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REGISTERED NUMBER: SC293941 (Scotland)














STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025

FOR

BUCHANHAVEN PHARMACY LIMITED

BUCHANHAVEN PHARMACY LIMITED (REGISTERED NUMBER: SC293941)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 January 2025




Page

Company Information 1

Strategic Report 2

Report of the Director 3

Report of the Independent Auditors 4

Income Statement 7

Other Comprehensive Income 8

Statement of Financial Position 9

Statement of Changes in Equity 10

Statement of Cash Flows 11

Notes to the Statement of Cash Flows 12

Notes to the Financial Statements 13


BUCHANHAVEN PHARMACY LIMITED

COMPANY INFORMATION
for the Year Ended 31 January 2025







DIRECTOR: J Mitchell





REGISTERED OFFICE: 23 Skelton Street
Peterhead
Aberdeenshire
AB42 1HR





REGISTERED NUMBER: SC293941 (Scotland)





AUDITORS: Nuvo Audit Limited
First Floor Sterling House
Outrams Wharf
Little Eaton
Derbyshire
DE21 5EL

BUCHANHAVEN PHARMACY LIMITED (REGISTERED NUMBER: SC293941)

STRATEGIC REPORT
for the Year Ended 31 January 2025

The director presents his strategic report for the year ended 31 January 2025.

REVIEW OF BUSINESS
The company continues to manage and operate pharmacy and dispensary shops across Scotland.

In the year the company has expanded it's operations with the purchase of a new pharmacy shop business as well as the hiving up of it's former 100% subsidiary collectively bribing two new pharmacy shops into operation in the business in the year.

We consider the key performance indicators to be those which reflect the financial performance and strength of the company, these being turnover, gross profit and net profit before tax.

Turnover for the year to 31 January 2025 was £8,826,062 (2024: £7,595,266)

Gross profit for the year to 31 January 2025 was £1,469,800 (2024: £1,135,635)

Net profit before tax and exceptional items for the year to 31 January 2025 was £651,647 (2024: £671,966)

PRINCIPAL RISKS AND UNCERTAINTIES
Risk acceptance and risk management is addressed through a framework of policies, procedures and internal controls which are consistently applied throughout the Buchanhaven Group of companies. All policies are subject to Board approval and ongoing review by management. Compliance with all regulation and legal requirements is a high priority for the group.

The directors regularly review the risks and uncertainties which the businesses are exposed to and ensure controls are in place to mitigate these risks. The main risks are considered to be in relation to regulatory requirements, health and safety and our people.

ON BEHALF OF THE BOARD:





J Mitchell - Director


26 August 2025

BUCHANHAVEN PHARMACY LIMITED (REGISTERED NUMBER: SC293941)

REPORT OF THE DIRECTOR
for the Year Ended 31 January 2025

The director presents his report with the financial statements of the company for the year ended 31 January 2025.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of ownership and management of pharmacies.

DIVIDENDS
No interim dividends were paid during the year ended 31 January 2025.

The director recommends final dividends per share as follows:

Ordinary £1 shares 212.79
Ordinary B £1 shares NIL

The total distribution of dividends for the year ended 31 January 2025 will be £ 212,794 .

DIRECTORS
J Mitchell has held office during the whole of the period from 1 February 2024 to the date of this report.

Other changes in directors holding office are as follows:

Ms S Reid ceased to be a director after 31 January 2025 but prior to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is 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 director is 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Nuvo Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





J Mitchell - Director


26 August 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
BUCHANHAVEN PHARMACY LIMITED

Opinion
We have audited the financial statements of Buchanhaven Pharmacy Limited (the 'company') for the year ended 31 January 2025 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the 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 company's affairs as at 31 January 2025 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's 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 director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
BUCHANHAVEN PHARMACY LIMITED


Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

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:

All engagement team members were briefed on relevant identified laws and regulations and potential fraud risks at the planning stage of the audit. Engagement team members were reminded to remain alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

