IRIS Accounts Productionv25.1.0.73412535655Board of Directors1.9.2331.8.2431.8.24Medium entitiesDispensing chemist in specialised storestruefalsetruetruefalsefalsetruefalseThese accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime.Ordinary1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh125356552023-08-31125356552024-08-31125356552023-09-012024-08-31125356552022-08-31125356552022-09-012023-08-31125356552023-08-3112535655ns15:EnglandWales2023-09-012024-08-3112535655ns14:PoundSterling2023-09-012024-08-3112535655ns10:Director12023-09-012024-08-3112535655ns10:PrivateLimitedCompanyLtd2023-09-012024-08-3112535655ns10:MediumEntities2023-09-012024-08-3112535655ns10:Audited2023-09-012024-08-3112535655ns10:Medium-sizedCompaniesRegimeForDirectorsReport2023-09-012024-08-3112535655ns10:Medium-sizedCompaniesRegimeForAccounts2023-09-012024-08-3112535655ns10:FullAccounts2023-09-012024-08-3112535655ns10:OrdinaryShareClass12023-09-012024-08-3112535655ns10:Director22023-09-012024-08-3112535655ns10:Director32023-09-012024-08-3112535655ns10:Director42023-09-012024-08-3112535655ns10:RegisteredOffice2023-09-012024-08-3112535655ns10:Director52023-09-012024-08-3112535655ns5:CurrentFinancialInstruments2024-08-3112535655ns5:CurrentFinancialInstruments2023-08-3112535655ns5:ShareCapital2024-08-3112535655ns5:ShareCapital2023-08-3112535655ns5:RetainedEarningsAccumulatedLosses2024-08-3112535655ns5:RetainedEarningsAccumulatedLosses2023-08-3112535655ns5:ShareCapital2022-08-3112535655ns5:RetainedEarningsAccumulatedLosses2022-08-3112535655ns5:RetainedEarningsAccumulatedLosses2022-09-012023-08-3112535655ns5:RetainedEarningsAccumulatedLosses2023-09-012024-08-311253565512023-09-012024-08-3112535655ns5:ReportableOperatingSegment12023-09-012024-08-3112535655ns5:ReportableOperatingSegment12022-09-012023-08-3112535655ns5:TotalReportableOperatingSegmentsIncludingAnyUnallocatedAmount2023-09-012024-08-3112535655ns5:TotalReportableOperatingSegmentsIncludingAnyUnallocatedAmount2022-09-012023-08-3112535655ns15:UnitedKingdom2023-09-012024-08-3112535655ns15:UnitedKingdom2022-09-012023-08-3112535655ns5:TotalGeographicSegmentsIncludingAnyUnallocatedAmount2023-09-012024-08-3112535655ns5:TotalGeographicSegmentsIncludingAnyUnallocatedAmount2022-09-012023-08-3112535655ns5:OwnedAssets2023-09-012024-08-3112535655ns5:OwnedAssets2022-09-012023-08-3112535655ns5:PlantMachinery2023-08-3112535655ns5:PlantMachinery2023-09-012024-08-3112535655ns5:PlantMachinery2024-08-3112535655ns5:PlantMachinery2023-08-3112535655ns5:WithinOneYearns5:CurrentFinancialInstruments2024-08-3112535655ns5:WithinOneYearns5:CurrentFinancialInstruments2023-08-3112535655ns5:WithinOneYear2024-08-3112535655ns5:WithinOneYear2023-08-3112535655ns5:BetweenOneFiveYears2024-08-3112535655ns5:BetweenOneFiveYears2023-08-3112535655ns5:AllPeriods2024-08-3112535655ns5:AllPeriods2023-08-3112535655ns5:DeferredTaxation2023-08-3112535655ns5:DeferredTaxation2023-09-012024-08-3112535655ns5:DeferredTaxation2024-08-3112535655ns10:OrdinaryShareClass12024-08-3112535655ns5:RetainedEarningsAccumulatedLosses2023-08-3112535655ns5:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity2023-09-012024-08-31

REGISTERED NUMBER: 12535655 (England and Wales)










FEEL GOOD PHARMA LTD

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024






FEEL GOOD PHARMA LTD (REGISTERED NUMBER: 12535655)







CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024





Page



Company Information  

1



Strategic Report  

2



Report of the Directors  

3



Report of the Independent Auditors  

5



Income Statement  

9



Other Comprehensive Income  

10



Balance Sheet  

11



Statement of Changes in Equity  

12



Cash Flow Statement  

13



Notes to the Cash Flow Statement  

14



Notes to the Financial Statements

15




FEEL GOOD PHARMA LTD


COMPANY INFORMATION

FOR THE YEAR ENDED 31 AUGUST 2024









DIRECTORS:

G J Bosher


H H H Cary


W J Gibbs


J A Mishreki







REGISTERED OFFICE:

Unit 5 Oakwood Business Park


Park Royal


London


NW10 6EX







REGISTERED NUMBER:

12535655 (England and Wales)







AUDITORS:

UHY Hacker Young (Birmingham) LLP,


Statutory Auditor


9-11 Vittoria Street


Birmingham


B1 3ND


FEEL GOOD PHARMA LTD (REGISTERED NUMBER: 12535655)


STRATEGIC REPORT

FOR THE YEAR ENDED 31 AUGUST 2024


The directors are happy to report on continued growth during the period. The company operates only in the UK, and as a subscription business benefits from predictable revenue from repeating customers. Continual investment in infrastructure and good relationships with suppliers allow the group to scale while maintaining our strong gross margins.


BUSINESS REVIEW

The company has reported a turnover of £29,645,929 (2023: £24,046,226) and a pre-tax profit of £16,134,578 (2023: £13,648,506) for the year. The company has total shareholder's funds of £41,308,636 as at 31 August 2024 (2023: £25,329,612).


-


Turnover increased from 2023 by £5,599,703 (23%).


-


Pre-tax profit increased from 2023 by £2,486,072 (18%).


-


Cash held at year end is £456,296 up from £175,977 in 2023.



PRINCIPAL RISKS AND UNCERTAINTIES

The three risk areas that have been identified by the directors are as follows:


Recruitment of enough qualified, specialist staff for continued business growth.


Factory capacity. Although we have a large site, growing brings us closer to capacity.


Shipping and transportation. The company relies on the international supply chain, any disruption can slow production and increase costs.


FINANCIAL KEY PERFORMANCE INDICATORS


31/08/2024


31/08/2023


      


   


                                                                                                  £                              £

Turnover


29,645,929


24,046,226


Profit margin %


54%


57%




ON BEHALF OF THE BOARD:






H H H Cary - Director



21 May 2025


FEEL GOOD PHARMA LTD (REGISTERED NUMBER: 12535655)


REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 AUGUST 2024


The directors present their report with the financial statements of the company for the year ended 31 August 2024.  


DIVIDENDS

No dividends will be distributed for the year ended 31 August 2024.


FUTURE DEVELOPMENTS

The company will continue to optimise both the factory and it's online direct to consumer systems to ensure they can continue to show healthy growth in the future.


DIRECTORS

The directors shown below have held office during the whole of the period from 1 September 2023 to the date of this report.


G J Bosher

H H H Cary

W J Gibbs

J A Mishreki


Other changes in directors holding office are as follows:


A Szirtes ceased to be a director after 31 August 2024 but prior to the date of this report.


DIRECTORS' INDEMNITY INSURANCE

Directors' liability and indemnity insurance was in force throughout the period to cover the directors and officers of the company against actions brought against them in their personal capacity. Neither the insurance nor the indemnity provide cover where the individual has acted fraudulently or dishonestly.


STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.


FEEL GOOD PHARMA LTD (REGISTERED NUMBER: 12535655)


REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 AUGUST 2024



STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors,  UHY Hacker Young (Birmingham) LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.


ON BEHALF OF THE BOARD:






H H H Cary - Director



21 May 2025


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

FEEL GOOD PHARMA LTD


Opinion

We have audited the financial statements of Feel Good Pharma Ltd (the 'company') for the year ended 31 August 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 August 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

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 Auditors' responsibilities for the audit of the financial statements section of our report.  We are independent of 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 opinion.


Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.


Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.


In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.  We have nothing to report in this regard.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

FEEL GOOD PHARMA LTD



Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-

the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-

the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.


