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Registered number: SC602400










KDP HOLDINGS LTD
DIRECTOR'S REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2024

 
KDP HOLDINGS LTD
 

COMPANY INFORMATION


Director
Mr B Arris 




Registered number
SC602400



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 HOLDINGS LTD
 

CONTENTS



Page
Group strategic report
1 - 2
Director's report
3 - 4
Independent auditors' report
5 - 8
Consolidated statement of comprehensive income
9
Consolidated statement of financial position
10 - 11
Company statement of financial position
12 - 13
Consolidated statement of changes in equity
14
Company statement of changes in equity
15
Consolidated statement of cash flows
16 - 17
Consolidated analysis of net debt
18
Notes to the financial statements
19 - 37


 
KDP HOLDINGS LTD
 

GROUP STRATEGIC REPORT
FOR THE PERIOD 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 Group's 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 group turnover which has increased from £9,712,660 to £11,180,539 and gross profit margin which has increased from 35.8% to 38.3%.

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

Page 1

 
KDP HOLDINGS LTD
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD 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 HOLDINGS LTD
 

 
DIRECTOR'S REPORT
FOR THE PERIOD ENDED 31 AUGUST 2024

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

Director's responsibilities statement

The director is responsible for preparing the Group strategic report, the Director's report and the consolidated 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 the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the director is required to:


select suitable accounting policies for the Group'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 Group 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The loss for the period, after taxation, amounted to £183,766 (2023 - profit £1,127,754).

Dividends of £110,000 (2023 - £nil) were paid in the period.

Director

The director who served during the period was:

Mr B Arris 

Future developments

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

Disclosure of information to auditors

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

 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 and the Group's auditors are aware of that information.

Page 3

 
KDP HOLDINGS LTD
 

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

Post balance sheet events

There have been no significant events affecting the Group since the year end.

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 HOLDINGS LTD
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KDP HOLDINGS LTD
 

Qualified opinion


We have audited the financial statements of KDP Holdings Ltd (the 'parent Company') and its subsidiaries (the 'Group') for the period ended 31 August 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated statement of financial position, the Company statement of financial position, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity 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 Group's and of the parent Company's affairs as at 31 August 2024 and of the Group's loss for the period 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 £570,426 and £517,590 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 Group 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 Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.


Page 5

 
KDP HOLDINGS LTD
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KDP HOLDINGS LTD (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 Group strategic report and the Director's report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
the Group 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 Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the 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 by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of director's remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Page 6

 
KDP HOLDINGS LTD
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KDP HOLDINGS LTD (CONTINUED)


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 Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the Group or the parent Company or to cease operations, or have 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 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 Group 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 HOLDINGS LTD
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KDP HOLDINGS LTD (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 HOLDINGS LTD
 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 AUGUST 2024

2024
2023
£
£

  

Turnover
 4 
11,180,539
9,712,660

Cost of sales
  
(6,899,321)
(6,232,911)

GROSS PROFIT
  
4,281,218
3,479,749

Administrative expenses
  
(4,016,266)
(3,464,147)

OPERATING PROFIT
  
264,952
15,602

Gain on disposal of division
  
-
1,496,589

Interest receivable and similar income
  
2,653
3,512

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

(LOSS)/PROFIT BEFORE TAXATION
  
(20,804)
1,338,867

Tax on (loss)/profit
  
(162,962)
(211,113)

(LOSS)/PROFIT FOR THE FINANCIAL PERIOD
  
(183,766)
1,127,754

  

(LOSS)/PROFIT FOR THE PERIOD ATTRIBUTABLE TO:
  

Owners of the parent Company
  
(183,766)
1,127,754

The notes on pages 19 to 37 form part of these financial statements.

