Company registration number 09524408 (England and Wales)
PHARMACIERGE LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PHARMACIERGE LIMITED
COMPANY INFORMATION
Directors
Mr E G Ungar
Mr L A Ungar
Mr R D L Ungar
Secretary
Mr R D L Ungar
Company number
09524408
Registered office
3rd Floor Hathaway House
Popes Drive
London
N3 1QF
Auditor
F M C B
3rd Floor Hathaway House
Popes Drive
Finchley
London
N3 1QF
Business address
43A Wimpole Street
London
W1G 8AQ
Bankers
HSBC Bank plc
Lion House
25 Islington High Street
London
N1 9LJ
PHARMACIERGE LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Profit and loss account
8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Notes to the financial statements
12 - 20
PHARMACIERGE LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 1 -

The directors present the strategic report for the year ended 30 September 2024.

Principal activities

The principal activity of Pharmacierge Limited is the e-prescribing, dispensing and delivery of prescription medication.

 

The company is a wholly owned subsidiary of Pharmacierge Group Limited.

Review of the business

Pharmacierge Group’s proprietary subscriber-facing digital tools, which include its mPrescribe® app, offer a private Electronic Prescription System (EPS), which reduces clinical workload by streamlining the prescribing process securely, efficiently, and with full regulatory compliance. A wholly-owned dispensary platform then manages the operational complexity of a 5,500 sqft pharmacy in the Harley Street Health District of central London.

 

In recognition of this technology, Pharmacierge was ranked in the "Healthtech50" by BusinessCloud in 2024, won Healthcare Technology Provider of the Year at the HealthInvestor Awards 2025 and was featured in a leading venture capital firm’s Healthtech Market Map (AlbionVC Healthtech Market Map 2025).

 

The Pharmacierge Limited pharmacy was physically inspected at its new premises by the General Pharmaceutical Council (GB regulator) in August 2024 and was found to have met required standards across all five principles of notable practice (Governance, Staff, Premises, Services including medicines management, Equipment and facilities). Pharmacierge Limited is also subject to, completes and complies with the NHS Data Security and Protection Toolkit.

 

The results for the year and financial position of the company are as shown in the annexed financial statements.

 

The results of the financial year show a loss before taxation of £193k although this is an improvement on the previous year where losses before taxation amounted to £406k.

 

The overall trading results have been impacted by the move to new premises at 43A Wimpole Street, which occurred during early 2024. The significant investment into the company’s infrastructure led to an increase in depreciation and a one-off disposal of older equipment without which the company would have approached a break-even result for the year.

 

Having significantly invested in the development of a robotically-enabled dispensary in 23/24, the company is expected to achieve a faster growth rate without the need to substantially increase staff headcount. While dispensary headcount is expected to rise gradually due to further automation enhancements, a larger proportion of new hires will be in Sales and Marketing.

 

The company has a highly capital efficient route to market through its wide clinician user base, and intends to increase its channel marketing investment to support future growth in its new and recurring revenues Two thirds of patients (66%) using Pharmacierge during the second half of the period were repeat customers.

 

In summary the Group has a strong experienced team in place and works closely with its customers and suppliers to ensure it continues to deliver quality and value.

Principal risks and uncertainties

The company operates in a competitive environment covering the UK market. Any risks and uncertainties that affect the pharmaceutical industry may have an impact on the performance of the company.

Key performance indicators

Key performance indicators used by the company include sales, gross profit percentage, expenses ratios and profit before tax percentages.

PHARMACIERGE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -

On behalf of the board

Mr R D L Ungar
Director
25 June 2025
PHARMACIERGE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -

The directors present their annual report and financial statements for the year ended 30 September 2024.

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr E G Ungar
Mr L A Ungar
Mr R D L Ungar
Auditor

A resolution proposing that FMCB be re-appointed as auditors of the company will be put at the forthcoming Annual General Meeting.

Statement of directors' responsibilities

The directors are responsible for preparing the annual report 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:

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 of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

PHARMACIERGE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -
On behalf of the board
Mr R D L Ungar
Director
25 June 2025
PHARMACIERGE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PHARMACIERGE LIMITED
- 5 -
Opinion

We have audited the financial statements of Pharmacierge Limited (the 'company') for the year ended 30 September 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including 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:

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 Auditor's 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

PHARMACIERGE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PHARMACIERGE LIMITED (CONTINUED)
- 6 -
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 directors' report.

 

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

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 is 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.

Auditor's 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 an auditor's report 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

 

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered information including the following:

 

PHARMACIERGE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PHARMACIERGE LIMITED (CONTINUED)
- 7 -

As a result of considering the above we use audit procedures to respond to any potential risks. Procedures used include the following:

 

 

In addition to the above procedures the engagement team remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

 

There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Other matters which we are required to address

Comparative information in the financial statements is derived from the company's prior period financial statements which were not audited.

