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REGISTERED NUMBER: 09875397 (England and Wales)









NIK PHARMA LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2024






NIK PHARMA LIMITED (REGISTERED NUMBER: 09875397)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


NIK PHARMA LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 NOVEMBER 2024







DIRECTORS: N H Patel
Mrs D Patel





REGISTERED OFFICE: Churchgate House
3 Church Road
Whitchurch
Cardiff
SOUTH GLAMORGAN
CF14 2DX





REGISTERED NUMBER: 09875397 (England and Wales)

NIK PHARMA LIMITED (REGISTERED NUMBER: 09875397)

BALANCE SHEET
30 NOVEMBER 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 912,073 1,074,317
Tangible assets 5 11,448 14,500
923,521 1,088,817

CURRENT ASSETS
Stocks 6 65,313 63,321
Debtors 7 352,875 530,459
Cash at bank and in hand 1,356,486 979,154
1,774,674 1,572,934
CREDITORS
Amounts falling due within one year 8 759,694 830,401
NET CURRENT ASSETS 1,014,980 742,533
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,938,501

1,831,350

CREDITORS
Amounts falling due after more than one
year

9

(864,995

)

(871,380

)

PROVISIONS FOR LIABILITIES 12 (2,862 ) (3,625 )
NET ASSETS 1,070,644 956,345

NIK PHARMA LIMITED (REGISTERED NUMBER: 09875397)

BALANCE SHEET - continued
30 NOVEMBER 2024

2024 2023
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 13 100 100
Retained earnings 1,070,544 956,245
SHAREHOLDERS' FUNDS 1,070,644 956,345

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 July 2025 and were signed on its behalf by:





N H Patel - Director


NIK PHARMA LIMITED (REGISTERED NUMBER: 09875397)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

1. STATUTORY INFORMATION

Nik Pharma Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. In making their assessment, the directors have reviewed the balance sheet, the likely future cashflows of the business and have considered the facilities that are available to the company along with their continued support.

At the date of approving the financial statements the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and that the going concern basis of accounting remains appropriate. The directors continue to adopt the going concern basis of accounting in preparing the financial statements.

NIK PHARMA LIMITED (REGISTERED NUMBER: 09875397)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2024

2. ACCOUNTING POLICIES - continued

Significant judgements and estimates
In the application of the company's accounting policies, which are described in note 2, management are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 a ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Useful economic lives of tangible assets
The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect the current estimate based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See notes for the carrying amount of the tangible fixed assets and accounting policies in note 2 for the useful economic lives of each class of asset.

Useful economic lives of intangible assets
The annual amortisation charge of intangible fixed assets is a fixed rate based on the useful economic life of the asset. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect the current estimate. See notes for the carrying amount of the intangible fixed assets and accounting policies in note 2 for the useful economic lives of each class of asset.

Turnover
Turnover is measured at fair value of the consideration received or receivable net of VAT and discounts. The policies adopted for the recognition of turnover are as follows:-

Sale of goods:

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the customer. The amount revenue can ne measured reliably, it is probable that the economic benefit associated with the transaction.

NHS income:

Revenue from NHS services, including prescriptions and other related services, is recognised when the pharmacy has provided the service and is entitled to receive payment. This includes NHS prescriptions dispensed, which are recorded as turnover once verified and submitted for reimbursement, and any NHS income for commissioned services, which is recognised when the service obligation to the NHS is met.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of the businesses in 2016 and 2019, is being amortised evenly over its estimated useful life of ten years.

NIK PHARMA LIMITED (REGISTERED NUMBER: 09875397)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2024

2. ACCOUNTING POLICIES - continued

Intellectual property
Intellectual property , being the amount paid in connection with the acquisition of a second business in 2019, is being amortised evenly over its estimated useful life of fifteen years.

