Caseware UK (AP4) 2024.0.164 2024.0.164 2024-08-312024-08-31falsetrue2023-09-01truetruefalseDispensing of pharmaceuticals6043false SC222795 2023-09-01 2024-08-31 SC222795 2022-09-01 2023-08-31 SC222795 2024-08-31 SC222795 2023-08-31 SC222795 2 2023-09-01 2024-08-31 SC222795 2 2022-09-01 2023-08-31 SC222795 4 2023-09-01 2024-08-31 SC222795 4 2022-09-01 2023-08-31 SC222795 d:Director1 2023-09-01 2024-08-31 SC222795 d:RegisteredOffice 2023-09-01 2024-08-31 SC222795 e:Buildings 2023-09-01 2024-08-31 SC222795 e:Buildings 2024-08-31 SC222795 e:Buildings 2023-08-31 SC222795 e:Buildings e:OwnedOrFreeholdAssets 2023-09-01 2024-08-31 SC222795 e:Buildings e:LongLeaseholdAssets 2023-09-01 2024-08-31 SC222795 e:Buildings e:LongLeaseholdAssets 2024-08-31 SC222795 e:Buildings e:LongLeaseholdAssets 2023-08-31 SC222795 e:LandBuildings 2024-08-31 SC222795 e:LandBuildings 2023-08-31 SC222795 e:PlantMachinery 2023-09-01 2024-08-31 SC222795 e:PlantMachinery 2024-08-31 SC222795 e:PlantMachinery 2023-08-31 SC222795 e:PlantMachinery e:OwnedOrFreeholdAssets 2023-09-01 2024-08-31 SC222795 e:MotorVehicles 2023-09-01 2024-08-31 SC222795 e:MotorVehicles 2024-08-31 SC222795 e:MotorVehicles 2023-08-31 SC222795 e:MotorVehicles e:OwnedOrFreeholdAssets 2023-09-01 2024-08-31 SC222795 e:FurnitureFittings 2023-09-01 2024-08-31 SC222795 e:FurnitureFittings 2024-08-31 SC222795 e:FurnitureFittings 2023-08-31 SC222795 e:FurnitureFittings e:OwnedOrFreeholdAssets 2023-09-01 2024-08-31 SC222795 e:OwnedOrFreeholdAssets 2023-09-01 2024-08-31 SC222795 e:Goodwill 2023-09-01 2024-08-31 SC222795 e:Goodwill 2024-08-31 SC222795 e:Goodwill 2023-08-31 SC222795 e:CurrentFinancialInstruments 2024-08-31 SC222795 e:CurrentFinancialInstruments 2023-08-31 SC222795 e:Non-currentFinancialInstruments 2024-08-31 SC222795 e:Non-currentFinancialInstruments 2023-08-31 SC222795 e:CurrentFinancialInstruments e:WithinOneYear 2024-08-31 SC222795 e:CurrentFinancialInstruments e:WithinOneYear 2023-08-31 SC222795 e:Non-currentFinancialInstruments e:AfterOneYear 2024-08-31 SC222795 e:Non-currentFinancialInstruments e:AfterOneYear 2023-08-31 SC222795 e:UKTax 2023-09-01 2024-08-31 SC222795 e:UKTax 2022-09-01 2023-08-31 SC222795 e:ShareCapital 2024-08-31 SC222795 e:ShareCapital 2023-08-31 SC222795 e:RetainedEarningsAccumulatedLosses 2023-09-01 2024-08-31 SC222795 e:RetainedEarningsAccumulatedLosses 2024-08-31 SC222795 e:RetainedEarningsAccumulatedLosses 2022-09-01 2023-08-31 SC222795 e:RetainedEarningsAccumulatedLosses 2023-08-31 SC222795 e:RetainedEarningsAccumulatedLosses 2022-09-01 SC222795 e:AcceleratedTaxDepreciationDeferredTax 2024-08-31 SC222795 e:AcceleratedTaxDepreciationDeferredTax 2023-08-31 SC222795 e:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-09-01 2024-08-31 SC222795 e:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2024-08-31 SC222795 e:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-08-31 SC222795 d:OrdinaryShareClass1 2023-09-01 2024-08-31 SC222795 d:OrdinaryShareClass1 2024-08-31 SC222795 d:OrdinaryShareClass1 2023-08-31 SC222795 d:FRS102 2023-09-01 2024-08-31 SC222795 d:Audited 2023-09-01 2024-08-31 SC222795 d:FullAccounts 2023-09-01 2024-08-31 SC222795 d:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 SC222795 e:Subsidiary1 2023-09-01 2024-08-31 SC222795 e:Subsidiary1 1 2023-09-01 2024-08-31 SC222795 e:Subsidiary2 2023-09-01 2024-08-31 SC222795 e:Subsidiary2 1 2023-09-01 2024-08-31 SC222795 e:WithinOneYear 2024-08-31 SC222795 e:WithinOneYear 2023-08-31 SC222795 e:BetweenOneFiveYears 2024-08-31 SC222795 e:BetweenOneFiveYears 2023-08-31 SC222795 e:MoreThanFiveYears 2024-08-31 SC222795 e:MoreThanFiveYears 2023-08-31 SC222795 e:Goodwill e:ExternallyAcquiredIntangibleAssets 2023-09-01 2024-08-31 SC222795 6 2023-09-01 2024-08-31 SC222795 e:PlantMachinery e:LeasedAssetsHeldAsLessee 2024-08-31 SC222795 e:PlantMachinery e:LeasedAssetsHeldAsLessee 2023-08-31 SC222795 e:LeasedAssetsHeldAsLessee 2024-08-31 SC222795 e:LeasedAssetsHeldAsLessee 2023-08-31 SC222795 e:Goodwill e:OwnedIntangibleAssets 2023-09-01 2024-08-31 SC222795 f:PoundSterling 2023-09-01 2024-08-31 iso4217:GBP xbrli:shares xbrli:pure
Registered number: SC222795