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 an auditor's report 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.

Gavin Zeiderman BA(Hons) FCA (Senior Statutory Auditor)
For and on behalf of F M C B, Statutory Auditor
Chartered Accountants
3rd Floor Hathaway House
Popes Drive
Finchley
London
N3 1QF
26 June 2025
PHARMACIERGE LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
14,156,510
12,059,469
Cost of sales
(9,623,289)
(8,257,527)
Gross profit
4,533,221
3,801,942
Administrative expenses
(4,722,883)
(4,186,963)
Operating loss
4
(189,662)
(385,021)
Interest receivable and similar income
7
7,298
4,007
Interest payable and similar expenses
8
(11,033)
(24,623)
Loss before taxation
(193,397)
(405,637)
Tax on loss
9
(26,488)
34,538
Loss for the financial year
(219,885)
(371,099)

The profit and loss account has been prepared on the basis that all operations are continuing operations.

PHARMACIERGE LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 9 -
2024
2023
£
£
Loss for the year
(219,885)
(371,099)
Other comprehensive income
-
-
Total comprehensive income for the year
(219,885)
(371,099)
PHARMACIERGE LIMITED
BALANCE SHEET
AS AT 30 SEPTEMBER 2024
30 September 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
10
7,450
14,900
Tangible assets
11
1,464,309
132,195
1,471,759
147,095
Current assets
Stocks
12
260,373
248,286
Debtors
13
635,635
918,202
Cash at bank and in hand
279,334
596,741
1,175,342
1,763,229
Creditors: amounts falling due within one year
14
(3,121,700)
(2,109,129)
Net current liabilities
(1,946,358)
(345,900)
Total assets less current liabilities
(474,599)
(198,805)
Creditors: amounts falling due after more than one year
15
(39,000)
(121,397)
Provisions for liabilities
Deferred tax liability
17
26,488
-
0
(26,488)
-
Net liabilities
(540,087)
(320,202)
Capital and reserves
Called up share capital
20
1
1
Profit and loss reserves
21
(540,088)
(320,203)
Total equity
(540,087)
(320,202)

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 25 June 2025 and are signed on its behalf by:
Mr E G Ungar
Mr R D L Ungar
Director
Director
Company registration number 09524408 (England and Wales)
PHARMACIERGE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 11 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 October 2022
1
50,896
50,897
Year ended 30 September 2023:
Loss and total comprehensive income
-
(371,099)
(371,099)
Balance at 30 September 2023
1
(320,203)
(320,202)
Year ended 30 September 2024:
Loss and total comprehensive income
-
(219,885)
(219,885)
Balance at 30 September 2024
1
(540,088)
(540,087)
PHARMACIERGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 12 -
1
Accounting policies
Company information

Pharmacierge Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3rd Floor Hathaway House, Popes Drive, Finchley, London, N3 1QF.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

 

- Section 33 ‘Related Party Disclosures.

1.2
Going concern

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

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes

Revenue from the sale of goods is recognized when goods are delivered and legal title has passed. Revenue from the provision of services is recognised when those services have been performed.

1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

PHARMACIERGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 13 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings Leasehold
12% Straight Line
Plant and machinery
12 - 20% Straight Line
Fixtures, fittings & equipment
20% Reducing Balance
Computer equipment
20% Reducing Balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Impairment of fixed assets

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered a material impairment loss. If a material impairment loss arises then it is recognised in the profit and loss account or against the revaluation reserve if the asset has been revalued.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.9
Equity instruments

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

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

PHARMACIERGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 14 -
Current tax

The tax currently payable is based on taxable profit for the year. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Leases

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

2
Judgements and key sources of estimation uncertainty

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

 

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

3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2024
2023
£
£
Turnover analysed by class of business
Pharmaceutical sales
14,156,510
12,059,469
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
14,156,510
12,059,469
2024
2023
£
£
Other revenue
Interest income
7,298
4,007
PHARMACIERGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 15 -
4
Operating loss
2024
2023
Operating loss for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
22,000
-
0
Depreciation of owned tangible fixed assets
141,183
29,887
Loss on disposal of tangible fixed assets
71,702
-
Amortisation of intangible assets
7,450
7,450
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
58
56

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
2,492,540
2,420,215
Social security costs
283,529
304,500
Pension costs
44,416
41,661
2,820,485
2,766,376
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
370,347
321,347
Company pension contributions to defined contribution schemes
2,422
2,642
372,769
323,989
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
150,000
151,000
Company pension contributions to defined contribution schemes
1,210
1,320
PHARMACIERGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 16 -
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
7,298
4,007
8
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
11,033
13,597
Other interest
-
0
11,026
11,033
24,623
9
Taxation
2024
2023
£
£
Current tax
Adjustments in respect of prior periods
-
0
(34,538)
Deferred tax
Origination and reversal of timing differences
26,488
-
0
Total tax charge/(credit)
26,488
(34,538)

