| REGISTERED NUMBER: |
| STRATEGIC REPORT, REPORT OF THE DIRECTOR AND |
| FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 |
| FOR |
| BUCHANHAVEN PHARMACY LIMITED |
| REGISTERED NUMBER: |
| 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: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| 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: |
| 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 |
| Ordinary B £1 shares | NIL |
| The total distribution of dividends for the year ended 31 January 2025 will be £ |
| DIRECTORS |
| Other changes in directors holding office are as follows: |
| 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: |
| 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. |
| for and on behalf of |
| First Floor Sterling House |
| Outrams Wharf |
| Little Eaton |
| Derbyshire |
| DE21 5EL |
| BUCHANHAVEN PHARMACY LIMITED (REGISTERED NUMBER: SC293941) |
| INCOME STATEMENT |
| for the Year Ended 31 January 2025 |
| 2025 | 2024 |
| Notes | £ | £ | £ | £ |
| TURNOVER |
| Cost of sales |
| GROSS PROFIT |
| Administrative expenses |
| 705,997 | 1,090,107 |
| Other operating income |
| OPERATING PROFIT | 4 |
| Income from shares in group undertakings |
| Interest receivable and similar income |
| 37,987 | 60,210 |
| 844,499 | 1,203,705 |
| Interest payable and similar expenses | 7 |
| PROFIT BEFORE TAXATION |
| Tax on profit | 8 |
| PROFIT FOR THE FINANCIAL YEAR |
| BUCHANHAVEN PHARMACY LIMITED (REGISTERED NUMBER: SC293941) |
| OTHER COMPREHENSIVE INCOME |
| for the Year Ended 31 January 2025 |
| 2025 | 2024 |
| Notes | £ | £ |
| PROFIT FOR THE YEAR |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
| BUCHANHAVEN PHARMACY LIMITED (REGISTERED NUMBER: SC293941) |
| STATEMENT OF FINANCIAL POSITION |
| 31 January 2025 |
| 2025 | 2024 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 10 |
| Tangible assets | 11 |
| Investments | 12 |
| CURRENT ASSETS |
| Stocks | 13 |
| Debtors | 14 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 15 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 16 | ( |
) | ( |
) |
| PROVISIONS FOR LIABILITIES | 20 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 21 |
| Share premium | 22 |
| Capital redemption reserve | 22 |
| Retained earnings | 22 |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the director and authorised for issue on |
| 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 |
| Changes in equity |
| Dividends | - | ( |
) | - | - | ( |
) |
| Total comprehensive income | - | - |
| Balance at 31 January 2024 |
| Changes in equity |
| Dividends | - | ( |
) | - | - | ( |
) |
| Total comprehensive income | - | - |
| Balance at 31 January 2025 |
| 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 |
| Interest paid | ( |
) | ( |
) |
| Interest element of hire purchase payments paid | ( |
) | ( |
) |
| Tax paid | ( |
) | ( |
) |
| Net cash from operating activities |
| Cash flows from investing activities |
| Purchase of intangible fixed assets | ( |
) |
| Purchase of tangible fixed assets | ( |
) | ( |
) |
| Sale of tangible fixed assets |
| Sale of fixed asset investments |
| Interest received |
| Dividends received |
| Net cash from investing activities | ( |
) | ( |
) |
| Cash flows from financing activities |
| New loans in year |
| Loan repayments in year | ( |
) | ( |
) |
| Net HP repayments/advances in year |
| Net advances to/from group companies | ( |
) | ( |
) |
| Equity dividends paid | ( |
) | ( |
) |
| Net cash from financing activities | ( |
) |
| Increase/(decrease) in cash and cash equivalents | ( |
) |
| 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 | ( |
) |
| 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 |
| Depreciation charges |
| Loss/(profit) on disposal of fixed assets | ( |
) |
| Finance costs | 191,995 | 105,081 |
| Finance income | (37,987 | ) | (60,210 | ) |
| 976,963 | 1,206,897 |
| Decrease/(increase) in stocks | ( |
) |
| Decrease/(increase) in trade and other debtors | ( |
) |
| Increase in trade and other creditors |
| Cash generated from operations |
| 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 | ( |
) |
| 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 | ( |
) |
| (1,156,464 | ) | 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 | ) | 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 |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| 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 |
| Freehold property | - |
