REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
FOR |
THE ORGANIC PHARMACY LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
FOR |
THE ORGANIC PHARMACY LIMITED |
THE ORGANIC PHARMACY LIMITED (REGISTERED NUMBER: 04022675) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
THE ORGANIC PHARMACY LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditor |
First Floor, Davidson House |
Forbury Square |
Reading |
Berkshire |
RG1 3EU |
THE ORGANIC PHARMACY LIMITED (REGISTERED NUMBER: 04022675) |
BALANCE SHEET |
31 DECEMBER 2024 |
2024 | 2023 |
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 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 11 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 12 |
Retained earnings | ( |
) |
SHAREHOLDERS' FUNDS |
The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on |
THE ORGANIC PHARMACY LIMITED (REGISTERED NUMBER: 04022675) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
1. | STATUTORY INFORMATION |
The Organic Pharmacy Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
The financial statements are rounded to the nearest £ |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. |
Going concern |
The financial statements have been prepared on a going concern basis as the company has the continued financial support from the group parent company. On this basis, the Directors consider it appropriate to prepare the financial statements on the going concern basis. |
Revenue |
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: |
Sale of goods |
Revenue from the sale of goods is recognised when all of the following conditions are satisfied: |
- the Company has transferred the significant risks and rewards of ownership to the buyer; |
- the Company retains neither continuing managerial involvement to the degree usually |
associated with ownership nor effective control over the goods sold; |
- the amount of revenue can be measured reliably; |
- it is probable that the Company will receive the consideration due under the transaction; and |
- the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
Intangible assets |
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. |
THE ORGANIC PHARMACY LIMITED (REGISTERED NUMBER: 04022675) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. |
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. |
The estimated useful lives range as follows: |
Leasehold property improvements | Over the period of the lease |
Plant & machinery | 3 - 5 years straight line |
Fixtures & fittings | 2 - 5 years straight line |
Office equipment | 3 - 5 years straight line |
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. |
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Profit and loss account. |
Stocks |
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. |
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss. |
Debtors |
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. |
THE ORGANIC PHARMACY LIMITED (REGISTERED NUMBER: 04022675) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
2. | ACCOUNTING POLICIES - continued |
Cash and cash equivalents |
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. |
Creditors |
Short term creditors are measured at the transaction price. Other financial liabilities, including bank |
loans, are measured initially at fair value, net of transaction costs, and are measured subsequently |
at amortised cost using the effective interest method. |
Provisions for liabilities |
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. |
Provisions are charged as an expense to the Profit and loss account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. |
When payments are eventually made, they are charged to the provision carried in the Balance sheet. |
Financial instruments |
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. |
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. |
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and loss account. |
Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
THE ORGANIC PHARMACY LIMITED (REGISTERED NUMBER: 04022675) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
2. | ACCOUNTING POLICIES - continued |
Current and deferred taxation |
The tax expense for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. |
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. |
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance sheet date, except that: |
- | The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and |
- | Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. profits. |
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
Foreign currencies |
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. |
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. |
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Profit and loss account except when deferred in other comprehensive income as qualifying cash flow hedges. |
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and loss account within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Profit and loss account within 'other operating income'. |
Operating leases |
Rentals paid under operating leases are charged to the Profit and loss account on a straight line basis over the lease term. |
THE ORGANIC PHARMACY LIMITED (REGISTERED NUMBER: 04022675) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
2. | ACCOUNTING POLICIES - continued |
Pensions |
Defined contribution pension plan |
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. |
The contributions are recognised as an expense in the Profit and loss account when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds. |
Interest income |
Interest income is recognised in the Profit and loss account using the effective interest method. |
Finance costs |
Finance costs are charged to the Profit and loss account over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument. |
Borrowing costs |
All borrowing costs are recognised in the Profit and loss account in the year in which they are incurred. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Development |
Trademarks | costs | Totals |
£ | £ | £ |
COST |
At 1 January 2024 |
Additions |
At 31 December 2024 |
AMORTISATION |
At 1 January 2024 |
Amortisation for year |
At 31 December 2024 |
NET BOOK VALUE |
At 31 December 2024 |
At 31 December 2023 |
THE ORGANIC PHARMACY LIMITED (REGISTERED NUMBER: 04022675) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
Short | Plant and | and | Computer |
leasehold | machinery | fittings | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 January 2024 |
Additions |
At 31 December 2024 |
DEPRECIATION |
At 1 January 2024 |
Charge for year |
At 31 December 2024 |
NET BOOK VALUE |
At 31 December 2024 |
At 31 December 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans (see note 9) |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Amounts owed to group undertakings |
Other creditors |
THE ORGANIC PHARMACY LIMITED (REGISTERED NUMBER: 04022675) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued |
Loan from parent |
At the balance sheet date the company had drawn down £1,100,000 (2023: £2,500,000) from it's parent, Istituto Ganassini S.P.A. Di Ricerche Biochimiche. Interest is paid on a quarterly basis at the 3-month EURIBOR 360 plus 1.06%. From 1st January 2027, the loan is due for repayment within a maximum of five years in quarterly installments. |
9. | LOANS |
An analysis of the maturity of loans is given below: |
2024 | 2023 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
10. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
11. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax | 42,562 | 76,816 |
Other provisions | 65,869 | 111,205 |
Deferred | Other |
tax | provisions |
£ | £ |
Balance at 1 January 2024 |
Credit to Income Statement during year | ( |
) |
Utilised during year | ( |
) |
Balance at 31 December 2024 |
Other provisions relate to an onerous lease. |
THE ORGANIC PHARMACY LIMITED (REGISTERED NUMBER: 04022675) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
12. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £25 | 3,070,000 | 70,000 |
120,000 Ordinary shares of £25 each were allotted and fully paid for |
During the year, the company converted a loan of £3,000,000 into equity. This was settled through the issuance of 120,000 ordinary shares at a nominal value of £25 per share. |
As a result: |
Borrowings were reduced by £3,000,000. |
Share capital increased by £3,000,000. |
13. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
14. | RELATED PARTY DISCLOSURES |
The Company has taken advantage of the exemption under paragraph 33.1A of FRS102 not to disclose transactions with other wholly owned group members. |
During the year the Company made sales of £461,518 (2023: £393,014) to iLaboratorio Ricerche Biochimche S.r.l., a connected party. At the year end £33,615 (2023: £59,899) was owed by iLaboratorio Ricerche Biochimche S.r.l. This amount is included within trade debtors. |
During the year the Company made purchases of £3,050 (2023: £21,754) from Bioclin S.r.l., a connected party. At the year end £93,358 (2023: £94,685) was owed to Bioclin S.r.l. This amount is included within trade creditors. |
15. | ULTIMATE CONTROLLING PARTY |
The Company is a wholly owned subsidiary of the Istituto Ganassini S.P.A. Di Ricerche Biochimiche. |
Istituto Ganassini S.P.A. Di Ricerche Biochimiche prepares consolidated financial statements and is both the largest & smallest group of undertakings for which consolidated financial statements are drawn up. Copies can be obtained from its principal place of business is Via P.Gaggia, 16, 20139 Milan, Italy. |