Company registration number 01771643 (England and Wales)
OCTAPHARM LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
OCTAPHARM LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
OCTAPHARM LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,474
3,306
Current assets
Stocks
21,020
42,017
Debtors
4
81,673
112,321
Cash at bank and in hand
111,593
208,750
214,286
363,088
Creditors: amounts falling due within one year
5
(308,603)
(333,979)
Net current (liabilities)/assets
(94,317)
29,109
Net (liabilities)/assets
(91,843)
32,415
Capital and reserves
Called up share capital
800
800
Profit and loss reserves
6
(92,643)
31,615
Total equity
(91,843)
32,415

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 20 March 2025 and are signed on its behalf by:
Ms V A Giles
Director
Company registration number 01771643 (England and Wales)
OCTAPHARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information

Octapharm Limited is a private company limited by shares incorporated in England and Wales. The registered office is L Rowland & Co Limited, Rivington Road, Whitehouse Ind Estate, Runcorn, Cheshire, England, WA7 3DJ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

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

1.2
Going concern

The Company meets its day to day working capital requirements through cash generated from operations. The company's financial forecasts show that the company is expected to improve its EBITBA and as a result cash position going forward supported by confirmed incremental funding in the Pharmacy contract and underlying Market volume growth.true

On the basis of their assessment of the Company’s financial position the Company’s directors have a reasonable expectation that the Company will be able to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

1.3
Turnover

The turnover shown in the profit and loss account represents revenue recognised by the company in respect of goods and services supplied during the period, exclusive of value added tax and trade discount.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
15% on cost
Computer equipment
33% on cost and 25% on cost
1.5
Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

OCTAPHARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments

Debtors

Short term debtors are measured at transaction price, less any impairment losses for bad and doubtful debts.

 

Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad or doubtful debts.

 

Creditors

Short term creditors are measured at transaction price.

 

Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end 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.

1.8
Leases

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the

period of the lease.

 

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
6
7
OCTAPHARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
3
Tangible fixed assets
Fixtures and fittings
Computer equipment
Total
£
£
£
Cost
At 1 April 2023
55,948
15,929
71,877
Additions
-
0
625
625
Disposals
-
0
(418)
(418)
At 31 March 2024
55,948
16,136
72,084
Depreciation and impairment
At 1 April 2023
55,771
12,800
68,571
Depreciation charged in the year
27
1,430
1,457
Eliminated in respect of disposals
-
0
(418)
(418)
At 31 March 2024
55,798
13,812
69,610
Carrying amount
At 31 March 2024
150
2,324
2,474
At 31 March 2023
177
3,129
3,306
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
64,932
87,531
Other debtors
10,542
15,263
Prepayments and accrued income
6,199
9,527
81,673
112,321
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
110,489
158,449
Taxation and social security
2,034
1,876
Accruals and deferred income
196,080
173,654
308,603
333,979

Accruals include an additional provision of £187,673 (2023: £165,003) for rent arrears potentially payable on renewal of the lease of the pharmacy premises. The lease renewal is still being negotiated and the final terms and rent due under the lease renewal have not yet been agreed.

OCTAPHARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
6
Profit and loss reserves
2024
2023
£
£
At the beginning of the year
31,615
99,186
Loss for the year
(124,258)
(67,571)
At the end of the year
(92,643)
31,615
7
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

The senior statutory auditor was Julie Watts and the auditor was James Todd & Co Limited.
8
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
Within one year
71,409
71,409
Between two and five years
5,925
10,665
77,334
82,074

See note 5 regards the renewal of the lease for the pharmacy premises. As the lease has not yet been renewed this has been shown as an ongoing commitment due within one year but at the new proposed rent rate.

9
Going Concern

The company since the year ending 31 March 2024, has continued to make losses, which has cast doubt on the entity's ability to continue as a going concern within the next 12 months, however as detailed in note 1.2, actions are being taken by the Directors to deal with this and forecast a return to profitability.

10
Directors' transactions

No management charges were payable to the directors for the year ended 31 March 2024 (2023: Nil).

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