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REGISTERED NUMBER: 03782468 (England and Wales)

DAVIES CHEMISTS (BRITON FERRY) LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 DECEMBER 2024

DAVIES CHEMISTS (BRITON FERRY) LTD (REGISTERED NUMBER: 03782468) |

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Page |

| Company Information | 1 |

| Balance Sheet | 2 |

| Notes to the Financial Statements | 4 |

| Chartered Accountants' Report | 10 |

| DAVIES CHEMISTS (BRITON FERRY) LTD |

COMPANY INFORMATION

FOR THE YEAR ENDED 31 DECEMBER 2024

| DIRECTORS: | Mrs A J Davies

| R J Davies

| Miss D J Davies

| Mrs G M Davies

| A R Davies

| SECRETARY: | R J Davies

| REGISTERED OFFICE: | The Pharmacy

| 8 Commercial Street

| Ystradgynlais | Swansea Valley

| Swansea

| West Glamorgan

| SA9 1HD

| REGISTERED NUMBER: | 03782468 (England and Wales)

| ACCOUNTANTS: | Bevan Buckland LLP

| Ground Floor Cardigan House

| Castle Court

| Swansea Enterprise Park

| Swansea

| SA7 9LA

| BANKERS: | Handelsbanken

| Swansea Vale

| Axis 14

| Axis Court

| Swansea

| SA7 0AJ

DAVIES CHEMISTS (BRITON FERRY) LTD (REGISTERED NUMBER: 03782468) |

BALANCE SHEET

31 DECEMBER 2024

| 2024 | 2023 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 4 | 544,000 |  | 612,000 |  |

Property, plant and equipment | 5 | 541,266 |  | 714,958 |  |

Investments | 6 | 600,500 |  | 600,500 |  |

1,685,766 |  | 1,927,458 |  |

CURRENT ASSETS

Inventories | 102,542 |  | 239,890 |  |

Debtors | 7 | 1,352,170 |  | 1,590,052 |  |

Cash at bank and in hand | 355,582 |  | 691,691 |  |

1,810,294 |  | 2,521,633 |  |

CREDITORS

Amounts falling due within one year | 8 | 1,107,483 |  | 1,741,926 |  |

NET CURRENT ASSETS | 702,811 |  | 779,707 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 2,388,577 |  | 2,707,165 |  |

CREDITORS

Amounts falling due after more than one year | 9 | (815,034 | ) | (982,903 | ) |

PROVISIONS FOR LIABILITIES | (57,884 | ) | (89,357 | ) |

NET ASSETS | 1,515,659 |  | 1,634,905 |  |

CAPITAL AND RESERVES

Called up share capital | 98 |  | 98 |  |

Retained earnings | 1,515,561 |  | 1,634,807 |  |

SHAREHOLDERS' FUNDS | 1,515,659 |  | 1,634,905 |  |

DAVIES CHEMISTS (BRITON FERRY) LTD (REGISTERED NUMBER: 03782468) |

BALANCE SHEET - continued

31 DECEMBER 2024

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 September 2025 and were signed on its behalf by:

R J Davies - Director

DAVIES CHEMISTS (BRITON FERRY) LTD (REGISTERED NUMBER: 03782468) |

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1. | STATUTORY INFORMATION

| Davies Chemists (Briton Ferry) Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| Turnover

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

| Goodwill

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

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

| Freehold Property | - | 2% on cost and Straight line over 10 years

| Plant and machinery etc | - | 25% reducing balance, 20% reducing balance and 2% on cost

| Stock

| Medicine inventories are valued using the latest available standard pricing list for the pharmaceutical industry, whilst retail inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

| Current or deferred taxation assets and liabilities are not discounted.

| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

| Pension costs and other post-retirement benefits

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

DAVIES CHEMISTS (BRITON FERRY) LTD (REGISTERED NUMBER: 03782468) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

2. | ACCOUNTING POLICIES - continued

| Goodwill

| Goodwill is the amount paid in connection with the acquisition of businesses.

| Investments in subsidiaries

| The company has made an investment into a subsidiary company, where this company is a shareholder.This is held at cost less accumulated impairment losses.

| Financial Instruments

| The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' 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.

| 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.

| Basic financial assets

| Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

| Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.

| Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.

