IRIS Accounts Production v24.3.2.46 SC194112 Board of Directors 1.7.23 30.6.24 30.6.24 Medium entities 109 100 true false true true false false false true false These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC1941122023-06-30SC1941122024-06-30SC1941122023-07-012024-06-30SC1941122022-05-31SC1941122022-06-012023-06-30SC1941122023-06-30SC194112ns15:Scotland2023-07-012024-06-30SC194112ns14:PoundSterling2023-07-012024-06-30SC194112ns10:Director12023-07-012024-06-30SC194112ns10:PrivateLimitedCompanyLtd2023-07-012024-06-30SC194112ns10:MediumEntities2023-07-012024-06-30SC194112ns10:Audited2023-07-012024-06-30SC194112ns10:Medium-sizedCompaniesRegimeForDirectorsReport2023-07-012024-06-30SC194112ns10:Medium-sizedCompaniesRegimeForAccounts2023-07-012024-06-30SC194112ns10:FullAccounts2023-07-012024-06-30SC19411212023-07-012024-06-30SC194112ns10:OrdinaryShareClass12023-07-012024-06-30SC194112ns10:Director22023-07-012024-06-30SC194112ns10:CompanySecretary12023-07-012024-06-30SC194112ns10:RegisteredOffice2023-07-012024-06-30SC194112ns5:CurrentFinancialInstruments2024-06-30SC194112ns5:CurrentFinancialInstruments2023-06-30SC194112ns5:Non-currentFinancialInstruments2024-06-30SC194112ns5:Non-currentFinancialInstruments2023-06-30SC194112ns5:ShareCapital2024-06-30SC194112ns5:ShareCapital2023-06-30SC194112ns5:RetainedEarningsAccumulatedLosses2024-06-30SC194112ns5:RetainedEarningsAccumulatedLosses2023-06-30SC194112ns5:ShareCapital2022-05-31SC194112ns5:RetainedEarningsAccumulatedLosses2022-05-31SC194112ns5:RetainedEarningsAccumulatedLosses2022-06-012023-06-30SC194112ns5:RetainedEarningsAccumulatedLosses2023-07-012024-06-30SC194112ns5:NetGoodwill2023-07-012024-06-30SC194112ns5:LandBuildingsns5:ShortLeaseholdAssets2023-07-012024-06-30SC194112ns5:PlantMachinery2023-07-012024-06-30SC194112ns5:FurnitureFittings2023-07-012024-06-30SC194112ns5:MotorVehicles2023-07-012024-06-30SC194112ns5:ComputerEquipment2023-07-012024-06-30SC194112ns5:PlantEquipmentOtherAssetsUnderOperatingLeases2023-07-012024-06-30SC194112ns5:PlantEquipmentOtherAssetsUnderOperatingLeases2022-06-012023-06-30SC194112ns5:OwnedAssets2023-07-012024-06-30SC194112ns5:OwnedAssets2022-06-012023-06-30SC194112ns5:LeasedAssets2023-07-012024-06-30SC194112ns5:LeasedAssets2022-06-012023-06-30SC194112ns5:NetGoodwill2022-06-012023-06-30SC194112ns5:HirePurchaseContracts2023-07-012024-06-30SC194112ns5:HirePurchaseContracts2022-06-012023-06-30SC194112132023-07-012024-06-30SC194112132022-06-012023-06-30SC194112142023-07-012024-06-30SC194112142022-06-012023-06-30SC194112ns10:OrdinaryShareClass12022-06-012023-06-30SC194112ns5:NetGoodwill2023-06-30SC194112ns5:NetGoodwill2024-06-30SC194112ns5:NetGoodwill2023-06-30SC194112ns5:LandBuildingsns5:ShortLeaseholdAssets2023-06-30SC194112ns5:PlantMachinery2023-06-30SC194112ns5:FurnitureFittings2023-06-30SC194112ns5:LandBuildingsns5:ShortLeaseholdAssets2024-06-30SC194112ns5:PlantMachinery2024-06-30SC194112ns5:FurnitureFittings2024-06-30SC194112ns5:LandBuildingsns5:ShortLeaseholdAssets2023-06-30SC194112ns5:PlantMachinery2023-06-30SC194112ns5:FurnitureFittings2023-06-30SC194112ns5:MotorVehicles2023-06-30SC194112ns5:ComputerEquipment2023-06-30SC194112ns5:MotorVehicles2024-06-30SC194112ns5:ComputerEquipment2024-06-30SC194112ns5:MotorVehicles2023-06-30SC194112ns5:ComputerEquipment2023-06-30SC194112ns5:WithinOneYearns5:CurrentFinancialInstruments2024-06-30SC194112ns5:WithinOneYearns5:CurrentFinancialInstruments2023-06-30SC194112ns5:BetweenOneTwoYearsns5:Non-currentFinancialInstruments2024-06-30SC194112ns5:BetweenOneTwoYearsns5:Non-currentFinancialInstruments2023-06-30SC194112ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2024-06-30SC194112ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-06-30SC194112ns5:WithinOneYear2024-06-30SC194112ns5:WithinOneYear2023-06-30SC194112ns5:BetweenOneFiveYears2024-06-30SC194112ns5:BetweenOneFiveYears2023-06-30SC194112ns5:MoreThanFiveYears2024-06-30SC194112ns5:MoreThanFiveYears2023-06-30SC194112ns5:AllPeriods2024-06-30SC194112ns5:AllPeriods2023-06-30SC194112ns5:Secured2024-06-30SC194112ns5:Secured2023-06-30SC194112ns5:DeferredTaxation2023-06-30SC194112ns5:DeferredTaxation2024-06-30SC194112ns10:OrdinaryShareClass12024-06-30SC1941121ns10:Director12023-06-30SC1941121ns10:Director12022-05-31SC1941121ns10:Director12023-07-012024-06-30SC1941121ns10:Director12022-06-012023-06-30SC1941121ns10:Director12024-06-30SC1941121ns10:Director12023-06-30SC19411212023-07-012024-06-30
REGISTERED NUMBER: SC194112 (Scotland)















