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REGISTERED NUMBER: 13496086 (England and Wales)









CHAN'S PHARMA LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024






CHAN'S PHARMA LTD (REGISTERED NUMBER: 13496086)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


CHAN'S PHARMA LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTOR: C K Chan





REGISTERED OFFICE: Churchgate House
3 Church Road
Whitchurch
Cardiff
SOUTH GLAMORGAN
CF14 2DX





REGISTERED NUMBER: 13496086 (England and Wales)






CHAN'S PHARMA LTD (REGISTERED NUMBER: 13496086)

BALANCE SHEET
30 JUNE 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 490,667 528,411
Tangible assets 5 19,351 25,801
510,018 554,212

CURRENT ASSETS
Stocks 6 36,500 36,500
Debtors 7 157,290 77,754
Cash at bank and in hand 10,110 98,510
203,900 212,764
CREDITORS
Amounts falling due within one year 8 356,914 368,699
NET CURRENT LIABILITIES (153,014 ) (155,935 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

357,004

398,277

CREDITORS
Amounts falling due after more than one
year

9

(400,158

)

(420,730

)

PROVISIONS FOR LIABILITIES 12 (3,870 ) -
NET LIABILITIES (47,024 ) (22,453 )

CHAN'S PHARMA LTD (REGISTERED NUMBER: 13496086)

BALANCE SHEET - continued
30 JUNE 2024

2024 2023
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 13 100 100
Retained earnings (47,124 ) (22,553 )
SHAREHOLDERS' FUNDS (47,024 ) (22,453 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

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 director and authorised for issue on 17 March 2025 and were signed by:





C K Chan - Director


CHAN'S PHARMA LTD (REGISTERED NUMBER: 13496086)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1. STATUTORY INFORMATION

Chan's Pharma 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.

Going concern
The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. In making their assessment, the director has reviewed the balance sheet, the likely future cashflows of the business and has considered the facilities that are available to the company along with their continued support.

At the date of approving the financial statements the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and that the going concern basis of accounting remains appropriate. The director continues 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, which are described in note 2, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Goodwill Amortisation
The directors have exercised judgement in determining the useful economic life of goodwill. Goodwill is amortised over a period that reflects the expected duration over which the business will generate economic benefits. Following a reassessment, the amortisation period has been revised to better align with the underlying factors influencing the business's future performance.

This change has been applied prospectively, and the financial impact has been incorporated into the current year's financial statements. The directors regularly review the carrying value of goodwill to ensure it remains appropriate and assess whether any indicators of impairment exist.

CHAN'S PHARMA LTD (REGISTERED NUMBER: 13496086)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

2. ACCOUNTING POLICIES - continued

Turnover
Turnover is measured at fair value of the consideration received or receivable net of VAT and discounts. The policies adopted for the recognition of turnover are as follows:-

Revenue represents retail sales to customers and is measured at fair value of the consideration received or receivable and is recognised on the day that the sale is made.

Revenue from NHS services, including prescriptions and other related services, is recognised when the pharmacy has provided the service and is entitled to receive payment.This includes NHS prescriptions dispensed, which are recorded as turnover once verified and submitted for reimbursement, and any NHS income for commissioned services, which is recognised when the service obligation to the NHS is met.

Employee benefits
The costs of short-term employee benefit are recognised as a liability and an expense, unless those costs are required to be recognised as part of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee's
services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Goodwill
Goodwill arising from acquisitions is capitalised as an intangible asset and amortised over its useful economic life. Previously, goodwill was amortised over 15 years from the date of acquisition. Following a reassessment of the asset's useful life, the company has determined that the remaining goodwill should now be amortised over the remaining lease term of 14 years to better reflect the economic benefits derived from the acquired business.
The change in amortisation period has been applied prospectively from 1 July 2023, with the revised charge reflected in the current year's financial statements. This change results in an adjusted annual amortisation expense, which has been accounted for in accordance with FRS 102 Section 18 (Intangible Assets other than Goodwill).

The directors have reviewed the carrying value of goodwill and have determined that no impairment is required as at 30 September 2024

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
At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Stocks
Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell.


CHAN'S PHARMA LTD (REGISTERED NUMBER: 13496086)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

2. 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
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.

Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefit will be required in settlement and the amount can be reliably estimated.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the assets cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

CHAN'S PHARMA LTD (REGISTERED NUMBER: 13496086)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

2. ACCOUNTING POLICIES - continued

Cash and cash equivalents
Cash and cash equivalents are basic financial instruments and include cash in hand and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Financial instruments
The company has elected to apply the provisions of Section 11 "Basic Financial Instruments".
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realize the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include trade and other debtors, loans to related companies and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortized cost using the effective interest method unless the arrangement constitutes a financing transaction, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest.

Basic financial liabilities
Basic financial liabilities, including trade and other creditors, loans to related companies and bank loans are initially recognised at transaction price unless the arrangement constitutes a financial transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 4 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 July 2023
and 30 June 2024 587,123
AMORTISATION
At 1 July 2023 58,712
Amortisation for year 37,744
At 30 June 2024 96,456
NET BOOK VALUE
At 30 June 2024 490,667
At 30 June 2023 528,411

CHAN'S PHARMA LTD (REGISTERED NUMBER: 13496086)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

5. TANGIBLE FIXED ASSETS
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 July 2023
and 30 June 2024 30,001 4,400 34,401
DEPRECIATION
At 1 July 2023 7,500 1,100 8,600
Charge for year 5,625 825 6,450
At 30 June 2024 13,125 1,925 15,050
NET BOOK VALUE
At 30 June 2024 16,876 2,475 19,351
At 30 June 2023 22,501 3,300 25,801

6. STOCKS
2024 2023
£    £   
Stocks 36,500 36,500

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 132,440 53,091
Other debtors 24,850 24,663
157,290 77,754

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 20,572 20,572
Trade creditors 90,256 95,760
Amounts owed to group undertakings 233,951 242,951
Taxation and social security 9,202 7,104
Other creditors 2,933 2,312
356,914 368,699

CHAN'S PHARMA LTD (REGISTERED NUMBER: 13496086)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2024 2023
£    £   
Bank loans 400,158 420,730

10. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 15,000 15,000
Between one and five years 75,000 75,000
In more than five years 120,000 135,000
210,000 225,000

11. SECURED DEBTS

The company's bankers hold a fixed and floating charge including a negative pledge over all company properties and undertaking.

12. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 3,870 -

Deferred
tax
£   
Accelerated capital allowances 3,870
Balance at 30 June 2024 3,870

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
60 Ordinary A £1 60 60
20 Ordinary B £1 20 20
20 Ordinary C £1 20 20
100 100

CHAN'S PHARMA LTD (REGISTERED NUMBER: 13496086)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

14. RELATED PARTY DISCLOSURES

The company's ultimate parent company is C K Chan Limited, which holds a 60% ownership stake. As at 30 June 2024, an amount of £6,060 (2023: £6,060) was owed by the company to C K Chan Ltd. This balance is included within creditors falling due within one year.

As at 30 June 2024, an amount of £32,000 (2023: £32,000) was owed by the company to Gravells Llangenneh Ltd. This balance is included within creditors falling due within one year. Gravells Llangenneh Ltd is considered a related party due to common director and ownership.

As at 30 June 2024, an amount of £195,891 (2023: £204,891) was owed by the company to Pentyrch Pharmacy Ltd. This balance is included within creditors falling due within one year. Pentyrch Pharmacy Ltd is considered a related party due to common director and ownership.

All related party transactions were unsecured, interest-free, and repayable on demand, unless otherwise stated.