Page 9

 
KDP HOLDINGS LTD
REGISTERED NUMBER: SC602400

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 AUGUST 2024

31 August
31 July
2024
2023
£
£

FIXED ASSETS
  

Intangible assets
  
4,163,569
4,794,718

Tangible assets
  
3,882,939
4,194,134

Investments
 15 
200
200

  
8,046,708
8,989,052

CURRENT ASSETS
  

Stocks
  
517,590
570,426

Debtors: amounts falling due within one year
 18 
2,635,048
1,643,154

Cash at bank and in hand
  
497,776
941,317

  
3,650,414
3,154,897

Creditors: amounts falling due within one year
 19 
(2,161,269)
(1,888,080)

NET CURRENT ASSETS
  
 
 
1,489,145
 
 
1,266,817

TOTAL ASSETS LESS CURRENT LIABILITIES
  
9,535,853
10,255,869

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

PROVISIONS FOR LIABILITIES
  

Deferred taxation
  
(144,995)
(198,332)

Other provisions
  
(2,400)
(2,880)

  
 
 
(147,395)
 
 
(201,212)

NET ASSETS
  
6,109,096
6,402,862


CAPITAL AND RESERVES
  

Called up share capital 
 24 
5,000,000
5,000,000

Profit and loss account
 25 
1,109,096
1,402,862

  
6,109,096
6,402,862


Page 10

 
KDP HOLDINGS LTD
REGISTERED NUMBER: SC602400

CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 AUGUST 2024

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 19 to 37 form part of these financial statements.

Page 11

 
KDP HOLDINGS LTD
REGISTERED NUMBER: SC602400

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 AUGUST 2024

31 August
31 July
2024
2023
Note
£
£

FIXED ASSETS
  

Investments
 15 
5,000,000
5,000,000

  
5,000,000
5,000,000

CURRENT ASSETS
  

Debtors: amounts falling due within one year
 18 
6,140
2,160

  
6,140
2,160

Creditors: amounts falling due within one year
 19 
(960)
(960)

NET CURRENT ASSETS
  
 
 
5,180
 
 
1,200

TOTAL ASSETS LESS CURRENT LIABILITIES
  
5,005,180
5,001,200

  

  

NET ASSETS
  
5,005,180
5,001,200


CAPITAL AND RESERVES
  

Called up share capital 
 24 
5,000,000
5,000,000

Profit and loss account brought forward
  
1,200
2,160

Profit/(loss) for the period
  
113,980
(960)

Other changes in the profit and loss account

  

(110,000)
-

Profit and loss account carried forward
  
5,180
1,200

  
5,005,180
5,001,200


Page 12

 
KDP HOLDINGS LTD
REGISTERED NUMBER: SC602400

COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 AUGUST 2024

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 19 to 37 form part of these financial statements.

Page 13

 
KDP HOLDINGS LTD
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 AUGUST 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 August 2022
5,000,000
275,108
5,275,108


COMPREHENSIVE INCOME FOR THE YEAR

Profit for the year
-
1,127,754
1,127,754



At 1 August 2023
5,000,000
1,402,862
6,402,862


COMPREHENSIVE INCOME FOR THE PERIOD

Loss for the period
-
(183,766)
(183,766)


CONTRIBUTIONS BY AND DISTRIBUTIONS TO OWNERS

Dividends: Equity capital
-
(110,000)
(110,000)


AT 31 AUGUST 2024
5,000,000
1,109,096
6,109,096


The notes on pages 19 to 37 form part of these financial statements.

Page 14

 
KDP HOLDINGS LTD
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 AUGUST 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 August 2022
5,000,000
2,160
5,002,160


COMPREHENSIVE INCOME FOR THE YEAR

Loss for the year
-
(960)
(960)



At 1 August 2023
5,000,000
1,200
5,001,200


COMPREHENSIVE INCOME FOR THE YEAR

Profit for the period
-
113,980
113,980


CONTRIBUTIONS BY AND DISTRIBUTIONS TO OWNERS

Dividends: Equity capital
-
(110,000)
(110,000)


AT 31 AUGUST 2024
5,000,000
5,180
5,005,180


The notes on pages 19 to 37 form part of these financial statements.

