Company registration number 03921152 (England and Wales)
WESTBOURNE PHARMACY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
PAGES FOR FILING WITH REGISTRAR
WESTBOURNE PHARMACY LIMITED
CONTENTS
Page
Accountants' report
2
Statement of financial position
3 - 4
Statement of changes in equity
5
Notes to the financial statements
6 - 13
WESTBOURNE PHARMACY LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr D Maroo
Mr H Shah
Secretary
Mr H Shah
Company number
03921152
Registered office
5th Floor
Watson House
54-60 Baker Street
London
United Kingdom
W1U 7BU
Accountants
King & King
Chartered Accountants
5th Floor
Watson House
54-60 Baker Street
London
W1U 7BU
Bankers
NatWest Bank Plc
81 High Street
Bedford
MK40 1YN
Lloyds Bank Plc
High Street
Bedford 309066
WESTBOURNE PHARMACY LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF WESTBOURNE PHARMACY LIMITED FOR THE YEAR ENDED 31 AUGUST 2024
- 2 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Westbourne Pharmacy Limited for the year ended 31 August 2024 which comprise, the statement of financial position, the statement of changes in equity and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the board of directors of Westbourne Pharmacy Limited, as a body, in accordance with the terms of our engagement letter dated 29 October 2018. Our work has been undertaken solely to prepare for your approval the financial statements of Westbourne Pharmacy Limited and state those matters that we have agreed to state to the board of directors of Westbourne Pharmacy Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Westbourne Pharmacy Limited and its board of directors as a body, for our work or for this report.

It is your duty to ensure that Westbourne Pharmacy Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Westbourne Pharmacy Limited. You consider that Westbourne Pharmacy Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Westbourne Pharmacy Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

King & King
Chartered Accountants
5th Floor
Watson House
54-60 Baker Street
London
W1U 7BU
6 May 2025
WESTBOURNE PHARMACY LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 AUGUST 2024
31 August 2024
- 3 -
2024
2023
Notes
£
£
£
£
Non-current assets
Intangible assets
4
206,419
966,153
Property, plant and equipment
5
146,359
93,077
352,778
1,059,230
Current assets
Inventories
357,469
330,737
Trade and other receivables
7
1,921,289
1,886,968
Cash and cash equivalents
5,926
16,602
2,284,684
2,234,307
Current liabilities
9
(1,031,829)
(935,558)
Net current assets
1,252,855
1,298,749
Total assets less current liabilities
1,605,633
2,357,979
Non-current liabilities
8
(1,469,631)
(1,526,401)
Provisions for liabilities
-
0
(17,527)
Net assets
136,002
814,051
Equity
Called up share capital
100
100
Retained earnings
135,902
813,951
Total equity
136,002
814,051

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

WESTBOURNE PHARMACY LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 AUGUST 2024
31 August 2024
- 4 -
The financial statements were approved by the board of directors and authorised for issue on 6 May 2025 and are signed on its behalf by:
Mr D  Maroo
Director
Company Registration No. 03921152
WESTBOURNE PHARMACY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2024
- 5 -
Share capital
Retained earnings
Total
£
£
£
Balance at 1 September 2022
100
917,636
917,736
Year ended 31 August 2023:
Loss and total comprehensive income for the year
-
(103,685)
(103,685)
Balance at 31 August 2023
100
813,951
814,051
Year ended 31 August 2024:
Loss and total comprehensive income for the year
-
(678,049)
(678,049)
Balance at 31 August 2024
100
135,902
136,002
WESTBOURNE PHARMACY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 6 -
1
Accounting policies
Company information

Westbourne Pharmacy Limited is a private company limited by shares incorporated in England and Wales. The registered office is 5th Floor, Watson House, 54-60 Baker Street, London, United Kingdom, W1U 7BU. . The Company registration number is 03921152.

1.1
Accounting convention

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

The financial statements are prepared in sterling, which is the functional currency of the entity.

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Revenue

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

 

1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 3 years.

 

In previous years goodwill was being amortised over 10 years and the directors have reviewed and adjusted the expected life to 3 years..

1.5
Property, plant and equipment

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

 

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

WESTBOURNE PHARMACY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 7 -

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Land and buildings
2% straight line
Plant and equipment
25% reducing balance
Furniture, fittings and equipment
25% reducing balance
Motor vehicles
25% reducing balance
1.6
Impairment of non-current assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

 

For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

1.7
Inventories

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

 

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

 

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

 

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

WESTBOURNE PHARMACY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 8 -
1.11
Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.

