IRIS Accounts Production v25.2.0.378 SC346785 Board of Directors 30.11.24 1.12.23 30.11.24 30.11.24 Medium entities These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. Operation of retail pharmacies. true true true false true true false false false false false true false Fair value model Ordinary Shares 0 Ordinary A Shares 0 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REGISTERED NUMBER: SC346785 (Scotland)















Group Strategic Report, Report of the Directors and

Consolidated Financial Statements For The Year Ended 30 November 2024

for

GAM Stuart Limited

GAM Stuart Limited (Registered number: SC346785)






Contents of the Consolidated Financial Statements
For The Year Ended 30 November 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Consolidated Statement of Comprehensive Income 8

Consolidated Statement of Financial Position 9

Company Statement of Financial Position 10

Consolidated Statement of Changes in Equity 11

Company Statement of Changes in Equity 12

Consolidated Statement of Cash Flows 13

Notes to the Consolidated Statement of Cash Flows 14

Notes to the Consolidated Financial Statements 15


GAM Stuart Limited

Company Information
For The Year Ended 30 November 2024







DIRECTORS: A S Bilon
G A M Stuart





REGISTERED OFFICE: 19a Graham Street
Edinburgh
Lothain
EH6 5QN





REGISTERED NUMBER: SC346785 (Scotland)





INDEPENDENT AUDITORS: Robb Ferguson
Chartered Accountants & Statutory Auditors
Regent Court
70 West Regent Street
Glasgow
G2 2QZ

GAM Stuart Limited (Registered number: SC346785)

Group Strategic Report
For The Year Ended 30 November 2024

The directors present their strategic report of the company and the group for the year ended 30 November 2024.

REVIEW OF BUSINESS
Turnover increased 0.6% in the year continuing the consistent growth of the company over the past several years. Gross margin has increased to 36% from 34% in the year showing continued operating efficiency during the year.

Overheads increased in the year which was expected given the increase in trade during the year. It is the director's strategy to expand upon the continued growth of the company and seek to further expand the business through additional business acquisitions.

PRINCIPAL RISKS AND UNCERTAINTIES
The company's operations expose it to a variety of financial risks that include the effects of changes in credit risk, liquidity risk and interest rate risk. The company takes measures to limit the adverse effects of these risk on the financial performance by monitoring debt levels and associated finance costs

CREDIT RISK
Credit limits are set by the directors for customers based upon the customers payment history in combination with credit references. These limits are reviewed regularly in combination with debt ageing and collection history.

LIQUIDITY RISK
The company mitigates liquidity risks through regular review of cash levels to ensure sufficient cash to meet it's operational needs.

INTEREST RATE RISK
As is commonplace in the sector the company operates, the company uses an element of external third-party debt to part-finance its business. Naturally the company is required to pay interest on its debt. The annual cost of interest charges is kept under close review by the board in order to ensure that the interest charge is not overly burdensome on the company's cash flow.

PRICE RISK
None of the company's financial instruments are subject to any market movements affecting price risk and so exposure to price risk is not material.

ON BEHALF OF THE BOARD:





A S Bilon - Director


27 August 2025

GAM Stuart Limited (Registered number: SC346785)

Report of the Directors
For The Year Ended 30 November 2024

The directors present their report with the financial statements of the company and the group for the year ended 30 November 2024.

DIVIDENDS
No interim dividends were paid during the year ended 30 November 2024.

The directors recommend final dividends per share as follows:

Ordinary Shares £0.01 shares 290,000
Ordinary A Shares £0.01 shares NIL

The total distribution of dividends for the year ended 30 November 2024 will be £ 290,000 .

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

A S Bilon
G A M Stuart

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

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

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group'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 group's auditors are aware of that information.

ON BEHALF OF THE BOARD:





A S Bilon - Director


27 August 2025

Report of the Independent Auditors to the Members of
GAM Stuart Limited

Opinion
We have audited the financial statements of GAM Stuart Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 November 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, 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 group's and of the parent company affairs as at 30 November 2024 and of the group's 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 group 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 group's and the parent 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 Group 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 Group 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 Group 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
GAM Stuart Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
GAM Stuart Limited


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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
- The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- We identified the laws and regulations applicable to the company through discussions with directors and other management, and from our wider knowledge and experience;
- We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006 and FRS 102.
- We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
- Considering the internal controls in place, including banking controls, to mitigate risks of fraud and non-compliance with laws and regulations

