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REGISTERED NUMBER: 11404800 (England and Wales)




FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

FOR

CARE & CURE PARTNERSHIP LIMITED

CARE & CURE PARTNERSHIP LIMITED (REGISTERED NUMBER: 11404800)






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


CARE & CURE PARTNERSHIP LIMITED

COMPANY INFORMATION
for the year ended 29 February 2024







DIRECTORS: S Paspula
S Seow





REGISTERED OFFICE: 8 Prior Deram Walk
Coventry
West Midlands
CV4 8FT





REGISTERED NUMBER: 11404800 (England and Wales)





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

CARE & CURE PARTNERSHIP LIMITED (REGISTERED NUMBER: 11404800)

BALANCE SHEET
29 February 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 906,350 934,702
Tangible assets 5 218,163 187,638
1,124,513 1,122,340

CURRENT ASSETS
Stocks 304,638 197,681
Debtors 6 609,217 362,485
Cash at bank and in hand 301,610 187,038
1,215,465 747,204
CREDITORS
Amounts falling due within one year 7 1,411,681 1,080,316
NET CURRENT LIABILITIES (196,216 ) (333,112 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

928,297

789,228

CREDITORS
Amounts falling due after more than one
year

8

(855,700

)

(600,721

)

PROVISIONS FOR LIABILITIES (8,983 ) (8,983 )
NET ASSETS 63,614 179,524

CAPITAL AND RESERVES
Called up share capital 11 10 10
Retained earnings 63,604 179,514
SHAREHOLDERS' FUNDS 63,614 179,524

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


CARE & CURE PARTNERSHIP LIMITED (REGISTERED NUMBER: 11404800)

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

1. STATUTORY INFORMATION

Care & Cure Partnership 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.

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.

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, being the amount in connection with the acquisition of businesses in 2019, 2020, 2022 is being amortised evenly over it's estimated useful life of six years.The amortisation of goodwill relating to a business acquired in 2023 has been revised from the previous estimate of six years to ten years. This reduces the charge in the year by £30,374.
Goodwill relating to a business acquired in the year ended 2024, is being amortised over it's estimated useful life of five 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 six years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - Equal instalments over period of lease
Plant and machinery - 20% on cost
Fixtures and fittings - 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.

CARE & CURE PARTNERSHIP LIMITED (REGISTERED NUMBER: 11404800)

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

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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 28 (2023 - 13 ) .

CARE & CURE PARTNERSHIP LIMITED (REGISTERED NUMBER: 11404800)

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 1,238,475 5 1,238,480
Additions 170,407 1 170,408
At 29 February 2024 1,408,882 6 1,408,888
AMORTISATION
At 1 March 2023 303,778 - 303,778
Amortisation for year 198,760 - 198,760
At 29 February 2024 502,538 - 502,538
NET BOOK VALUE
At 29 February 2024 906,344 6 906,350
At 28 February 2023 934,697 5 934,702

5. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and
leasehold machinery fittings
£    £    £   
COST
At 1 March 2023 48,681 10,182 116,872
Additions 1 - 39,706
Disposals - - -
At 29 February 2024 48,682 10,182 156,578
DEPRECIATION
At 1 March 2023 - 4,327 19,205
Charge for year 4,057 1,909 26,798
Eliminated on disposal - - -
At 29 February 2024 4,057 6,236 46,003
NET BOOK VALUE
At 29 February 2024 44,625 3,946 110,575
At 28 February 2023 48,681 5,855 97,667

CARE & CURE PARTNERSHIP LIMITED (REGISTERED NUMBER: 11404800)

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 40,590 9,556 225,881
Additions 37,840 319 77,866
Disposals (5,995 ) - (5,995 )
At 29 February 2024 72,435 9,875 297,752
DEPRECIATION
At 1 March 2023 11,725 2,986 38,243
Charge for year 10,225 1,954 44,943
Eliminated on disposal (3,597 ) - (3,597 )
At 29 February 2024 18,353 4,940 79,589
NET BOOK VALUE
At 29 February 2024 54,082 4,935 218,163
At 28 February 2023 28,865 6,570 187,638

The net book value of items included above under hire purchase agreements at 29th February 2024 amounted to £70,009 (2023: £90,177).

6. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 119,460 283,016
Amounts owed by group undertakings 400,997 -
Other debtors 48,820 58,453
Tax - 11,193
Prepayments 34,990 4,873
604,267 357,535

Amounts falling due after more than one year:
Other debtors 4,950 4,950

Aggregate amounts 609,217 362,485

CARE & CURE PARTNERSHIP LIMITED (REGISTERED NUMBER: 11404800)

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

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 313,518 33,670
Other loans - 436,171
Hire purchase contracts (see note 9) 24,317 24,510
Trade creditors 624,878 426,869
Amounts owed to group undertakings 200,323 111,058
Tax 34,078 -
Social security and other taxes 126 6,873
Other creditors 12,958 27,619
Directors' current accounts 10,000 10,000
Accrued expenses 191,483 3,546
1,411,681 1,080,316

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans - 1-2 years 52,086 34,916
Bank loans - 2-5 years 143,882 94,367
Bank loans more 5 yr by instal 367,739 129,425
Hire purchase contracts (see note 9) 47,310 77,359
Amounts owed to group undertakings 244,683 264,654
855,700 600,721

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 367,739 129,425

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 24,317 24,510
Between one and five years 47,310 77,359
71,627 101,869

Non-cancellable operating leases
2024 2023
£    £   
Within one year 67,983 51,525
Between one and five years 254,625 95,775
In more than five years 200,791 112,000
523,399 259,300

CARE & CURE PARTNERSHIP LIMITED (REGISTERED NUMBER: 11404800)

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

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 71,627 101,869
Bank loan 613,449 260,169
685,076 362,038

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

Bank loan is secured by way of a fixed charge and floating charge on the assets of the company.

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
10 Ordinary shares £1 10 10

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 two pharmacies during June 2024.

14. PARENT COMPANY

The parent Company is Wellbeing (United Kingdom) Limited.