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REGISTERED NUMBER: 12369354 (England and Wales)




FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

FOR

NEW EXMOUTH LIMITED

NEW EXMOUTH LIMITED (REGISTERED NUMBER: 12369354)






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


NEW EXMOUTH LIMITED

COMPANY INFORMATION
for the year ended 29 February 2024







DIRECTORS: S Seow
Z W Chua





REGISTERED OFFICE: Wellbeing (UK) Limited
8 Prior Deram Walk
Coventry
West Midlands
CV4 8FT





REGISTERED NUMBER: 12369354 (England and Wales)





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

NEW EXMOUTH LIMITED (REGISTERED NUMBER: 12369354)

BALANCE SHEET
29 February 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 739,295 277,582
Tangible assets 5 201,121 53,678
Investments 6 1 1
940,417 331,261

CURRENT ASSETS
Stocks 229,451 66,974
Debtors 7 472,806 130,693
Cash at bank and in hand 240,111 107,541
942,368 305,208
CREDITORS
Amounts falling due within one year 8 1,486,616 442,861
NET CURRENT LIABILITIES (544,248 ) (137,653 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

396,169

193,608

CREDITORS
Amounts falling due after more than one
year

9

(555,261

)

(191,395

)

PROVISIONS FOR LIABILITIES (9,951 ) (9,951 )
NET LIABILITIES (169,043 ) (7,738 )

CAPITAL AND RESERVES
Called up share capital 12 1 1
Retained earnings (169,044 ) (7,739 )
SHAREHOLDERS' FUNDS (169,043 ) (7,738 )

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 20 February 2025 and were signed on its behalf by:





S Seow - Director


NEW EXMOUTH LIMITED (REGISTERED NUMBER: 12369354)

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

1. STATUTORY INFORMATION

New Exmouth Limited 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.

The company is showing net current liabilities and net liabilities. Four new pharmacies have been acquired during the year and this has put continued pressure on results due primarily to staffing issues.

Key Actions to Return to Profitability
New Exmouth is increasing the number of care homes it services, leading to higher dispensing item volumes, which will drive revenue growth. The Company is also focusing on promoting and enhancing existing pharmacy services while expanding its offerings, ensuring better accessibility and an increased customer base. Beside that, New Exmouth has successfully recruited permanent pharmacists to reduce reliance on locum staff, resulting in significant cost savings and improved workforce stability.
Further staff are under an ongoing training programme. Management are also closely monitoring all costs within cash flow requirements.
This will enable the company, with overall group support, to meet its obligations as they fall due for at least 12 months from the date of approval of the financial statements. Management are seeing sufficient progress with its plans to enable them to believe that these events will happen in good time to enable the business to continue as a going concern.

Preparation of consolidated financial statements
The financial statements contain information about New Exmouth Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

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

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 the acquisition of a pharmacy in 2021 is being written off over the estimated useful life of 4 years.
Goodwill relating to the acquisition of a pharmacy in 2022 is being written off over the estimated useful life of 10 years.
Goodwill relating to the acquisition of pharmacies in 2023 and 2024 is being written off over the estimated useful life of 10 years.

NEW EXMOUTH LIMITED (REGISTERED NUMBER: 12369354)

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

2. ACCOUNTING POLICIES - continued

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 three years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on cost
Motor vehicles - 20% on cost
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.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

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

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 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.

NEW EXMOUTH LIMITED (REGISTERED NUMBER: 12369354)

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

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 22 (2023 - 6 ) .

4. INTANGIBLE FIXED ASSETS
Intellectual
Goodwill property Totals
£    £    £   
COST
At 1 March 2023 344,579 2 344,581
Additions 552,144 5 552,149
At 29 February 2024 896,723 7 896,730
AMORTISATION
At 1 March 2023 66,999 - 66,999
Amortisation for year 90,436 - 90,436
At 29 February 2024 157,435 - 157,435
NET BOOK VALUE
At 29 February 2024 739,288 7 739,295
At 28 February 2023 277,580 2 277,582

5. TANGIBLE FIXED ASSETS
Improvements
Short to Plant and
leasehold property machinery
£    £    £   
COST
At 1 March 2023 2 3,615 29,867
Additions 2 - -
At 29 February 2024 4 3,615 29,867
DEPRECIATION
At 1 March 2023 - - 21,041
Charge for year - - 5,974
At 29 February 2024 - - 27,015
NET BOOK VALUE
At 29 February 2024 4 3,615 2,852
At 28 February 2023 2 3,615 8,826

NEW EXMOUTH LIMITED (REGISTERED NUMBER: 12369354)

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

5. TANGIBLE FIXED ASSETS - continued

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 March 2023 52,963 20,845 6,160 113,452
Additions 160,447 31,079 4,406 195,934
At 29 February 2024 213,410 51,924 10,566 309,386
DEPRECIATION
At 1 March 2023 32,411 4,312 2,010 59,774
Charge for year 32,441 8,364 1,712 48,491
At 29 February 2024 64,852 12,676 3,722 108,265
NET BOOK VALUE
At 29 February 2024 148,558 39,248 6,844 201,121
At 28 February 2023 20,552 16,533 4,150 53,678

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 March 2023
and 29 February 2024 1
NET BOOK VALUE
At 29 February 2024 1
At 28 February 2023 1

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Ross Chemist (Bishopsteignton) ltd
Registered office: 8 Prior Deram Walk, Coventry CV4 8FT
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 99,803 662
Amounts owed by group undertakings 480 33,939
Other debtors 363,570 34,619
Tax 288 6,592
Prepayments 8,665 54,881
472,806 130,693

NEW EXMOUTH LIMITED (REGISTERED NUMBER: 12369354)

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

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 319,741 144,359
Hire purchase contracts (see note 10) 7,978 4,128
Trade creditors 446,719 241,919
Amounts owed to group undertakings 599,637 24,885
Tax - 3,628
Social security and other taxes 6,650 3,926
Other creditors 96,091 14,868
Accrued expenses 9,800 5,148
1,486,616 442,861

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans - 1-2 years 46,304 19,859
Bank loans - 2-5 years 156,709 65,014
Bank loans more 5 yr by instal 352,248 98,664
Hire purchase contracts (see note 10) - 7,858
555,261 191,395

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 352,248 98,664

10. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 7,978 4,128
Between one and five years - 7,858
7,978 11,986

Non-cancellable operating leases
2024 2023
£    £   
Within one year 7,095 7,095
Between one and five years 20,103 5,913
27,198 13,008

NEW EXMOUTH LIMITED (REGISTERED NUMBER: 12369354)

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

11. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 598,463 202,577
Hire purchase contracts 7,978 11,986
606,441 214,563

Interest is charged at 2.48% above base rate on the original bank loan. A further two bank loans taken out in the year are charged at 2.39% above base rate.
The loan is secured by an unlimited debenture and a first legal charge over leasehold land and buildings in Bishopsteignton and Dartmouth Health & Wellbeing Centre, Dartmouth.

Assets held under hire purchase agreements are secured on the asset to which the agreement relates.

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary 0.01 1 1

13. 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

14. POST BALANCE SHEET EVENTS

The Company remains acquisitive of additional pharmacies and has engaged in a 100% share purchase of Cranbrook Healthcare Ltd in December 2024.

15. PARENT COMPANY

The Entity's parent Company is Wellbeing (United Kingdom) Limited.