We obtained an understanding of the legal and regulatory frameworks that are applicable to the company, focusing on provisions of those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The most relevant frameworks identified include:
- UK GAAP
- Companies Act 2006
- Corporation Tax legislation
- VAT legislation
- Health and Safety legislation

We gained an understanding of how the company is complying with these laws and regulations by:
- enquiry of management, those charged with governance and the entity's solicitors around actual and potential litigation and claims;
- enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations;
- reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur, by meeting with management and those charged with governance to understand where it was considered there was susceptibility to fraud. This evaluation also considered how management and those charged with governance were remunerated and whether this provided an incentive for fraudulent activity. We considered the overall control environment and how management oversee the implementation and operation of controls. In areas of the financial statements where the risks were considered to be higher, we performed procedures to address each identified risk. The following procedures were performed to provide reasonable assurance that the financial statements were free of material fraud or error:
- reviewing the level of and reasoning behind the company's procurement of legal and professional services;
- performing audit procedures over the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business and reviewing judgements made by the management in their calculation of accounting estimates for potential management bias.

Our audit procedures were designed to respond to the risk of material misstatement in the financial statements, recognising that the risk of not detecting a material risk due to fraud is higher than the risk of not detecting one resulting from error as fraud may involve intentional concealment, forgery, collusion, omission or misrepresentation. There are inherent limitations in the audit procedures performed 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 are to become aware of it.

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
BUCHANHAVEN PHARMACY 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.




Alison Brown (Senior Statutory Auditor)
for and on behalf of Nuvo Audit Limited
First Floor Sterling House
Outrams Wharf
Little Eaton
Derbyshire
DE21 5EL

26 August 2025

BUCHANHAVEN PHARMACY LIMITED (REGISTERED NUMBER: SC293941)

INCOME STATEMENT
for the Year Ended 31 January 2025

2025 2024
Notes £    £    £    £   

TURNOVER 8,826,062 7,595,266

Cost of sales 7,356,262 6,459,631
GROSS PROFIT 1,469,800 1,135,635

Administrative expenses 763,803 45,528
705,997 1,090,107

Other operating income 100,515 53,388
OPERATING PROFIT 4 806,512 1,143,495

Income from shares in group undertakings 24,000 48,000
Interest receivable and similar income 13,987 12,210
37,987 60,210
844,499 1,203,705

Interest payable and similar expenses 7 191,995 105,081
PROFIT BEFORE TAXATION 652,504 1,098,624

Tax on profit 8 163,171 161,444
PROFIT FOR THE FINANCIAL YEAR 489,333 937,180

BUCHANHAVEN PHARMACY LIMITED (REGISTERED NUMBER: SC293941)

OTHER COMPREHENSIVE INCOME
for the Year Ended 31 January 2025

2025 2024
Notes £    £   

PROFIT FOR THE YEAR 489,333 937,180


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

489,333

937,180

BUCHANHAVEN PHARMACY LIMITED (REGISTERED NUMBER: SC293941)

STATEMENT OF FINANCIAL POSITION
31 January 2025

2025 2024
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 531,087 -
Tangible assets 11 376,025 400,866
Investments 12 725,890 725,890
1,633,002 1,126,756

CURRENT ASSETS
Stocks 13 301,784 305,501
Debtors 14 4,528,743 4,296,275
Cash at bank and in hand 952,267 541,669
5,782,794 5,143,445
CREDITORS
Amounts falling due within one year 15 4,182,866 3,358,183
NET CURRENT ASSETS 1,599,928 1,785,262
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,232,930

2,912,018

CREDITORS
Amounts falling due after more than one year 16 (132,115 ) (94,296 )

PROVISIONS FOR LIABILITIES 20 (73,665 ) (67,111 )
NET ASSETS 3,027,150 2,750,611

CAPITAL AND RESERVES
Called up share capital 21 1,020 1,020
Share premium 22 156,982 156,982
Capital redemption reserve 22 35 35
Retained earnings 22 2,869,113 2,592,574
SHAREHOLDERS' FUNDS 3,027,150 2,750,611

The financial statements were approved by the director and authorised for issue on 26 August 2025 and were signed by:





J Mitchell - Director


BUCHANHAVEN PHARMACY LIMITED (REGISTERED NUMBER: SC293941)

STATEMENT OF CHANGES IN EQUITY
for the Year Ended 31 January 2025

Called up Capital
share Retained Share redemption Total
capital earnings premium reserve equity
£    £    £    £    £   
Balance at 1 February 2023 1,020 1,973,421 156,982 35 2,131,458

Changes in equity
Dividends - (318,027 ) - - (318,027 )
Total comprehensive income - 937,180 - - 937,180
Balance at 31 January 2024 1,020 2,592,574 156,982 35 2,750,611

Changes in equity
Dividends - (212,794 ) - - (212,794 )
Total comprehensive income - 489,333 - - 489,333
Balance at 31 January 2025 1,020 2,869,113 156,982 35 3,027,150

BUCHANHAVEN PHARMACY LIMITED (REGISTERED NUMBER: SC293941)

STATEMENT OF CASH FLOWS
for the Year Ended 31 January 2025

2025 2024
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,045,945 1,448,518
Interest paid (182,810 ) (97,842 )
Interest element of hire purchase payments paid (9,185 ) (7,239 )
Tax paid (127,325 ) (82,202 )
Net cash from operating activities 726,625 1,261,235

Cash flows from investing activities
Purchase of intangible fixed assets (590,097 ) -
Purchase of tangible fixed assets (86,742 ) (268,805 )
Sale of tangible fixed assets 141 37,190
Sale of fixed asset investments - 51,078
Interest received 13,987 12,210
Dividends received 24,000 48,000
Net cash from investing activities (638,711 ) (120,327 )

Cash flows from financing activities
New loans in year 2,525,000 -
Loan repayments in year (90,003 ) (2,415,549 )
Net HP repayments/advances in year 37,337 54,286
Net advances to/from group companies (238,723 ) (315,292 )
Equity dividends paid (212,794 ) (318,027 )
Net cash from financing activities 2,020,817 (2,994,582 )

Increase/(decrease) in cash and cash equivalents 2,108,731 (1,853,674 )
Cash and cash equivalents at beginning of year 2 (1,156,464 ) 697,210

Cash and cash equivalents at end of year 2 952,267 (1,156,464 )

BUCHANHAVEN PHARMACY LIMITED (REGISTERED NUMBER: SC293941)

NOTES TO THE STATEMENT OF CASH FLOWS
for the Year Ended 31 January 2025

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

2025 2024
£    £   
Profit before taxation 652,504 1,098,624
Depreciation charges 168,972 71,523
Loss/(profit) on disposal of fixed assets 1,479 (8,121 )
Finance costs 191,995 105,081
Finance income (37,987 ) (60,210 )
976,963 1,206,897
Decrease/(increase) in stocks 3,716 (160,262 )
Decrease/(increase) in trade and other debtors 6,255 (445,720 )
Increase in trade and other creditors 59,011 847,603
Cash generated from operations 1,045,945 1,448,518

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 31 January 2025
31.1.25 1.2.24
£    £   
Cash and cash equivalents 952,267 541,669
Bank overdrafts - (1,698,133 )
952,267 (1,156,464 )
Year ended 31 January 2024
31.1.24 1.2.23
£    £   
Cash and cash equivalents 541,669 697,210
Bank overdrafts (1,698,133 ) -
(1,156,464 ) 697,210


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.2.24 Cash flow At 31.1.25
£    £    £   
Net cash
Cash at bank and in hand 541,669 410,598 952,267
Bank overdrafts (1,698,133 ) 1,698,133 -
(1,156,464 ) 2,108,731 952,267
Debt
Finance leases (170,736 ) (37,337 ) (208,073 )
Debts falling due within 1 year - (2,434,997 ) (2,434,997 )
(170,736 ) (2,472,334 ) (2,643,070 )
Total (1,327,200 ) (363,603 ) (1,690,803 )

BUCHANHAVEN PHARMACY LIMITED (REGISTERED NUMBER: SC293941)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 January 2025

1. STATUTORY INFORMATION

Buchanhaven Pharmacy 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 Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

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

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.