Audit response to risks identified
To address the risk of fraud through management bias and override of controls, we:
- Performed analytical procedures to identify any unusual or unexpected relationships;
- Tested journal entries to identify unusual transactions;
- Assessed whether judgements and assumptions made in determining the accounting estimates set out were indicative of potential bias; and
- Investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- Agreeing financial statement disclosures to underlying supporting documentation;
- Reading the minutes of meetings of those charged with governance;
- Enquiring of management as to actual and potential litigation and claims; and
- Reviewing correspondence with HMRC, Companies House and the company's legal advisors.
- Reviewing the latest General Pharmaceutical Council reports of a sample of the company's pharmacies.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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
GAM Stuart Limited


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.




Graham Cantlay (Senior Statutory Auditor)
for and on behalf of Robb Ferguson
Chartered Accountants & Statutory Auditors
Regent Court
70 West Regent Street
Glasgow
G2 2QZ

28 August 2025

GAM Stuart Limited (Registered number: SC346785)

Consolidated
Statement of Comprehensive
Income
For The Year Ended 30 November 2024

2024 2023
Notes £    £   

TURNOVER 13,863,964 13,786,768

Cost of sales 8,879,846 9,079,739
GROSS PROFIT 4,984,118 4,707,029

Administrative expenses 3,863,039 3,934,400
OPERATING PROFIT 4 1,121,079 772,629


Interest payable and similar expenses 5 390,451 379,614
PROFIT BEFORE TAXATION 730,628 393,015

Tax on profit 6 241,378 232,255
PROFIT FOR THE FINANCIAL YEAR 489,250 160,760

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

489,250

160,760

Profit attributable to:
Owners of the parent 489,250 160,760

Total comprehensive income attributable to:
Owners of the parent 489,250 160,760

GAM Stuart Limited (Registered number: SC346785)

Consolidated Statement of Financial Position
30 November 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 2,832,333 2,979,712
Tangible assets 10 1,867,583 1,520,252
Investments 11 - -
Investment property 12 622,575 101,052
5,322,491 4,601,016

CURRENT ASSETS
Stocks 13 395,575 460,307
Debtors 14 1,727,746 1,855,053
Cash at bank and in hand 1,498,921 1,661,561
3,622,242 3,976,921
CREDITORS
Amounts falling due within one year 15 2,907,930 3,132,627
NET CURRENT ASSETS 714,312 844,294
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,036,803

5,445,310

CREDITORS
Amounts falling due after more than one
year

16

(5,581,285

)

(5,166,718

)

PROVISIONS FOR LIABILITIES 20 (87,468 ) (109,792 )
NET ASSETS 368,050 168,800

CAPITAL AND RESERVES
Called up share capital 21 100 100
Retained earnings 22 367,950 168,700
SHAREHOLDERS' FUNDS 368,050 168,800

The financial statements were approved by the Board of Directors and authorised for issue on 27 August 2025 and were signed on its behalf by:





A S Bilon - Director


GAM Stuart Limited (Registered number: SC346785)

Company Statement of Financial Position
30 November 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 3,300,088 3,469,925
Tangible assets 10 1,867,588 1,520,257
Investments 11 6,002 6,002
Investment property 12 622,575 101,052
5,796,253 5,097,236

CURRENT ASSETS
Stocks 13 395,575 460,307
Debtors 14 2,469,981 2,271,122
Cash at bank and in hand 756,696 1,245,492
3,622,252 3,976,921
CREDITORS
Amounts falling due within one year 15 2,914,042 3,138,729
NET CURRENT ASSETS 708,210 838,192
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,504,463

5,935,428

CREDITORS
Amounts falling due after more than one
year

16

(5,581,285

)

(5,166,718

)

PROVISIONS FOR LIABILITIES 20 (87,468 ) (109,792 )
NET ASSETS 835,710 658,918

CAPITAL AND RESERVES
Called up share capital 21 100 100
Retained earnings 835,610 658,818
SHAREHOLDERS' FUNDS 835,710 658,918

Company's profit for the financial year 466,792 85,066

The financial statements were approved by the Board of Directors and authorised for issue on 27 August 2025 and were signed on its behalf by:





A S Bilon - Director


GAM Stuart Limited (Registered number: SC346785)

Consolidated Statement of Changes in Equity
For The Year Ended 30 November 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 December 2022 100 372,940 373,040

