| REGISTERED NUMBER: |
| STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
| FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 |
| FOR |
| FARMACY PLC |
| REGISTERED NUMBER: |
| STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
| FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 |
| FOR |
| FARMACY PLC |
| FARMACY PLC (REGISTERED NUMBER: 05899807) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| Page |
| Company Information | 1 |
| Strategic Report | 2 |
| Report of the Directors | 3 |
| Report of the Independent Auditors | 5 |
| Statement of Comprehensive Income | 9 |
| Balance Sheet | 10 |
| Statement of Changes in Equity | 11 |
| Cash Flow Statement | 12 |
| Notes to the Cash Flow Statement | 13 |
| Notes to the Financial Statements | 14 |
| FARMACY PLC |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| SENIOR STATUTORY AUDITOR: |
| AUDITORS: |
| Chartered Accountants, Tax Consultants |
| & Statutory Auditors |
| 27-29 Old Market |
| Wisbech |
| Cambridgeshire |
| PE13 1NE |
| BANKERS: |
| FARMACY PLC (REGISTERED NUMBER: 05899807) |
| STRATEGIC REPORT |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| The directors present their strategic report for the year ended 31 December 2024. |
| Farmacy plc is an agricultural advisory company, which provides consultancy and crop management services to arable farmers throughout mainland UK. |
| UK farming experienced mixed trading conditions during 2024. The spring weather conditions were challenging, with high levels of rainfall in March and April across much of the country. Autumn 2024 crop establishment was much improved compared to 2023 for the sector, with better weather conditions allowing an increase to the drilling of crops. |
| In addition, UK agriculture also faced the pressure of continued inflation along with the uncertainties resulting from the political changes during the year. Our colleagues' unwavering dedication throughout this challenging time has allowed Farmacy to continue to deliver exceptional service to our valued clients. I am very grateful for their commitment. |
| Fees in the year under review decreased by 6.7% to £7.6 million (2023: £8.2m). Gross profit remained relatively level at 4.9% (2023: 5.2%). The business's profit before tax decreased to £171,047 (2023: £222,512). |
| During 2024 Farmacy continued its tradition of innovation in developing new ways to support our clients amidst the changes in the agricultural sector. This included launching the Omnia EasyPlan upgrade including the new Spray Recommendation Module, further enhancing the functionality of our leading agronomic technology. Introduced to the Market in the first half of 2024, this advancement demonstrates our commitment to the sector and our clients. In addition, utilising our Helix agronomic research and development programme, we have consistently equipped our agronomists with exceptional technical information to ensure they can offer the highest quality advice to our clients. |
| In addition, we continued to invest in our most important resource, our people, both through the training and development of our existing colleagues and the recruitment of new team members. We are also investing heavily in the development of several new service areas, which will increasingly be required by our clients, to enable them to meet their ongoing technical, environmental and financial objectives. |
| Farmacy strives to provide a working environment within which its employees can flourish, and individuals can realise their full potential and ambitions. We continue to plan for the long term, with ambitious recruitment and career development objectives that will enable future succession as well as business growth. |
| The directors are pleased with the company's performance during the year and with its financial position at the balance sheet date. They are confident that Farmacy will continue to enjoy a successful future. |
| ON BEHALF OF THE BOARD: |
| FARMACY PLC (REGISTERED NUMBER: 05899807) |
| REPORT OF THE DIRECTORS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| The directors present their report with the financial statements of the company for the year ended 31 December 2024. |
| PRINCIPAL ACTIVITY |
| The company specialises in the provision of professional agronomic and environmental services. |
| DIVIDENDS |
| No dividends will be distributed for the year ended 31 December 2024. |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report. |
| Other changes in directors holding office are as follows: |
| DISCLOSURE IN THE STRATEGIC REPORT |
| In accordance with Section 414C(11) of the Companies Act 2006 other matters, normally included within this report, are set out in the Strategic Report. |
| 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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; |
| - | state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; |
| - | 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. |
