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Registered number: OC368352
CREWKERNE HEALTHCARE LLP
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 MARCH 2025
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CREWKERNE HEALTHCARE LLP
CONTENTS
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Statement of Comprehensive Income
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Statement of Financial Position
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Reconciliation of Members' Interests
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Notes to the Financial Statements
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CREWKERNE HEALTHCARE LLP
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
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Interest receivable and similar income
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Interest payable and similar expenses
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Profit for the year before members' remuneration and profit shares
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Profit for the year before members' remuneration and profit shares
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Members' remuneration charged as an expense
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Profit for the financial year available for discretionary division among members
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There was no other comprehensive income for 2025 (2024: £NIL).
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The notes on pages 5 to 15 form part of these financial statements.
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CREWKERNE HEALTHCARE LLP
REGISTERED NUMBER: OC368352
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2025
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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CREWKERNE HEALTHCARE LLP
REGISTERED NUMBER: OC368352
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2025
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Loans and other debts due to members within one year
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Amounts due in respect of profits
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Members' capital classified as equity
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Other reserves classified as equity
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Loans and other debts due to Members
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The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small LLPs regime.
The entity was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.
The Members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements.
The financial statements have been delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.
The financial statements were approved and authorised for issue by the Members and were signed on their behalf by:
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Community Pharmacies (UK) Limited
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The notes on pages 5 to 15 form part of these financial statements.
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CREWKERNE HEALTHCARE LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 MARCH 2025
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EQUITY
Members' other interests
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DEBT
Loans and other debts due to members less any amounts due from members in debtors
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Members' capital (classified as equity)
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Amounts due in respect of profits
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Members' remuneration charged as an expense
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Members' remuneration charged as an expense
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The notes on pages 5 to 15 form part of these financial statements.
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There are no existing restrictions or limitations which impact the ability of the Members of the LLP to reduce the amount of Members' other interests.
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CREWKERNE HEALTHCARE LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Crewkerne Healthcare LLP ("the LLP") is a limited liability partnership incorporated in England and Wales. The registered office is 2 Peterwood Way, Croydon, Surrey, United Kingdom, CR0 4UQ.
The LLP's principal activities and nature of its operations are disclosed in the Members' Report.
2.Accounting policies
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Basis of preparation of financial statements
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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 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships".
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the LLP's accounting policies.
The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest £.
The following principal accounting policies have been applied:
The financial statements have been prepared on a going concern basis which assumes the LLP will continue to be able to meet its financial obligations as they fall due.
The pharmacy continues to trade in line with expectations both financially and operationally. The Members believe the LLP has sufficient current and future cash reserves and facilities available for it to meet its liabilities including financing obligations.
The Members will continue to provide additional financial support to the business, if required, to ensure that it is able to meet its financial obligations as they fall due.
Turnover is shown, net of Value Added Tax, for goods and services provided to customers.
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CREWKERNE HEALTHCARE LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
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Members' participation rights
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Members' participation rights are the rights of a member against the LLP that arise under the Members' agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits).
Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with section 22 of FRS 102. Members' participation rights, including amounts subscribed or otherwise contributed by members, for example Members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to Members, in which case they are classified as equity.
All amounts due to Members that are classified as liabilities are presented within 'Loans and other debts due to Members' and, where such an amount relates to current year profits, they are recognised within ‘Members' remuneration charged as an expense’ in arriving at the relevant year’s result. Unallocated amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from Members are presented as debtors and shown as amounts due from members within Members’ interests.
Where there exists an asset and liability component in respect of an individual Member’s participation rights, they are presented on a gross basis unless the LLP has both a legally enforceable right to set off the recognised amounts and it intends either to settle on a net basis or to settle and realise these amounts simultaneously, in which case they are presented net.
Whilst the Members’ agreement does not differentiate between profits and losses for profit sharing purposes, it does stipulate that the LLP cannot demand additional contributions from Members and as a result the LLP does not have an unconditional right to demand payment from Members for losses. Therefore, they are not recognised as a recoverable asset and so remain within equity as other reserves.
Other amounts applied to Members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment. Amounts payable to Members under employment contracts and unavoidable interest on Members capital are charged to “Members remuneration charged as an expense” in the relevant year.
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Operating leases: the LLP as lessee
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Rentals paid under operating leases are charged to the Statement of Comprehensive Income on a straight-line basis over the lease term.
Interest income is recognised in the Statement of Comprehensive Income using the effective interest method.
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CREWKERNE HEALTHCARE LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
Finance costs are charged to the Statement of Comprehensive Income 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.
All borrowing costs are recognised in the Statement of Comprehensive Income in the year in which they are incurred.
Defined contribution pension plan
The LLP operates a defined contribution pension plan for its employees. A defined contribution pension plan is a pension plan under which the LLP pays fixed contributions into a separate entity. Once the contributions have been paid the LLP has no further payment obligations.
The contributions are recognised as an expense in the Statement of Comprehensive Income 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 LLP in independently administered funds.