Changes in equity
Dividends - (365,000 ) (365,000 )
Total comprehensive income - 160,760 160,760
Balance at 30 November 2023 100 168,700 168,800

Changes in equity
Dividends - (290,000 ) (290,000 )
Total comprehensive income - 489,250 489,250
Balance at 30 November 2024 100 367,950 368,050

GAM Stuart Limited (Registered number: SC346785)

Company Statement of Changes in Equity
For The Year Ended 30 November 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 December 2022 100 938,752 938,852

Changes in equity
Dividends - (365,000 ) (365,000 )
Total comprehensive income - 85,066 85,066
Balance at 30 November 2023 100 658,818 658,918

Changes in equity
Dividends - (290,000 ) (290,000 )
Total comprehensive income - 466,792 466,792
Balance at 30 November 2024 100 835,610 835,710

GAM Stuart Limited (Registered number: SC346785)

Consolidated Statement of Cash Flows
For The Year Ended 30 November 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,395,309 1,639,347
Interest paid (384,259 ) (371,680 )
Interest element of hire purchase payments
paid

(6,192

)

(7,934

)
Tax paid (255,183 ) (269,449 )
Net cash from operating activities 749,675 990,284

Cash flows from investing activities
Purchase of tangible fixed assets (426,549 ) (48,795 )
Purchase of investment property (521,523 ) (61,262 )
Sale of tangible fixed assets - 696
Net cash from investing activities (948,072 ) (109,361 )

Cash flows from financing activities
New loans in year 887,871 -
Loan repayments in year (489,400 ) (474,616 )
Capital repayments in year (44,838 ) (102,800 )
Amount introduced by directors 805,046 1,133,035
Amount withdrawn by directors (832,922 ) (1,200,646 )
Equity dividends paid (290,000 ) (365,000 )
Net cash from financing activities 35,757 (1,010,027 )

Decrease in cash and cash equivalents (162,640 ) (129,104 )
Cash and cash equivalents at beginning of
year

2

1,661,561

1,790,665

Cash and cash equivalents at end of year 2 1,498,921 1,661,561

GAM Stuart Limited (Registered number: SC346785)

Notes to the Consolidated Statement of Cash Flows
For The Year Ended 30 November 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

2024 2023
£    £   
Profit before taxation 730,628 393,015
Depreciation charges 290,142 753,155
Profit on disposal of fixed assets - (126 )
Finance costs 390,451 379,614
1,411,221 1,525,658
Decrease/(increase) in stocks 64,732 (44,696 )
Decrease/(increase) in trade and other debtors 127,307 (433,108 )
(Decrease)/increase in trade and other creditors (207,951 ) 591,493
Cash generated from operations 1,395,309 1,639,347

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 30 November 2024
30.11.24 1.12.23
£    £   
Cash and cash equivalents 1,498,921 1,661,561
Year ended 30 November 2023
30.11.23 1.12.22
£    £   
Cash and cash equivalents 1,661,561 1,790,665


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.12.23 Cash flow At 30.11.24
£    £    £   
Net cash
Cash at bank and in hand 1,661,561 (162,640 ) 1,498,921
1,661,561 (162,640 ) 1,498,921
Debt
Finance leases (91,444 ) (18,706 ) (110,150 )
Debts falling due within 1 year (474,615 ) 26,241 (448,374 )
Debts falling due after 1 year (5,110,890 ) (424,713 ) (5,535,603 )
(5,676,949 ) (417,178 ) (6,094,127 )
Total (4,015,388 ) (579,818 ) (4,595,206 )

GAM Stuart Limited (Registered number: SC346785)

Notes to the Consolidated Financial Statements
For The Year Ended 30 November 2024

1. STATUTORY INFORMATION

GAM Stuart Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the General 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.

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.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is stated net of VAT and trade discounts. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of businesses, is written off evenly over its estimated useful life of twenty-five years. Estimated useful lives are reviewed annually on a store by store basis and are based on sector information and store performance (historical and projected).