| 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. |
| FARMACY PLC (REGISTERED NUMBER: 05899807) |
| REPORT OF THE DIRECTORS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| AUDITORS |
| In accordance with Section 487(2) of the Companies Act 2006 the auditors, Wheelers, are deemed to have been re-appointed. |
| ON BEHALF OF THE BOARD: |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| FARMACY PLC |
| Opinion |
| We have audited the financial statements of Farmacy plc (the 'company') for the year ended 31 December 2024 which comprise the Statement of 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 December 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. |
| 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. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| FARMACY PLC |
| 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 |
| FARMACY PLC |
| 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: |
| We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and |
| determined that the most significant are: |
| - Those that relate to the reporting framework (United Kingdom Accounting Standards in conformity with the |
| Companies Act 2006 and FRS102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland"). |
| - Relevant tax compliance regulations in the United Kingdom. |
| - In addition, we concluded that there are certain laws and regulations that may have an effect on the determination of the amounts and disclosures in the financial statements; and laws and regulations relating to health and safety, employee matters and the environment. |
| We understood how Farmacy plc is complying with those frameworks by making enquiries of management, those |
| responsible for legal and compliance procedures and the Company Secretary. We corroborated our enquiries through our review of Board minutes. |
| We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur, by discussion with management and our prior knowledge of the company's activities and controls. We have carried out procedures including a review of journal entries and a review of accounting estimates and judgements which were designed to provide reasonable assurance that the financial statements were free from fraud or error. |
| Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those |
| leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
| 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 |
| FARMACY PLC |
| 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. |
| for and on behalf of |
| Chartered Accountants, Tax Consultants |
| & Statutory Auditors |
| 27-29 Old Market |
| Wisbech |
| Cambridgeshire |
| PE13 1NE |
| FARMACY PLC (REGISTERED NUMBER: 05899807) |
| STATEMENT OF COMPREHENSIVE |
| INCOME |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 31.12.24 | 31.12.23 |
| Notes | £ | £ |
| TURNOVER | 3 |
| Cost of sales |
| GROSS PROFIT |
| Administrative expenses |
| 140,036 | 178,976 |
| Other operating income |
| OPERATING PROFIT | 5 |
| Interest payable and similar expenses | 6 |
| PROFIT BEFORE TAXATION |
| Tax on profit | 7 |
| PROFIT FOR THE FINANCIAL YEAR |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
| FARMACY PLC (REGISTERED NUMBER: 05899807) |
| BALANCE SHEET |
| 31 DECEMBER 2024 |
| 31.12.24 | 31.12.23 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 8 |
| Tangible assets | 9 |
| Investments | 10 |
| CURRENT ASSETS |
| Debtors | 11 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 12 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital | 13 |
| Retained earnings | 14 |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| FARMACY PLC (REGISTERED NUMBER: 05899807) |
| STATEMENT OF CHANGES IN EQUITY |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| Called up |
| share | Retained | Total |
| capital | earnings | equity |
| £ | £ | £ |
| Balance at 1 January 2023 |
| Changes in equity |
| Total comprehensive income | - |
| Balance at 31 December 2023 |
| Changes in equity |
| Total comprehensive income | - |
| Balance at 31 December 2024 |
| FARMACY PLC (REGISTERED NUMBER: 05899807) |
| CASH FLOW STATEMENT |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 31.12.24 | 31.12.23 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 |
| Interest paid | ( |
) |
| Tax paid | ( |
) | ( |
) |
| Net cash from operating activities |
| Cash flows from investing activities |
| Purchase of intangible fixed assets | ( |
) | ( |
) |
| Purchase of tangible fixed assets | ( |
) |
| Sale of fixed asset investments |
| Net cash from investing activities | ( |
) | ( |
) |
| Increase in cash and cash equivalents |
| Cash and cash equivalents at beginning of year |
2 |
55,719 |
| Cash and cash equivalents at end of year | 2 | 58,688 | 57,480 |
| FARMACY PLC (REGISTERED NUMBER: 05899807) |
| NOTES TO THE CASH FLOW STATEMENT |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Profit before taxation |
| Depreciation charges |
| Finance costs | 67 | - |
