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REGISTERED NUMBER: 08089515 (England and Wales)















Financial Statements for the Year Ended 31 May 2024

for

MSN Pharm Ltd

MSN Pharm Ltd (Registered number: 08089515)






Contents of the Financial Statements
for the Year Ended 31 May 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MSN Pharm Ltd

Company Information
for the Year Ended 31 May 2024







DIRECTORS: Mr R S Nagra
Mrs A Nagra





REGISTERED OFFICE: 30 Great Bridge
Tipton
West Midlands
DY4 7EW





REGISTERED NUMBER: 08089515 (England and Wales)





ACCOUNTANTS: Aggarwal & Co
Chartered Certified Accountants
471 Green Lane
Coventry
West Midlands
CV3 6EL

MSN Pharm Ltd (Registered number: 08089515)

Balance Sheet
31 May 2024

31.5.24 31.5.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 49,924 116,493
Tangible assets 5 137,021 133,859
Investments 6 4,044,893 4,044,893
4,231,838 4,295,245

CURRENT ASSETS
Stocks 71,731 61,068
Debtors 7 1,179,347 1,260,480
Cash at bank and in hand 151,374 68,082
1,402,452 1,389,630
CREDITORS
Amounts falling due within one year 8 2,447,399 2,440,158
NET CURRENT LIABILITIES (1,044,947 ) (1,050,528 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,186,891

3,244,717

CREDITORS
Amounts falling due after more than one
year

9

(2,604,897

)

(2,768,327

)

PROVISIONS FOR LIABILITIES 11 (28,145 ) (31,901 )
NET ASSETS 553,849 444,489

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 12 553,749 444,389
SHAREHOLDERS' FUNDS 553,849 444,489

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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.

MSN Pharm Ltd (Registered number: 08089515)

Balance Sheet - continued
31 May 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 4 February 2025 and were signed on its behalf by:





Mr R S Nagra - Director


MSN Pharm Ltd (Registered number: 08089515)

Notes to the Financial Statements
for the Year Ended 31 May 2024

1. STATUTORY INFORMATION

MSN Pharm 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 as modified by the revaluation of certain assets.

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

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2015, is being amortised evenly over its estimated useful life of ten 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.

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 - 10% on cost
Fixtures, fittings & equipment - 25% on reducing balance
Motor vehicle - 25% on reducing balance

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.

MSN Pharm Ltd (Registered number: 08089515)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

2. ACCOUNTING POLICIES - continued

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2023 - 11 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 June 2023
and 31 May 2024 1,115,687
AMORTISATION
At 1 June 2023 999,194
Amortisation for year 66,569
At 31 May 2024 1,065,763
NET BOOK VALUE
At 31 May 2024 49,924
At 31 May 2023 116,493

5. TANGIBLE FIXED ASSETS
Improvements Fixtures,
to fittings Motor
property & equipment vehicle Totals
£    £    £    £   
COST
At 1 June 2023 31,252 103,685 150,599 285,536
Additions - 42,309 66,990 109,299
Disposals - - (84,214 ) (84,214 )
At 31 May 2024 31,252 145,994 133,375 310,621
DEPRECIATION
At 1 June 2023 25,000 81,968 44,709 151,677
Charge for year 3,125 15,382 28,417 46,924
Eliminated on disposal - - (25,001 ) (25,001 )
At 31 May 2024 28,125 97,350 48,125 173,600
NET BOOK VALUE
At 31 May 2024 3,127 48,644 85,250 137,021
At 31 May 2023 6,252 21,717 105,890 133,859

MSN Pharm Ltd (Registered number: 08089515)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

6. FIXED ASSET INVESTMENTS
Shares in
group
undertaking
£   
COST
At 1 June 2023
and 31 May 2024 4,044,893
NET BOOK VALUE
At 31 May 2024 4,044,893
At 31 May 2023 4,044,893

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

Pharmaunison Limited
Registered office: UK
Nature of business: Dispensing Chemists
%
Class of shares: holding
Ordinary 100.00

Pharmaunison Limited Cost £756,593

MSN Primary Healthcare Ltd
Registered office: UK
Nature of business: Dispensing Chemists
%
Class of shares: holding
Ordinary 100.00

MSN Primary Healthcare Ltd Cost £100

Lunts Pharmacies Limited
Registered office: UK
Nature of business: Dispensing Chemists
%
Class of shares: holding
Ordinary 100.00

Lunts Pharmacies Limited Cost £2,168,149

Giles Evans Limited
Registered office: UK
Nature of business: Dispensing Chemists
%
Class of shares: holding
Ordinary 100.00

Giles Evans Limited Cost £1,120,051

____________

£4,044,893
==========

MSN Pharm Ltd (Registered number: 08089515)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Trade debtors 135,258 131,008
Amounts owed by group undertakings 143,264 152,150
Other debtors 900,825 977,322
1,179,347 1,260,480

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Bank loans and overdrafts 174,464 191,456
Trade creditors 209,356 190,228
Amounts owed to group undertakings 976,500 1,087,847
Taxation and social security 15,091 9,842
Other creditors 1,071,988 960,785
2,447,399 2,440,158

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.5.24 31.5.23
£    £   
Bank loans 2,604,897 2,768,327

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 1,871,305 1,960,812

10. SECURED DEBTS

The following secured debts are included within creditors:

31.5.24 31.5.23
£    £   
Bank loans 2,779,361 2,959,783

11. PROVISIONS FOR LIABILITIES
31.5.24 31.5.23
£    £   
Deferred tax 28,145 31,901

Deferred
tax
£   
Balance at 1 June 2023 31,901
Utilised during year (3,756 )
Balance at 31 May 2024 28,145

MSN Pharm Ltd (Registered number: 08089515)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

12. RESERVES
Retained
earnings
£   

At 1 June 2023 444,389
Profit for the year 126,360
Dividends (17,000 )
At 31 May 2024 553,749

13. ULTIMATE CONTROLLING PARTY

The controlling party is Mr R S Nagra and Mrs A Nagra.