Intangible assets comprise a licence to trade as a pharmacy. Intangible assets are stated at cost less
amortisation and are reviewed for impairment whenever there is an indication that the carrying value may be impaired.
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.
The estimated useful lives range as follows:
Licence - 100 years
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
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CREWKERNE HEALTHCARE LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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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:
The assets' residual values, useful lives and depreciation methods are reviewed and, if appropriate, adjusted prospectively 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 the Statement of Comprehensive Income.
Stocks are stated at the lower of cost and 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, an assessment is made for impairment. Any excess of the carrying amounts of stocks over their estimated selling price less costs to complete and sell is recognised as an impairment loss in the Statement of Comprehensive Income. Reversals of impairment losses are also recognised in the Statement of Comprehensive Income.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash and cash equivalents include cash in hand and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
The LLP only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an
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CREWKERNE HEALTHCARE LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
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Financial instruments (continued)
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impairment loss is recognised in the Statement of Comprehensive Income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the LLP would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an 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 costs of short-term employee benefits are recognised as a liability and an expense unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the LLP is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
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The average monthly number of persons (including Members with contracts of employment) employed during the year was as follows:
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CREWKERNE HEALTHCARE LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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Charge for the year on owned assets
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CREWKERNE HEALTHCARE LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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Fixtures and fittings and Computer equipment
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Charge for the year on owned assets
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Finished goods and goods for resale
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Stock recognised as an expense in cost of sales during the year was £913,171 (2024 - £975,602).
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CREWKERNE HEALTHCARE LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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Amounts owed by group undertakings
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Prepayments and accrued income
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Bank loans and overdrafts for which security has been given amounted to £87,999 (2024 - £62,116).
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CREWKERNE HEALTHCARE LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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Creditors: Amounts falling due after more than one year
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The aggregate amount of creditors falling due after more than one year, for which security has been given amounted to £293,595 (2024 - £341,090).
The bank loan is repayable by equal monthly instalments. The rate of interest applicable is 2.25% per annum over the Base rate.
The following securities have been given over the bank loan:
(a) Guarantee in favour of the Bank from Day Lewis Plc guaranteeing all liabilities of the LLP limited to £227,000.
(b) Guarantee in favour of the Bank from Dr Mark Field, Dr Maxine Field, Dr John Horne, Dr Anne Horne, Dr Foivios Valagiannopoulus, Dr Linda Balian, Dr Berge Balian, Dr Mary-Louise Walker and Dr Barry Edmunds guaranteeing all liabilities of the LLP limited to £227,000.
(c) Debenture comprising fixed and floating charges over all the assets and undertaking of the LLP including all present and future freehold and leasehold property, book and other debts, chattels and goodwill both present and future.
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Loans and other debts due to Members
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In the event of a winding up the amounts included in "Loans and other debts due to Members" will rank equally with unsecured creditors.
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CREWKERNE HEALTHCARE LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due 1-2 years
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Amounts falling due 2-5 years
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Financial assets measured at fair value through profit or loss
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Financial assets measured at amortised cost
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Financial liabilities measured at fair value
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Financial liabitlites measured at amortised cost
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CREWKERNE HEALTHCARE LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
The LLP operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the LLP in an independently administered fund. The pension cost charge represents contributions payable by the LLP to the fund and amounted to £5,499 (2024 - £3,720). Contributions totalling £nil (2024 - £741) were payable to the fund at the Balance Sheet date and are included in creditors.
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Commitments under operating leases
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At 31 March 2025 the LLP had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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Related party transactions
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Community Pharmacies (UK) Limited is a designated Member.
During the year management charges payable to Community Pharmacies (UK) Limited amounted to £13,356 (2024 - £13,642).
During the year expenses totalling £39,226 (2024 - £33,412) were paid by Community Pharmacies (UK) Limited. As at 31 March 2025 the LLP owed £1,413 to (2024 - £6,662) Community Pharmacies (UK) Limited.
Community Pharmacies (UK) Limited has loaned Crewkerne Healthcare LLP an amount of £10,000 (2024 - £10,000). Interest charged on the loan amounted to £1,100 (2024 - £1,100) during the year.
Judas Tree (Somerset) LLP is a designated Member.
The LLP rents the pharmacy property from certain Members of Judas Tree (Somerset) LLP. The total expenses during the period was £13,056 (2024 - £11,105).
Judas Tree (Somerset) LLP has loaned Crewkerne Healthcare LLP an amount of £10,000 (2024 - £10,000). Interest charged on the loan amounted to £1,100 (2024 - £1,100) during the year.
During the year the LLP made purchases totalling £426,583 (2024 - £470,961) from Day Lewis Medical Limited, a fellow subsidiary of the parent company of Community Pharmacies (UK) Limited, Day Lewis Plc. As at 31 March 2025 the LLP owed £115,026 (2024 - £108,597) to Day Lewis Medical Limited.
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