| 215,777 | 285,693 |
| Increase in trade and other debtors | ( |
) | ( |
) |
| Increase/(decrease) in trade and other creditors | ( |
) |
| Cash generated from operations |
| 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 December 2024 |
| 31.12.24 | 1.1.24 |
| £ | £ |
| Cash and cash equivalents | 58,688 | 57,480 |
| Year ended 31 December 2023 |
| 31.12.23 | 1.1.23 |
| £ | £ |
| Cash and cash equivalents | 57,480 | 55,719 |
| 3. | ANALYSIS OF CHANGES IN NET FUNDS |
| At 1.1.24 | Cash flow | At 31.12.24 |
| £ | £ | £ |
| Net cash |
| Cash at bank | 57,480 | 1,208 | 58,688 |
| 57,480 | 58,688 |
| Total | 57,480 | 1,208 | 58,688 |
| FARMACY PLC (REGISTERED NUMBER: 05899807) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 1. | STATUTORY INFORMATION |
| Farmacy plc is a public company, limited by shares, registered in England and Wales. The company's registered number and registered office can be found on the Company information page. |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The directors believe that the company is well placed to manage its financial risks successfully and have reasonable expectation that it has adequate resources to continue in operational existence for the foreseeable future. Consequently, it continues to adopt the going concern basis of accounting in preparing the annual financial statements. |
| Consolidation |
| These financial statements give information on Farmacy plc as an entity only. The results of the company and its subsidiaries are consolidated in the financial statements of the ultimate parent company in which intra group sales and profits are eliminated and all sales and profit figures relate to external transactions only. |
| Related party exemption |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
| Significant judgements and estimates |
| The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgements have had the most significant effect on amounts recognised in the financial statements: |
| Revenue and profit recognition |
| The estimation techniques used for revenue and profit recognition in respect of the recharges made from a fellow subsidiary company require assessment and judgements to be made on the profit element in respect of work done by Farmacy plc. |
| Turnover and income recognition |
| Turnover represents the invoiced value, net of value added tax, of services provided both directly to third parties and through other group companies. Income under annual contracts is accounted for on a straight line basis over the period of the agreement. |
| Goodwill |
| Goodwill, being the amount paid in connection with the acquisition of businesses is being amortised evenly over its estimated useful life of five years. |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| FARMACY PLC (REGISTERED NUMBER: 05899807) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Tangible fixed assets |
| Provision for depreciation is made so as to write off the cost of tangible fixed assets on a straight line basis over the expected useful economic lives of the assets concerned. The principal annual rates used for this purpose, which are consistent with those of last year, are:- |
| % |
| Computer equipment | 20 - 40 |
| All other assets | 10 - 40 |
| Investments in subsidiaries |
| Investments in subsidiary undertakings are recognised at cost less any provision for impairment. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| 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 |
| Expenditure on research and development is written off in the year in which it is incurred. |
| Pension costs and other post-retirement benefits |
| Contributions are made to a group pension scheme providing benefits based on final pensionable pay. Contributions to the scheme are charged to the profit and loss account based on the contributions paid in the year, which spread the cost of the pensions over the employees working lives with the company. The contributions are determined by a qualified actuary on the basis of a triennial valuation. |
| For reasons of operational efficiency all staff that are under contracts of employment with Farmacy plc, are remunerated by a group company, H L Hutchinson Limited. The company has been advised that it is not possible to analyse the assets and liabilities of this multi-employer scheme by individual companies. As a result of this the full disclosure required under FRS 102 are made in the accounts of H L Hutchinson Limited. |
| The company also operates defined contribution schemes. Contributions are charged to the profit and loss account as they become payable. |
| Financial instruments |
| Financial instruments are classified and accounted for, according to the substance of the contractual arrangement. The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities, including trade and other debtors, trade and other creditors, cash and bank balances at the transaction price. |