We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-

the financial statements are not in agreement with the accounting records and returns; or

-

certain disclosures of directors' remuneration specified by law are not made; or

-

we have not received all the information and explanations we require for our audit.


Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

FEEL GOOD PHARMA LTD



Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion.  Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:


- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the sector; and

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation.


We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.


To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions; and

- investigated the rationale behind significant or unusual transactions.


In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

-  reading the minutes of meetings of those charged with governance; and

- enquiring of management as to actual and potential litigation and claims.


There are inherent limitations in the audit procedures described above; any instance of non-compliance with laws and regulations and fraud which is far removed from transactions reflected in the financial statements would diminish the likelihood of detection. Furthermore, the risk of not detecting a material misstatement due to fraud is greater than the risk of not detecting one resulting from error. Fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentation, or through an act of collusion that would mitigate internal controls.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

FEEL GOOD PHARMA LTD



Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.





Aaron Thomas (Senior Statutory Auditor)

for and on behalf of UHY Hacker Young (Birmingham) LLP,

Statutory Auditor

9-11 Vittoria Street

Birmingham

B1 3ND


21 May 2025


FEEL GOOD PHARMA LTD (REGISTERED NUMBER: 12535655)


INCOME STATEMENT

FOR THE YEAR ENDED 31 AUGUST 2024



2024


2023


as

restated



Notes

£   

£   



TURNOVER

3

29,645,929


24,046,226




Cost of sales

8,570,197


6,300,738



GROSS PROFIT

21,075,732


17,745,488




Administrative expenses

4,941,154


4,096,982



OPERATING PROFIT and


PROFIT BEFORE TAXATION

16,134,578


13,648,506




Tax on profit

6

163,157


54,795



PROFIT FOR THE FINANCIAL YEAR

15,971,421


13,593,711




FEEL GOOD PHARMA LTD (REGISTERED NUMBER: 12535655)


OTHER COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 AUGUST 2024



2024


2023


as

restated



Notes

£   

£   



PROFIT FOR THE YEAR

15,971,421


13,593,711





OTHER COMPREHENSIVE INCOME

-


-



TOTAL COMPREHENSIVE INCOME FOR

THE YEAR

15,971,421


13,593,711




FEEL GOOD PHARMA LTD (REGISTERED NUMBER: 12535655)


BALANCE SHEET

31 AUGUST 2024



2024

2023



as restated



Notes

£   

£   

£   


FIXED ASSETS

Tangible assets

8

1,516,256


863,629




CURRENT ASSETS

Stocks

9

1,825,111


845,736



Debtors

10

43,455,722


33,485,046



Cash at bank and in hand

632,273


175,977



45,913,106


34,506,759



CREDITORS

Amounts falling due within one year

11

5,741,662


9,824,869



NET CURRENT ASSETS

40,171,444


24,681,890



TOTAL ASSETS LESS CURRENT

LIABILITIES

41,687,700


25,545,519




PROVISIONS FOR LIABILITIES

13

379,064


215,907



NET ASSETS

41,308,636


25,329,612




CAPITAL AND RESERVES

Called up share capital

14

1


1



Retained earnings

15

41,308,635


25,329,611



SHAREHOLDERS' FUNDS

41,308,636


25,329,612




The financial statements were approved by the Board of Directors and authorised for issue on 21 May 2025  and were signed on its behalf by:






H H H Cary - Director



FEEL GOOD PHARMA LTD (REGISTERED NUMBER: 12535655)


STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 AUGUST 2024



Called up



share


Retained


Total


capital


earnings


equity

£   

£   

£   


Balance at 1 September 2022

1


11,732,166


11,732,167




Changes in equity

Total comprehensive income

-


13,593,711


13,593,711



Share based payment option

-


3,734


3,734



Balance at 31 August 2023

1


25,329,611


25,329,612




Changes in equity

Total comprehensive income

-


15,971,421


15,971,421



Share based payment option

-


7,603


7,603



Balance at 31 August 2024

1


41,308,635


41,308,636




FEEL GOOD PHARMA LTD (REGISTERED NUMBER: 12535655)


CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 AUGUST 2024



2024


2023


as

restated



Notes

£   

£   


Cash flows from operating activities

Cash generated from operations

1

1,411,784


(6,973

)


Net cash from operating activities

1,411,784


(6,973

)



Cash flows from investing activities

Purchase of tangible fixed assets

(955,488

)

(427,637

)


Net cash from investing activities

(955,488

)

(427,637

)



Increase/(decrease) in cash and cash equivalents

456,296


(434,610

)


Cash and cash equivalents at beginning

of year

2

175,977


610,587




Cash and cash equivalents at end of

year

2

632,273


175,977




FEEL GOOD PHARMA LTD (REGISTERED NUMBER: 12535655)


NOTES TO THE CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 AUGUST 2024


1.

RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS



2024


2023


as

restated


£   

£   



Profit before taxation

16,134,578


13,648,506




Depreciation charges

302,862


247,260




Increase in amounts to group companies

(14,939,103

)

(16,572,976

)



Share based payment option

7,603


3,734



1,505,940


(2,673,476

)



Increase in stocks

(979,375

)

(220,332

)



(Increase)/decrease in trade and other debtors

(103,712

)

1,837,589




Increase in trade and other creditors

988,931


1,049,246




Cash generated from operations

1,411,784


(6,973

)



2.

CASH AND CASH EQUIVALENTS



The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:



Year ended 31 August 2024


31.8.24


1.9.23

£   

£   



Cash and cash equivalents

632,273


175,977




Year ended 31 August 2023


31.8.23


1.9.22


as restated


£   

£   



Cash and cash equivalents

175,977


610,587





3.

ANALYSIS OF CHANGES IN NET FUNDS



At 1.9.23

Cash flow

At 31.8.24

£   

£   

£   



Net cash



Cash at bank and in hand

175,977


456,296


632,273



175,977


456,296


632,273




Total

175,977


456,296


632,273




FEEL GOOD PHARMA LTD (REGISTERED NUMBER: 12535655)


NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024


1.

STATUTORY INFORMATION



Feel Good Pharma Ltd 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.


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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.


The following principal accounting policies have been applied:



Financial Reporting Standard 102 - reduced disclosure exemptions


The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":



•           the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);


             the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45,


             11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);


•           the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27,


             12.29(a), 12.29(b) and 12.29A;


•           the requirements of Section 33 Related Party Disclosures paragraph 33.7.



This information is included in the consolidated financial statements of Mr & Mrs Oliver Ltd as at 31 August 2024 and these financial statements may be obtained from 2 Eastbourne Terrace Floor 4, London, England, W2 6LG.



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 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.


FEEL GOOD PHARMA LTD (REGISTERED NUMBER: 12535655)


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 AUGUST 2024


2.

ACCOUNTING POLICIES - continued



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.



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.

Depreciation is provided on the following basis:

Plant and machinery - 14% 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 profit or loss.


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 specific identification method. The cost of each item is determined based on the purchase price, including all costs necessary to bring the item to its present location and condition.



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.


FEEL GOOD PHARMA LTD (REGISTERED NUMBER: 12535655)


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 AUGUST 2024


2.

ACCOUNTING POLICIES - continued



Financial instruments

The Company has elected to apply the provisions of Section 11 "Basic Financial Instruments" of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting date.

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.








FEEL GOOD PHARMA LTD (REGISTERED NUMBER: 12535655)


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 AUGUST 2024


2.

ACCOUNTING POLICIES - continued


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

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


Taxation

Tax is recognised in profit or loss 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.


FEEL GOOD PHARMA LTD (REGISTERED NUMBER: 12535655)


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 AUGUST 2024


2.

ACCOUNTING POLICIES - continued


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.


Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives, which range from 3 to 6 years.

If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.


Foreign currency translation

Functional and presentation currency
The Company's functional and presentational currency is GBP.

Transactions and balances
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 profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.


FEEL GOOD PHARMA LTD (REGISTERED NUMBER: 12535655)


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 AUGUST 2024


2.

ACCOUNTING POLICIES - continued



Pension costs and other post-retirement benefits

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 profit or loss 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.


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.



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.


3.

TURNOVER



The turnover and profit before taxation are attributable to the one principal activity of the company.



