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REGISTERED NUMBER: 05899807 (England and Wales)















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: M F Young
E J A Wilson


SECRETARY: E J A Wilson


REGISTERED OFFICE: Farmacy Services Centre
Sleaford Road
Dorrington
Lincolnshire
LN4 3PU


REGISTERED NUMBER: 05899807 (England and Wales)


SENIOR STATUTORY AUDITOR: Robert Booty ACA FCCA CTA


AUDITORS: Wheelers
Chartered Accountants, Tax Consultants
& Statutory Auditors
27-29 Old Market
Wisbech
Cambridgeshire
PE13 1NE


BANKERS: Barclays Bank PLC

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:





E J A Wilson - Secretary


18 June 2025

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.

M F Young
E J A Wilson

Other changes in directors holding office are as follows:

G D McKechnie ceased to be a director after 31 December 2024 but prior to the date of this report.

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:



E J A Wilson - Secretary


18 June 2025

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.




Robert Booty ACA FCCA CTA (Senior Statutory Auditor)
for and on behalf of Wheelers
Chartered Accountants, Tax Consultants
& Statutory Auditors
27-29 Old Market
Wisbech
Cambridgeshire
PE13 1NE

18 June 2025

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 7,632,916 8,184,681

Cost of sales 7,261,565 7,759,724
GROSS PROFIT 371,351 424,957

Administrative expenses 231,315 245,981
140,036 178,976

Other operating income 31,078 43,536
OPERATING PROFIT 5 171,114 222,512


Interest payable and similar expenses 6 67 -
PROFIT BEFORE TAXATION 171,047 222,512

Tax on profit 7 57,052 74,575
PROFIT FOR THE FINANCIAL YEAR 113,995 147,937

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

113,995

147,937

FARMACY PLC (REGISTERED NUMBER: 05899807)

BALANCE SHEET
31 DECEMBER 2024

31.12.24 31.12.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 8 30,672 70,719
Tangible assets 9 1,464 4,409
Investments 10 1,202 1,202
33,338 76,330

CURRENT ASSETS
Debtors 11 2,031,951 1,701,794
Cash at bank 58,688 57,480
2,090,639 1,759,274
CREDITORS
Amounts falling due within one year 12 511,631 337,253
NET CURRENT ASSETS 1,579,008 1,422,021
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,612,346

1,498,351

CAPITAL AND RESERVES
Called up share capital 13 50,000 50,000
Retained earnings 14 1,562,346 1,448,351
SHAREHOLDERS' FUNDS 1,612,346 1,498,351

The financial statements were approved by the Board of Directors and authorised for issue on 18 June 2025 and were signed on its behalf by:





E J A Wilson - Director


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 50,000 1,300,414 1,350,414

Changes in equity
Total comprehensive income - 147,937 147,937
Balance at 31 December 2023 50,000 1,448,351 1,498,351

Changes in equity
Total comprehensive income - 113,995 113,995
Balance at 31 December 2024 50,000 1,562,346 1,612,346

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 1 137,911 101,917
Interest paid (67 ) -
Tax paid (119,965 ) (75,280 )
Net cash from operating activities 17,879 26,637

Cash flows from investing activities
Purchase of intangible fixed assets (16,671 ) (20,000 )
Purchase of tangible fixed assets - (4,878 )
Sale of fixed asset investments - 2
Net cash from investing activities (16,671 ) (24,876 )

Increase in cash and cash equivalents 1,208 1,761
Cash and cash equivalents at beginning of
year

2

57,480

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 171,047 222,512
Depreciation charges 44,663 63,181
Finance costs 67 -
215,777 285,693
Increase in trade and other debtors (330,157 ) (88,131 )
Increase/(decrease) in trade and other creditors 252,291 (95,645 )
Cash generated from operations 137,911 101,917

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 1,208 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
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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 equipment20 - 40
All other assets10 - 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 4,301,988 4,677,827
Social security costs 560,746 609,386
Other pension costs 411,309 397,338
5,274,043 5,684,551

The average number of employees during the year was as follows:
31.12.24 31.12.23

Staff 72 71
Directors 1 1
73 72

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 135,432 141,652

5. OPERATING PROFIT

The operating profit is stated after charging:

31.12.24 31.12.23
£    £   
Depreciation - owned assets 2,945 2,679
Goodwill amortisation 41,718 60,502
Auditors' remuneration 8,410 9,390

6. INTEREST PAYABLE AND SIMILAR EXPENSES
31.12.24 31.12.23
£    £   
Other interest payable 67 -

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 57,052 69,965
Under provision in prior years - 4,610

Tax on profit 57,052 74,575

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 171,047 222,512
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 23.520%)

42,762

52,335

Effects of:
Expenses not deductible for tax purposes 14,290 17,630

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 1,172,641
Additions 1,671
At 31 December 2024 1,174,312
AMORTISATION
At 1 January 2024 1,101,922
Amortisation for year 41,718
At 31 December 2024 1,143,640
NET BOOK VALUE
At 31 December 2024 30,672
At 31 December 2023 70,719

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 17,766 14,260 32,026
DEPRECIATION
At 1 January 2024 13,357 14,260 27,617
Charge for year 2,945 - 2,945
At 31 December 2024 16,302 14,260 30,562
NET BOOK VALUE
At 31 December 2024 1,464 - 1,464
At 31 December 2023 4,409 - 4,409

10. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2024
and 31 December 2024 1,573,072
PROVISIONS
At 1 January 2024
and 31 December 2024 1,571,870
NET BOOK VALUE
At 31 December 2024 1,202
At 31 December 2023 1,202

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 983,940 898,882
Amounts owed by group undertakings 765,950 572,901
Amounts owed by participating interests 199,736 155,958
Prepayments and accrued income 82,325 74,053
2,031,951 1,701,794

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Trade creditors 69,213 1,940
Amounts owed to group undertakings 1,202 1,202
Corporation tax 7,052 69,965
Other creditors 423,801 241,121
Accruals and deferred income 10,363 23,025
511,631 337,253

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.24 31.12.23
value: £    £   
50,000 Ordinary £1 50,000 50,000

14. RESERVES
Retained
earnings
£   

At 1 January 2024 1,448,351
Profit for the year 113,995
At 31 December 2024 1,562,346

15. ULTIMATE PARENT COMPANY

The directors consider the ultimate parent company to be Hutchinson Group Limited, a company incorporated in
England and Wales. There is no overall controlling party of Hutchinson Group Limited. Copies of the group
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).