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REGISTERED NUMBER: 04022675 (England and Wales)











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: G Ganassini
R Sedgwick
B Ganassini





REGISTERED OFFICE: Units 7 & 8
Vision Industrial Park
Kendal Avenue
Acton
London
W3 0AF





REGISTERED NUMBER: 04022675 (England and Wales)





AUDITORS: Cooper Parry Group Limited
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 66,915 46,707
Tangible assets 5 326,232 478,527
393,147 525,234

CURRENT ASSETS
Stocks 1,763,909 1,541,390
Debtors 6 2,098,467 2,484,102
Cash at bank and in hand 66,880 426,432
3,929,256 4,451,924
CREDITORS
Amounts falling due within one year 7 897,253 674,644
NET CURRENT ASSETS 3,032,003 3,777,280
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,425,150

4,302,514

CREDITORS
Amounts falling due after more than one
year

8

(1,104,899

)

(2,543,031

)

PROVISIONS FOR LIABILITIES 11 (108,431 ) (188,021 )
NET ASSETS 2,211,820 1,571,462

CAPITAL AND RESERVES
Called up share capital 12 3,070,000 70,000
Retained earnings (858,180 ) 1,501,462
SHAREHOLDERS' FUNDS 2,211,820 1,571,462

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 and authorised for issue by the Board of Directors and authorised for issue on 22 April 2025 and were signed on its behalf by:





B Ganassini - Director


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 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.

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 improvementsOver the period of the lease
Plant & machinery3 - 5 years straight line
Fixtures & fittings2 - 5 years straight line
Office equipment3 - 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 46 (2023 - 56 ) .

4. INTANGIBLE FIXED ASSETS
Development
Trademarks costs Totals
£ £ £
COST
At 1 January 2024 21,958 125,764 147,722
Additions - 50,329 50,329
At 31 December 2024 21,958 176,093 198,051
AMORTISATION
At 1 January 2024 21,958 79,057 101,015
Amortisation for year - 30,121 30,121
At 31 December 2024 21,958 109,178 131,136
NET BOOK VALUE
At 31 December 2024 - 66,915 66,915
At 31 December 2023 - 46,707 46,707

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 110,423 521,314 1,352,796 194,054 2,178,587
Additions - 14,952 - - 14,952
At 31 December 2024 110,423 536,266 1,352,796 194,054 2,193,539
DEPRECIATION
At 1 January 2024 110,423 317,856 1,112,262 159,519 1,700,060
Charge for year - 76,321 85,446 5,480 167,247
At 31 December 2024 110,423 394,177 1,197,708 164,999 1,867,307
NET BOOK VALUE
At 31 December 2024 - 142,089 155,088 29,055 326,232
At 31 December 2023 - 203,458 240,534 34,535 478,527

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade debtors 81,759 264,421
Amounts owed by group undertakings 1,711,150 1,923,526
Other debtors 305,558 296,155
2,098,467 2,484,102

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Bank loans (see note 9) - 71
Trade creditors 509,369 399,800
Amounts owed to group undertakings 227,447 86,413
Taxation and social security 52,234 60,823
Other creditors 108,203 127,537
897,253 674,644

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£ £
Amounts owed to group undertakings 1,100,000 2,500,000
Other creditors 4,899 43,031
1,104,899 2,543,031

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 - 71

10. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£ £
Within one year 448,658 489,600
Between one and five years 299,681 692,796
748,339 1,182,396

11. PROVISIONS FOR LIABILITIES
2024 2023
£ £
Deferred tax 42,562 76,816
Other provisions 65,869 111,205
108,431 188,021

Deferred Other
tax provisions
£ £
Balance at 1 January 2024 76,816 111,205
Credit to Income Statement during year (34,254 ) -
Utilised during year - (45,336 )
Balance at 31 December 2024 42,562 65,869

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: £ £
122,800 Ordinary £25 3,070,000 70,000

120,000 Ordinary shares of £25 each were allotted and fully paid for cash at par during the year.

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.

Jacqueline Biggs FCCA ACA (Senior Statutory Auditor)
for and on behalf of Cooper Parry Group Limited

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.