| FARMACY PLC (REGISTERED NUMBER: 05899807) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 3. | TURNOVER |
| Turnover is attributable to the principal activities of the company and arises from continuing activities within the United Kingdom. |
| 4. | EMPLOYEES AND DIRECTORS |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Wages and salaries |
| Social security costs |
| Other pension costs |
| The average number of employees during the year was as follows: |
| 31.12.24 | 31.12.23 |
| Staff | 72 | 71 |
| Directors | 1 | 1 |
| For reasons of operational efficiency all staff that are under contracts of employment with Farmacy plc, are remunerated by a group company. |
| The costs and average number of employees engaged in the performance of duties for Farmacy plc are detailed above. All recharges are made on an actual cost basis. |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Directors' remuneration |
| 5. | OPERATING PROFIT |
| The operating profit is stated after charging: |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Depreciation - owned assets |
| Goodwill amortisation |
| Auditors' remuneration |
| 6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Other interest payable |
| FARMACY PLC (REGISTERED NUMBER: 05899807) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 7. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit for the year was as follows: |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Current tax: |
| UK corporation tax |
| Under provision in prior years | - | 4,610 |
| Tax on profit |
| UK corporation tax was charged at 23.52%) in 2023. |
| Reconciliation of total tax charge included in profit and loss |
| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Profit before tax |
| Profit multiplied by the standard rate of corporation tax in the UK of (2023 - |
| Effects of: |
| Expenses not deductible for tax purposes |
| Under provision in prior years | - | 4,610 |
| Total tax charge | 57,052 | 74,575 |
| Factors that may affect future tax charges |
| The company is not aware of any factors that may affect future tax charges other than the change in corporation tax rates. |
| 8. | INTANGIBLE FIXED ASSETS |
| Goodwill |
| £ |
| COST |
| At 1 January 2024 |
| Additions |
| At 31 December 2024 |
| AMORTISATION |
| At 1 January 2024 |
| Amortisation for year |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| FARMACY PLC (REGISTERED NUMBER: 05899807) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 9. | TANGIBLE FIXED ASSETS |
| Plant and | Office |
| machinery | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1 January 2024 |
| and 31 December 2024 |
| DEPRECIATION |
| At 1 January 2024 |
| Charge for year |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| 10. | FIXED ASSET INVESTMENTS |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1 January 2024 |
| and 31 December 2024 |
| PROVISIONS |
| At 1 January 2024 |
| and 31 December 2024 | 1,571,870 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| The following subsidiaries are all dormant:- |
Name |
Country of incorporation |
Description of shares hold |
Holding |
| Agrivice Limited | England and Wales | Ordinary £1 shares | 100% |
| Allium & Brassica Agronomy Limited | England and Wales | Ordinary £1 shares | 100% |
| The Allium & Brassica Centre Limited | England and Wales | Ordinary £1 shares | 100% |
| The registered office for the dormant subsidiary companies are as follows:- |
| Name | Registered office |
| Agrivice Limited | Weasenham Lane, Wisbech, Cambridgeshire, PE13 2RN |
| Allium & Brassica Agronomy Limited |
Farmacy Services Centre, Sleaford Road, Dorrington, Lincoln, LN4 3PU |
| The Allium & Brassica Centre Limited |
Farmacy Services Centre, Sleaford Road, Dorrington, Lincoln, LN4 3PU |
| FARMACY PLC (REGISTERED NUMBER: 05899807) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Amounts owed by participating interests | 199,736 | 155,958 |
| Prepayments and accrued income |
| 12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Trade creditors |
| Amounts owed to group undertakings |
| Corporation tax |
| Other creditors |
| Accruals and deferred income |
| 13. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 31.12.24 | 31.12.23 |
| value: | £ | £ |
| Ordinary | £1 | 50,000 | 50,000 |
| 14. | RESERVES |
| Retained |
| earnings |
| £ |
| At 1 January 2024 |
| Profit for the year |
| At 31 December 2024 |
| 15. | ULTIMATE PARENT COMPANY |
| The directors consider the ultimate parent company to be England and Wales. accounts can be obtained from Companies House. |
| Registered office and principal place of business: |
| Weasenham Lane |
| Wisbech |
| Cambridgeshire |
| PE13 2RN |
| 16. | CONTINGENT LIABILITIES |
| Under a cross-guarantee and debenture in respect of composite banking arrangements with fellow group company H L Hutchinson Limited, the company's bankers have a right of set-off on balances. At 31 December 2024 the potential liability in respect off these arrangements was £Nil (2023 - £Nil). |