Strategic Report, Report of the Directors and

Audited Financial Statements For The Year Ended 30 June 2024

for

J.P. Mackie & Company Ltd.

J.P. Mackie & Company Ltd. (Registered number: SC194112)






Contents of the Financial Statements
For The Year Ended 30 June 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Statement of Comprehensive Income 9

Statement of Financial Position 10

Statement of Changes in Equity 12

Statement of Cash Flows 13

Notes to the Statement of Cash Flows 14

Notes to the Financial Statements 16


J.P. Mackie & Company Ltd.

Company Information
For The Year Ended 30 June 2024







DIRECTORS: J P Mackie
S Conlon



SECRETARY: T Mackie



REGISTERED OFFICE: 1067 Pollokshaws Road
Glasgow
Strathclyde
G41 3YF



REGISTERED NUMBER: SC194112 (Scotland)



INDEPENDENT AUDITORS: Robb Ferguson
Chartered Accountants & Statutory Auditors
Regent Court
70 West Regent Street
Glasgow
G2 2QZ



BANKERS: Unity Trust Bank plc
9 Brindley place
Birmingham
B1 2JB

J.P. Mackie & Company Ltd. (Registered number: SC194112)

Strategic Report
For The Year Ended 30 June 2024

The directors present their strategic report for the year ended 30 June 2024.

REVIEW OF BUSINESS
The company made a profit before tax for the period of £373,487 (2023 - loss before tax £155,696).

The company continues to generate strong EBITDA figures year on year. EBITDA for the period ended 30 June 2024 amounted to £1,254,976.

The directors continue to focus on ensuring that the company can offer a timely and effective service, and consider that this puts the company in a strong position in the market place to be able to retain existing customers and attract new customers in the coming year.

PRINCIPAL RISKS AND UNCERTAINTIES
Finance risk management objectives and policies
The company's operations expose it to a variety of financial risks that include the effects of changes in credit risk and liquidity risk. The company seeks to limit the adverse effects on the financial performance by monitoring levels of debt finance and related finance costs.

Credit risk
The company has very limited exposure to credit rate risk due to all credit sales taking place with the NHS.

Liquidity risk
The company aims to mitigate risk by managing cash generated by its operations efficiently.

Interest rate cash flow risk
While the company utilises external debt, its exposure to interest rate risk is kept to a minimum via the use of derivatives on bank borrowings. The directors will revisit the appropriateness of this policy should the company's operations and financing requirements change in size or nature.