During the year, following a detailed assessment, the Directors have revised the estimated useful life of goodwill from ten years to twenty-five years from the date of acquisition. This has resulted in a £444,123 increase to net profit in the year to 30 November 2024 as reported by the group and a £511,971 increase in the profit for the year to 30 November as reported by the company

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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Heritable property - 2% on cost
Fixed plant and equipment - 10% on cost
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer Equipment - 33.33% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

GAM Stuart Limited (Registered number: SC346785)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 30 November 2024

2. ACCOUNTING POLICIES - continued

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 2,592,539 2,206,031
Social security costs 223,490 188,449
Other pension costs 168,463 241,269
2,984,492 2,635,749

GAM Stuart Limited (Registered number: SC346785)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 30 November 2024

3. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
2024 2023

Pharmacy staff 117 101

2024 2023
£    £   
Directors' remuneration 29,652 24,807
Directors' pension contributions to money purchase schemes 120,000 200,000

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Hire of plant and machinery 72,369 92,348
Other operating leases 58,587 58,575
Depreciation - owned assets 90,167 104,580
Depreciation - assets on hire purchase contracts 52,596 52,396
Profit on disposal of fixed assets - (126 )
Goodwill amortisation 147,379 606,113
Auditors' remuneration 9,500 9,150

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank loan interest 384,259 371,680
Hire purchase 6,192 7,934
390,451 379,614

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 263,702 247,772

Deferred tax (22,324 ) (15,517 )
Tax on profit 241,378 232,255

GAM Stuart Limited (Registered number: SC346785)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 30 November 2024

6. TAXATION - continued

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:

2024 2023
£    £   
Profit before tax 730,628 393,015
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 23 %)

182,657

90,393

Effects of:
Expenses not deductible for tax purposes 6,312 3,258
Adjustments to tax charge in respect of previous periods 7,463 (7,458 )
Timing differences 67,270 161,407
Deferred tax (22,324 ) (15,517 )
Effect of marginal rate - 172
Total tax charge 241,378 232,255

7. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.


8. DIVIDENDS
2024 2023
£    £   
Ordinary Shares shares of £0.01 each
Final 290,000 290,000
Ordinary A Shares shares of £0.01 each
Final - 75,000
290,000 365,000

GAM Stuart Limited (Registered number: SC346785)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 30 November 2024

9. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 December 2023
and 30 November 2024 8,061,248
AMORTISATION
At 1 December 2023 5,081,536
Amortisation for year 147,379
At 30 November 2024 5,228,915
NET BOOK VALUE
At 30 November 2024 2,832,333
At 30 November 2023 2,979,712

Company
Goodwill
£   
COST
At 1 December 2023
and 30 November 2024 7,945,573
AMORTISATION
At 1 December 2023 4,475,648
Amortisation for year 169,837
At 30 November 2024 4,645,485
NET BOOK VALUE
At 30 November 2024 3,300,088
At 30 November 2023 3,469,925

GAM Stuart Limited (Registered number: SC346785)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 30 November 2024

10. TANGIBLE FIXED ASSETS

Group
Fixed Fixtures
Heritable plant and and
property equipment fittings
£    £    £   
COST
At 1 December 2023 1,117,365 189,600 722,397
Additions 419,242 - -
At 30 November 2024 1,536,607 189,600 722,397
DEPRECIATION
At 1 December 2023 137,251 94,800 436,933
Charge for year 23,046 18,960 42,819
At 30 November 2024 160,297 113,760 479,752
NET BOOK VALUE
At 30 November 2024 1,376,310 75,840 242,645
At 30 November 2023 980,114 94,800 285,464

Motor Computer
vehicles Equipment Totals
£    £    £   
COST
At 1 December 2023 431,768 17,607 2,478,737
Additions 67,796 3,056 490,094
At 30 November 2024 499,564 20,663 2,968,831
DEPRECIATION
At 1 December 2023 271,894 17,607 958,485
Charge for year 56,919 1,019 142,763
At 30 November 2024 328,813 18,626 1,101,248
NET BOOK VALUE
At 30 November 2024 170,751 2,037 1,867,583
At 30 November 2023 159,874 - 1,520,252

GAM Stuart Limited (Registered number: SC346785)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 30 November 2024

10. TANGIBLE FIXED ASSETS - continued

Group

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Fixed
plant and Motor
equipment vehicles Totals
£    £    £   
COST
At 1 December 2023 189,600 170,249 359,849
Additions - 63,545 63,545
Transfer to ownership (189,600 ) (22,200 ) (211,800 )
At 30 November 2024 - 211,594 211,594
DEPRECIATION
At 1 December 2023 94,800 99,744 194,544
Charge for year 18,960 33,636 52,596
Transfer to ownership (113,760 ) (15,176 ) (128,936 )
At 30 November 2024 - 118,204 118,204
NET BOOK VALUE
At 30 November 2024 - 93,390 93,390
At 30 November 2023 94,800 70,505 165,305