Page 15

 
KDP HOLDINGS LTD
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 AUGUST 2024

31 August
31 July
2024
2023
£
£

CASH FLOWS FROM OPERATING ACTIVITIES

Profit for the financial year
(183,766)
1,127,754

ADJUSTMENTS FOR:

Amortisation of intangible assets
655,225
710,733

Depreciation of tangible assets
264,279
234,348

(Gain) on sale of intangible assets
-
(1,496,589)

Loss/ (gain) on disposal of tangible assets
5,413
(6,720)

Interest paid
288,409
176,836

Interest received
(2,653)
(3,512)

Taxation charge
162,962
211,113

Decrease/(increase) in stocks
52,836
(223,704)

Decrease/(increase) in debtors
8,407
(69,977)

(Increase) in amounts owed by associates
(975,000)
(450,000)

Increase in creditors
268,442
202,993

(Decrease) in provisions
(480)
(480)

Corporation tax (paid)
(218,081)
(57,340)

NET CASH GENERATED FROM OPERATING ACTIVITIES

325,993
355,455


CASH FLOWS FROM INVESTING ACTIVITIES

Purchase of intangible fixed assets
(24,076)
(4,040,931)

Purchase of tangible fixed assets
(13,797)
(344,958)

Sale of tangible fixed assets
55,300
94,469

Sale of fixed asset investments
-
1,496,589

Interest received
2,653
3,512

NET CASH FROM INVESTING ACTIVITIES

20,080
(2,791,319)
Page 16

 
KDP HOLDINGS LTD
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2024

31 August
31 July

2024
2023

£
£



CASH FLOWS FROM FINANCING ACTIVITIES

New secured loans
-
5,590,600

Repayment of loans
(375,910)
(2,942,482)

Repayment of/new finance leases
(15,295)
(15,295)

Dividends paid
(110,000)
-

Interest paid
(288,409)
(176,836)

NET CASH USED IN FINANCING ACTIVITIES
(789,614)
2,455,987

(DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS
(443,541)
20,123

Cash and cash equivalents at beginning of period
941,317
921,194

CASH AND CASH EQUIVALENTS AT THE END OF PERIOD
497,776
941,317


CASH AND CASH EQUIVALENTS AT THE END OF PERIOD COMPRISE:

Cash at bank and in hand
497,776
941,317

497,776
941,317


The notes on pages 19 to 37 form part of these financial statements.

Page 17

 
KDP HOLDINGS LTD
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE PERIOD ENDED 31 AUGUST 2024




At 1 August 2023
Cash flows
At 31 August 2024
£

£

£

Cash at bank and in hand

941,317

(443,541)

497,776

Debt due after 1 year

(3,560,001)

353,857

(3,206,144)

Debt due within 1 year

(397,964)

(62,112)

(460,076)

Finance leases

(21,668)

15,295

(6,373)



(3,038,316)
(136,501)
(3,174,817)

The notes on pages 19 to 37 form part of these financial statements.

Page 18

 
KDP HOLDINGS LTD
 

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

1.


GENERAL INFORMATION

KDP Holdings Ltd is a private company limited by shares and incorporated in Scotland. The registered office is 96 Victoria Road, Aberdeen, AB11 9DU.

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 functional and presentational currency of the Group is GBP sterling (£). The balances reported in the financial statements have been rounded to the nearest pound.

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

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

BASIS OF CONSOLIDATION

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 12 July 2018.

Page 19

 
KDP HOLDINGS LTD
 

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

2.ACCOUNTING POLICIES (CONTINUED)

 
2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Turnover 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

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group 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 Group 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

Turnover 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 Group 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.

 
2.4

INTEREST INCOME

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

FINANCE COSTS

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

BORROWING COSTS

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

Page 20

 
KDP HOLDINGS LTD
 

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

2.ACCOUNTING POLICIES (CONTINUED)

 
2.7

PENSIONS

DEFINED CONTRIBUTION PENSION PLAN

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Group in independently administered funds.