GOING CONCERN
The directors have assessed that the company has adequate resources to meet the ongoing costs of the business for a minimum of 12 months from the date of signing the financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

KEY PERFORMANCE INDICATORS
The directors have identified the following key financial performance indicators :

2024 2023
Turnover £13,621,209 £13,518,574
Gross profit 35.88% 31.35%
EBITDA £1,254,976 £852,692

ON BEHALF OF THE BOARD:





J P Mackie - Director


24 March 2025

J.P. Mackie & Company Ltd. (Registered number: SC194112)

Report of the Directors
For The Year Ended 30 June 2024

The directors present their report with the financial statements of the company for the year ended 30 June 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of a retail pharmacy.

DIVIDENDS
No interim dividend was paid during the year. The directors recommend a final dividend of £300 per share.

The total distribution of dividends for the year ended 30 June 2024 will be £ 30,000 .

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS
J P Mackie has held office during the whole of the period from 1 July 2023 to the date of this report.

Other changes in directors holding office are as follows:

S Conlon - appointed 1 April 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

J.P. Mackie & Company Ltd. (Registered number: SC194112)

Report of the Directors
For The Year Ended 30 June 2024


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:



J P Mackie - Director


24 March 2025

Report of the Independent Auditors to the Members of
J.P. Mackie & Company Ltd.

Opinion
We have audited the financial statements of J.P. Mackie & Company Ltd. (the 'company') for the year ended 30 June 2024 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30 June 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
J.P. Mackie & Company Ltd.


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
J.P. Mackie & Company Ltd.


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
- The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- We identified the laws and regulations applicable to the company through discussions with directors and other
management, and from our wider knowledge and experience;
- We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006 and FRS 102
- We assessed the extent of compliance with the laws and regulations identified above through making enquiries of
management and inspecting legal correspondence; and
- Identified laws and regulations were communicated within the audit team regularly and the team remained alert to
instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
- Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations

Audit response to risks identified
To address the risk of fraud through management bias and override of controls, we:
- Performed analytical procedures to identify any unusual or unexpected relationships;
- Tested journal entries to identify unusual transactions;
- Assessed whether judgements and assumptions made in determining the accounting estimates set out were indicative of potential bias; and
- Investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which
included, but were not limited to:
- Agreeing financial statement disclosures to underlying supporting documentation;
- Enquiring of management as to actual and potential litigation and claims; and
- Requesting correspondence with HMRC and Companies House.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance.

Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
J.P. Mackie & Company Ltd.


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Janice Alexander CA (Senior Statutory Auditor)
for and on behalf of Robb Ferguson
Chartered Accountants & Statutory Auditors
Regent Court
70 West Regent Street
Glasgow
G2 2QZ

25 March 2025

J.P. Mackie & Company Ltd. (Registered number: SC194112)

Statement of Comprehensive
Income
For The Year Ended 30 June 2024

Period
1.6.22
Year Ended to
30.6.24 30.6.23
Notes £    £   

TURNOVER 13,621,209 13,518,574

Cost of sales 8,732,571 9,279,299
GROSS PROFIT 4,888,638 4,239,275

Administrative expenses 4,057,909 4,364,981
830,729 (125,706 )

Other operating income 2,887 547,877
OPERATING PROFIT 4 833,616 422,171


Interest payable and similar expenses 5 460,129 577,867
PROFIT/(LOSS) BEFORE TAXATION 373,487 (155,696 )

Tax on profit/(loss) 6 95,711 (36,661 )
PROFIT/(LOSS) FOR THE FINANCIAL
YEAR

277,776

(119,035

)

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE
INCOME/(LOSS) FOR THE YEAR

277,776

(119,035

)

J.P. Mackie & Company Ltd. (Registered number: SC194112)

Statement of Financial Position
30 June 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 8 2,724,141 2,982,622
Tangible assets 9 1,418,390 1,220,231
4,142,531 4,202,853

CURRENT ASSETS
Stocks 10 680,993 692,034
Debtors 11 2,421,175 2,428,026
Cash at bank and in hand 927,524 513,447
4,029,692 3,633,507
CREDITORS
Amounts falling due within one year 12 2,321,154 2,075,085
NET CURRENT ASSETS 1,708,538 1,558,422
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,851,069

5,761,275

CREDITORS
Amounts falling due after more than one year 13 (5,605,585 ) (5,786,004 )

PROVISIONS FOR LIABILITIES 17 (270,977 ) (248,540 )
NET LIABILITIES (25,493 ) (273,269 )

CAPITAL AND RESERVES
Called up share capital 18 100 100
Retained earnings (25,593 ) (273,369 )
SHAREHOLDERS' FUNDS (25,493 ) (273,269 )

