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Registration number: 13792339

Pickfords Pharmacy Limited

Annual Report and Financial Statements

for the Period from 1 July 2022 to 31 December 2023

 

Pickfords Pharmacy Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 8

 

Pickfords Pharmacy Limited

Company Information

Directors

Mrs Mimi Lau-Smith

Mr Andrew Richardson

Registered office

8 Spencer Court
Corby
NN17 1NU

Auditors

Hazlewoods LLP
Staverton Court
Staverton
Cheltenham
GL51 0UX

 

Pickfords Pharmacy Limited

(Registration number: 13792339)
Balance Sheet as at 31 December 2023

Note

31 December 2023
£

Unaudited
30 June 2022
£

Fixed assets

 

Intangible assets

4

8,445,242

-

Tangible assets

5

724,977

-

 

9,170,219

-

Current assets

 

Stocks

928,874

-

Debtors

6

2,710,253

1

Cash at bank and in hand

 

866,227

-

 

4,505,354

1

Creditors: Amounts falling due within one year

7

(18,477,890)

-

Net current (liabilities)/assets

 

(13,972,536)

1

Net (liabilities)/assets

 

(4,802,317)

1

Capital and reserves

 

Called up share capital

1

1

Retained earnings

(4,802,318)

-

Shareholders' (deficit)/funds

 

(4,802,317)

1

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 30 April 2025 and signed on its behalf by:
 


Mrs Mimi Lau-Smith
Director


Mr Andrew Richardson
Director

 

Pickfords Pharmacy Limited

Notes to the Financial Statements for the Period from 1 July 2022 to 31 December 2023

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
8 Spencer Court
Corby
NN17 1NU
England

 

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Name of parent of group

These financial statements are consolidated in the financial statements of Ensco 1259 Limited.

The financial statements of Ensco 1259 Limited may be obtained from the company's registered office.

Going concern

Management has decided to sell the trade and assets held within the company with sale completions expected to be commencing over the next year. The company will then be liquidated once all sales have been completed. Therefore, the directors' do no consider it appropriate to prepare the financial statements on a going concern basis. This includes, where applicable, writing the company's assets down to their net realisable value and making provisions against contracts that have become onerous at the reporting date. No material adjustments arose as a result of ceasing to apply the going concern basis.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
 

Judgements

No significant judgements have been made by management in preparing these financial statements.

 

Pickfords Pharmacy Limited

Notes to the Financial Statements for the Period from 1 July 2022 to 31 December 2023

Key sources of estimation uncertainty

No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings and equipment

15% reducing balance

Computer equipment

25% reducing balance

Goodwill

Goodwill is amortised over its useful life, which shall not exceed five years if a reliable estimate of the useful life cannot be made.

Intangible assets

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date.

Negative goodwill arising on an acquisition is recognised on the face of the balance sheet on the acquisition date and subsequently the excess up to the fair value of non-monetary assets acquired is recognised in profit or loss in the periods in which the non-monetary assets are recovered.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% straight line

 

Pickfords Pharmacy Limited

Notes to the Financial Statements for the Period from 1 July 2022 to 31 December 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Pickfords Pharmacy Limited

Notes to the Financial Statements for the Period from 1 July 2022 to 31 December 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.


Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.


Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

 

Pickfords Pharmacy Limited

Notes to the Financial Statements for the Period from 1 July 2022 to 31 December 2023

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 217 (2022 - 0).

 

4

Intangible assets

Goodwill
 £

Total
£

Cost

Additions acquired separately

9,935,579

9,935,579

At 31 December 2023

9,935,579

9,935,579

Amortisation

Amortisation charge

1,490,337

1,490,337

At 31 December 2023

1,490,337

1,490,337

Carrying amount

At 31 December 2023

8,445,242

8,445,242

 

5

Tangible assets

Furniture, fittings and equipment
 £

Computer equipment
 £

Total
£

Cost

Additions

816,998

39,848

856,846

At 31 December 2023

816,998

39,848

856,846

Depreciation

Charge for the year

122,506

9,363

131,869

At 31 December 2023

122,506

9,363

131,869

Carrying amount

At 31 December 2023

694,492

30,485

724,977

 

6

Debtors

31 December 2023
£

Unaudited
30 June 2022
£

Trade debtors

1,285,105

-

Receivables from related parties

1,057,994

-

Prepayments

156,446

-

Other debtors

210,708

1

2,710,253

1

 

Pickfords Pharmacy Limited

Notes to the Financial Statements for the Period from 1 July 2022 to 31 December 2023

 

7

Creditors

Note

31 December 2023
£

Unaudited
30 June 2022
£

Due within one year

 

Loans and borrowings

62,517

-

Trade creditors

 

2,660,157

-

Amounts due to related parties

 

15,453,483

-

Taxation and social security

 

92,463

-

Accruals and deferred income

 

209,270

-

 

18,477,890

-

 

8

Audit report

The Independent Auditor's Report was qualified. Due to shortcomings in the quality of the accounting records of group companies for the prior period (which were not subject to audit), we have been unable to obtain sufficient, appropriate audit evidence in relation to trade creditors of those companies at 30 June 2022. As the businesses were hived up into this company on 1 July 2022 we have consequently been unable to obtain sufficient, appropriate audit evidence on the balances hived up, and therefore the amount of goodwill that arose at that point.

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 auditor responsibilities for the audit of the financial statements section of our report. We are independent to 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 qualified opinion.
The name of the Senior Statutory Auditor who signed the audit report on 30 April 2025 was Martin Howard, who signed for and on behalf of Hazlewoods LLP.

 

9

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

Unaudited
30 June
2022
£

Not later than one year

318,055

-

Later than one year and not later than five years

1,218,919

-

Later than five years

1,914,012

-

3,450,986

-

The amount of non-cancellable operating lease payments recognised as an expense during the period was £540,720 (2022 - £Nil).

 

10

Non adjusting events after the financial period

Since the year end, the company has completed the sale of twelve pharmacies for a total consideration of £5,993,000.