 
2.8

CURRENT AND DEFERRED TAXATION

The tax expense for the period 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 and the Group operate and generate 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;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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.


Page 21

 
KDP HOLDINGS LTD
 

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

2.ACCOUNTING POLICIES (CONTINUED)

 
2.9

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 the Group's share 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 Consolidated statement of comprehensive income 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.

 
2.10

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Heritable property
-
2% straight line on property/0% on land
Tenants improvements
-
10% straightline/ straight line over life of lease
Plant and machinery
-
20% straight line
Motor vehicles
-
25% reducing balance
Fixtures and fittings
-
20%/25% straight line/25% reducing balance
Office equipment
-
25% 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.

 
2.11

VALUATION OF INVESTMENTS

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 22

 
KDP HOLDINGS LTD
 

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

2.ACCOUNTING POLICIES (CONTINUED)

 
2.12

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.

 
2.13

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.

 
2.14

FINANCIAL INSTRUMENTS

The Group 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 Group's Statement of financial position when the Group becomes party to the contractual provisions of the instrument.

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.

 
2.15

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.

Page 23

 
KDP HOLDINGS LTD
 

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

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 majority 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.


5.


OPERATING PROFIT

The operating profit is stated after charging:

2024
2023
£
£

Tangible fixed assets - depreciation
264,279
214,585

Intangible fixed assets - amortisation
655,225
710,733

Operating lease rentals
82,500
82,500


6.


AUDITORS' REMUNERATION

2024
2023
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
50,000
-

Page 24

 
KDP HOLDINGS LTD
 

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

7.


EMPLOYEES

Staff costs were as follows:


Group
31 August
Group
31 July
2024
2023
£
£


Wages and salaries
2,026,755
1,682,606

Social security costs
165,585
133,581

Cost of defined contribution scheme
251,424
36,793

2,443,764
1,852,980


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



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Employees
88
73
-
-



Director
1
1
1
1

89
74
1
1


8.


DIRECTOR'S REMUNERATION

2024
2023
£
£

Group contributions to defined contribution pension schemes
200,000
-

200,000
-


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


9.


INTEREST RECEIVABLE

2024
2023
£
£


Other interest receivable
2,653
3,512

2,653
3,512

Page 25

 
KDP HOLDINGS LTD
 

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

10.


INTEREST PAYABLE AND SIMILAR EXPENSES

2024
2023
£
£


Bank interest payable
288,409
176,836

288,409
176,836


11.


TAXATION


2024
2023
£
£

CORPORATION TAX


Current tax on profits for the year
216,299
141,491


DEFERRED TAX


Origination and reversal of timing differences
(53,337)
69,622


TAX ON (LOSS)/PROFIT
162,962
211,113
Page 26

 
KDP HOLDINGS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2024
 
11.TAXATION (CONTINUED)


FACTORS AFFECTING TAX CHARGE FOR THE PERIOD/YEAR

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

2024
2023
£
£


(Loss)/profit on ordinary activities before tax
(20,804)
1,338,867


(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
(5,201)
334,717

EFFECTS OF:


Non-tax deductible amortisation of goodwill and impairment
155,306
154,102

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
4,389
37,029

Capital allowances for period/year in excess of depreciation
76,228
(19,022)

Utilisation of tax losses
(16,031)
(1,021)

Short-term timing difference leading to an increase (decrease) in taxation
(53,337)
69,622

Non-taxable income less expenses not deductible for tax purposes, other than goodwill and impairment
-
(374,148)

Book profit on chargeable assets
1,353
(2,937)

Capital gains
-
19,418

Unrelieved tax losses carried forward
255
16,271

Change in tax rate during the period
-
(22,918)

TOTAL TAX CHARGE FOR THE PERIOD/YEAR
162,962
211,113


FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

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


12.


