REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 March 2024 |
for |
The Pharmacy Group Corporation Ltd |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 March 2024 |
for |
The Pharmacy Group Corporation Ltd |
The Pharmacy Group Corporation Ltd (Registered number: 07728529) |
Contents of the Financial Statements |
for the Year Ended 31 March 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
The Pharmacy Group Corporation Ltd |
Company Information |
for the Year Ended 31 March 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants & Registered Auditors |
Richmond House |
Lawnswood Business Park |
Redvers Close |
Leeds |
West Yorkshire |
LS16 6QY |
The Pharmacy Group Corporation Ltd (Registered number: 07728529) |
Balance Sheet |
31 March 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Fair value reserve | 10 |
Retained earnings | ( |
) |
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 Pharmacy Group Corporation Ltd (Registered number: 07728529) |
Balance Sheet - continued |
31 March 2024 |
The financial statements were approved by the director and authorised for issue on |
The Pharmacy Group Corporation Ltd (Registered number: 07728529) |
Notes to the Financial Statements |
for the Year Ended 31 March 2024 |
1. | STATUTORY INFORMATION |
The Pharmacy Group Corporation Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 - licences |
Licenses represent the right to sell prescribed drugs in a retail outlet. The licences from the NHS are not attach to a specific leasehold property and exist in perpetuity. Accordingly the directors consider the licences to have an indefinite useful economic life and no amortisation is charged. The carrying value of the licences are subject to impairment reviews. |
Tangible fixed assets |
Fixtures and fittings | - |
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 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 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. |
The Pharmacy Group Corporation Ltd (Registered number: 07728529) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
2. | ACCOUNTING POLICIES - continued |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST OR VALUATION |
Additions |
Revaluations |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
Cost or valuation at 31 March 2024 is represented by: |
Other |
intangible |
assets |
£ |
Valuation in 2024 | 1,574,494 |
Cost | 4,285,506 |
5,860,000 |
The Pharmacy Group Corporation Ltd (Registered number: 07728529) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
and |
fittings |
£ |
COST |
Additions |
At 31 March 2024 |
DEPRECIATION |
Charge for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Bank loans |
Other creditors |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 3,040,459 | - |
The Pharmacy Group Corporation Ltd (Registered number: 07728529) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.3.24 | 31.3.23 |
£ | £ |
Bank loans |
Shawbrook Bank Ltd hold a fixed and floating charge over the assets and leases of the company. |
RxBridge Ltd hold a fixed and floating charge over the assets of the company. |
10. | RESERVES |
Fair |
value |
reserve |
£ |
Revaluation | 1,574,494 |
At 31 March 2024 |
11. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the year ended 31 March 2024 and the period ended 31 March 2023: |
31.3.24 | 31.3.23 |
£ | £ |
Balance outstanding at start of year |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |