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Registered number: SC222795
DIRECTOR'S REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
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KDP (ABERDEEN) LIMITED
COMPANY INFORMATION
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KDP (ABERDEEN) LIMITED
CONTENTS
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KDP (ABERDEEN) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2024
The director presents the Strategic Report for the year ended 31 August 2024.
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.
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.
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%
There are no material non financial key performance indicators.
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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.
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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.
The director is responsible for preparing the Strategic report, the Director's report and the financial statements in accordance with applicable law and regulations.
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 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.
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.
The director who served during the year was:
Management will continue to look for ways to improve efficiencies throughout the business.
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KDP (ABERDEEN) LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
Following the period end the wholly owned subsidiary RWP Sub Limited sold one pharmacy.
The auditors, Sumer Auditco Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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KDP (ABERDEEN) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KDP (ABERDEEN) LIMITED
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 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).
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.
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.
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KDP (ABERDEEN) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KDP (ABERDEEN) LIMITED (CONTINUED)
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 Report. 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. 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.
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.
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.
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KDP (ABERDEEN) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KDP (ABERDEEN) LIMITED (CONTINUED)
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.
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KDP (ABERDEEN) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KDP (ABERDEEN) LIMITED (CONTINUED)
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 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.
for and on behalf of
Chartered Accountants
Statutory Auditors
14 City Quay
DD1 3JA
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KDP (ABERDEEN) LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 AUGUST 2024
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KDP (ABERDEEN) LIMITED
REGISTERED NUMBER: SC222795
STATEMENT OF FINANCIAL POSITION
AS AT 31 AUGUST 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 11 to 26 form part of these financial statements.
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KDP (ABERDEEN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
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
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:
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.
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.
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KDP (ABERDEEN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
2.ACCOUNTING POLICIES (CONTINUED)
Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.
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KDP (ABERDEEN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
2.ACCOUNTING POLICIES (CONTINUED)
GOODWILL
OTHER INTANGIBLE ASSETS
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.
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KDP (ABERDEEN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
2.ACCOUNTING POLICIES (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:
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.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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.
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KDP (ABERDEEN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
2.ACCOUNTING POLICIES (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.
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.
The whole of the turnover and profit before taxation relates to continuing activities and is attributable to the provision of pharmaceutical services.
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KDP (ABERDEEN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
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KDP (ABERDEEN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
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KDP (ABERDEEN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
The only factors affecting future tax charges are those imposed by HMRC.
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KDP (ABERDEEN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
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KDP (ABERDEEN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
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KDP (ABERDEEN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
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KDP (ABERDEEN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
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KDP (ABERDEEN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
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KDP (ABERDEEN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
Profit and loss account
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.
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KDP (ABERDEEN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
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.
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KDP (ABERDEEN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
The ultimate parent undertaking is
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