Tangible fixed assets
Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

Depreciation is provided at the following annual rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives:

Short Leasehold - Over the term of the lease
Plant and machinery - 20% reducing balance
Fixtures and fittings - 20% reducing balance
Motor vehicles - 25% reducing balance
Computer equipment - 33% cost

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Stocks
Stocks are valued at the lower of cost and estimated selling price less cost to sell after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

NIK PHARMA LIMITED (REGISTERED NUMBER: 09875397)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefit will be required in settlement and the amount can be reliable estimated.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the assets cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit and loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Cash and cash equivalents
Cash and cash equivalents are basic financial instruments and include cash in hand and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Financial instruments
The company has elected to apply the provisions of Section 11 ' Basic Financial Instruments '.
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include trade and other debtors, loans to related companies and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest.

Basic financial liabilities
Basic financial liabilities, including trade and other creditors, loans to related companies and bank loans are initially recognised at transaction price unless the arrangement constitutes a financial transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2023 - 15 ) .

NIK PHARMA LIMITED (REGISTERED NUMBER: 09875397)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2024

4. INTANGIBLE FIXED ASSETS
Other
intangible
Goodwill assets Totals
£    £    £   
COST
At 1 December 2023
and 30 November 2024 1,366,443 384,000 1,750,443
AMORTISATION
At 1 December 2023 571,593 104,533 676,126
Charge for year 136,644 25,600 162,244
At 30 November 2024 708,237 130,133 838,370
NET BOOK VALUE
At 30 November 2024 658,206 253,867 912,073
At 30 November 2023 794,850 279,467 1,074,317

Other intangible assets relate to consideration paid for intellectual property on acquisition of business during the year end 30 November 2019.

5. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and
leasehold machinery fittings
£    £    £   
COST
At 1 December 2023 1 6,718 42,710
Additions - - 185
At 30 November 2024 1 6,718 42,895
DEPRECIATION
At 1 December 2023 1 4,127 34,475
Charge for year - 518 1,684
At 30 November 2024 1 4,645 36,159
NET BOOK VALUE
At 30 November 2024 - 2,073 6,736
At 30 November 2023 - 2,591 8,235

NIK PHARMA LIMITED (REGISTERED NUMBER: 09875397)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2024

5. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 December 2023 10,162 890 60,481
Additions - - 185
At 30 November 2024 10,162 890 60,666
DEPRECIATION
At 1 December 2023 6,643 735 45,981
Charge for year 880 155 3,237
At 30 November 2024 7,523 890 49,218
NET BOOK VALUE
At 30 November 2024 2,639 - 11,448
At 30 November 2023 3,519 155 14,500

6. STOCKS
2024 2023
£    £   
Stocks 65,313 63,321

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 254,105 434,718
Other debtors 98,770 95,741
352,875 530,459

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 40,620 136,942
Trade creditors 418,331 364,792
Taxation and social security 100,272 87,487
Other creditors 200,471 241,180
759,694 830,401

NIK PHARMA LIMITED (REGISTERED NUMBER: 09875397)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2024

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 864,995 871,380

10. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 42,999 40,723
Between one and five years 120,000 120,000
In more than five years 297,500 327,500
460,499 488,223

11. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 905,615 1,008,322

The company's bank loans are secured by fixed and floating charges over all assets of the company, including leasehold properties.

12. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 2,862 3,625

Deferred
tax
£   
Balance at 1 December 2023 3,625
Decelerated (763 )
Balance at 30 November 2024 2,862

NIK PHARMA LIMITED (REGISTERED NUMBER: 09875397)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2024

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
70 Ordinary A £1 70 70
30 Ordinary B £1 30 30
100 100

14. TRANSACTIONS WITH DIRECTORS

As at 30 November 2024 the company owed the directors £184,613 (2023: £228,228) which is included within the creditors amounts falling due within one year.

The balances are interest free and repayable on demand.

15. RELATED PARTY DISCLOSURES

The company has an outstanding interest-free loan of £50,000 to a company in which a director has a controlling interest. The balance at 30 November 2024 remains £50,000 (2023: £50,000) and is included in debtors falling due within one year.

The loan has no fixed terms of repayment and is repayable on demand.

16. POST BALANCE SHEET EVENTS

Subsequent to the year-end, the company undertook a reclassification of share capital. The reclassification does not affect the total share capital but alters the allocation between share classes transferring 15 Ordinary A shares into Ordinary B.

17. CONTROL RELATIONSHIPS

The company is controlled by the directors, who own 100% of the issued share capital.