An analysis of turnover by class of business is given below:



2024


2023


as

restated


£   

£   



Product and cosmetic sales

29,645,929


24,046,226



29,645,929


24,046,226




FEEL GOOD PHARMA LTD (REGISTERED NUMBER: 12535655)


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 AUGUST 2024


3.

TURNOVER - continued



An analysis of turnover by geographical market is given below:



2024


2023


as

restated


£   

£   



United Kingdom

29,645,929


24,046,226



29,645,929


24,046,226




4.

EMPLOYEES AND DIRECTORS


2024


2023


as

restated


£   

£   



Wages and salaries

936,311


542,271




Social security costs

105,278


60,461




Other pension costs

16,550


10,044



1,058,139


612,776





The average number of employees during the year was as follows:


2024


2023


as

restated




Employees

19


12




No directors received remuneration from the company in the year, (2023: nil). No directors were accruing pension benefits in respect of the defined contribution pension scheme in the year (2023: nil).


2024


2023


as

restated


£   

£   



Directors' remuneration

-


-




FEEL GOOD PHARMA LTD (REGISTERED NUMBER: 12535655)


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 AUGUST 2024


5.

OPERATING PROFIT



The operating profit is stated after charging:



2024


2023


as

restated


£   

£   



Depreciation - owned assets

302,861


208,456




Auditors' remuneration

13,000


11,000




Auditors' remuneration for non audit work

1,000


-




Foreign exchange differences

4,761


8,172




6.

TAXATION



Analysis of the tax charge


The tax charge on the profit for the year was as follows:


2024


2023


as

restated


£   

£   



Deferred tax

163,157


54,795




Tax on profit

163,157


54,795





Reconciliation of total tax charge included in profit and loss


The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:



2024


2023


as

restated


£   

£   



Profit before tax

16,134,578


13,648,506




Profit multiplied by the standard rate of corporation tax in the UK

of 25% (2023 - 21.500%)  

4,033,645


2,934,429





Effects of:


Expenses not deductible for tax purposes

3,935


(3,185

)



Capital allowances in excess of depreciation

(163,157

)

-




Depreciation in excess of capital allowances

-


57,325




Adjustments to tax charge in respect of previous periods

-


(105,426

)



Group relieved  

(3,874,423

)

(2,883,143

)



Increase in deferred tax liability  

163,157


54,795




Total tax charge

163,157


54,795




FEEL GOOD PHARMA LTD (REGISTERED NUMBER: 12535655)


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 AUGUST 2024


7.

PRIOR YEAR ADJUSTMENT


Revenue
A prior year adjustment has been made to correct the timing of revenue recognition. This has resulted in restatements to Sales (£114,782 decrease) and Creditors (1< year) - Accruals and deferred income (£114,782 increase).

Administrative expenses
A prior year adjustment has been made to include the recognition of share based payment options. This has resulted in restatements to Administrative expenses (£3,734 increase), Total comprehensive income (£3,734 decrease) and Share based payment option within Retained earnings (£3,734 increase).

Depreciation
A prior year adjustment has been made to correct depreciation charged on plant and machinery. This has resulted in restatements to Depreciation expenditure (£449,423 decrease) and Fixed Asset Depreciation charge for the year (£449,423 decrease).

VAT
A prior year adjustment has been made to correct the accounting treatment of intercompany transactions and associated VAT. This has resulted in restatements to Sales (£159,446 increase), Creditors (<1 year) - Amounts owed to group undertakings (£1,989,299 decrease), Debtors - Other debtors (£367,628 decrease) and Retained earnings brought forward (£1,462,225 increase).

Deferred Tax
A prior year adjustment has been made to introduce a deferred tax liability on accelerated capital allowances. This has resulted in restatements to Tax on profit (£54,795 increase), Provision for liabilities (£215,907 increase) and Retained earnings brought forward (£161,112 decrease).

Reserves
The total impact to Feel Good Pharma Ltd's reserves as a result of the prior year adjustments were a increase of £1,740,405.

Comparative figures have been restated accordingly.


FEEL GOOD PHARMA LTD (REGISTERED NUMBER: 12535655)


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 AUGUST 2024


8.