| Impairment of financial assets

| Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

| Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

| If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

| Derecognition of financial assets

| Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

| Basic financial liabilities

| Basic financial liabilities, including trade and other payables, bank loans and loans from fellow group companies that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

| Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

DAVIES CHEMISTS (BRITON FERRY) LTD (REGISTERED NUMBER: 03782468) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

2. | ACCOUNTING POLICIES - continued

| Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

| Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into, An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

| Derecognition of financial liabilities

| Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

| Equity instruments

| Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

| Cash at bank and cash in hand

| Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

| Debtors

| Short term debtors are measured at transaction price, less any impairment.

| Creditors

| Short term creditors are measured at transaction price.

| Provision for liabilities

| Provisions are recognised when the company has a present obligation (legal and constructive) from a past event that will probably result in a transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably.

| Functional and Presentation Currency

| The company's functional and presentation currency is pounds sterling.

| Going Concern

| The company continues to adopt the going concern basis in preparing its financial statements.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 39 (2023 - 63 ) .

4. | INTANGIBLE FIXED ASSETS

| Other |

| intangible |

| Goodwill |  | assets |  | Totals

£ | £ | £ |

| COST

| At 1 January 2024 | 4,688,327 |  | 2,000 |  | 4,690,327 |  |

| Disposals | (789,354 | ) | - |  | (789,354 | ) |

| At 31 December 2024 | 3,898,973 |  | 2,000 |  | 3,900,973 |  |

| AMORTISATION

| At 1 January 2024 | 4,076,327 |  | 2,000 |  | 4,078,327 |  |

| Charge for year | 68,000 |  | - |  | 68,000 |  |

| Eliminated on disposal | (789,354 | ) | - |  | (789,354 | ) |

| At 31 December 2024 | 3,354,973 |  | 2,000 |  | 3,356,973 |  |

| NET BOOK VALUE

| At 31 December 2024 | 544,000 |  | - |  | 544,000 |  |

| At 31 December 2023 | 612,000 |  | - |  | 612,000 |  |

DAVIES CHEMISTS (BRITON FERRY) LTD (REGISTERED NUMBER: 03782468) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

5. | PROPERTY, PLANT AND EQUIPMENT

| Improvements |

| Freehold |  | Short |  | to |  | Plant and

| property |  | leasehold |  | property |  | Machinery

£ | £ | £ | £ |

| COST

| At 1 January 2024 | 235,000 |  | 72,380 |  | 395,138 |  | 46,783 |  |

| Disposals | - |  | - |  | (155,218 | ) | - |  |

| At 31 December 2024 | 235,000 |  | 72,380 |  | 239,920 |  | 46,783 |  |

| DEPRECIATION

| At 1 January 2024 | - |  | 71,171 |  | 49,939 |  | 42,173 |  |

| Charge for year | - |  | 1,208 |  | 6,433 |  | 2,980 |  |

| Eliminated on disposal | - |  | - |  | (25,135 | ) | - |  |

| At 31 December 2024 | - |  | 72,379 |  | 31,237 |  | 45,153 |  |

| NET BOOK VALUE

| At 31 December 2024 | 235,000 |  | 1 |  | 208,683 |  | 1,630 |  |

| At 31 December 2023 | 235,000 |  | 1,209 |  | 345,199 |  | 4,610 |  |

| Fixtures |

| and |  | Motor |  | Computer |

| fittings |  | vehicles |  | equipment |  | Totals

£ | £ | £ | £ |

| COST

| At 1 January 2024 | 139,829 |  | 192,096 |  | 12,394 |  | 1,093,620 |  |

| Disposals | (10,021 | ) | - |  | - |  | (165,239 | ) |

| At 31 December 2024 | 129,808 |  | 192,096 |  | 12,394 |  | 928,381 |  |

| DEPRECIATION

| At 1 January 2024 | 122,749 |  | 84,499 |  | 8,131 |  | 378,662 |  |

| Charge for year | 3,167 |  | 26,898 |  | 2,132 |  | 42,818 |  |

| Eliminated on disposal | (9,230 | ) | - |  | - |  | (34,365 | ) |

| At 31 December 2024 | 116,686 |  | 111,397 |  | 10,263 |  | 387,115 |  |

| NET BOOK VALUE

| At 31 December 2024 | 13,122 |  | 80,699 |  | 2,131 |  | 541,266 |  |

| At 31 December 2023 | 17,080 |  | 107,597 |  | 4,263 |  | 714,958 |  |

6. | FIXED ASSET INVESTMENTS

| Interest

| in other

| participating

| interests

£ |

| COST

| At 1 January 2024

| and 31 December 2024 | 600,500 |  |

| NET BOOK VALUE

| At 31 December 2024 | 600,500 |  |

| At 31 December 2023 | 600,500 |  |

DAVIES CHEMISTS (BRITON FERRY) LTD (REGISTERED NUMBER: 03782468) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2024 | 2023 |