The actual charge/(credit) for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Loss before taxation
(193,397)
(405,637)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
(48,349)
(77,071)
Tax effect of expenses that are not deductible in determining taxable profit
22,803
7,024
Adjustments in respect of prior years
-
0
(34,538)
Capital allowances in excess of depreciation
(119,249)
(5,007)
Corporation tax losses
144,796
75,054
Movement in deferred tax
26,487
-
0
Taxation charge/(credit) for the year
26,488
(34,538)
PHARMACIERGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 17 -
10
Intangible fixed assets
Goodwill
£
Cost
At 1 October 2023 and 30 September 2024
74,500
Amortisation and impairment
At 1 October 2023
59,600
Amortisation charged for the year
7,450
At 30 September 2024
67,050
Carrying amount
At 30 September 2024
7,450
At 30 September 2023
14,900

The business and assets of Independent Dispensary Limited, an insolvent company, were acquired by Pharmacierge Limited on 8 September 2015. They were professionally valued by Ashwells Nationwide Services Limited, who valued the tangible assets and goodwill of the company at £75,000. The split of goodwill has been determined by the directors at £74,500.

11
Tangible fixed assets
Land and buildings Leasehold
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
£
£
Cost
At 1 October 2023
36,906
-
0
100,389
101,399
238,694
Additions
1,316,267
186,389
6,959
35,383
1,544,998
Disposals
-
0
-
0
(86,421)
(72,003)
(158,424)
At 30 September 2024
1,353,173
186,389
20,927
64,779
1,625,268
Depreciation and impairment
At 1 October 2023
11,079
-
0
51,987
43,433
106,499
Depreciation charged in the year
108,814
16,962
3,627
11,780
141,183
Eliminated in respect of disposals
-
0
-
0
(49,168)
(37,555)
(86,723)
At 30 September 2024
119,893
16,962
6,446
17,658
160,959
Carrying amount
At 30 September 2024
1,233,280
169,427
14,481
47,121
1,464,309
At 30 September 2023
25,827
-
0
48,402
57,966
132,195
PHARMACIERGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 18 -
12
Stocks
2024
2023
£
£
Finished goods and goods for resale
260,373
248,286
13
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
125,705
41,412
Amounts owed by group undertakings
78,076
119,713
Other debtors
309,503
678,799
Prepayments and accrued income
122,351
78,278
635,635
918,202
14
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans
16
52,000
52,000
Trade creditors
1,511,779
1,154,608
Amounts owed to group undertakings
1,063,783
747,468
Taxation and social security
120,995
124,665
Other creditors
65,880
13,211
Accruals and deferred income
307,263
17,177
3,121,700
2,109,129

The bank facility is secured by a fixed and floating charge over all assets of the company.

15
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
16
39,000
91,000
Other creditors
-
0
30,397
39,000
121,397

The balances owed after 12 months consist of the following:

CBILS loan        £39,000

 

PHARMACIERGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 19 -
16
Loans and overdrafts
2024
2023
£
£
Bank loans
91,000
143,000
Payable within one year
52,000
52,000
Payable after one year
39,000
91,000
17
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
26,488
-
2024
Movements in the year:
£
Liability at 1 October 2023
-
Charge to profit or loss
26,488
Liability at 30 September 2024
26,488
18
Operating lease commitments

Operating lease obligations represent amounts payable by the company for premises rentals for 42-43A Wimpole Street and 32-34 New Cavendish Street.

At the reporting end date the company had outstanding commitments for future minimum lease payments as follows:

2024
2023
£
£
Within 1 year
146,625
149,607
Years 2-5
946,500
22,833
After 5 years
615,375
-
0
1,708,500
172,440
PHARMACIERGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 20 -
19
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
44,416
41,661

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

20
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share of £1 each
1
1
1
1
21
Profit and loss reserves
2024
2023
£
£
At the beginning of the year
(320,203)
50,896
Adjusted balance
(320,203)
50,896
Loss for the year
(219,885)
(371,099)
At the end of the year
(540,088)
(320,203)
23
Directors' transactions

Advances or credits have been granted by the company to its directors as follows:

The following amounts to directors were included in the creditors due less than one year:

 

Mr L A Ungar: £14,050

Mr E G Ungar: £25,898

Mr R D Ungar: £4,499

24
Ultimate controlling party

The company is a wholly owned subsidiary of Pharmacierge Group Limited, a company registered in England and Wales and its registered office is 3rd Floor Hathaway House, Popes Drive, London, N3 1QF.

The ultimate controlling party is Pharmacierge Group Limited.

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