DIVIDENDS

31 August
31 July
2024
2023
£
£


Dividends paid
110,000
-

110,000
-

Page 27

 
KDP HOLDINGS LTD
 

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

13.


INTANGIBLE ASSETS

Group and Company







Goodwill

£



COST


At 1 August 2023
7,213,824


Additions
24,076



At 31 August 2024

7,237,900



AMORTISATION


At 1 August 2023
2,419,106


Charge for the period on owned assets
655,225



At 31 August 2024

3,074,331



NET BOOK VALUE



At 31 August 2024
4,163,569



At 31 July 2023
4,794,718



Page 28
 


 
KDP HOLDINGS LTD


 

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


14.


TANGIBLE FIXED ASSETS


Group










Land & property
Tenants improvements
Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Other fixed assets
Total

£
£
£
£
£
£
£
£



COST OR VALUATION


At 1 August 2023
3,460,515
465,685
668,153
135,922
647,342
1,341
142,896
5,521,854


Additions
-
-
13,317
-
480
-
-
13,797


Disposals
(7,500)
(153,989)
(242,169)
(87,698)
(66,998)
(813)
-
(559,167)



At 31 August 2024

3,453,015
311,696
439,301
48,224
580,824
528
142,896
4,976,484



DEPRECIATION


At 1 August 2023
139,533
322,070
448,497
75,026
198,695
1,004
142,895
1,327,720


Charge for the period on owned assets
23,533
22,943
87,859
3,697
126,115
132
-
264,279


Disposals
-
(153,973)
(235,133)
(41,583)
(66,959)
(806)
-
(498,454)



At 31 August 2024

163,066
191,040
301,223
37,140
257,851
330
142,895
1,093,545



NET BOOK VALUE



At 31 August 2024
3,289,949
120,656
138,078
11,084
322,973
198
1
3,882,939



At 31 July 2023
3,320,982
143,615
219,656
60,896
448,647
337
1
4,194,134

Page 29
 
KDP HOLDINGS LTD
 

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

           14.TANGIBLE FIXED ASSETS (CONTINUED)




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


31 August
31 July
2024
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:


31 August
31 July
2024
2023
£
£



Plant and machinery
15,113
30,228

15,113
30,228

Page 30

 
KDP HOLDINGS LTD
 

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

15.


FIXED ASSET INVESTMENTS

Group








Trade investments

£





At 1 August 2023
200




Company








Investments in subsidiary companies

£



COST OR VALUATION


At 1 August 2023
5,000,000



At 31 August 2024
5,000,000






16.



SUBSIDIARY UNDERTAKINGS



DIRECT SUBSIDIARY UNDERTAKING


The following was a direct subsidiary undertaking of the Company:

Name

Registered office

Holding

KDP (Aberdeen) Limited
96 Victoria Road, 
Torry, Aberdeen
100%

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

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

KDP (Aberdeen) Limited
6,415,213
175,327

Page 31

 
KDP HOLDINGS LTD
 

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

16.SUBSIDIARY UNDERTAKINGS (CONTINUED)


INDIRECT SUBSIDIARY UNDERTAKINGS


The following were indirect 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 period ended on that date for the subsidiary undertakings were as follows:

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

RWP Sub Limited
225,184
120,702

Summerhill Pharmacy Limited
94,331
230,469


17.


STOCKS

Group
31 August
Group
31 July
2024
2023
£
£

Finished goods
517,590
570,426

517,590
570,426


The difference between purchase price or production cost of stocks and their replacement cost is not material.

Page 32

 
KDP HOLDINGS LTD
 

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

18.