TANGIBLE FIXED ASSETS


Plant and


machinery

£   



COST


At 1 September 2023

1,843,052




Additions

955,488




Disposals

(59,202

)



At 31 August 2024

2,739,338




DEPRECIATION


At 1 September 2023

979,423




Charge for year

302,861




Eliminated on disposal

(59,202

)



At 31 August 2024

1,223,082




NET BOOK VALUE


At 31 August 2024

1,516,256




At 31 August 2023

863,629




9.

STOCKS

2024

2023



as

restated


£   

£   



Raw materials

1,200,665


845,736




Finished goods

624,446


-



1,825,111


845,736




10.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR


2024

2023



as

restated


£   

£   



Amounts owed by group undertakings

43,352,010


33,485,046




Other debtors

103,712


-



43,455,722


33,485,046




FEEL GOOD PHARMA LTD (REGISTERED NUMBER: 12535655)


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 AUGUST 2024


11.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR


2024

2023



as

restated


£   

£   



Trade creditors

964,980


413,764




Amounts owed to group undertakings

3,104,001


8,176,139




Social security and other taxes

40,486


19,951




VAT

1,213,417


1,084,453




Other creditors

4,213


2,430




Accruals and deferred income

414,565


128,132



5,741,662


9,824,869




12.

LEASING AGREEMENTS



Minimum lease payments under non-cancellable operating leases fall due as follows:

2024

2023



as

restated


£   

£   



Within one year

51,188


204,750




Between one and five years

-


51,188



51,188


255,938




13.

PROVISIONS FOR LIABILITIES

2024

2023



as

restated


£   

£   



Deferred tax

379,064


215,907





Deferred



tax


£   



Balance at 1 September 2023

215,907




Provided during year

163,157




Balance at 31 August 2024

379,064




FEEL GOOD PHARMA LTD (REGISTERED NUMBER: 12535655)


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 AUGUST 2024


14.

CALLED UP SHARE CAPITAL



Allotted, issued and fully paid:


Number:

Class:

Nominal

2024

2023



value:


as

restated


£   

£   



1

Ordinary

1

1


1




15.

RESERVES


Retained


earnings

£   




At 1 September 2023

25,329,611




Profit for the year

15,971,421




Share based payment option

7,603




At 31 August 2024

41,308,635




16.

PENSION COMMITMENTS


The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £16,550 (2023: £10,044). Contributions totalling £4,250 (2023: £2,342) were payable to the fund at the balance sheet date and are included in creditors.

17.

CONTINGENT LIABILITIES



The Company has given a guarantee in respect of a bank loan owed by its parent undertaking, Mr and Mrs Oliver Limited.


18.

RELATED PARTY DISCLOSURES



Entities with control, joint control or significant influence over the entity  





The company has taken advantage of the exemption available in Financial Reporting Standard 102 Section 33 whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group. The consolidated financial statements of the ultimate parent company, Mr & Mrs Oliver Ltd are available from Registrar of Companies, Companies House, Cardiff, CF14 3UZ.    


19.

ULTIMATE CONTROLLING PARTY



There is no ultimate controlling party.


FEEL GOOD PHARMA LTD (REGISTERED NUMBER: 12535655)


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 AUGUST 2024


20.

SHARE-BASED PAYMENT TRANSACTIONS


The company operates an equity settled share-based payment scheme for directors, employees and select consultants.

Share-based payments are calculated in accordance with FRS 102 section 26. The company uses the Guideline Public Company method to value the options.

The fair value determined is expensed on a straight-line basis over the requisite service period for each separately vesting portion. The charge for the period is allocated to the relevant income statement categories where the employment costs of the employee who is granted the equity options are charged.


31 August31 August31 August31 August
2024202420232023
WeightedWeighted
AverageAverage
ExerciseExercise
Price (pence)NumberPrice (pence)Number

Enterprise Management Scheme45.2148,59024.63113,934




31 August31 August
20242023
NumberNumber
Brought forward113,93461,249
Granted in the period34,98958,518
Exercised in the period-(1,848)
Forfeited in the period(333)(3,985)
Carried forward148,590113,934
Exercisable quantity (vested)69,32946,388

The total charge for the year recognised as administrative expenses was £7,603 (2023: £3,734).

21.

CONTROLLING PARTY



The company's parent company is Mr & Mrs Oliver Ltd, a company incorporated in England and Wales.