
At 29 February 2024 - 17,101 17,209
NET BOOK VALUE
At 29 February 2024 5 14,543 59,346
At 28 February 2023 2 16,101 10,964

ALCHEMY PHARMACEUTICALS LTD (REGISTERED NUMBER: 07127958)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 29 February 2024

5. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 March 2023 10,389 9,545 78,657
Additions - 6,132 55,613
At 29 February 2024 10,389 15,677 134,270
DEPRECIATION
At 1 March 2023 5,145 3,296 40,097
Charge for year 787 2,333 5,774
At 29 February 2024 5,932 5,629 45,871
NET BOOK VALUE
At 29 February 2024 4,457 10,048 88,399
At 28 February 2023 5,244 6,249 38,560

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 311,109 335,740
Amounts owed by group undertakings 167,616 -
Other debtors 150,113 69,043
Prepayments 206,923 17,250
835,761 422,033

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 379,301 -
Other loans 40,000 479,319
Trade creditors 822,403 418,390
Amounts owed to group undertakings 282,408 337,689
Tax 99,860 65,616
Social security and other taxes 9,198 6,644
Other creditors 2,821 2,535
Accrued expenses 27,817 39,838
1,663,808 1,350,031

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans - 1-2 years 51,984 -
Bank loans - 2-5 years 180,622 -
Bank loans more 5 yr by instal 886,862 -
1,119,468 -

ALCHEMY PHARMACEUTICALS LTD (REGISTERED NUMBER: 07127958)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 29 February 2024

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
2024 2023
£    £   
Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 886,862 -

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 146,708 79,530
Between one and five years 543,580 310,618
In more than five years 548,030 370,628
1,238,318 760,776

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 1,166,073 -

An unlimited debenture has been granted by the Company in favour of the Bank.
A first legal charge is held over the land and buildings at George Clare Surgery, Swan Drive, Chatteris and St George's Medical Centre, Parsons Lane, Littleport.

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary Shares £1 100 100

12. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Ashwani Rishiraj BA FCA (Senior Statutory Auditor)
for and on behalf of Luckmans Duckett Parker Limited

13. POST BALANCE SHEET EVENTS

The Company remains acquisitive of additional pharmacies and has acquired a further pharmacy during December 2024.