£ | £ |

| Trade debtors | 458,661 |  | 703,975 |  |

| Amounts owed by group undertakings | 62,391 |  | - |  |

| Amounts owed by participating interests | 16,363 |  | 31,076 |  |

| Other debtors | 199,670 |  | 130,089 |  |

| Amounts due from related

| companies | 244,566 |  | 261,739 |  |

| Loan | 4,300 |  | - |  |

| Directors' loan accounts | 297,104 |  | 351,786 |  |

| VAT | 57,436 |  | 96,309 |  |

| Prepayments | 11,679 |  | 15,078 |  |

1,352,170 |  | 1,590,052 |  |

| Amounts due from Davies Praedium of £244,566 are not expected to be repaid within 12 months.

| The loan to the directors will be repaid within nine months of the year end.

8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2024 | 2023 |

£ | £ |

| Bank loans and overdrafts | 142,823 |  | 128,791 |  |

| Hire purchase contracts | 31,695 |  | 30,308 |  |

| Trade creditors | 826,545 |  | 1,418,204 |  |

| Amounts owed to participating interests | - |  | 43,269 |  |

| Tax | 81,014 |  | 81,666 |  |

| Social security and other taxes | 18,099 |  | 27,014 |  |

| Pensions | 1,782 |  | 5,899 |  |

| Accrued expenses | 5,525 |  | 6,775 |  |

1,107,483 |  | 1,741,926 |  |

9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

2024 | 2023 |

£ | £ |

| Bank Loans | 523,812 |  | 617,040 |  |

| Alliance Bonus | 115,833 |  | 120,000 |  |

| Hire purchase contracts | 20,269 |  | 51,963 |  |

| Preference shares | 155,120 |  | 193,900 |  |

815,034 |  | 982,903 |  |

| The Bank Loans are secured by legal charges over the company's freehold and leasehold properties and also by a life policy.

| Robert John Davies, a director of the company has also given a personal guarantee of £250,000 to secure all liabilities of the company.

10. | SECURED DEBTS

| The following secured debts are included within creditors:

2024 | 2023 |

£ | £ |

| Bank loans | 616,636 |  | 705,832 |  |

| The bank loan, from Handelsbanken, is secured by way of a fixed and floating charge over all assets.

| The legal mortgage with Walters Land Ltd, is secured by way of a fixed charge over 30 Heol Eglwys, Ystradgynlais, Swansea.

DAVIES CHEMISTS (BRITON FERRY) LTD (REGISTERED NUMBER: 03782468) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

11. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

| The following advances and credits to a director subsisted during the years ended 31 December 2024 and 31 December 2023:

2024 | 2023 |

£ | £ |

| R J Davies

| Balance outstanding at start of year | 351,785 |  | 327,623 |  |

| Amounts advanced | 298,255 |  | 413,141 |  |

| Amounts repaid | (352,936 | ) | (388,979 | ) |

| Amounts written off | - |  | - |  |

| Amounts waived | - |  | - |  |

| Balance outstanding at end of year | 297,104 |  | 351,785 |  |

12. | RELATED PARTY DISCLOSURES

| Included within debtors are amounts due from Numeris Ltd of £12,391 (2023 £27,104), Davies Praedium Ltd of £244,566 (2023 £261,739), Resolven Pharmacy of £3,972 (2022 £3,972) and Briton Ferry Healthcare Ltd £62,390..

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS

ON THE UNAUDITED FINANCIAL STATEMENTS OF

DAVIES CHEMISTS (BRITON FERRY) LTD

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Davies Chemists (Briton Ferry) Ltd for the year ended 31 December 2024 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Davies Chemists (Briton Ferry) Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Davies Chemists (Briton Ferry) Ltd and state those matters that we have agreed to state to the Board of Directors of Davies Chemists (Briton Ferry) Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Davies Chemists (Briton Ferry) Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Davies Chemists (Briton Ferry) Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Davies Chemists (Briton Ferry) Ltd. You consider that Davies Chemists (Briton Ferry) Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Davies Chemists (Briton Ferry) Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Bevan Buckland LLP

Ground Floor Cardigan House

Castle Court

Swansea Enterprise Park

Swansea

SA7 9LA

16 September 2025