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

Revenue from the sale of goods is recognised when the significant risks and ownership of the goods have passed to the buyer (usually on despatch of the goods), the amount of revenue can be measured reliably, it is probable that economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2010, has been amortised evenly over its estimated useful life of ten years.

Goodwill, being the amount paid in connection with the acquisition of a business in 2024, is being amortised evenly over its estimated useful life of ten years.

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.
Freehold property - 5% on cost
Improvements to property - 10% on cost
Plant and machinery - 25% reducing balance
Fixtures and fittings - 25% reducing balance
Motor vehicles - 25% reducing balance
Computer equipment - 25% reducing balance

The assets' residual values and useful lives are reviewed and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively.

Investments in subsidiaries and associates
Investment in wholly owned subsidiaries and associated undertakings are recognised at cost less any provision for impairment. Carrying values of investments in subsidiaries and associates are reviewed at the end of each reporting period for any indication of impairment with any effect accounted for in the profit and loss account.

Investments in subsidiaries and associated undertakings are de-recognised upon disposal of the owned share capital and associated control of the entity.

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

BUCHANHAVEN PHARMACY LIMITED (REGISTERED NUMBER: SC293941)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 2025

2. ACCOUNTING POLICIES - continued

Financial instruments
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.

Basic financial assets
Basic financial assets which include trade & other debtors, cash and bank balances are measured at transaction price including transaction costs.

Financial assets are derecognised when the contractual rights to cash flows from the asset expire or are settled or when the company transfers significant risk and reward of ownership to another entity.

Basic financial liabilities
Basic financial liabilities which include trade and other creditors and bank loans are recognised at transaction price including transaction cost.

Financial liabilities are derecognised when the company's contractual obligations are discharged.

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

3. EMPLOYEES AND DIRECTORS
2025 2024
£    £   
Wages and salaries 1,615,679 1,405,760
Social security costs 115,071 103,015
Other pension costs 25,823 22,886
1,756,573 1,531,661

BUCHANHAVEN PHARMACY LIMITED (REGISTERED NUMBER: SC293941)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 2025

3. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
2025 2024

Directors 2 2
Pharmacy managers 2 2
Pharmacists 11 10
Dispensing & shop assistants 68 62
83 76

2025 2024
£    £   
Directors' remuneration 34,393 25,314
Directors' pension contributions to money purchase schemes 91 110

4. OPERATING PROFIT

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

2025 2024
£    £   
Hire of plant and machinery 3,990 2,493
Other operating leases 62,896 38,100
Depreciation - owned assets 46,853 41,564
Depreciation - assets on hire purchase contracts 63,109 29,959
Loss/(profit) on disposal of fixed assets 1,479 (8,121 )
Goodwill amortisation 59,010 -

5. AUDITORS' REMUNERATION
2025 2024
£    £   
Fees payable to the company's auditors for the audit of the company's financial
statements

11,445

-

6. EXCEPTIONAL ITEMS
2025 2024
£    £   
Exceptional items 857 426,658

During the year the company wrote off amounts due to group former subsidiary Gaelpharm Limited of £857 (2024: £426,658) upon the hive up of Gaelpharm Ltd into the company.

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2025 2024
£    £   
Bank interest 11,827 -
Bank loan interest 170,983 97,842
Hire purchase 9,185 7,239
191,995 105,081

BUCHANHAVEN PHARMACY LIMITED (REGISTERED NUMBER: SC293941)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 2025

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2025 2024
£    £   
Current tax:
UK corporation tax 156,617 127,325
Prior year over provision - (11 )
Total current tax 156,617 127,314

Deferred tax 6,554 34,130
Tax on profit 163,171 161,444

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:

2025 2024
£    £   
Profit before tax 652,504 1,098,624
Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 -
25%)