KDP (ABERDEEN) LIMITED
DIRECTOR'S REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

 
KDP (ABERDEEN) LIMITED
 

COMPANY INFORMATION


Director
Mr B Arris 




Registered number
SC222795



Registered office
96 Victoria Road
Torry

Aberdeen

AB11 9DU




Independent auditors
Sumer Auditco Limited
Chartered Accountants & Statutory Auditors

14 City Quay

Dundee

DD1 3JA





 
KDP (ABERDEEN) LIMITED
 

CONTENTS



Page
Strategic report
1 - 2
Director's report
3 - 4
Independent auditors' report
5 - 8
Statement of income and retained earnings
9
Statement of financial position
10
Notes to the financial statements
11 - 26


 
KDP (ABERDEEN) LIMITED
 

STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2024

INTRODUCTION
 
The director presents the Strategic Report for the year ended 31 August 2024.

BUSINESS REVIEW
 
The director is pleased with the groups financial results. Business and profits continue to grow and the future looks bright for our core business, community pharmacies in Scotland. Company strategy of running and acquiring high volume prescription businesses and selling the lower volume pharmacies in the group with the same fixed overheads is proceeding at a rate as expected. This along with efforts to drive efficiencies within the estate will mean that profits will not be unduly impacted by significantly rising payroll costs brought about mainly by legislative changes.
Plans to restructure the business so that the farm assets can be separated from the pharmacies will be a focus point during the next financial year.

PRINCIPAL RISKS AND UNCERTAINTIES
 
It is the groups policy that an ongoing and active interest is taken in evaluating and managing risks inherent in operating community pharmacies, the main focus of the group.
The director recognises that the main risks are as follows:
Adequate staff to run the pharmacy - to mitigate this risk the management ensure there are enough qualified staff in the group and an extra pharmacist for contingency. Pharmacies cannot operate without a trained pharmacist on site. The managing director is also a pharmacist so can fit in where required at short notice.
Liquidity risk - liquidity risk reflects the risk that the group will have insufficient reserves to meet the financial liabilities as they fall due. The directors objective is to ensure adequate funding is available within the group to finance the business.
Credit risk - the group assesses the credit risk applicable to customers to ensure the credit is not extended where there is a likelihood of default.
Financial instruments - the groups financial risk management objectives are to ensure sufficient working capital for the group. This is achieved through careful management of cash resources including trade debtors and trade creditors. The use of financial instruments is not material to the assessment of the assets, liabilities, financial position and profit of the group.
Employees - the director pursues a policy of encouraging employees to develop and train so they can reach their full potential in the working environment.