DEBTORS

Group
31 August
Group
31 July
Company
31 August
Company
31 July
2024
2023
2024
2023
£
£
£
£


Trade debtors
925,246
811,247
-
-

Amounts owed by group undertakings
-
-
6,140
2,160

Amounts owed by joint ventures and associated undertakings
1,425,000
450,000
-
-

Other debtors
176,356
323,931
-
-

Prepayments and accrued income
108,446
57,976
-
-

2,635,048
1,643,154
6,140
2,160



19.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
31 August
Group
31 July
Company
31 August
Company
31 July
2024
2023
2024
2023
£
£
£
£

Bank loans
375,911
397,964
-
-

Trade creditors
1,031,558
1,020,788
-
-

Other taxation and social security
203,179
178,417
-
-

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

Other creditors
332,937
109,727
-
-

Accruals and deferred income
211,311
165,889
960
960

2,161,269
1,888,080
960
960


Page 33

 
KDP HOLDINGS LTD
 

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

20.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group
31 August
Group
31 July
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.


HIRE PURCHASE AND FINANCE LEASES


Minimum lease payments under hire purchase fall due as follows:

Group
31 August
Group
31 July
2024
2023
£
£

Within one year
6,373
15,295

Between 1-5 years
-
6,373

6,373
21,668

Page 34

 
KDP HOLDINGS LTD
 

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

22.


DEFERRED TAXATION


Group



2024


£






At beginning of year
(198,332)


Charged to profit or loss
53,337



AT END OF YEAR
(144,995)

Company


2024






AT END OF YEAR
-
Group
31 August
Group
31 July
2024
2023
£
£

Accelerated capital allowances
(144,995)
(198,332)

(144,995)
(198,332)


23.


PROVISIONS


Group



Deferred income

£





At 1 August 2023
2,880


Utilised in period
(480)



AT 31 AUGUST 2024
2,400

Page 35

 
KDP HOLDINGS LTD
 

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

24.


SHARE CAPITAL

31 August
31 July
2024
2023
£
£
ALLOTTED, CALLED UP AND FULLY PAID



5,000,000 (2023 - 5,000,000) Ordinary shares of £1.00 each
5,000,000
5,000,000



25.


RESERVES

Profit and loss account

Includes all current and prior period retained profits and losses.


26.


PENSION COMMITMENTS

The Group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £251,424 (2023 - £36,793). Contributions totalling £7,722 (2023 - £9,605) were payable to the fund at the balance sheet date and are included in creditors.


27.


COMMITMENTS UNDER OPERATING LEASES

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


Group
31 August
Group
31 July
2024
2023
£
£

Not later than 1 year
92,109
82,500

Later than 1 year and not later than 5 years
355,770
342,000

Later than 5 years
295,250
380,750

743,129
805,250

28.


TRANSACTIONS WITH DIRECTORS

Dividends of £110,000 (2023 - £nil) were paid in the year in respect of shares held by the Company's director.
Advances or credits have been granted by the Group to its director as follows:

Page 36

 
KDP HOLDINGS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2024
Opening balance
Amounts advanced
Amounts repaid
Closing balance
        £
        £
        £
        £
Director's loan account

110,591

58,430

(253,185)
 
(84,164)
 

110,591

58,430

(253,185)
 
(84,164)
 


29.


RELATED PARTY TRANSACTIONS

The director considers himself to be the only key management personnel and remuneration is disclosed per note 8.
Amounts due from associated companies
The following amounts were outstanding at the reporting end date:


31 August
31 July
2024
2023
£
£

Other related parties
1,425,102
450,000

Included within debtors is a loan of £1,425,000 due from Perth Healthcare Limited, a company fully owned by the director Brian Arris. This loan is interest free and repayable on demand.
Transactions with associated companies
During the year the Company entered into the following transactions with related parties:

31 August
31 July
2024
2023
£
£



Other related parties - sales
18,501
-

Other related parties - purchases
(12,820)
-

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


30.


AUDIT EXEMPTION OF SUBSIDIARY COMPANY

The subsidiary company Summerhill Pharmacy Limited (company number SC149162) is exempt from
the requirements of the Companies Act 2006 related to the audit of its individual accounts by virtue of
s479A of the Companies Act 2006.


31.


CONTROLLING PARTY

The ultimate controlling party is Mr B Arris, the director of the Company.

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