163,126

274,656

Effects of:
Expenses not deductible for tax purposes 8,617 9,552
Income not taxable for tax purposes (6,214 ) (120,683 )
Capital allowances in excess of depreciation (8,912 ) (29,829 )
Period included in FY2022 taxable at 19% - (5,151 )
Prior year over provision - (11 )
Deferred tax movement 6,554 34,130
Group relief - (1,220 )
Total tax charge 163,171 161,444

9. DIVIDENDS
2025 2024
£    £   
Ordinary shares of £1 each
Final 212,794 318,027

BUCHANHAVEN PHARMACY LIMITED (REGISTERED NUMBER: SC293941)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 2025

10. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 February 2024 395,000
Additions 590,097
At 31 January 2025 985,097
AMORTISATION
At 1 February 2024 395,000
Amortisation for year 59,010
At 31 January 2025 454,010
NET BOOK VALUE
At 31 January 2025 531,087
At 31 January 2024 -

11. TANGIBLE FIXED ASSETS
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST
At 1 February 2024 275,599 63,832 75,917
Additions - - 1,895
Disposals - - -
At 31 January 2025 275,599 63,832 77,812
DEPRECIATION
At 1 February 2024 210,367 7,901 18,205
Charge for year 13,780 6,383 14,705
Eliminated on disposal - - -
At 31 January 2025 224,147 14,284 32,910
NET BOOK VALUE
At 31 January 2025 51,452 49,548 44,902
At 31 January 2024 65,232 55,931 57,712

BUCHANHAVEN PHARMACY LIMITED (REGISTERED NUMBER: SC293941)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 2025

11. TANGIBLE FIXED ASSETS - continued

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 February 2024 234,176 246,827 117,313 1,013,664
Additions 16,671 63,080 5,096 86,742
Disposals - (4,514 ) (689 ) (5,203 )
At 31 January 2025 250,847 305,393 121,720 1,095,203
DEPRECIATION
At 1 February 2024 206,691 76,701 92,933 612,798
Charge for year 10,973 57,430 6,691 109,962
Eliminated on disposal - (3,203 ) (379 ) (3,582 )
At 31 January 2025 217,664 130,928 99,245 719,178
NET BOOK VALUE
At 31 January 2025 33,183 174,465 22,475 376,025
At 31 January 2024 27,485 170,126 24,380 400,866

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 February 2024 31,455 233,815 265,270
Additions - 55,185 55,185
At 31 January 2025 31,455 289,000 320,455
DEPRECIATION
At 1 February 2024 1,311 66,707 68,018
Charge for year 7,536 55,573 63,109
At 31 January 2025 8,847 122,280 131,127
NET BOOK VALUE
At 31 January 2025 22,608 166,720 189,328
At 31 January 2024 30,144 167,108 197,252

12. FIXED ASSET INVESTMENTS
Interest
in
associate
£   
COST
At 1 February 2024
and 31 January 2025 725,890
NET BOOK VALUE
At 31 January 2025 725,890
At 31 January 2024 725,890

BUCHANHAVEN PHARMACY LIMITED (REGISTERED NUMBER: SC293941)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 2025

12. FIXED ASSET INVESTMENTS - continued

Interest in associates
Buchanhaven Pharmacy Limited owns 30% of the issued share capital in N & F Enterprise Limited.

Dividends received from N & F Enterprise Limited of £24,000 (2024: £48,000) have been recognised as income in the profit and loss account in the year.

Buchanhaven Pharmacy Limited owns 33.33% of the issued share capital in Peterhead Health Centre Consortium Limited.

No dividends have been received from Peterhead Health Centre Consortium Limited in the current or comparative year.