FINANCIAL KEY PERFORMANCE INDICATORS
 
Key performance indicators used by management include turnover which has increased from £6,610,162 to £7,238,513 and gross profit margin which has increased from 34.3% to 36.5%

OTHER KEY PERFORMANCE INDICATORS
 
There are no material non financial key performance indicators.

Page 1

 
KDP (ABERDEEN) LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024


This report was approved by the board on 28 August 2025 and signed on its behalf.



Mr B Arris
Director

Page 2

 
KDP (ABERDEEN) LIMITED
 

 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 AUGUST 2024

The director presents his report and the financial statements for the year ended 31 August 2024.

Director's responsibilities statement

The director is responsible for preparing the Strategic report, the Director's report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), 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 for the Company's financial statements and then apply them consistently;

make judgments 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 to enable him to ensure that the financial statements comply with the Companies Act 2006He 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.

Results and dividends

The profit for the year, after taxation, amounted to £175,327 (2023 - £1,655,641).

Dividends of £240,000 (2023 - £350,000) were received from subsidiary companies and dividends of £115,000 (2023 - £Nil) were paid to the parent company.

Director

The director who served during the year was:

Mr B Arris 

Future developments

Management will continue to look for ways to improve efficiencies throughout the business.

Disclosure of information to auditors

The director at the time when this Director's report is approved has confirmed that:
 
so far as he is aware, there is no relevant audit information of which the Company's auditors are unaware, and

he has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Page 3

 
KDP (ABERDEEN) LIMITED
 

 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024

Post balance sheet events

Following the period end the wholly owned subsidiary RWP Sub Limited sold one pharmacy.

Auditors

The auditorsSumer Auditco Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 28 August 2025 and signed on its behalf.
 





Mr B Arris
Director

Page 4

 
KDP (ABERDEEN) LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KDP (ABERDEEN) LIMITED
 

Qualified opinion


We have audited the financial statements of KDP (Aberdeen) Limited (the 'Company') for the year ended 31 August 2024, which comprise the Statement of income and retained earnings, the Statement of financial position and the related notes, including a summary of significant accounting policiesThe 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).


Except for the possible effects of the matter described in the Basis for qualified opinion section of our report, in our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 August 2024 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 qualified opinion


Whilst stocktakes were carried out by third party stocktaking firms around the year ends, we have been unable to satisfy ourselves concerning the stock quantities held at 31 August 2023 and 31 August 2024 which are included in the Statement of Financial Position at £423,800 and £361,410 respectively.  Consequently we are unable to determine whether any adjustment to this amount, or the cost of sales in the current or previous period is necessary.


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 United Kingdom, including the Financial Reporting Council'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.


Page 5

 
KDP (ABERDEEN) LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KDP (ABERDEEN) LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The director is responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion 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 Director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Director's report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In respect solely of the limitation on our work relating to stock described above, we have not obtained all the information and explanations that we consider necessary for the purpose of our audit and we were unable to determine whether adequate accounting records have been maintained.


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 Director's report.


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


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.


Responsibilities of directors
 

As explained more fully in the Director's responsibilities statement set out on page 3, 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 is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the 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.


Page 6

 
KDP (ABERDEEN) LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KDP (ABERDEEN) LIMITED (CONTINUED)


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 an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


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

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. 
We focused on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and enquiries of legal counsel. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud. 


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 Auditors' report.


Page 7

 
KDP (ABERDEEN) LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KDP (ABERDEEN) LIMITED (CONTINUED)


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 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Douglas Rae (Senior statutory auditor)
  
for and on behalf of
Sumer Auditco Limited
 
Chartered Accountants
Statutory Auditors
  
14 City Quay
Dundee
DD1 3JA

29 August 2025
Page 8

 
KDP (ABERDEEN) LIMITED
 

STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 AUGUST 2024

2024
As restated 2023
£
£

  

Turnover
 4 
7,238,513
6,610,162

Cost of sales
  
(4,593,426)
(4,344,081)

GROSS PROFIT
  
2,645,087
2,266,081

Administrative expenses
  
(2,378,110)
(2,158,748)

OPERATING PROFIT
  
266,977
107,333

Income from fixed assets investments
  
240,000
350,000

Gain on disposal of division
  
-
1,496,589

Interest receivable and similar income
  
2,626
3,388

Interest payable and similar expenses
  
(288,409)
(176,836)

PROFIT BEFORE TAX
  
221,194
1,780,474

Tax on profit
  
(45,867)
(124,833)

PROFIT AFTER TAX
  
175,327
1,655,641

  

  

Retained earnings at the beginning of the year
  
6,354,886
4,699,245

Profit for the year
  
175,327
1,655,641

Dividends declared and paid
  
(115,000)
-

RETAINED EARNINGS AT THE END OF THE YEAR
  
6,415,213
6,354,886
The notes on pages 11 to 26 form part of these financial statements.

Page 9

 
KDP (ABERDEEN) LIMITED
REGISTERED NUMBER: SC222795

STATEMENT OF FINANCIAL POSITION
AS AT 31 AUGUST 2024

2024
As restated 2023
£
£

FIXED ASSETS
  

Intangible assets
 14 
1,258,876
1,420,781

Tangible assets
 15 
3,729,775
3,990,292

Investments
 16 
3,535,755
3,535,755

  
8,524,406
8,946,828

CURRENT ASSETS
  

Stocks
 17 
361,410
423,800

Debtors: amounts falling due within one year
 18 
2,183,181
1,509,778

Cash at bank and in hand
  
130,571
586,530

  
2,675,162
2,520,108

Creditors: amounts falling due within one year
 19 
(1,395,782)
(1,293,820)

NET CURRENT ASSETS
  
 
 
1,279,380
 
 
1,226,288

TOTAL ASSETS LESS CURRENT LIABILITIES
  
9,803,786
10,173,116

Creditors: amounts falling due after more than one year
 20 
(3,279,362)
(3,651,795)

PROVISIONS FOR LIABILITIES
  

Deferred tax
 21 
(106,761)
(163,505)

Other provisions
 22 
(2,400)
(2,880)

  
 
 
(109,161)
 
 
(166,385)

NET ASSETS
  
6,415,263
6,354,936


CAPITAL AND RESERVES
  

Called up share capital 
 23 
50
50

Profit and loss account
  
6,415,213
6,354,886

  
6,415,263
6,354,936


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 August 2025.




Mr B Arris
Director

The notes on pages 11 to 26 form part of these financial statements.

Page 10

 
KDP (ABERDEEN) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

1.


GENERAL INFORMATION

KDP (Abereen) Limited is a private company, limited by shares, incorporated in Scotland with registration number SC222795. The registered office is 96 Victoria Road, Torry, Aberdeen, AB11 9DU.
The functional and presentational currency of the Company is GBP sterling (£). The balances reported in the financial statements have been rounded to the nearest pound.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

FINANCIAL REPORTING STANDARD 102 - REDUCED DISCLOSURE EXEMPTIONS

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of KDP Holdings Ltd (SC602400) as at 31 August 2024 and these financial statements may be obtained from Companies House.

 
2.3

EXEMPTION FROM PREPARING CONSOLIDATED FINANCIAL STATEMENTS

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

Page 11

 
KDP (ABERDEEN) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.4

TURNOVER

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

GOVERNMENT GRANTS

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.

 
2.6

PENSIONS

DEFINED CONTRIBUTION PENSION PLAN

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

Page 12

 
KDP (ABERDEEN) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.7

CURRENT AND DEFERRED TAXATION

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


 
2.8

INTANGIBLE ASSETS

GOODWILL

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of income and retained earnings over its useful economic life.