Company
Fixed Fixtures
Heritable plant and and
property equipment fittings
£    £    £   
COST
At 1 December 2023 1,117,365 189,600 629,256
Additions 419,242 - -
At 30 November 2024 1,536,607 189,600 629,256
DEPRECIATION
At 1 December 2023 137,251 94,800 343,793
Charge for year 23,046 18,960 42,819
At 30 November 2024 160,297 113,760 386,612
NET BOOK VALUE
At 30 November 2024 1,376,310 75,840 242,644
At 30 November 2023 980,114 94,800 285,463

GAM Stuart Limited (Registered number: SC346785)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 30 November 2024

10. TANGIBLE FIXED ASSETS - continued

Company

Motor Computer
vehicles Equipment Totals
£    £    £   
COST
At 1 December 2023 426,121 16,341 2,378,683
Additions 67,796 3,056 490,094
At 30 November 2024 493,917 19,397 2,868,777
DEPRECIATION
At 1 December 2023 266,241 16,341 858,426
Charge for year 56,919 1,019 142,763
At 30 November 2024 323,160 17,360 1,001,189
NET BOOK VALUE
At 30 November 2024 170,757 2,037 1,867,588
At 30 November 2023 159,880 - 1,520,257

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Fixed
plant and Motor
equipment vehicles Totals
£    £    £   
COST
At 1 December 2023 189,600 170,249 359,849
Additions - 63,545 63,545
Transfer to ownership (189,600 ) (22,200 ) (211,800 )
At 30 November 2024 - 211,594 211,594
DEPRECIATION
At 1 December 2023 94,800 99,744 194,544
Charge for year 18,960 33,636 52,596
Transfer to ownership (113,760 ) (15,176 ) (128,936 )
At 30 November 2024 - 118,204 118,204
NET BOOK VALUE
At 30 November 2024 - 93,390 93,390
At 30 November 2023 94,800 70,505 165,305

GAM Stuart Limited (Registered number: SC346785)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 30 November 2024

11. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertaking
£   
COST
At 1 December 2023
and 30 November 2024 6,002
NET BOOK VALUE
At 30 November 2024 6,002
At 30 November 2023 6,002

The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Subsidiaries

MacPharm Limited
Registered office: 19a Graham Street, Edinburgh, Scotland, EH6 5QN
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 2 2

D P Lorimer Limited
Registered office: 19a Graham Street, Edinburgh, Scotland, EH6 5QN
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 6,000 6,000


GAM Stuart Limited (Registered number: SC346785)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 30 November 2024

12. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1 December 2023 101,052
Additions 521,523
At 30 November 2024 622,575
NET BOOK VALUE
At 30 November 2024 622,575
At 30 November 2023 101,052

Company
Total
£   
FAIR VALUE
At 1 December 2023 101,052
Additions 521,523
At 30 November 2024 622,575
NET BOOK VALUE
At 30 November 2024 622,575
At 30 November 2023 101,052

13. STOCKS

Group Company
2024 2023 2024 2023
£    £    £    £   
Stocks 395,575 460,307 395,575 460,307

14. DEBTORS

Group Company
2024 2023 2024 2023
£    £    £    £   
Amounts falling due within one year:
Trade debtors 1,063,341 1,001,200 1,063,341 1,001,200
Other debtors 100,615 97,035 842,850 513,104
VAT 137,595 159,134 137,595 159,134
Prepayments and accrued income 54,728 57,291 54,728 57,291
1,356,279 1,314,660 2,098,514 1,730,729

GAM Stuart Limited (Registered number: SC346785)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 30 November 2024

14. DEBTORS - continued

Group Company
2024 2023 2024 2023
£    £    £    £   
Amounts falling due after more than one year:
Other debtors 371,467 540,393 371,467 540,393

Aggregate amounts 1,727,746 1,855,053 2,469,981 2,271,122

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans and overdrafts (see note 17) 448,374 474,615 448,374 474,615
Hire purchase contracts (see note 18) 64,468 35,616 64,468 35,616
Trade creditors 1,470,441 1,651,809 1,470,441 1,651,809
Amounts owed to subsidiary - - 6,102 6,102
Tax 256,291 247,772 256,291 247,772
Social security and other taxes 57,378 52,037 57,378 52,037
Other creditors 490,204 519,865 490,214 519,865
Directors' current accounts 49,399 77,275 49,399 77,275
Accrued expenses 71,375 73,638 71,375 73,638
2,907,930 3,132,627 2,914,042 3,138,729