13. STOCKS
2025 2024
£    £   
Stocks 301,784 305,501

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2025 2024
£    £   
Trade debtors 674,148 561,569
Amounts owed by group undertakings 3,642,292 3,403,568
Other debtors 3,266 -
VAT 88,947 178,419
Prepayments and accrued income 120,090 152,719
4,528,743 4,296,275

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2025 2024
£    £   
Bank loans and overdrafts (see note 17) 2,434,997 1,698,133
Hire purchase contracts (see note 18) 75,958 76,440
Trade creditors 1,168,392 1,243,367
Tax 156,617 127,325
Social security and other taxes 31,863 28,468
Other creditors 111,484 107,472
Accruals & deferred income 203,555 76,978
4,182,866 3,358,183

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2025 2024
£    £   
Hire purchase contracts (see note 18) 132,115 94,296

17. LOANS

An analysis of the maturity of loans is given below:

2025 2024
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts - 1,698,133
Bank loans 2,434,997 -
2,434,997 1,698,133

BUCHANHAVEN PHARMACY LIMITED (REGISTERED NUMBER: SC293941)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 2025

18. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2025 2024
£    £   
Net obligations repayable:
Within one year 75,958 76,440
Between one and five years 132,115 94,296
208,073 170,736

Non-cancellable operating leases
2025 2024
£    £   
Within one year 68,463 30,171
Between one and five years 202,627 89,959
In more than five years 417,500 -
688,590 120,130

19. SECURED DEBTS

The following secured debts are included within creditors:

2025 2024
£    £   
Bank overdraft - 1,698,133
Bank loans 2,434,997 -
2,434,997 1,698,133

During the year the company had granted the following charges in favour of Barclays Commercial Trustee Limited;

Floating charge over all current and future undertakings and property of the company.

Security over the tenant's interest in the lease of premises at Lochardil Store, Morven Road, Inverness, IV2 4BU.

Security over the tenant's interest in the lease of premises at Riverside Medical Centre, Inverness, IV3 5PW.

Standard security over whole subjects forming property 25 Skelton Street, Peterhead, AB42 1HR.

Standard security over whole subjects forming property 12-14 High Street, Alness, IV17 0PS.

All of the above-noted charges were satisfied in the post year-end period on 6 March 2025 upon refinancing of the company's borrowing facilities by the ultimate parent company with Bank of Scotland PLC.

In respect of the comparative disclosure, charges granted in favour of Clydesdale Bank PLC over the overdraft facility were satisfied upon full repayment during the current year.

20. PROVISIONS FOR LIABILITIES
2025 2024
£    £   
Deferred tax 73,665 67,111

BUCHANHAVEN PHARMACY LIMITED (REGISTERED NUMBER: SC293941)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 2025

20. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 February 2024 67,111
Provided during year 6,554
Balance at 31 January 2025 73,665

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2025 2024
value: £    £   
1,000 Ordinary £1 1,000 1,000
20 Ordinary B £1 20 20
1,020 1,020

22. RESERVES
Capital
Retained Share redemption
earnings premium reserve Totals
£    £    £    £   

At 1 February 2024 2,592,574 156,982 35 2,749,591
Profit for the year 489,333 489,333
Dividends (212,794 ) (212,794 )
At 31 January 2025 2,869,113 156,982 35 3,026,130

23. PENSION COMMITMENTS

At the balance sheet date, unpaid contributions of £6,891 (2024: £7,518) were due to be paid. These are included in other creditors.

24. CAPITAL COMMITMENTS

At the balance sheet date, the company had contracted to purchase motor vehicles amounting to £85,046 (2024: £nil).

25. RELATED PARTY DISCLOSURES

Peterhead Health Clinic Consortium Limited is a company under common control of the directors.

During the year, Peterhead Health Clinic Consortium Limited paid management charges of £80,111 (2024: £107,025) to the company. As at 31 January 2025, a balance of £46,433 (2024: £48,100) was due to the company in respect of these charges.

26. ULTIMATE CONTROLLING PARTY

The ultimate controlling party at the date of this report is John Mitchell by virtue of his controlling interest in the ultimate parent company, formerly John Mitchell & Samantha Reid to 6 March 2025.

The ultimate parent company at the date of this report is Buchanhaven Holdings 2024 Limited, formerly Buchanhaven Holdings 2020 Limited to 6 March 2025.

The immediate parent company is Buchanhaven Holdings 2020 Limited.