OTHER INTANGIBLE ASSETS

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.9

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 13

 
KDP (ABERDEEN) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.ACCOUNTING POLICIES (CONTINUED)


2.9
TANGIBLE FIXED ASSETS (CONTINUED)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Heritable property
-
2% straight line on property, 0% on land
Tenants improvements
-
straight line over the life of the lease
Plant and machinery
-
20% straight line
Motor vehicles
-
25% reducing balance
Fixtures and fittings
-
20% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

VALUATION OF INVESTMENTS

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of income and retained earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.11

STOCKS

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.12

PROVISIONS FOR LIABILITIES

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.13

FINANCIAL INSTRUMENTS

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Statement of financial position when the Company becomes party to the contractual provisions of the instrument.
Page 14

 
KDP (ABERDEEN) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.ACCOUNTING POLICIES (CONTINUED)


2.13
FINANCIAL INSTRUMENTS (CONTINUED)


Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 
2.14

DIVIDENDS

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.



JUDGMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the Company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. 
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. 
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Depreciation
Depreciation is provided based on the estimated useful economic life of each class of assets, which is judgement exercised by management. Depreciation is taken to the profit and loss in order to write off the asset over its useful economic life.


4.


TURNOVER

The whole of the turnover and profit before taxation relates to continuing activities and is attributable to the provision of pharmaceutical services.

All turnover arose within the United Kingdom.

Page 15

 
KDP (ABERDEEN) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

5.


OPERATING PROFIT

The operating profit is stated after charging:

2024
2023
£
£

Depreciation of tangible fixed  assets
213,138
232,901

Amortisation of intangible fixed assets
185,981
241,489

(Profit)/loss on sale of tangible fixed assets
5,396
(6,720)


6.


AUDITORS' REMUNERATION

2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
20,000
-


7.


EMPLOYEES

Staff costs were as follows:


2024
2023
£
£

Wages and salaries
1,252,948
1,069,334

Social security costs
100,662
81,069

Cost of defined contribution scheme
236,021
25,709

1,589,631
1,176,112


The average monthly number of employees, including the director, during the year was as follows:


        2024
        2023
            No.
            No.







Directors
1
1



Staff
59
42

60
43

Page 16

 
KDP (ABERDEEN) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

8.


DIRECTOR'S REMUNERATION

2024
2023
£
£

Company contributions to defined contribution pension schemes
200,000
-

200,000
-


During the year retirement benefits were accruing to 1 director (2023 - NIL) in respect of defined contribution pension schemes.


9.


INCOME FROM INVESTMENTS

2024
2023
£
£





Dividends received from unlisted investments
(240,000)
(350,000)

(240,000)
(350,000)



10.


INTEREST RECEIVABLE

2024
2023
£
£


Other interest receivable
2,626
3,388

2,626
3,388


11.


INTEREST PAYABLE AND SIMILAR EXPENSES

2024
2023
£
£


Bank interest payable
288,409
176,836

288,409
176,836

Page 17

 
KDP (ABERDEEN) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

12.


TAXATION


2024
As restated 2023
£
£

CORPORATION TAX


Current tax on profits for the year
102,611
90,065


DEFERRED TAX


Origination and reversal of timing differences
(56,744)
34,768


TAX ON PROFIT
45,867
124,833

FACTORS AFFECTING TAX CHARGE FOR THE YEAR

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 25%). The differences are explained below:

2024
As restated 2023
£
£


Profit on ordinary activities before tax
221,194
1,780,474


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
55,299
445,119

EFFECTS OF:


Non-tax deductible amortisation of goodwill and impairment
37,995
36,791

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
4,392
37,027

Capital allowances for year in excess of depreciation
63,576
31,903

Utilisation of tax losses
-
(1,021)

Short-term timing difference leading to an increase (decrease) in taxation
(56,744)
34,768

Non-taxable income less expenses not deductible for tax purposes, other than goodwill and impairment
-
(374,147)

Book profit on chargeable assets
1,349
(2,937)

Capital gains
-
19,418

Dividends from UK companies
(60,000)
(87,500)

Change in the tax rate during the period
-
(14,588)

TOTAL TAX CHARGE FOR THE YEAR
45,867
124,833


FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

The only factors affecting future tax charges are those imposed by HMRC.

Page 18

 
KDP (ABERDEEN) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

13.


DIVIDENDS

2024
2023
£
£


Dividends paid
115,000
-

115,000
-


14.