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans (see note 17) 5,535,603 5,110,890 5,535,603 5,110,890
Hire purchase contracts (see note 18) 45,682 55,828 45,682 55,828
5,581,285 5,166,718 5,581,285 5,166,718

GAM Stuart Limited (Registered number: SC346785)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 30 November 2024

17. LOANS

An analysis of the maturity of loans is given below:

Group Company
2024 2023 2024 2023
£    £    £    £   
Amounts falling due within one year or on demand:
Bank loans 448,374 474,615 448,374 474,615
Amounts falling due between one and two years:
Bank loans - 1-2 years 2,254,949 428,448 2,254,949 428,448
Amounts falling due between two and five years:
Bank loans - 2-5 years 933,596 2,820,318 933,596 2,820,318
Amounts falling due in more than five years:
Repayable by instalments
Bank loans more 5 yr by instal 2,347,058 1,862,124 2,347,058 1,862,124

18. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase
contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 64,468 35,616
Between one and five years 45,682 55,828
110,150 91,444

Company
Hire purchase
contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 64,468 35,616
Between one and five years 45,682 55,828
110,150 91,444

GAM Stuart Limited (Registered number: SC346785)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 30 November 2024

18. LEASING AGREEMENTS - continued

Group
Non-cancellable
operating leases
2024 2023
£    £   
Within one year 26,843 35,500
Between one and five years 80,615 142,000
In more than five years 14,583 75,167
122,041 252,667

Company
Non-cancellable
operating leases
2024 2023
£    £   
Within one year 26,843 35,500
Between one and five years 80,615 142,000
In more than five years 14,583 75,167
122,041 252,667

19. SECURED DEBTS

The following secured debts are included within creditors:

Group Company
2024 2023 2024 2023
£    £    £    £   
Hire purchase contracts 110,150 91,444 110,150 91,444
Bank loans - - 5,965,642 5,557,172
110,150 91,444 6,075,792 5,648,616

Security has been granted on bank loans and overdrafts from Bank of Scotland. Certain directors have given personal guarantees.

20. PROVISIONS FOR LIABILITIES

Group Company
2024 2023 2024 2023
£    £    £    £   
Deferred tax 87,468 109,792 87,468 109,792

GAM Stuart Limited (Registered number: SC346785)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 30 November 2024

20. PROVISIONS FOR LIABILITIES - continued

Group
Deferred
tax
£   
Balance at 1 December 2023 109,792
Provided during year (22,324 )
Balance at 30 November 2024 87,468

Company
Deferred
tax
£   
Balance at 1 December 2023 109,792
Provided during year (22,324 )
Balance at 30 November 2024 87,468

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
10,000 Ordinary Shares £0.01 100 100
10 Ordinary A Shares £0.01 - -
100 100

As the accounts are rounded, the share capital is reported to the nearest £1. The total issued share capital amounts to £100.10

22. RESERVES

Group
Retained
earnings
£   

At 1 December 2023 168,700
Profit for the year 489,250
Dividends (290,000 )
At 30 November 2024 367,950

GAM Stuart Limited (Registered number: SC346785)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 30 November 2024

22. RESERVES - continued

Company
Retained
earnings
£   

At 1 December 2023 658,818
Profit for the year 466,792
Dividends (290,000 )
At 30 November 2024 835,610


23. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 November 2024 and 30 November 2023:

2024 2023
£    £   
A S Bilon
Balance outstanding at start of year (44,924 ) (82,648 )
Amounts advanced 417,799 606,582
Amounts repaid (401,000 ) (568,858 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (28,125 ) (44,924 )

G A M Stuart
Balance outstanding at start of year (32,351 ) (62,238 )
Amounts advanced 415,123 584,063
Amounts repaid (404,046 ) (554,176 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (21,274 ) (32,351 )

24. RELATED PARTY DISCLOSURES

At 30 November 2024, £0 (2023: £96,400) was due from Alxpharm Ltd, an organisation where a shareholder is a close member of one of the directors family.

At 30 November 2024, £471,471 (2023: £540,393) was due from Stuart & Bilon Limited, a company in which both directors are shareholders. The balance is interest free.

25. ULTIMATE CONTROLLING PARTY

The ultimate controlling parties are G A M Stuart and A S Bilon.