J.P. Mackie & Company Ltd. (Registered number: SC194112)

Statement of Financial Position - continued
30 June 2024


The financial statements were approved by the Board of Directors and authorised for issue on 24 March 2025 and were signed on its behalf by:





J P Mackie - Director


J.P. Mackie & Company Ltd. (Registered number: SC194112)

Statement of Changes in Equity
For The Year Ended 30 June 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 June 2022 100 (154,334 ) (154,234 )

Changes in equity
Total comprehensive loss - (119,035 ) (119,035 )
Balance at 30 June 2023 100 (273,369 ) (273,269 )

Changes in equity
Dividends - (30,000 ) (30,000 )
Total comprehensive income - 277,776 277,776
Balance at 30 June 2024 100 (25,593 ) (25,493 )

J.P. Mackie & Company Ltd. (Registered number: SC194112)

Statement of Cash Flows
For The Year Ended 30 June 2024

Period
1.6.22
Year Ended to
30.6.24 30.6.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,057,098 (32,961 )
Interest paid (460,129 ) (330,834 )
Interest element of hire purchase or finance
lease rental payments paid

-

(30,513

)
Finance costs paid - (216,520 )
Tax paid (49,999 ) (105,503 )
Net cash from operating activities 1,546,970 (716,331 )

Cash flows from investing activities
Purchase of tangible fixed assets (365,538 ) (19,778 )
Sale of tangible fixed assets 4,500 262,048
Net cash from investing activities (361,038 ) 242,270

Cash flows from financing activities
New loans in year - 6,000,000
Loan repayments in year (156,041 ) (5,067,402 )
Capital repayments in year - (277,085 )
Amount introduced by directors 15,000 619,000
Amount withdrawn by directors (600,814 ) (474,860 )
Equity dividends paid (30,000 ) -
Net cash from financing activities (771,855 ) 799,653

Increase in cash and cash equivalents 414,077 325,592
Cash and cash equivalents at beginning of
year

2

513,447

187,855

Cash and cash equivalents at end of year 2 927,524 513,447

J.P. Mackie & Company Ltd. (Registered number: SC194112)

Notes to the Statement of Cash Flows
For The Year Ended 30 June 2024

1. RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

Period
1.6.22
Year Ended to
30.6.24 30.6.23
£    £   
Profit/(loss) before taxation 373,487 (155,696 )
Depreciation charges 417,838 480,302
Loss/(profit) on disposal of fixed assets 3,522 (600 )
Finance costs 460,129 577,867
1,254,976 901,873
Decrease in stocks 11,041 101
Decrease/(increase) in trade and other debtors 586,098 (888,194 )
Increase/(decrease) in trade and other creditors 204,983 (46,741 )
Cash generated from operations 2,057,098 (32,961 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 30 June 2024
30.6.24 1.7.23
£    £   
Cash and cash equivalents 927,524 513,447
Period ended 30 June 2023
30.6.23 1.6.22
£    £   
Cash and cash equivalents 513,447 187,855


J.P. Mackie & Company Ltd. (Registered number: SC194112)

Notes to the Statement of Cash Flows
For The Year Ended 30 June 2024

3. ANALYSIS OF CHANGES IN NET DEBT

At 1.7.23 Cash flow At 30.6.24
£    £    £   
Net cash
Cash at bank and in hand 513,447 414,077 927,524
513,447 414,077 927,524
Debt
Debts falling due within 1 year (213,996 ) (24,377 ) (238,373 )
Debts falling due after 1 year (5,786,004 ) 180,419 (5,605,585 )
(6,000,000 ) 156,042 (5,843,958 )
Total (5,486,553 ) 570,119 (4,916,434 )

J.P. Mackie & Company Ltd. (Registered number: SC194112)

Notes to the Financial Statements
For The Year Ended 30 June 2024

1. STATUTORY INFORMATION

J.P. Mackie & Company Ltd. 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
The nature of the company's operations and principal activities are set out in the report of the directors on page 3.

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The company reports net liabilities on its statement of financial position as at the year-end date and as such the directors have considered the appropriateness of the going concern basis for preparing these accounts.
The company’s accounting policy is to recognise goodwill at amortised historical cost. At the year-end date, the market value of the company’s goodwill is significantly in excess of the carrying value of goodwill in the financial statements. Should goodwill be recognised at market valuation at the statement of financial position date, the company would report a significant positive net assets position.

As such, the directors are of the view that it is appropriate to prepare these accounts on the going concern basis.