INTANGIBLE ASSETS




Goodwill

£



COST


At 1 September 2023
2,414,890


Additions
24,076



At 31 August 2024

2,438,966



AMORTISATION


At 1 September 2023
994,109


Charge for the year on owned assets
185,981



At 31 August 2024

1,180,090



NET BOOK VALUE



At 31 August 2024
1,258,876



At 31 August 2023
1,420,781



Page 19

 
KDP (ABERDEEN) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

15.


TANGIBLE FIXED ASSETS





Heritable property
Tenants improvements
Plant & machinery
Motor vehicles
Fixtures & fittings
Total

£
£
£
£
£
£



COST OR VALUATION


At 1 September 2023
3,460,515
465,685
668,153
135,922
428,261
5,158,536


Additions
-
-
13,317
-
-
13,317


Disposals
(7,500)
(153,989)
(242,169)
(87,698)
(52,728)
(544,084)



At 31 August 2024

3,453,015
311,696
439,301
48,224
375,533
4,627,769



DEPRECIATION


At 1 September 2023
139,533
322,070
448,497
75,026
183,118
1,168,244


Charge for the year on owned assets
23,533
22,943
87,859
3,697
75,106
213,138


Disposals
-
(153,973)
(235,133)
(41,583)
(52,699)
(483,388)



At 31 August 2024

163,066
191,040
301,223
37,140
205,525
897,994



NET BOOK VALUE



At 31 August 2024
3,289,949
120,656
138,078
11,084
170,008
3,729,775



At 31 August 2023
3,320,982
143,615
219,656
60,896
245,143
3,990,292




The net book value of land and buildings may be further analysed as follows:


2024
As restated 2023
£
£

Freehold
3,289,949
3,320,982

Long leasehold
120,656
143,615

3,410,605
3,464,597


The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Plant and machinery
15,113
30,228

15,113
30,228

Page 20

 
KDP (ABERDEEN) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

16.


FIXED ASSET INVESTMENTS





Investments in subsidiary companies
Trade investments
Total

£
£
£



COST OR VALUATION


At 1 September 2023
3,535,555
200
3,535,755



At 31 August 2024
3,535,555
200
3,535,755





SUBSIDIARY UNDERTAKINGS


The following were subsidiary undertakings of the Company:

Name

Registered office

Holding

RWP Sub Limited
3 Waverley Place, Aberdeen
100%
Summerhill Pharmacy Limited
16 Summerhill Court, Aberdeen
100%

The aggregate of the share capital and reserves as at 31 August 2024 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)
£
£

RWP Sub Limited
225,185
120,703

Summerhill Pharmacy Limited
94,331
230,469

Page 21

 
KDP (ABERDEEN) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

17.


STOCKS

2024
2023
£
£

Finished goods
361,410
423,800

361,410
423,800



18.


DEBTORS

2024
As restated 2023
£
£


Trade debtors
630,841
493,580

Amounts owed by group undertakings
158,490
313,804

Amounts owed by joint ventures and associated undertakings
1,210,000
-

Other debtors
108,631
665,253

Prepayments and accrued income
75,219
37,141

2,183,181
1,509,778



19.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024
As restated 2023
£
£

Bank loans
375,911
397,964

Trade creditors
588,065
628,708

Amounts owed to group undertakings
80
-

Other taxation and social security
111,516
112,871

Obligations under finance lease and hire purchase contracts
6,373
15,295

Other creditors
222,931
10,149

Accruals and deferred income
90,906
128,833

1,395,782
1,293,820


Page 22

 
KDP (ABERDEEN) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

20.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024
2023
£
£

Bank loans
3,206,144
3,560,001

Net obligations under finance leases and hire purchase contracts
-
6,373

Accruals and deferred income
73,218
85,421

3,279,362
3,651,795


Term loans of £4,000,000 (Loan 1) and £1,590,600 (Loan 2) were drawn down in previous periods. The 2024 year end carrying amount of Loan 1 is £2,126,721 (2023 - £2,386,174) and Loan 2 is £1,455,334 (£1,571,791). Both loans are repayable in monthly instalments with a final repayment due at the end of the term, for Loan 1 this is is due in November 2027 and for Loan 2 this is due in June 2028. Interest is charged on both loans at a variable rate of 2.22% over base rate. 
The bank loans are secured by a bond and floating charge over the whole assets of the Company. The bank holds a Personal Bond and a First Ranking Standard Security over the freehold land and buildings of a property owned by the Company. There is a cross guarantee between KDP (Aberdeen) Ltd, KDP Holdings Ltd, Summerhill Pharmacy Limited and RWP Sub Ltd together with such other security as the Bank may from time to time hold for the debts and liabilities of the guarantors to the Bank.
Hire purchase contracts are secured against the assets to which they relate.


