REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
FOR |
NEW EXMOUTH LIMITED |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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 |
Tangible assets | 5 |
Investments | 6 |
CURRENT ASSETS |
Stocks |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 12 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
The financial statements were approved by the Board of Directors and authorised for issue on |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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. |
Tangible fixed assets |
Plant and machinery | - |
Motor vehicles | - |
Computer equipment | - |
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 |
4. | INTANGIBLE FIXED ASSETS |
Intellectual |
Goodwill | property | Totals |
£ | £ | £ |
COST |
At 1 March 2023 |
Additions |
At 29 February 2024 |
AMORTISATION |
At 1 March 2023 |
Amortisation for year |
At 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
5. | TANGIBLE FIXED ASSETS |
Improvements |
Short | to | Plant and |
leasehold | property | machinery |
£ | £ | £ |
COST |
At 1 March 2023 |
Additions |
At 29 February 2024 |
DEPRECIATION |
At 1 March 2023 |
Charge for year |
At 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
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 |
Additions |
At 29 February 2024 |
DEPRECIATION |
At 1 March 2023 |
Charge for year |
At 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
6. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 March 2023 |
and 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Registered office: 8 Prior Deram Walk, Coventry CV4 8FT |
Nature of business: |
% |
Class of shares: | holding |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Tax |
Prepayments |
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 |
Hire purchase contracts (see note 10) |
Trade creditors |
Amounts owed to group undertakings |
Tax |
Social security and other taxes |
Other creditors |
Accrued expenses |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
Bank loans more 5 yr by instal |
Hire purchase contracts (see note 10) |
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 |
Between one and five years |
Non-cancellable | operating leases |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
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 |
Hire purchase contracts | 7,978 | 11,986 |
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: | £ | £ |
Ordinary | 0.01 | 1 | 1 |
13. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
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. |