The significant accounting policies applied in the preparation of the financial statements are set out below. The policies have been consistently applied to all years presented unless otherwise stated.

Turnover
Turnover represents net invoiced sale of goods, excluding value added tax. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of businesses, is being written off evenly over its estimated useful life of thirty years. Estimated useful lives are reviewed annually on a store by store basis, and are based on sector information and store performance (historical and projected).

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Leasehold property - 2% on reducing balance
Plant and machinery - 33% on reducing balance and 5% on reducing balance
Fixtures and fittings - 15% on reducing balance and Over the term of the lease
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on cost and 10% on cost

Impairment of assets
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 asset's 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 the statement of comprehensive income.

J.P. Mackie & Company Ltd. (Registered number: SC194112)

Notes to the Financial Statements - continued
For The Year Ended 30 June 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.

Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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 statement of financial position date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at thestatement of financial position 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 are capitalised in the balance sheet. Those held under the hire purchase contracts are depreciated over their estimated useful lives.

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 the statement of comprehensive income 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.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an agreement constitutes a finance transaction, it is measured at present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Loans and borrowings that are classified as payable or receivable within one year on initial recognition are measured at the undiscounted amount of cash or other consideration expected to be paid or received, net of impairment.

J.P. Mackie & Company Ltd. (Registered number: SC194112)

Notes to the Financial Statements - continued
For The Year Ended 30 June 2024

3. EMPLOYEES AND DIRECTORS

20242023
£   £   
Wages and salaries2,240,1252,168,918
Social security costs180,202155,064
Other pension costs70,626324,358
2,490,9532,648,340

The average number of employees during the year was as follows:

20242023
Pharmacy staff109100

The only member of key management are the directors.

Period
1.6.22
Year Ended to
30.6.24 30.6.23
£    £   
Directors' remuneration 56,909 22,750
Directors' pension contributions to money purchase schemes 1,226 261,448

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

Period
1.6.22
Year Ended to
30.6.24 30.6.23
£    £   
Hire of plant and machinery 25,728 25,399
Other operating leases 146,111 138,841
Depreciation - owned assets 159,357 138,292
Depreciation - assets on hire purchase contracts or finance leases - 61,991
Loss/(profit) on disposal of fixed assets 3,522 (600 )
Goodwill amortisation 258,481 280,019
Auditors' remuneration 7,200 6,800

J.P. Mackie & Company Ltd. (Registered number: SC194112)

Notes to the Financial Statements - continued
For The Year Ended 30 June 2024

5. INTEREST PAYABLE AND SIMILAR EXPENSES
Period
1.6.22
Year Ended to
30.6.24 30.6.23
£    £   
Bank loan interest 460,129 330,834
Hire purchase - 30,513
Fair value movement on
interest rate swap - 156,520
Bank arrangement fee - 60,000
460,129 577,867

6. TAXATION

Analysis of the tax charge/(credit)
The tax charge/(credit) on the profit for the year was as follows:
Period
1.6.22
Year Ended to
30.6.24 30.6.23
£    £   
Current tax:
UK corporation tax 73,274 87,313
Under/(over) provision - (47,840 )
Total current tax 73,274 39,473

Deferred tax 22,437 (76,134 )
Tax on profit/(loss) 95,711 (36,661 )

UK corporation tax has been charged at 25% (2023 - 20.50%).

J.P. Mackie & Company Ltd. (Registered number: SC194112)

Notes to the Financial Statements - continued
For The Year Ended 30 June 2024

6. TAXATION - continued

Reconciliation of total tax charge/(credit) included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

Period
1.6.22
Year Ended to
30.6.24 30.6.23
£    £   
Profit/(loss) before tax 373,487 (155,696 )
Profit/(loss) multiplied by the standard rate of corporation tax in the UK of
25% (2023 - 20.500%)

93,372

(31,918

)

Effects of:
Timing differences 14,556 100,082
Permanent differences 6,411 19,149
Deferred tax movement 22,439 (76,134 )
R&D claim (41,067 ) (47,840 )
Total tax charge/(credit) 95,711 (36,661 )

7. DIVIDENDS
Period
1.6.22
Year Ended to
30.6.24 30.6.23
£    £   
Ordinary shares of £1 each
Final 30,000 -

8. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 July 2023
and 30 June 2024 8,049,520
AMORTISATION
At 1 July 2023 5,066,898
Amortisation for year 258,481
At 30 June 2024 5,325,379
NET BOOK VALUE
At 30 June 2024 2,724,141
At 30 June 2023 2,982,622

