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REGISTERED NUMBER: SC191254 (Scotland)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024

FOR

GARDEN'S PHARMACY LIMITED

GARDEN'S PHARMACY LIMITED (REGISTERED NUMBER: SC191254)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


GARDEN'S PHARMACY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 29 FEBRUARY 2024







DIRECTORS: Mrs R Garden
D G Garden





REGISTERED OFFICE: Sentosa Lodge
Sinclair Hills
Fraserburgh
Aberdeenshire
AB43 7AL





REGISTERED NUMBER: SC191254 (Scotland)

GARDEN'S PHARMACY LIMITED (REGISTERED NUMBER: SC191254)

BALANCE SHEET
29 FEBRUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 - -
Tangible assets 6 590,408 542,108
Investment property 7 415,399 415,399
1,005,807 957,507

CURRENT ASSETS
Stocks 254,159 250,384
Debtors 8 1,533,273 1,257,756
Cash in hand 2,073 148
1,789,505 1,508,288
CREDITORS
Amounts falling due within one year 9 705,496 612,218
NET CURRENT ASSETS 1,084,009 896,070
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,089,816

1,853,577

CREDITORS
Amounts falling due after more than one
year

10

(1,047,923

)

(1,081,558

)

PROVISIONS FOR LIABILITIES (94,421 ) (60,805 )
NET ASSETS 947,472 711,214

CAPITAL AND RESERVES
Called up share capital 344,001 344,001
Revaluation reserve 12 70,406 70,406
Retained earnings 533,065 296,807
SHAREHOLDERS' FUNDS 947,472 711,214

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

GARDEN'S PHARMACY LIMITED (REGISTERED NUMBER: SC191254)

BALANCE SHEET - continued
29 FEBRUARY 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 approved by the Board of Directors and authorised for issue on 22 November 2024 and were signed on its behalf by:




Mrs R Garden - Director



D G Garden - Director


GARDEN'S PHARMACY LIMITED (REGISTERED NUMBER: SC191254)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1. STATUTORY INFORMATION

Garden's Pharmacy Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

The presentation currency of the financial statements is the Pound Sterling (£). Monetary amounts in these financial statements are rounded to the nearest pound.

Going Concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Significant judgements and estimates
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

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

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 or, if held under a finance lease, over the lease term, whichever is the shorter.
Land and buildings - 4% on cost
Plant and machinery etc - 20% on reducing balance and 15% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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


GARDEN'S PHARMACY LIMITED (REGISTERED NUMBER: SC191254)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

3. 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
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.

Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held in call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 34 (2023 - 33 ) .

GARDEN'S PHARMACY LIMITED (REGISTERED NUMBER: SC191254)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

5. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 March 2023
and 29 February 2024 2,065,645
AMORTISATION
At 1 March 2023
and 29 February 2024 2,065,645
NET BOOK VALUE
At 29 February 2024 -
At 28 February 2023 -

6. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 March 2023 561,009 738,398 1,299,407
Additions - 131,472 131,472
At 29 February 2024 561,009 869,870 1,430,879
DEPRECIATION
At 1 March 2023 340,239 417,060 757,299
Charge for year 19,262 63,910 83,172
At 29 February 2024 359,501 480,970 840,471
NET BOOK VALUE
At 29 February 2024 201,508 388,900 590,408
At 28 February 2023 220,770 321,338 542,108

GARDEN'S PHARMACY LIMITED (REGISTERED NUMBER: SC191254)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

6. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 March 2023 230,187
Additions 107,950
At 29 February 2024 338,137
DEPRECIATION
At 1 March 2023 25,479
Charge for year 41,835
At 29 February 2024 67,314
NET BOOK VALUE
At 29 February 2024 270,823
At 28 February 2023 204,708

7. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 March 2023
and 29 February 2024 415,399
NET BOOK VALUE
At 29 February 2024 415,399
At 28 February 2023 415,399

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 518,690 248,717
Other debtors 1,014,583 1,009,039
1,533,273 1,257,756

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 116,211 110,970
Hire purchase contracts 54,701 40,826
Trade creditors 363,434 362,361
Taxation and social security 128,481 53,332
Other creditors 42,669 44,729
705,496 612,218

GARDEN'S PHARMACY LIMITED (REGISTERED NUMBER: SC191254)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 852,939 938,983
Hire purchase contracts 194,984 142,575
1,047,923 1,081,558

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 510,389 575,319

11. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdrafts 25,782 17,762
Bank loans 943,368 1,032,191
Hire purchase contracts 249,685 183,401
1,218,835 1,233,354

The bank loan is secured by standard security over certain freehold property and the bank holds a floating charge over the company assets and a personal guarantee provided by the directors.

12. RESERVES
Revaluation
reserve
£   
At 1 March 2023
and 29 February 2024 70,406

13. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 29 February 2024 and 28 February 2023:

2024 2023
£    £   
D G Garden and Mrs R Garden
Balance outstanding at start of year 750,927 815,364
Amounts repaid (716 ) (64,437 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 750,211 750,927