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Registered number: OC368389
STOCKTON HEATH HEALTHCARE LLP
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 MARCH 2025
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STOCKTON HEATH HEALTHCARE LLP
CONTENTS
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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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STOCKTON HEATH HEALTHCARE LLP
MEMBERS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The Members present their annual report together with the financial statements of Stockton Heath Healthcare LLP ("the LLP") for the year ended 31 March 2025.
Principal activities
The principal activity of the LLP continued to be that of a pharmacy.
Designated Members
The Designated Members who held office during the year and up to the date of signature of the financial statements were as follows:
Community Pharmacies (UK) Limited
Stockton Heath Medical LLP
Members' capital and interests
Each Member's subscription to the capital of the LLP is determined in accordance with the terms of the LLP Agreement.
Details of changes in Members' capital in the year ended 31 March 2025 are set out in the Reconciliation of Members' Interests.
Members are remunerated from the profits of the LLP and are required to make their own provision for tax, pensions and other benefits. Profits are allocated and divided between Members after finalisation of the financial statements. Members may draw a proportion of their profit share monthly during the year in which it is made, with the balance of profits being distributed after the year ended, subject to the cash requirements of the business.
This report was approved by the Members and signed on their behalf by:
................................................
Community Pharmacies (UK) Limited
Designated Member
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Page 1
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STOCKTON HEATH HEALTHCARE LLP
REGISTERED NUMBER: OC368389
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2025
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Page 2
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STOCKTON HEATH HEALTHCARE LLP
REGISTERED NUMBER: OC368389
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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Amount due in respect of profits
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Members' capital 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 entity has opted not to file the statement of comprehensive income in accordance with the provisions applicable to entities 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 6 to 15 form part of these financial statements.
Page 3
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STOCKTON HEATH HEALTHCARE LLP
REGISTERED NUMBER: OC368389
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2025
Page 4
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STOCKTON HEATH 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 repect of profits
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Amounts due to/(from) Members
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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 6 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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Page 5
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STOCKTON HEATH HEALTHCARE LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Stockton Heath 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 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 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 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.
Page 6
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STOCKTON HEATH 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.
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.
Page 7
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STOCKTON HEATH HEALTHCARE LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
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.
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
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.
Page 8
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STOCKTON HEATH HEALTHCARE LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
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 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.
Page 9
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STOCKTON HEATH HEALTHCARE LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
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 limited liability partnership 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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Page 10
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STOCKTON HEATH 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 £1,536,857 (2024 - £1,530,698).
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Page 11
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STOCKTON HEATH HEALTHCARE LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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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 £Nil (2024 - £18,145).
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Page 12
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STOCKTON HEATH 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 £Nil (2024 - £Nil).
The bank loan is repayable by equal monthly instalments. Interest will be charged at 2% per annum over the Base Rate.
The following securities have been given:
(a) Debenture comprising fixed and floating charges over all the assets and undertaking of the LLP including present and future freehold and leasehold property, book and other debts, chattels and goodwill, both present and future,
(b) Guarantee in favour of the Bank from Day Lewis Plc guaranteeing all liabilities of the LLP limited to £45,000,
(c) Guarantee in favour of the Bank from Members of the Joint Venture guaranteeing all liabilities of the LLP limited to £45,000.
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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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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.
Page 13
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STOCKTON HEATH HEALTHCARE LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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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 liabilities measured at amortised cost
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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 £5,997 (2024 - £5,000). Contributions totalling £1,501 (2024 - £944) 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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Page 14
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STOCKTON HEATH HEALTHCARE LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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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 £20,959 (2024 - £20,358).
During the year expenses totalling £76,840 (2024 - £51,161) were paid by Community Pharmacies (UK) Limited. As at 31 March 2025 the LLP owed £6,868 to (2024 - was owed £9,331 to) Community Pharmacies (UK) Limited.
Stockton Heath Medical LLP is a designated Member.
The LLP rents the pharmacy property from certain Members of Stockton Heath Medical LLP. The total expense during the period was £14,372 (2024 - £11,126).
During the year the LLP made purchases totalling £660,612 (2024 - £692,149) 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 £164,108 (2024 - £162,886) to Day Lewis Medical Limited.
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Page 15
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