Current tax

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

1.12
Retirement benefits

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

 

When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.13
Leases
As lessee

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

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

As lessor

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

WESTBOURNE PHARMACY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 9 -
1.14
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.15
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
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 amount 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average number of persons employed by the company during the year amounted to

2024
2023
Number
Number
Total
46
43
WESTBOURNE PHARMACY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 10 -
4
Intangible fixed assets
Goodwill
£
Cost
At 1 September 2023 and 31 August 2024
2,765,582
Amortisation and impairment
At 1 September 2023
1,799,428
Amortisation charged for the year
759,735
At 31 August 2024
2,559,163
Carrying amount
At 31 August 2024
206,419
At 31 August 2023
966,153
5
Property, plant and equipment
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 September 2023
21,562
384,936
406,498
Additions
57,600
44,468
102,068
At 31 August 2024
79,162
429,404
508,566
Depreciation and impairment
At 1 September 2023
20,733
292,688
313,421
Depreciation charged in the year
14,607
34,179
48,786
At 31 August 2024
35,340
326,867
362,207
Carrying amount
At 31 August 2024
43,822
102,537
146,359
At 31 August 2023
829
92,248
93,077
6
Subsidiaries

Details of the company's subsidiaries at 31 August 2024 are as follows:

 

Clarepharm Limited

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Clarepharm Limited
England
Retail Pharmacy
Ordinary
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
WESTBOURNE PHARMACY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
6
Subsidiaries
(Continued)
- 11 -
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Clarepharm Limited
(878,342)
0
(1,165,947)
0
7
Trade and other receivables
2024
2023
Amounts falling due within one year:
£
£
Trade receivables
395,937
336,112
Amounts owed by group undertakings
1,439,454
1,439,304
Other receivables
85,898
111,552
1,921,289
1,886,968
8
Non-current liabilities
2024
2023
£
£
Bank loans and overdrafts
1,440,399
1,522,702
Other payables
29,232
3,699
1,469,631
1,526,401
Creditors which fall due after five years are payable as follows:
Payable by instalments
1,112,499
1,159,182
9
Current liabilities
2024
2023
£
£
Bank loans and overdrafts
245,823
95,415
Trade payables
574,292
590,991
Amounts owed to group undertakings and undertakings in which the company has a participating interest
78,618
138,208
Taxation and social security
24,655
20,249
Other payables
108,441
90,695
1,031,829
935,558
WESTBOURNE PHARMACY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 12 -
10
Borrowings
2024
2023
£
£
Bank loans
1,529,258
1,618,117
Bank overdrafts
156,964
-
0
1,686,222
1,618,117
Payable within one year
245,823
95,415
Payable after one year
1,440,399
1,522,702

The bank loan is secured by three mortgage debentures.

 

One contains a fixed and floating charge including a negative pledge over the three pharmacies, Westbourne , Harris and Janssens.

One contains a fixed and floating charge including a negative pledge over the company.

One contains a fixed charge including a negative pledge over the omnibus guarantee and set-off agreement.

11
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
6,697
6,473
In two to five years
29,232
-
0
35,929
6,473

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

12
Operating lease commitments

The total future minimum lease payments under non-cancellable operating leases are as follows:

2024
2023
£
£
247,500
297,000
13
Related party transactions

The Company has taken advantage of the exemptions available under FRS 102 Section 33.1A and as a results has not disclosed within the financial statements’ details of transactions with group members, undertaken during the year.

During the year rent includes £15,250 (2022- £15,000) paid to a related party.

2024
2023
Amounts due to related parties
£
£
WESTBOURNE PHARMACY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
13
Related party transactions
(Continued)
- 13 -
Entities with control, joint control or significant influence over the company
3,618
113,208
Entities over which the entity has control, joint control or significant influence
75,000
25,000
2024
2023
Amounts due from related parties
£
£
Entities with control, joint control or significant influence over the company
1,439,454
1,439,304

 

14
Parent company

The ultimate holding company is Modern Pharma Limited, a company incorporated in England.

The ultimate controlling party is Mr D K Maroo

15
Directors' transactions

During the year the directors entered into the following advances and credits with the company:

Dividends totalling £0 (2023 - £0) were paid in the year in respect of shares held by the company's directors.

Description
% Rate
Opening balance
Amounts repaid
Closing balance
£
£
£
Directors loan account
-
42,019
(4)
42,015
42,019
(4)
42,015
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