| Improvements to property | - |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Computer equipment | - |
| 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 |
| Social security costs |
| Other pension costs |
| 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 |
| 2025 | 2024 |
| £ | £ |
| Directors' remuneration |
| Directors' pension contributions to money purchase schemes |
| 4. | OPERATING PROFIT |
| The operating profit is stated after charging/(crediting): |
| 2025 | 2024 |
| £ | £ |
| Hire of plant and machinery |
| Other operating leases |
| Depreciation - owned assets |
| Depreciation - assets on hire purchase contracts |
| Loss/(profit) on disposal of fixed assets | ( |
) |
| Goodwill amortisation |
| 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 |
| Bank loan interest |
| Hire purchase |
| 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 |
| Prior year over provision | - | (11 | ) |
| Total current tax |
| Deferred tax |
| Tax on profit |
| 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 |
| Profit multiplied by the standard rate of corporation tax in the UK of |
| Effects of: |
| Expenses not deductible for tax purposes |
| Income not taxable for tax purposes | ( |
) | ( |
) |
| Capital allowances in excess of depreciation | ( |
) | ( |
) |
| Period included in FY2022 taxable at 19% | ( |
) |
| Prior year over provision | ( |
) |
| Deferred tax movement |
| Group relief | ( |
) |
| Total tax charge | 163,171 | 161,444 |
| 9. | DIVIDENDS |
| 2025 | 2024 |
| £ | £ |
| Ordinary shares of £1 each |
| Final |
| 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 |
| Additions |
| At 31 January 2025 |
| AMORTISATION |
| At 1 February 2024 |
| Amortisation for year |
| At 31 January 2025 |
| NET BOOK VALUE |
| At 31 January 2025 |
| At 31 January 2024 |
| 11. | TANGIBLE FIXED ASSETS |
| Improvements |
| Freehold | to | Plant and |
| property | property | machinery |
| £ | £ | £ |
| COST |
| At 1 February 2024 |
| Additions |
| Disposals |
| At 31 January 2025 |
| DEPRECIATION |
| At 1 February 2024 |
| Charge for year |
| Eliminated on disposal |
| At 31 January 2025 |
| NET BOOK VALUE |
| At 31 January 2025 |
| At 31 January 2024 |
| 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 |
| Additions |
| Disposals | ( |
) | ( |
) | ( |
) |
| At 31 January 2025 |
| DEPRECIATION |
| At 1 February 2024 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) | ( |
) |
| At 31 January 2025 |
| NET BOOK VALUE |
| At 31 January 2025 |
| At 31 January 2024 |
| 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 |
| Additions |
| At 31 January 2025 |
| DEPRECIATION |
| At 1 February 2024 |
| Charge for year |
| At 31 January 2025 |
| NET BOOK VALUE |
| At 31 January 2025 |
| At 31 January 2024 |
| 12. | FIXED ASSET INVESTMENTS |
| Interest |
| in |
| associate |
| £ |
| COST |
| At 1 February 2024 |
| and 31 January 2025 |
| NET BOOK VALUE |
| At 31 January 2025 |
| At 31 January 2024 |
| 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 |
| 14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| VAT |
| Prepayments and accrued income |
| 15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Bank loans and overdrafts (see note 17) |
| Hire purchase contracts (see note 18) |
| Trade creditors |
| Tax |
| Social security and other taxes |
| Other creditors |
| Accruals & deferred income |
| 16. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Hire purchase contracts (see note 18) |
| 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 |
| Bank loans |
| 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 |
| Between one and five years |
| Non-cancellable operating | leases |
| 2025 | 2024 |
| £ | £ |
| Within one year |
| Between one and five years |
| In more than five years |
| 19. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2025 | 2024 |
| £ | £ |
| Bank overdraft |
| Bank loans |
| 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 |
| Provided during year |
| Balance at 31 January 2025 |
| 21. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2025 | 2024 |
| value: | £ | £ |
| Ordinary | £1 | 1,000 | 1,000 |
| Ordinary B | £1 | 20 | 20 |
| 1,020 | 1,020 |
| 22. | RESERVES |
| Capital |
| Retained | Share | redemption |
| earnings | premium | reserve | Totals |
| £ | £ | £ | £ |
| At 1 February 2024 | 2,749,591 |
| Profit for the year |
| Dividends | ( |
) | ( |
) |
| At 31 January 2025 | 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. |