21.


DEFERRED TAXATION




2024


£






At beginning of year
(163,505)


Charged to profit or loss
56,744



AT END OF YEAR
(106,761)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(106,761)
(163,505)

(106,761)
(163,505)

Page 23

 
KDP (ABERDEEN) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

22.


PROVISIONS




Deferred income

£





At 1 September 2023
2,880


Utilised in year
(480)



AT 31 AUGUST 2024
2,400


23.


SHARE CAPITAL

2024
2023
£
£
ALLOTTED, CALLED UP AND FULLY PAID



50 (2023 - 50) Ordinary shares of £1.00 each
50
50



24.


RESERVES

Profit and loss account

The profit and loss account includes all current and prior period retained profits and losses.


25.


PRIOR YEAR ADJUSTMENT

The comparative figures have been restated for the following adjustments:
Fixed assets have been updated to reflect property disposals of £161,128 that took place in the year to 31 August 2019, 31 August 2021, and 31 August 2023. There was also a recategorisation from property to plant & machinery of £85,000 in relation to assets acquired in the year to 31 August 2023. These adjustments, together with a recalculation of depreciation resulted in a corresponding adjustment to fixed assets. opening reserves, and depreciation in the profit and loss account.
Trade debtors have been adjusted by £206,870 due to an error identified in the cut-off at the prior year end. This resulted in a corresponding reduction of turnover.
Corporation tax and deferred tax have been restated as a result of the above adjustments. The 2023 corporation tax liability has been reduced by £14,461, and the deferred tax liability has been increased by £8,500.
There were also reclassifying adjustments from trade debtors and creditors to fully reflect the intercompany balances within amounts owed to/by group undertakings.

Page 24

 
KDP (ABERDEEN) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

26.


PENSION COMMITMENTS

The Company operates a defined contributions  pension scheme. The assets of the scheme are held separately from those of the Coompany in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £236,021 (2023 - £25,709). Contributions totalling £7,722 (2023 - £8,835) were payable to the fund at the reporting date and are included in creditors.


27.


COMMITMENTS UNDER OPERATING LEASES

At 31 August 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
44,109
37,500

Later than 1 year and not later than 5 years
163,770
150,000

Later than 5 years
143,250
180,750

351,129
368,250


28.


RELATED PARTY TRANSACTIONS

The director considers himself  to be the only key management personnel and remuneration is disclosed per note 8.
The company has taken advantage of the exemption in FRS 102 Section 33.1A not to disclose details of transactions between two or more members of the Group on the basis that the subsidiaries are wholly owned. 
Amounts due from associated companies
The following amounts were outstanding at the reporting end date:


2024
2023
£
£

Other related parties
1,222,367
450,000

Included in debtors is an amount of £1,210,000 (2023 - £450,000) owed from Perth Healthcare Limited, a company fully owned by director Brian Arris. This loan is interest free and is repayable on demand. 

Page 25

 
KDP (ABERDEEN) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

28.


RELATED PARTY TRANSACTIONS (CONTINUED)

Transactions with associated companies
During the year the Company entered into the following transactions with related parties:


2024
2023
£
£



Other related parties - sales
17,591
-

Other related parties - purchases
(2,374)
-

Other related parties - rents paid
(109,500)
-


29.


CONTROLLING PARTY

The ultimate parent undertaking is KDP Holdings Ltd, a company registered in Scotland, with registered address of 96 Victoria Road, Torry, Aberdeen, AB11 9DU
KDP Holdings Ltd is the parent undertaking of the smallest and largest group of undertakings to consolidate these financial statements at 31 August 2024. The results of KDP (Aberdeen) Limited are included within the financial statements of KDP Holdings Ltd, these are publicly available on Companies House.


Page 26