J.P. Mackie & Company Ltd. (Registered number: SC194112)

Notes to the Financial Statements - continued
For The Year Ended 30 June 2024

9. TANGIBLE FIXED ASSETS
Fixtures
Leasehold Plant and and
property machinery fittings
£    £    £   
COST
At 1 July 2023 71,123 45,049 1,280,126
Additions - - 174,165
Disposals - - -
At 30 June 2024 71,123 45,049 1,454,291
DEPRECIATION
At 1 July 2023 13,983 35,670 606,278
Charge for year 1,143 1,341 47,807
Eliminated on disposal - - -
At 30 June 2024 15,126 37,011 654,085
NET BOOK VALUE
At 30 June 2024 55,997 8,038 800,206
At 30 June 2023 57,140 9,379 673,848

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 July 2023 176,195 803,514 2,376,007
Additions 135,959 55,414 365,538
Disposals (66,991 ) - (66,991 )
At 30 June 2024 245,163 858,928 2,674,554
DEPRECIATION
At 1 July 2023 106,778 393,067 1,155,776
Charge for year 27,657 81,409 159,357
Eliminated on disposal (58,969 ) - (58,969 )
At 30 June 2024 75,466 474,476 1,256,164
NET BOOK VALUE
At 30 June 2024 169,697 384,452 1,418,390
At 30 June 2023 69,417 410,447 1,220,231

10. STOCKS
2024 2023
£    £   
Stocks 680,993 692,034

J.P. Mackie & Company Ltd. (Registered number: SC194112)

Notes to the Financial Statements - continued
For The Year Ended 30 June 2024

11. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 1,075,407 1,071,535
Other debtors - 657,995
Directors' current accounts 995,789 409,975
Tax - 6,567
VAT 181,447 154,568
Prepayments and accrued income 103,532 77,386
2,356,175 2,378,026

Amounts falling due after more than one year:
Other debtors 65,000 50,000

Aggregate amounts 2,421,175 2,428,026

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 14) 238,373 213,996
Trade creditors 1,749,503 1,558,780
Tax 16,708 -
Social security and other taxes 47,390 46,197
Other creditors 224,887 224,887
Accrued expenses 44,293 31,225
2,321,154 2,075,085

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans (see note 14) 5,605,585 5,786,004

14. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 238,373 213,996

Amounts falling due between one and two years:
Bank loans - 1-2 years 257,441 231,183

J.P. Mackie & Company Ltd. (Registered number: SC194112)

Notes to the Financial Statements - continued
For The Year Ended 30 June 2024

14. LOANS - continued
2024 2023
£    £   
Amounts falling due between two and five years:
Bank loans - 2-5 years 902,602 811,036

Amounts falling due in more than five years:

Repayable by instalments
Loan - due more than 5 years 4,445,542 4,743,785

15. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 133,480 147,880
Between one and five years 533,920 536,224
In more than five years 1,463,376 1,575,271
2,130,776 2,259,375

16. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 5,843,958 6,000,000

Unity Bank Plc holds fixed and floating charges and standard security over the property and assets of the company.

17. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 270,977 248,540

Deferred
tax
£   
Balance at 1 July 2023 248,540
Movement in year 22,437
Balance at 30 June 2024 270,977

J.P. Mackie & Company Ltd. (Registered number: SC194112)

Notes to the Financial Statements - continued
For The Year Ended 30 June 2024

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100

19. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits from a director subsisted during the year ended 30 June 2024 and the period ended 30 June 2023:

2024 2023
£    £   
J P Mackie
Balance outstanding at start of year 409,975 554,115
Amounts advanced 600,962 474,860
Amounts repaid (15,148 ) (619,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 995,789 409,975

The company has assigned to the bank a life policy with Scottish Equitable plc over the life of J P Mackie, a director of the company.

J P Mackie, a director, has given a personal guarantee in respect of bank borrowings for a maximum of £600,000 plus relevant interest and charges due to the bank.

20. RELATED PARTY DISCLOSURES

At the year end, the company owed Primary Properties (Scotland) Limited, a company owned by secretary T Mackie, a balance of £65,000 (2023; £50,000).

21. POST BALANCE SHEET EVENTS

The company has advanced a loan of £200,000 post year end to a related company. The companies are related as the directors of the related party company are close family members of one of the directors of the company.